OPEC chief calls for more investments in oil industry to meet energy demand
Abu Dhabi, UAE--The Organisation of the Petroleum Exporting Countries (OPEC) has called for increased investments in the oil industry to...
Business
Economy
Dubai taxi sector posts 10% growth
The market share of Hala Taxi service vehicles grew 35%
- The market share of Hala Taxi service vehicles grew 35% in H1 2023 2023, up from 28% in the same period of 2022
- Equally, the number of drivers in this sector soared from 19,000 to 26,000 between these respective periods
Business
Aramex profit plunges 53%
Its net profit for H1 of 2023 stood at US$11.70 million.
- The company's revenue was $762 million in the first half of 2023, a five percent decline year-on-year
- International Express business reported $101 million in gross profit for H1 2023, a YoY increase of 1%.
Business
Exclusive: Private military companies look at $366.8bn market as their demand, role in global conflicts rise
Rising security concerns, confrontational geopolitics, and chaotic global changes have fueled the demand for private military companies, the new reality...
- Rising security concerns, confrontational geopolitics, and chaotic global changes have fueled the demand for private military companies, the new reality of modern warfare
- Experts stress the urgent need for regulation and careful consideration of the risks and benefits associated with PMCs in an increasingly complex and conflict-prone world
Business
Exclusive: Private military companies look at $366.8bn market as their demand, role in global conflicts rise
Rising security concerns, confrontational geopolitics, and chaotic global changes have fueled the demand for private military companies, the new reality...
- Rising security concerns, confrontational geopolitics, and chaotic global changes have fueled the demand for private military companies, the new reality of modern warfare
- Experts stress the urgent need for regulation and careful consideration of the risks and benefits associated with PMCs in an increasingly complex and conflict-prone world
Business
World’s largest cruise ship all set to sail
TURKU, FINLAND - With cruise bookings seeing a resurgence after the Covid pandemic caused luxury liners to mothball, a Finnish shipyard...
- Royal Caribbean's luxurious new vessel Icon of the Seas is nearing completion in the Turku shipyard on Finland's southwestern coast.
- Resembling a village more than a ship, the mammoth vessel boasts colourful waterparks, more than 20 decks and can carry nearly 10,000 people.
Business
UAE witnesses record 2.4m tourists in first six months of 2023
Abu Dhabi, UAE - A record 2.4 million tourists visited the UAE during the first six months of 2023, a...
- The emirate’s hotel establishments generated revenues exceeding AED3 billion during the same period, a 26 percent growth compared to last year.
- The hotels also recorded an average occupancy rate of 70 percent, with the average stay in the emirate's hotels being 2.7 nights.
Geostrategy
ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
- The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
- It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.
Business
Saudi Arabia’s real estate deals decline by 16 percent in 2022
Riyadh, Saudi Arabia -- The value of Saudi Arabia's real estate transactions declined 16 percent year-on-year (YoY), or SAR 36.2...
- The Ministry of Justice said that this is the firs decline in the value of real estate transactions in the past four years, according to Argaam.
- Riyadh witnessed the largest number of real estate deals at SAR 73.81 billion. It was followed by Jeddah with SAR 26.91 billion worth of deals.
Business
Dubai Chamber attracts 69 emerging technology firms in H1
Dubai, UAE -- Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers,...
- The chamber said that during the six-month period, the chamber successfully conducted a series of 12 roadshows across the Middle East, Africa, Asia, and Europe.
- As part of these roadshows, meetings were coordinated with 279 companies including multinationals, SMEs, startups and scale-ups to showcase the growth potential in Dubai.
Business
Sony hikes sales and profit forecasts on strong music business
The Japanese electronics-to-entertainment conglomerate said its annual net profit for the year to March 2024 should reach 860 billion yen...
- Sony's music segment was seen enjoying both stronger sales and a one-off accounting gain related to a subsidiary, Japanese electronics-to-entertainment conglomerate said
- For three months to June, Sony said its net profit fell 16.7 percent to 217.9 billion yen, as losses in the financial and movies businesses overwhelmed strong gains on music side
OPEC chief calls for more investments in oil industry to meet energy demand
Abu Dhabi, UAE--The Organisation of the Petroleum Exporting Countries (OPEC) has called for increased investments in the oil industry to...
Business
Company News
MODON launches 10 projects
Business
Latest News
European Union probes Lufthansa’s proposed ITA Airways stake
The European Commission said it had "preliminary concerns that the transaction may reduce competition in the market for passenger air...
Business
Zee’s shares fall after merger fails
Disagreement over who would lead the new entity led to merger's failure.
Business
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Business
Dubai real estate market records $925 million in daylong transactions
Dubai, UAE -- Dubai's real estate market recorded 510 sales transactions worth AED1.36 billion on Tuesday, in addition to 210...
- The sales included 446 villas and apartments worth AED949.04 million, and 64 land plots worth AED411.67 million.
- On Monday, emirate recorded 715 sales transactions worth AED2.28 billion, in addition to 201 mortgage deals of AED993.9 million.
Business
Estithmar sets up issuance program
The Group said the program is valued at $933 million.
- The Program is expected to be admitted to the London Stock Exchanges International Securities Market.
- It has been rated (qaBBB) with a stable outlook at the national scale rating by Capital Intelligence Ratings Ltd (CI).
Business
India’s stock market edges out Hong Kong to become world’s fourth largest
New Delhi, UAE--India's stock market has edged out Hong Kong to become the world's fourth-largest, a milestone that underscores growing...
- According to data compiled by Bloomberg, the value of shares listed on Indian exchanges hit $4.3trn on Monday, higher than Hong Kong's $4.29trn
- Hong Kong's benchmark Hang Seng index, which includes shares of many influential Chinese companies, ended last year 14 percent lower