European Union probes UAE oil giant’s purchase of Germany’s Covestro
Brussels, Belgium -- The European Commission on Monday announced an investigation into the takeover of German chemical firm Covestro by...
Business
DP World mobilizes $1 billion in working capital to boost trade flow
Dubai, UAE — DP World Trade Finance has mobilized more than US$1 billion in working capital to support businesses across...
Business
Business
DFM launches futures contract on General Index
Dubai, UAE - The Dubai Financial Market (DFM) on Monday announced the offering of futures contracts on its General Index...
- Trading futures contracts on the DFMGI offers investors the opportunity to access DFM’s largest and most liquid stocks.
- DFMGI will provide strong diversification and hedging opportunities for both retail and institutional investors.
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
European Union probes UAE oil giant’s purchase of Germany’s Covestro
Brussels, Belgium -- The European Commission on Monday announced an investigation into the takeover of German chemical firm Covestro by...
Business
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Abu Dhabi Islamic Bank adopts AI
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Telefonica to cut 3,421 jobs
Business
Gucci owner says profit fell 17%
Sales retreated 4 percent to 19.57 billion euros.
Shipping giant Maersk’s profit sinks
The company warned of "uncertainty" due to Houthi attacks.
Uber posts first annual net profit
The company reported $37.3 billion in sales in 2023.
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Business
Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.
- In the quarter ending Mar 31, Alibaba posted sales of 260.3 billion yuan ($36.7 billion), up five percent year on year, the firm said -- but below analysts' forecasts.
- Based in eastern China's Hangzhou, Alibaba is a key player in the country's digital sector and is considered a barometer of consumer spending in the world's second-largest economy.
Business
Czech farmer cull 140,000 birds to halt spread of bird flu outbreak
Prague, Czech Republic - Czech farmers have killed about 140,000 birds since the start of the year in a bid to...
- The infected birds had the highly pathogenic H5N1 bird flu strain, which is potentially transmissible to humans
- The three commercial farms, all in central Czech Republic, have had to cull 50,000 ducks and 90,000 chicken
Business
Dubai Land Department records $172bn in realty deals in 2023
Dubai, UAE -- The Dubai Land Department (DLD) records an all-time high of 1.6 million transactions worth AED 634 billion...
- Real estate investments' value grew by 55 percent during the same period, reaching approximately AED 412 billion.
- There were 157,798 investments attributed to 113,655 owners, including 71,002 new investors, indicating a 20 percent increase.