Stocks climb eyeing US rate cut, political turbulence
A steep downward revision to US job creation cemented expectations that the Federal Reserve would begin lowering its benchmark rate...
Business
Tesla proposes package for Musk that could top $1 trillion
New York, United States -- Tesla unveiled on Friday a proposed compensation package for Elon Musk that could top $1...
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.
Stocks climb eyeing US rate cut, political turbulence
A steep downward revision to US job creation cemented expectations that the Federal Reserve would begin lowering its benchmark rate...
Business
Company News
KACST, ACWA Power sign pact
Business
Latest News
SIB, Noqodi sign agreement
Business
Dubai International Boat Show helps in marine business
DUBAI, UAE – Dubai International Boat Show has wrapped up following a hugely successful week of high-value boat sales, important...
Business
Most Read
Business
Middle East emerges as a major player in global CEO appointments: report
Dubai, UAE - The Middle East has emerged as a prominent player in global CEO appointments, securing 68 out of a...
- Companies in the region boasting the highest global percentage of CEOs with prior C-suite experience, standing at an impressive 90 percent
- Surprisingly, the Middle East also leads globally in terms of CEO age, boasting the youngest average CEO age at 54.5 years
Business
89% of Saudi CEOs hopeful of kingdom’s economic growth over next 12 months
Riyadh, Saudi Arabia - About 89% of CEOs in Saudi Arabia are optimistic about the country's economic growth over the...
- A remarkable 71% of Saudi CEOs have observed a 5% or more increase in market share over the past three years, surpassing the global average of 49%
- The Vision 2030 initiative, with its focus on reducing oil dependency, has propelled Saudi Arabia to the 17th largest global economy by GDP size in 2022
Business
DIEZ profit jumps 64.6% in 2023
The market value of its net assets crossed US$5.66bn.
- DIEZ reported growth in earnings before interest, taxes, depreciation, and amortisation by 49.2 percent, alongside an 8.1 percent increase in total revenues
- Economic zones affiliated to DIEZ have experienced substantial growth across six key sectors, which collectively represent 95 percent of total companies hosted.