Demand for crude will continue to expand through 2050, says OPEC
In its latest annual report on the outlook for oil demand, OPEC sees global oil demand rising by 18.6 percent...
Economy
Dubai Islamic Bank completes $1bn sovereign financing Pakistan
Dubai, UAE -- Dubai Islamic Bank (DIB) has announced the successful completion of a landmark US$1 billion syndicated term-finance facility...
Geostrategy
Business
e&, Vodafone form relationship
As per pact, e& is a cornerstone shareholder of Vodafone.
- e& and Vodafone will explore offering joint cross-border digital services to multi-national customers and public sector organizations.
- Services will include fixed and mobile connectivity, Mobile Private Networks, IoT, cybersecurity, and cloud-based services.
Economy
Saudi Industrial Production Index up 4.1 percent in March
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 4.1 percent in March 2023, compared to the...
- The kingdom's General Authority for Statistics (GASTAT) said the IPI rose to 134.8 points in March, according to the base year 2010, compared to 129.5 points in March 2022.
- The index of the mining and quarrying activity increased by 1.6 percent and the sub-index of the manufacturing activity increased by 10.5 percent over previous year.
Business
Emirates Group yearly profit $3bn
The group declared a dividend of $1.2 billion to its owner.
- The Emirates airline business alone banked $2.9 billion after returning a $1.1 billion loss in the previous financial year.
- The Middle East's biggest airline had posted a $5.5 billion loss for Covid-ravaged 2020-2021, its first in over three decades.
Business
Nissan 2022 profit $1.6bn
The company sold 3.16 million vehicles for the year to march 2023.
- Nissan registered a net profit of 220 billion yen for the financial year 2022, pipping its original predicted profit of 220 billion yen.
- The company said the gains were the result of sales improvements and cost-cutting, as well as favorable foreign exchange rate fluctuations.
Business
stc Q1 revenue $4.84 billion
This is the company's highest-ever quarterly revenue.
- The company will distribute a total of SAR1.99 billion in cash dividends to the shareholders for the first quarter of 2023.
- The company's net profits reached SAR 3.10 billion, an increase of 2.44 percent over the first quarter of 2022.
Business
HSBC sees great Middle East-China growth potential
Dubai, UAE: The economic potential of the Middle East-China trade corridor was the focus of discussion at an exclusive International...
- HSBC hosted Chinese ambassador to the UAE Zhang Yiming and a senior delegation from the UAE China Business Council
- Trade between China and the UAE reached a record high of $99.27 billion in 2022, marking an annual increase of 37.4%
Business
ADNOC Gas Q1 net income up 9%
The company's revenue for the quarter was $5.2 billion.
- The company's Q1 2023 revenue was $5.2 billion, down from $6.2 billion for the same period in 2022
- It maintained an EBITDA margin of 34 percent in Q1 2023, only 1 percent lower than in Q1 2022Â
SoftBank Group logs $7.2bn loss
The bank took hits across a range of start-up investments.
- The company said its annual net loss came to 970 billion yen on sales of 6.57 trillion yen, reflecting losses from its Vision Fund portfolios
- The Vision Fund 1 and 2 (VF1, VF2) vehicles were hit by the global tech rout, SoftBank Group said in a statement
Switzerland: UBS merger with Credit Suisse raises job fears
Keeping the Swiss banking division as an independent unit appeals to many in Switzerland -- particularly as it could prevent...
- Investors are anxious to know whether UBS will integrate the Swiss banking division into its own domestic business, sell it, or even split it through a share offering
- Ethos, which represents pension funds in Switzerland, said splitting off the Swiss branch was best option to protect jobs and to avoid concentrating risks in one giant bank
Economy
UAE’s GDP expected to have grown by 7.6% in 2022: CBUAE
Abu Dhabi, UAE-- The UAE's gross domestic product (GDP) is estimated to have grown 7.6 percent in 2022, shored up...
- The bank said that in spite of the rise in global inflation, the UAE's remained below the average rate of 4.8 percent, with a decline expected in 2023
- The report noted the bank's efforts to ramp up monetary stability, improve financial sector's resilience, and support economic activity in the UAE
Demand for crude will continue to expand through 2050, says OPEC
In its latest annual report on the outlook for oil demand, OPEC sees global oil demand rising by 18.6 percent...
Economy
Company News
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Rise of GenAI boosts phishing threats during holidays
The sophistication of GenAI-driven phishing attacks requires robust security, including advanced DDoS protection and proactive cyber resilience strategies, says an...
Business
Global stock markets swing ahead of Fed’s latest rate decision
"Markets are eagerly anticipating today's meeting from the Federal Reserve with traders looking for signs over whether a March rate...
Business
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Business
Middle Eastern carriers record 1.6% increase in air cargo demand: IATA
Geneva, Switzerland -- Middle Eastern carriers reported a 1.6 percent increase for global and international demand in 2023 compared to 2022...
- In December, airlines in the region posted an 18.3 percent increase in demand for both global and international operations compared to 2022.
- Global full-year demand in 2023, measured in cargo ton-kilometers (CTKs), was down 1.9 percent compared to 2022 (-2.2 percent for international operations).
Business
CBD posts record net profit of $721m
The bank has proposed record cash dividend of 44.38 fils per share.
- Operating income was AED 4.93 billion, up 29.5 percent attributable to higher net interest income and improved fee and commission income.
- The bank proposed record cash dividend of 44.38 fils per share. It added that higher market interest rates contributed to the increase in revenue.
Business
Qatar awards $6bn in contracts for Al-Shaheen oilfield expansion
The four engineering, installation and procurement contracts will increase production at the Al-Shaheen oilfield -- the country's largest -- by...
- Al-Shaheen currently produces 300,000 barrels per day and is operated through the North Oil Company, a joint venture between QatarEnergy and France's TotalEnergies.
- QatarEnergy said the third phase of expansion at Al-Shaheen, which began production in 1994, will be implemented over five years.