Stock markets strike records despite geopolitical unrest
Gains for oil prices were relatively modest, while gas futures were unmoved after Israel's strikes Tuesday against Hamas in gas-rich...
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Dubai records $2.88 billion in weeklong real estate transactions
Dubai, UAE -- A total of 3,252 real estate transactions worth over AED 10.6 billion ($2.88 billion) were conducted during...
- The DLD report showed that 319 plots were sold for AED 1.92 billion, while 2,137 apartments and villas were purchased for AED 5.75 billion.
- The total value of mortgaged properties for the week reached AED 2.53 billion. Meanwhile, 283 properties were granted between first-degree relatives worth AED 495 million.
Business
PIF sets up tourism firm Asfar
Firm Saudi Tourism Investment Company has been set up.
- The company will invest in new tourism projects and develop attractive destinations with hospitality, tourist attractions.
- The company will leverage Saudi Arabia’s unique strategic location between the three continents of Asia, Africa and Europe
Business
Italy’s Eni Q2 profits down
Adjusted net profit also fell down 49 percent in the second quarter.
- Like its competitors, Eni benefited last year from the spike in gas and oil prices, fuelled by the economic recovery after the pandemic and Russia's invasion of Ukraine.
- Eni posted a record net profit of 13.8 billion euros in 2022, its best result in more than two decades.
Business
Tabreed H1 23 net profit $105m
New customers and projects were added in H1 2023.
- In the first half of the year, Tabreed's revenue increased by 9.4 percent YoY to US$290 million, from US$265 million in H1 2022.
- Earlier this month, Tabreed started operating the cooling infrastructure, officially commencing its first operations in India.
Business
SAB H1 profit up 59%
The bank's profit in Q2 increased by 43% compared to Q2 2022.
- SAB’s net profit dropped by 12.2 percent from SAR 1.76 billion in Q1 2023.Â
- H1 profit rise was mainly due to an increase in net special commission income, income from FVSI financial instruments.
Business
Borouge Q2 net profit $231m
The company posted first-half revenues of $2.8 billion.
- Second-quarter revenue increased by 2.5 percent quarter-on-quarter, to reach $1.4 billion, and declined on a year-on-year basis.
- The company's board has endorsed a dividend of $650 million to be approved by the shareholders during the second half of the year.
Ford raises 2023 profit outlook
Profits in the second quarter were $1.9 bn.
- Profits in the second quarter were $1.9 billion, nearly triple the year-ago level on revenues of $45 billion
- Ford slowed its timeframe for ramping up EV production, pushing back the timeframe to reach 600,000 per year in 2024
Business
Iran carmaker Saipa supplies 2nd batch of cars to Venezuela
Tehran, Iran – Iran's second-largest carmaker, Saipa, has successfully delivered another batch of cars to Venezuela as part of an...
- The shipment consisted of 1,000 completely build-up (CBU) cars, which were sent to Venezuela during the Iranian calendar month ending in late June
- Iran will supply a total of 200,000 cars to customers in Venezuela over the next five years as per the agreement between the two countries
Business
UAE leads the charge in GCC’s electric vehicle market
Despite making up just over 1% of the UAE car market, EV popularity is growing, with plans to boost the...
- Despite making up just over 1% of the UAE car market, EV popularity is growing, with plans to boost the electric charging network by 170% by 2025, says a latest report
- Ranked eighth globally for electric mobility readiness, the UAE's EV market is set to grow 30% annually from 2022-2028, with over 30% of residents considering EV purchases
Business
European Commission orders probe into Microsoft over Teams
Brussels, Belgium - The European Commission on Thursday announced an antitrust probe into Microsoft bundling its Teams communication app with its...
- The investigation will check whether the US software giant is bundling its Teams communication app with its popular Office suite, on concerns it could be cutting out competitors.
- Teams is a platform that allows users to communicate through messages, video calls and file sharing.
Stock markets strike records despite geopolitical unrest
Gains for oil prices were relatively modest, while gas futures were unmoved after Israel's strikes Tuesday against Hamas in gas-rich...
Business
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Hamad Al Marar is EDGE CEO
Business
DAE, Turkish Airlines ink pact
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ADNOC partners with Viola Communications
They will utilize outdoor media-leasing spaces for advertising.
Business
JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
UAE F&B sector set to soar, projected to reach $20bn in 2024
Dubai, UAE - The UAE’s foodservice market is poised to reach $19.98 billion in 2024, with further projections indicating a substantial...
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Middle East commercial aircraft services market to grow to US$28bn
Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’...
- Dubai and Abu Dhabi are among five of the world's largest aviation cities in the Middle East, serving more than 10,000 long-haul passengers per day
- The regional expansion will surpass the global average growth of 3.6 percent, and register a 4.4 percent average annual growth by growing to $28bn
Business
European Union slaps $1.9bn fine on Apple over violation of rules
Brussels, Belgium - The EU on Monday hit Apple with a more than 1.8-billion-euro fine ($1.9 billion) for violating the bloc's...
- The $1.9 billion penalty is the third-biggest antitrust fine ever imposed by the European Commission
- The iPhone maker immediately vowed to appeal the first ever antitrust fine slapped on Apple by Brussels
Business
EDGE Group, Indra form JV
It will make next-generation radar systems in UAE.
- The new business entity will be granted prime rights for current and future non-NATO and non-EU orders awarded to Indra.
- The JV will place a strategic focus on the continued development of sophisticated technologies, innovation and global market.