Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
Business
UAE’s steady economic rise fertile ground for growth of facilities management
A steady stream of development projects and year-round tourism in the country propel demand for tech-enabled facilities management, says Adnan...
Interview
Business
Advanced secures $586m loan
The five-year financing was secured by promissory notes.
- The Sharia-compliant financing from Alawwal Bank will be used to pay back the existing credit facilities and for financing general corporate purposes.
- Advanced Petrochemical saw its first quarter net profit drop by nearly 74 percent year on year, from 164 million riyals in Q1 2022 to 43 million riyals in Q1 2023.
Business
Sharjah’s Waste-to-Energy Project promotes renewable energy
SHARJAH, UAE - The Sharjah Waste-to-Energy Project, the first of its kind in the Middle East, has strengthened its efforts...
- Since its launch one year ago, the plant has increased its waste diversion rate from 76 percent to 90 percent.
- The move aligns with the UAE's goal of achieving climate neutrality by 2050 and diversifying the energy mix.
Business
Saudi Arabia’s Alinma Bank posts highest first quarter asset growth
Dubai, UAE -- Saudi Arabian Alinma Bank posted the first quarter asset growth of 19.1 percent, leading other Saudi-listed banks,...
- Al Rajhi Bank came second with an asset growth of 18.1 percent growth. The sector’s average growth rate stood at 11.2 percent.
- In terms of deposit growth, Alinma Bank again led the way with 24.9 percent, while Bank Albilad came second with 22.5 percent.
Business
UAE Banks’ Q1 2023 profit surges by 35% to $5 bn: Alvarez & Marsal
Dubai, UAE - UAE banks experienced a significant surge in profitability during the first quarter of 2023, according to the...
- In Q1'23, customer deposits witnessed a remarkable growth rate of 43.5 percent, surpassing the growth of loans and advances
- Net interest income (NII) witnessed a slight uptick of 0.4 percent QoQ, and the overall net interest margins (NIMs) remained stable at 2.8 percent
Economy
Iraq and Iran discuss boosting ties in transportation sector
Baghdad, Iraq--Iraq is looking to deepen cooperation with Iran in the transport sector and facilitate the movement of pilgrims between...
- An official in the Iraqi ministry said discussions focused on increasing cooperation in the field of land and air transportation, and ramping up the number flights
- The meeting between the Iranian and Iraqi ministers happened two days after Baghdad announced a plan to turn itself into a regional transportation hub
Business
OAPEC needs to align with global counterparts
The cooperation of all parties will achieve the best-desired results and goals for which it was established, he adds during...
- OAPEC Secretary General, Jamal Al-Loughani emphasizes the need for the organization to align with international counterparts
- He also warns of the impact of global developments on the oil sector growth, including rising inflation and Russia-Ukraine conflict
Economy
Qatar’s trade balance surplus touches US$6 billion in April
Doha, Qatar--Qatar has posted a trade surplus of $6 billion in April 2023, according to a report by the country’s...
- Qatar's value of imports in April dropped 6.3 percent from the previous year and 9.3 percent from the last month to touch $2.39 billion
- The country's prime minister said this month that non-oil sector has grown 9.9 percent in Q4 of 2022, and oil activities also saw a 4.8 percent rise
Economy
UAE and Czech Republic look to boost trade and investment ties
Prague, Czech Republic-- The UAE and Czech Republic have held discussions on deepening cooperation in wide-ranging vital sectors of common...
- The discussions were held during the visit of Ahmed Ali Al Sayegh, Minister of State of the UAE, to the Czech Republic with the aim of boosting bilateral cooperation
- The UAE minister said that non-oil exchange surpassed US$1 billion in 2022 and that there was marked growth in Czech investment in the UAE
Business
UAE, Saudi Arabia front runners in GCC talent race
The UAE's strategic allure for global talent through enticing policies clashes with Saudi Arabia's ambitious Vision 2030, diversifying economy and...
- The UAE's strategic allure for global talent through enticing policies clashes with Saudi Arabia's ambitious Vision 2030, diversifying economy and broadening talent avenues
- Incorporating technology in every industry is crucial today. "Failure to do so could lead to a loss of competitive edge," says Chaitanya Peddi, Co-Founder of Darwinbox
Business
Ajman Chamber and Turkiye look to expand business networks
Ajman, UAE - The Ajman Chamber of Commerce and Industry (ACCI) has discussed expanding the trade and joint investment with...
- The two parties focused on exchanging experiences, expanding business networks and developing partnerships.
- The non-oil trade exchange between the UAE and Türkiye reached $18.95 billion by the end of the year 2022.
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Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
Business
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ESG buys majority stake in UIG
Business
WEF24: Managing risks crucial amid AI advancements
AI can revolutionize work and productivity, but balanced regulation is crucial to prevent misuse, Stephen Pagliuca of Bain Capital tells...
Interview
Airbus and Tata to build helicopter assembly line in India
Paris, France - Airbus will build a helicopter assembly line in India with Indian conglomerate Tata, the European aircraft manufacturer said Friday....
Business
Telegraph boss quits as UK investigates UAE-backed takeover
London, United Kingdom - The head of Britain's Telegraph Media Group has stepped down, the company announced on Friday, as the...
Business
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Business
Boeing faces heat over quality control after Alaska Airlines fiasco
The Alaska Airlines episode represents the most serious operational problem for Boeing since two crashes on 737 MAX 8 planes...
- "The quality assurance issues we have seen are unacceptable," said Michael Whitaker, head of the Federal Aviation Administration
- The agency has vowed "more boots on the ground" for a comprehensive investigation of Boeing and contractor Spirit AeroSystems
Economy
US Federal Reserve’s favored inflation gauge rises before rate decision
The US Federal Reserve's favored measure of inflation ticked higher last month, according to government data published. The latest announcement...
- The closely watched "core inflation" measure, which strips out volatile food and energy costs, continued to ease.
- This will likely reassure the Fed that trends are moving in the right direction, despite the latest uptick in headline prices.
Business
Shurooq real estate sales exceed $48 million at ACRES 2024
Sharjah, UAE -- Sharjah Investment and Development Authority (Shurooq) contributed over AED 177 million to the total sales of AED...
- Shurooq said it has been continuously boosting Sharjah’s global investment appeal with revolutionary projects like Sharjah Sustainable City.
- At ACRES 2024 Shurooq showcased phase 4 of this net zero mixed-use development, selling and reserving 42 units that are valued at AED 102.5 million.