Feeding fit: Saudi Arabia redefines the poultry sector
In February 2024, Saudi Arabia's poultry industry reached a milestone by producing 100 million kilograms of poultry, thereby setting new...
Business
Nike’s long international struggle with Adidas
German newspapers reported that the American sports equipment giant overcame their rival's home advantage with a bid of around 100...
Business
EIH buys stake in Gewan Holding
Acquisition aims to diversify and expand into several sectors.
- EIH has cultivated a diversified, innovative, and sustainable investment portfolio comprising over 30 companies across various sectors.
- Gewan is a diversified holding company operating in various sectors, including real estate, general trading, hospitality, travel and tourism.
Business
DUBAL, Oriental Copper ink MoU
JV will manufacture high-quality copper products in UAE.
- As per the agreement, DUBAL Holding will assist with local resources and be a co-investor.
- Oriental Copper will contribute its extensive technical, operational, and market expertise.
Business
SABIC H1 net profit slumps 87%
The second quarter net profit fell 85 percent on weaker demand.
- Year to date, SABIC's share in the results of non-integral joint ventures and associated companies decreased versus prior year.
- Compared to Q1 2023, net profit climbed 78.8 percent from SAR 660 million, due to the re-measurement gains in option rights related to joint venture agreements.
Business
Lufthansa profit soars
The German airline's net profit climbed to US$964m in Q1.
- The airline's positive results were driven by surging demand for flights as well as a rise in ticket prices
- It was hit hard by pandemic border closures, and had to be bailed out by the German government
Business
Nakilat profit up 6.1%
The Qatari gas firm's net profit rose to US$213m in H1 of 2023.
- Its earnings per share (EPS) rose to QR 0.014 as of 30th June 2023 versus earnings per share (EPS) QR 0.14 for the same period in 2022
- Early this year it obtained the approval to raise the ceiling for non-Qatari ownership in the company’s capital to 100 percent
Economy
Global trade in goods, services worth US$31trn in 2022: WTO
Dubai, UAE--Trade in goods and services amounted to US$ 31 trillion in 2022, a 13% rise year-on-year. According to the...
- In 2022, China retained the top position as the top merchandise exporter, but its share fell to 14 percent from 15 percent
- Exports of fuel and mining products recorded a 19 percent increase per year between 2019 and 2022, touching US5,158 billion in 2022
X, the former Twitter, lets users hide once-vaunted blue check
Blue ticks, long free at Twitter, were intended to signal the identity of certain users -- such as journalists, celebrities...
- A coveted status symbol at Twitter before Musk;s takeover, the blue checks have been mocked by some as a sign that the user is willing to pay for special treatment
- Other paid-for features, such as posts longer 280 characters, may still allow other users to identify a Blue subscriber even if their blue tick has been hidden
Business
Agthia Group profit vaults 6.6%
The net profit rose to US$39.21m in H1 of 2023.
- The company's revenue jumped 10.3 percent to $600 million, reflecting a strong volume and value performance from dates
- EBITDA growth was ahead of revenue, up 18.3% year-on-year to $87m, reflecting strong growth in profitability across snacking and water
Business
Trust for cryptocurrencies, CBDCs grows in MENA
Favoring CBDCs for efficiency, convenience, and security, 63% of MENA residents believe central banks should introduce them, and 73% are...
- Favoring CBDCs for efficiency, convenience, and security, 63% of MENA residents believe central banks should introduce them, and 73% are ready to use them, says a survey
- UAE has emerged as a regional hub as GCC countries differ in cryptocurrency regulation, adds the CFA Institute survey, seeking engagement for successful CBDC implementation
Business
European LNG imports fall to lowest level since start of Ukraine war
Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian...
- LNG deliveries fell 7% in July from a year earlier to 8.6 million tons, the least since November 2021, according to ship-tracking data .
- This drop coincides with a slide in the regions benchmark gas prices, which have slumped more than 80% in the period.
Feeding fit: Saudi Arabia redefines the poultry sector
In February 2024, Saudi Arabia's poultry industry reached a milestone by producing 100 million kilograms of poultry, thereby setting new...
Business
Company News
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ESG buys 60% stake in AFKAR
Business
Qatar Chamber discusses ways to boost ties with Korean companies
Doha, Qatar--The Qatar Chamber (QC) discussed ways to enhance cooperation and exchange expertise with Korean companies in agriculture and food...
Business
GCC at the forefront of 2024 sukuk market expansion
This year, emerging markets, led by the UAE, issued record bonds against declining yields and expected rate cuts by major...
Market Report
Quiet and not-so-quiet luxury at Paris Fashion Week
PARIS, FRANCE - The Paris Fashion Week menswear shows draw to a close on Sunday. Here are some of the highlights...
Business
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Business
ArcelorMittal wants ‘amicable solution’ on Italy steelworks
ROME, ITALY - ArcelorMittal has offered to sell its stake or become a minority shareholder in an Italian steelworks after Rome...
- Italy considers the steelworks a strategic asset, but it has long been plagued by financial problems and environmental concerns.
- Talks with ArcelorMittal, which owns a 62-percent stake, had broken down over how to keep production going.
Business
Saudi GACA issues air carrier, airport classifications for December 2023
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) issued its monthly classification index for air transport service...
- Flynas had the fewest complaints among airlines, 42 per 100,000 travelers and a complaint resolution rate of 100 percent.
- SAUDIA Airlines came second, with 61 complaints per 100,000 travelers and a resolution rate of 99 percent.
Business
China remains world’s largest logistics market in terms of demand
BEIJING, CHINA - The logistics sector in the country achieved steady recovery in 2023 and the country remains the world's...
- As final consumption continues to rebound, it will lead to consistent growth in production and import demand.
- There has been a continuous enhancement in the competitive capabilities of China's logistics enterprises.