UAE non-oil foreign trade up by 14.6% in 2024 to reach $816bn
Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching...
Business
Norway nears 100% goal of all-electric cars
By comparison, the share of electric cars in Europe was just 13.6 percent in the full-year 2024, a decline for...
Geostrategy
Business
ADIB to pay $462m cash dividend
The bank had posted a net profit of $985 million for 2022.
- This represents an increase from 31 fils per share in 2021 and constitutes 49.2 percent of the bank's net profit for the year.
- The bank posted a net profit of $985 million (AED3.62 billion) in 2022, a 55 percent increase from the previous year.
Business
KEZAD, Emtelle ink agreement
Emtelle to invest $50m to build manufacturing facility.
- The pact is the latest step in the expansion of Emtelle in the Middle East, following the acquisition and rebrand of AfriPipes Middle East in 2021.
- Emtelle is undertaking a major expansion into North America with the opening of a manufacturing facility in North Carolina, US.
Business
EGA posts $2 billion profit
The Aluminum producer claimed 2022 results as its strongest ever.
- EGA said the adjusted EBITDA for 2022 was up 37 percent to a record $3.4 billion, compared to $2.5 billion in 2021.
- The company paid shareholders E$1 billion in dividend --,an interim dividend of $600 million in July and further $400 million at the end of 2022.
Business
Agility launches data center sites in Saudi, Kuwait and Egypt
Dubai, UAE--Agility Logistics Parks (ALP) today announced the launch of data center campus sites in Saudi Arabia, Kuwait, Egypt and...
- The company is preparing the sites at ALP warehousing complexes in fast-growing markets and mega-cities that are looking to add hyperscale data center capacity
- It is a market leader in industrial real estate in the Middle East, South Asia and Africa with 1.5 million SQM of warehousing and 12 million SQM of industrial land
Business
UAE, Saudi Arabia to lead IPO MENA markets: EFG Hermes
The investment bank is working on five diverse sectoral IPOs in the GCC market which will be launched between the...
- The investment bank is working on five diverse sectoral IPOs in the GCC market which will be launched between the second and fourth quarters of the year
- The UAE’s IPO pipeline was very strong last year with a number of public and private sector entities listing on the Dubai and Abu Dhabi stock exchanges
Business
Crypto markets under pressure as factors that led to FTX Corp’s collapse feared to create new failures
Market players may mitigate risks by adopting the best industry practices, securing their reserves and abiding by regulations, an expert...
- Market players may mitigate risks by adopting the best industry practices, securing their reserves and abiding by regulations, an expert tells TRENDS in an interview
- The only way FTX could re-emerge after its bankruptcy proceeding is by finding new investors or is bought out, says Elizabeth Rayment of Your Mind Media Agency
Infographics
Fewer GCC women achieve leadership roles
Young women in the MENA region are more likely to be in the workforce, while the GCC countries — particularly...
- A PwC survey last year found that a large group of younger women are more likely to go to work and remain in employment to fulfil their ambitions in MENA region.
- Saudi Arabia has witnessed a 35.6 percent increase in the women's economic participation. Still, the gender gap in leadership roles is huge.
Business
Dubai Land Department launches new feature to streamline procedure
DUBAI, UAE - The Dubai Land Department (DLD) has launched the Instant Sale feature, which utilizes smart evaluation technology in...
- The aim of the new feature is to streamline procedures and improve the experience of DLD's customers.
- The feature requires all parties to be present at the real estate registration trustee office to sign contracts.
Business
Norway earns record oil, gas revenue after Ukraine war prices rise
Norway earned 1.5 trillion kroner ($140 billion) in revenues from oil and gas, according to estimates by Statistics Norway (SSB)....
- The exceptional revenues have sometimes earned Norway the label of "war profiteer", a label that Oslo rejects.
- Norway has pledged 75 billion kroner in civil and military aid to Ukraine over the next five years (2023-2027), or 15 billion kroner per year.
Business
Majid Al Futtaim profit down 2%
The Group reported a 12 percent increase in revenue.
- Majid Al Futtaim Properties' revenue increased by 43 percent to AED 5.8 billion, while EBITDA grew 16 percent to AED 3 billion.
- Majid Al Futtaim Retail reported a 7 percent increase in revenue to AED 28 billion in 2022, driven by renewed consumer confidence.
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UAE non-oil foreign trade up by 14.6% in 2024 to reach $816bn
Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching...
Business
Company News
AD Ports net profit up
Business
Latest News
IHC announces formation of 2PointZero – a next generation holding company
ABU DHABI, UAE - The International Holding Company (IHC) announced the initiation of the transfer of 2PointZero, a next generation...
Business
Over 12m people visit Riyadh Season in 60 days
RIYADH, SAUDI ARABIA - Two months after their launch, on October 11, 2023, Riyadh Season events had already attracted 12...
Arts & Culture
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Economy
China’s new tariffs policy to hasten industrial transformation
Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...
- China lowered import tariffs on resources and NEVs, aiming to enhance competitiveness and secure supplies.
- Tariffs on medicines and food for medical purposes were cut, reflecting a focus on health and consumer needs.
Business
flynas flies over 11m passengers in 2023, up 28 percent from 2022
RIYADH, SAUDI ARABIA – flynas reported record results for its performance in 2023 compared to the previous year 2022, with...
- The low-cost carrier has taken delivery of 19 new aircraft during 2023, upscaling fleet size to 64, a rise of over 35 percent.
- flynas launched 57 new destinations and increased seat capacity by 22 percent for domestic and international flights in 2023.
Economy
Qatar’s industrial sector PPI down in Nov on lower oil prices
Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points,...
- Qatar's industrial PPI fell 1.95% in November, driven by oil price drops in mining and some manufacturing sectors.
- Electricity prices defied the trend, showing MoM and YoY increases, while water prices dipped MoM but rose slightly YoY.