Elon Musk buys $1 billion in Tesla shares, stock prices go up 6%
New York, United States - CEO Elon Musk bought about $1 billion worth of shares in Tesla, according to a...
Business
Market value of camels at Crown Prince Festival reaches $66 million
Taif, Saudi Arabia -- The market value of the camels competing in the final rounds of the 2025 Crown Prince...
Business
Business
Bahrain pledges to protect consumer rights in e-commerce sector
Manama, Bahrain-- Looking to develop the e-commerce sector in the kingdom, Bahrain's Ministry of Industry and Commerce has published a...
- The ministry is monitoring e-commerce platforms and commercial activities in order to ensure that consumer interests are protected
- The survey is designed to boost communication with consumers, receive complaints and observations, and develop policies and laws accordingly
Economy
Oil prices surge for 6th straight week as global supplies tighten
Dubai, UAE--Oil prices soared more than a dollar a barrel on Friday to record a sixth consecutive week of gains,...
- UBS said, with the production cut extended, there can be a market deficit of more than 1.5 million barrels per day (bpd) in September
- On Wednesday the U.S. Energy Information Administration reported that the country's crude oil inventory declined by a record 17m barrels
Business
ADNOC Distribution profit rises 2%
The Companyās non-fuel retail business rose by over 12%.
- The company's growth in total fuel volumes in the UAE and Saudi Arabia, witnessed a 9% rise in H1 2023 compared to H1 2022
- The Companyās non-fuel retail business rose by more than 12% year-on-year primarily driven by a 14% increase in transactions
Business
Investor confidence fuels UAE’s real estate boom in Q2
Dubai's off-plan sales rose 38% in value, while Abu Dhabi's doubled to $1 billion, as the market saw the addition...
- Dubai's off-plan sales rose 38% in value, while Abu Dhabi's doubled to $1 billion, as the market saw the addition of 7,300 new units in the former and 1,000 in the latter
- Strong demand in Dubai and Abu Dhabi's office space market led to an 18% rent increase in Dubai and 11% in Abu Dhabi, says a report by Dubai Pulse digital platform
Business
Dubai Investments net rises to $157m
Real estate sector remains one of the key business verticals.
- Total income for the Group increased by 31 percent from US$422 million (AED 1.55 billion) in H1 2022 to US$552 million (AED 2.03 billion) during H1 2023.
- Total shareholder equity increased to US$3.5 billon as of June 30 2023, compared to US$3.5 billion (AED12.84 billion) as of year ended December 31 2022.
Economy
UAE 2023 growth prospects face least risk in Middle East, Africa
Lower oil production, high inflation, tighter monetary policies, increased borrowing costs, and the rising cost of servicing debt continue to...
- The GCRI risk score in the MEA region has increased continuously for six quarters until Q1 2023, signaling a deteriorating situation.
- UAE, Saudi Arabia, Kuwait and Qatar are among the top five low-risk countries in the region, while Syria, Libya and Yemen are among the 10 high-risk countries.
Business
ADNOC Gas H1 revenue $10.6bn
The decline in revenue is due to lower gas prices.
- The second quarter revenue stood at AED 19.8 billion, compared to Pro Forma Adjusted Revenue of AED 26.1 billion in Q2 2022.
- ADNOC Gas said it shifted towards higher-margin export liquids and focused on increased efficiency.
Business
Saudi capital market institutions post record 2022 net income
Riyadh, Saudi Arabia -- Capital market institutions authorized by Saudi Arabia's Capital Market Authority posted a record 29.8 percent increase...
- The retained profits in capital market institutions reached a record high of SAR 60.34 billion, an increase of 39.17 percent.
- The profits of capital market institutions surged to highest ever SAR 12 billion due to a 26 percent increase in revenues in 2022.
Business
Empower H1 2023 revenue at $333m
The companyās EBITDA in H1 2023 was US$178 million.
- In the July 2022 to June 2023 period, Empowerās consolidated revenue was US$778 million.
- Empower CEO said the firm continues to expand investments in its portfolio of assets and infrastructure.
Business
Burjeel Holdings H1 net profit $61m
Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.
- Burjeel Holding reported revenue of US$599 million, up 13.9 percent y-o-y during H1 2023.
- The net profit was attributable to robust topline growth and significantly lower finance costs.
Elon Musk buys $1 billion in Tesla shares, stock prices go up 6%
New York, United States - CEO Elon Musk bought about $1 billion worth of shares in Tesla, according to a...
Business
Company News
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GSK profit in 2023 falls
Business
Doctors play key role in enhancing healthcare system
āEmirati doctors play a key role in enhancing the healthcare system and promoting health and wellness throughout society. We look...
Business
Lufthansa cabin crews to go on strike
The announcement came after the airline's record profits.
Business
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Business
GCC records surge in women’s workforce participation
Driven by resilience, legislation, and determination, the female populace is reshaping the socio-economic fabric of the Gulf countries, a TRENDS...
- Driven by resilience, legislation, and determination, the female populace is reshaping the socio-economic fabric of the Gulf countries, a TRENDS report suggests.
- This journey from traditional roles to transformative leadership signifies a key moment in GCC's history, setting a global benchmark for gender parity and inclusivity.
Business
Amman Chamber of Industry exports for January-February 2024 reaches $1.3bn
AMMAN, JORDAN - Amman Chamber of Industry (ACI) exports amounted to US$1.3 billion (JD926 million) during the last two months...
- During the first two months of 2024, India, the US, Saudi Arabia and Iraq accounted for the majority of ACIās exports.
- The chamber's exports to the US surged during the first two months of 2024 to about US$297 million compared to US$275 million.
Business
Doha Bank bond issue oversubscribed four times
Doha, Qatar - Doha Bank has successfully issued $500 million in international bonds, garnering a total order book of $2...
- The achievement follows an extensive marketing campaign by Doha Bank's management, engaging with investors globally to present the bank's objectives and performance overview
- The positive response from investors reflects confidence in Doha Bank's future prospects and the robust fundamentals of the Qatari economy