Heathrow to resume some flights after power station fire
London's Heathrow Airport said it would resume "some flights" later Friday after a fire at a power station grounded planes...
Economy
Dar Alarkan 2024 profit up 32%
The company's net profit increased by 81.5 percent in Q4 2024.
Business
Volkswagen net profit falls
Sales revenue rose 22% from January to March.
- Net profit dropped 29.9 percent, with VW saying it was due to the impact of commodity hedging, which had pushed up operating profit in the period a year earlier
- Sales revenue rose 22 percent from January to March, boosted by improved sales in Europe and North America, said VW, which also confirmed its positive forecast for the year
Economy
Egypt reports 72% drop in current account deficit to US$1.8bn
Cairo, Egypt--Egypt’s current account deficit fell 77.2 percent to $1.8 billion in the first half of the North African country’s...
- The drop in the deficit was caused by current account turning a $1.41 billion surplus last year as imports dropped and exports soared
- According to S&P Global's report, the downturn in the business sector softened in April as cost inflation fell to a on-year low
Business
Abu Dhabi’s property market records sales worth US$7.62bn in Q1
Abu Dhabi, UAE--The property market in Abu Dhabi has recorded 5,472 property sales and mortgages valued at US$7.62 billion in...
- The emirate recorded a 147 percent jump in the value of real estate transactions during the first quarter of 2023 compared to the same period of last year
- The Department of Municipalities and Transport has reported an increase in the value of mortgage transactions to $3.18 billion during the first quarter
Business
UAE and Jordan sign MoU to boost tourism, cultural exchange
Abu Dhabi, UAE--Looking to boost tourism and cultural exchange between the two countries, the Department of Culture and Tourism Abu...
- The deal will bolster tourism and economic cooperation between the two nations, driving growth in leisure traffic in key markets
- The partnership entails starting initiatives like joint sales workshops, training, roadshows to improve partner engagements and cultural exchange
Business
Airbus Q1 net profit at $514m
The company delivered 127 aircraft in Q1 of 2023.
- Revenues generated by Airbus' commercial aircraft activities decreased by five percent year-on-year.
- The company's defense and space unit saw revenues drop by six percent, while the helicopter unit jumped by 26 percent.
Business
EITC posts Q1 revenue at $936m
Revenue is due to demand for fixed, mobile services.
- The prepaid customer base of EITC increased to 6.7 million, driven by the continued attractiveness of Flexi plans and brisk tourism activity.
- EITC's commercial initiatives led to a 9.4 percent increase in mobile customers, with 8.2 million subscribers at the end of the quarter.
Business
Dubai real estate market transactions reach $7.21bn in April
Dubai, UAE -- April 2023 was the best month in a decade for Dubai's real estate market, both in terms...
- The number of transactions grew by 17 percent to 8077 in April 2023, from 6898 transactions in April 2022.
- The value of the transactions witnessed a surge of 46 percent compared to the same month last year.
DEWA adds 200 MW of clean energy from solar park
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) has added 200 MW of clean energy from the fifth phase...
- DEWA organized a conference in March 2023 to give an overview of the latest developments of the 1,800MW 6th phase for local and international developers
- The solar park's current production capacity is now at 2,327MW, which is about 15.7 percent of Dubai's total production capacity of energy
Business
Radisson eyes bigger share of Middle East hospitality sector
Dubai, UAE-- Seeking to take advantage of the boom in the Middle East's hospitality sector, Radisson Hotel Group will triple...
- The hotel group plans to have 150 properties across the Middle East by the end of the decade, from its current portfolio of 52 hotels in the region
- It will open seven properties across Saudi Arabia in 2023 as its intends to capitalize on the surge in religious tourism in the kingdom
Ford reports solid performance
The company's profits came in at $1.8 billion.
- Profits came in at $1.8 billion, compared with a $3.1 billion loss in the year-ago period connected to an accounting loss
- Tuesday's results were the first under Ford's new reporting structure that includes separate financial details for EVs
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Heathrow to resume some flights after power station fire
London's Heathrow Airport said it would resume "some flights" later Friday after a fire at a power station grounded planes...
Economy
Company News
ROSHN, Retal sign $99m deal
Business
Latest News
Oman Investment Authority launches fund worth US$5.19 billion
Muscat, Oman--The Oman Investment Authority (OIA) has unveiled a new fund called “Future Fund Oman” valued at US$5.19 billion. The...
Business
Europe new car sales rebound in 2023: industry group
Automakers are facing a 2035 deadline set by the European Union to phase out sales of new combustion engine vehicles....
Samsung’s AI pivot
Part of the company's bid to reclaim smartphone throne.
Most Read
Business
Apple loosens grip on iPhone apps
Apple will permit developers to include buttons or links in apps.
- The move came after the US Supreme Court on Tuesday declined to hear appeals by Apple and Epic of a lower court ruling in which the iPhone maker was seen as the victor.
- Epic in 2020 launched a case aiming to break Apple's grip on the App Store, accusing the tech giant of operating a monopoly in its shop for digital services
Business
Sharjah Chamber discusses collaboration with AAAID on trade, investment
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) has held discussions with the Arab Authority for Agricultural Investment and...
- The discussions centered upon supporting business community and developing the agricultural sector and fostering trade and investment
- The two sides discussed initiatives in creating a conducive business environment for innovation and investment in the agricultural sector
Business
Aramco chief expects oil demand to rise by 1.5 mbpd in 2024
Riyadh, Saudi Arabia - Saudi Aramco's President and CEO, Amin Nasser, anticipates a surge in global oil demand, projecting an...
- Amin Nasser pointed out that the global oil market is poised for a supply shortage as consumer stockpiles have dwindled by 400 million barrels over the past two years.
- He acknowledged that while global oil markets can manage short-term disruptions in the Red Sea, sustained attacks on ships could lead to a shortage of tankers