Air traffic in Saudi Arabia surges 16 percent in 2023
Riyadh, Saudi Arabia - Saudi Arabia's aviation sector soared to new heights in 2023, with a significant increase in both...
Business
Will sign US$13.7bn deal with Airbus, says Korean Air
SEOUL, SOUTH KOREA – South Korean flag carrier Korean Air said on Thursday it will sign a US$13.7 billion deal with...
Business
Business
DEWA commissions 676 11 kV distribution substations in H1 2023
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned 676 11kV distribution substations across Dubai in the first half...
- The construction of the substations and associated tasks for new customers required a combined effort of 505,684 man-hours
- Last week, DEWA and Sungrow, decided to collaborate to accelerate clean energy adoption in the UAE
Business
Fawry to expand into Saudi Arabia
The money transfer firm plans to set up base across the GCC.
- The talks with Saudi Payments, according to Fawry, are likely to conclude by the end of the year
- In Saudi Arabia, the number of users in the digital commerce market is expected to amount to 36.38m by 2027
Business
DIB logs 15% net profit growth
The bank recorded a total income of $2.53 billion.
- The bank's net financing and sukuk investments have reached $68 billion
- Total income rose to $2.53 billion, reflecting a 49 percent YoY increase
Business
EasyLease revenue grows by 37.5%
The company logged a net profit of $4.4m.
- The company registered a net profit of $4.4 million, compared to $6 million in the previous corresponding period
- A subsidiary of Abu Dhabi-based International Holdings Company (IHC), Easylease has recently reaffirmed its 2023 guidance
Business
Aston Martin H1 revenue up
Revenue accelerated 25 percent to US$877 million.
- Losses after tax dropped to £142.6 million ($184 million) in the six months to the end of June
- During the same period last year, the firm suffered a net loss of £290 million ($374.75m)
Business
Saudi Arabia at 16 position in Lloyd’s List 2023 rankings
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition...
- As per the industry report, container volumes across the Kingdom’s ports during 2022 were estimated at 10,439,620 TEUs.
- The Kingdom’s groundbreaking strides in the global logistics landscape boils down to a host of critical catalysts,
Economy
Kuwait posts fiscal surplus after almost a decade, says finance ministry
Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry...
- More than 92 percent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine.
- Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.
Economy
Kuwait records its first fiscal surplus in nine years on oil prices surge
The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry...
- Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.
- The average price of a barrel of oil over the fiscal year stood at $97.1, an increase of 21.4 percent compared to the previous year. Output was 2.7 million barrels per day.
Business
NBF H1 net profit up 120 percent
Fujairah, UAE -- The National Bank of Fujairah (NBF) Wednesday posted 120.7 percent increase in first half net profit to...
- The robust performance in Q2 2023 contributed to this growth, with NBF posting a net profit of AED 180.1 million, a 99.8 percent increase from the corresponding quarter of 2022.
- The bank's operating profit for H1 2023 reached AED 785.3 million, a 28.9 percent increase from AED 609.1 million in H1 2022.
Business
Boeing shares surge despite Q2 loss
The aerospace company reported a $149 million Q2 loss.
- A jump in plane deliveries boosted quarterly revenues to $19.8 billion, up 18 percent from the year-ago level and above analyst expectations.
- In the second quarter, Boeing notched a 12 percent increase in commercial plane deliveries. Shares jumped 6.2 percent to $227.45 in early trading.
Air traffic in Saudi Arabia surges 16 percent in 2023
Riyadh, Saudi Arabia - Saudi Arabia's aviation sector soared to new heights in 2023, with a significant increase in both...
Business
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Al Saqr names chairman of board
Business
Saudi Arabia to host WEF special meeting in April
Davos, Switzerland — Saudi Arabia will host a special meeting of the World Economic Forum (WEF) in Riyadh this April, Saudi...
Economy
IEA says oil production to rise but demand to be halved in 2024
Paris, France - World oil supply will continue to rise this year, the International Energy Agency said on Thursday, as it...
Business
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Business
Akasa Air orders 150 Boeing planes
Akasa Air will buy 737 MAX planes, which no Indian airline uses.
- Akasa Air chief said the 'historic' order would put the firm on the path to "becoming one of the top 30 leading airlines in the world"
- Akasa has been a strong Boeing backer, having ordered 72 aircraft in 2021, and another four in 2023
Business
Demand for lifestyle experiences in GCC has increased: SHG CEO
Dubai, UAE -- Sunset Hospitality Group (SHG) is more than just a collection of hotels, restaurants, and beach clubs. Renowned...
- Antonio Gonzalez, CEO of Sunset Hospitality Group said that Dubai remains a key area of focus for the Group.
- The Group will now be entering Portugal over the next two months, its most recent market addition.
Business
Google CEO says more layoffs are likely this year
SAN FRANCISCO, US - Google CEO Sundar Pichai has warned employees that more layoffs are in store at the search engine...
- Google laid off around 12,000 people this time last year, about six percent of its workforce, in the face of inflation and rising interest rates.
- The company confirmed it is eliminating "a few hundred" positions from its global ad team, amid a push to use AI for efficiency and creativity.