Dubai International Airport logs record 46 million travelers in first half
Dubai, United Arab Emirates -- Dubai International Airport welcomed a record 46 million passengers in the first half of this...
Business
Urgent need for ‘global approach’ on AI regulation: UN tech chief
Geneva, Switzerland -- The world urgently needs to find a global approach on regulating artificial intelligence, the United Nations' top...
Geostrategy
Business
Dubai’s main investment arm ICD posts record $9.8bn in net profit for Q1
Dubai, UAE -- The Investment Corporation of Dubai (ICD) has posted a net profit of AED 36.1 billion ($9.8 billion)...
- Revenues increased by 58 percent to AED 267.4 billion due to a significant surge in travel and tourism activities reflected in the transportation and Other segment.
- Banking and financial services, the largest contributor this year, generated AED 15.3 billion of net profit.
Business
IEA says renewable energy capacity to increase at record level in 2023
PARIS, FRANCE -  Renewable power capacity will grow by a record number this year as high fossil fuel prices and energy...
- Global additions of renewable energy capacity are expected to rise by 107 gigawatts to more than 440 GW in 2023.
- Newly installed solar and wind capacity is estimated to have save EU electricity consumers $107 billion between 2021-2023.
Business
Saudi Arabia’s SME sector grows by 4.8% in Q1 2023
Riyadh, Saudi Arabia - The number of SMEs in Saudi Arabia increased by 4.8 percent in the first quarter of...
- Riyadh, the capital city of Saudi Arabia, is playing a crucial role in fostering a business-friendly environment and is home to over 41% of the country's SMEs
- One of the significant contributors to the growth of SMEs in Saudi Arabia was the Biban 23 forum, a global entrepreneurship event held in Riyadh in March
Business
UAE Economy Ministry fines 137 companies for AML/CFT violations
Dubai, UAE -- A total of 137 companies operating from the UAE were fined AED65.9 million for failing to comply...
- The Ministry fined these companies, which are operating in the UAE's non-financial business or professions (DNFBP) sector, after carrying out inspection of 840 companies.
- The Ministry of Economy revealed that a total of 831 violations committed by violators were found, including failure to adopt necessary measures.
Business
UAE’s ADNOC Logistics surges 50 percent in share float
Shares in UAE state oil company ADNOC's logistics unit soared 50 percent as they hit the market in a $769...
- ADNOC Logistics and Services was heavily oversubscribed even after the offering was expanded from 1.1 billion to more than 1.4 billion shares
- The shares rose to over 3 dirhams ($0.82) on the Abu Dhabi stock exchange, up from the launch price of 2.01 dirhams, which was towards the top of its range
Arts & Culture
Huge investments help Saudi cinema soft power grow
Saudi largesse for the arts has boomed under the kingdom's Crown Prince Mohammed bin Salman, with billions pouring into previously...
- Mohammed Al Turki, 36, heads Saudi Arabia's Red Sea Film Foundation, his name splashed all over posters and movie credits at Cannes Film Festival last week
- The foundation, formed two years ago, holds its own annual festival and has already financed 168 movies, including eight in the official selection at Cannes this year
Nintendo ends online sales of games in Russia
Following the shipment suspension and "as a result of the economic outlook, Nintendo of Europe has decided to wind down...
- The changes, which were announced and came into effect on Wednesday, follow Nintendo's suspension of product shipments to Russia in March 2022
- Russian customers can still re-download previously purchased content but no new payments can be made or new accounts created, a Nintendo statement said
Business
PwC opens regional headquarters
The Middle East headquarters has been set up in Riyadh.
- PwC Middle East said in a statement that the headquarters in Riyadh comes as part of its broader commitment to the region to create 6,000 new jobs.
- Saudi Arabia's regional headquarters program requires companies to establish headquarters in the kingdom by 1 Jan 2024.
Business
ADNOC L&S Q1 net profit $144m
The net profit increased by 79 percent over Q1 2022.
- ADNOC L&S is the sixth ADNOC unit that will be listed on the Abu Dhabi Securities Market on Thursday following an Initial Public Offering that raised $796 million recently.
- The company reported a revenue of $592.2 million for the first quarter, compared to $312.95 million for the same period in 2022.
Business
Equities sink as hardliners Republicans threaten US debt deal
"With some hardliners in the Republican party coming out against the agreement (in a vote due Wednesday), its passage through...
- Expectations of higher borrowing costs boosted the dollar, seen also as a haven investment in times of economic turmoil.
- Oil prices sank for a second day running on weaker demand concerns in leading energy consumers China and the United States.
Dubai International Airport logs record 46 million travelers in first half
Dubai, United Arab Emirates -- Dubai International Airport welcomed a record 46 million passengers in the first half of this...
Business
Company News
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Dragon Oil, Turkmennebit ink MoU
Business
OPEC Fund grants US$30m loan to Uganda to build key road link
Vienna, Austria--The OPEC Fund for International Development (OFID) has granted a US$30 million loan to support the development of a...
Economy
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Business
Emaar 2023 revenue at $7.3bn
Emaar property sales rose to US$ 11 billion in 2023.
- Emaar also achieved 63 percent growth in EBITDA, reaching US$4.4 billion (AED 16 billion) during 2023 as compared to 2022.
- This performance was supported by growth in tourism, a continued upward trend in retail sales and a consistent increase in real estate demand.
Business
UAB net profit grows 65%
Total assets grew 25% in 2023 on strong growth in loans, advances.
- UAB’s financial performance was aided by significant progress across the core businesses with total operating income recording a 15 percent growth.
- Total assets grew 25 percent year-on-year in FY 2023 to AED17.6 billion, driven by the strong growth in loans, advances, and Islamic financing.
Business
stc Group inks several pacts
The pacts were signed at the PIF’s Private Sector Forum.
- The annual Private Sector Forum brings together policymakers, key local private sector players, visionaries and industry leaders.
- The agreements signed covered a range of strategic stc Group objectives, from sustainability to digital transformation.