Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
Geostrategy
Jordan, Algeria discuss closer economic cooperation
AMMAN, JORDAN - A Jordanian ministerial delegation met with a number of Algerian ministers in the North African country on...
- Jordan and Algeria reached an agreement on a roadmap to advance economic, trade, and investment cooperation for the years 2023–2025.
- The road map highlights key cooperation projects with the objective of expanding trade exchanges, inter-investment volume.
Business
Amanat 2022 net profit up 24%
The net profit for the year was $31.96 million, the firm said.
- The company's total income grew 16 percent to AED 178.2 million in 2022, against the AED 153.7 million in 2021.
- In a statement, the company said it has proposed dividends of AED 100 million, which is 88 percent of profit attributable to equity holders.
Business
Dubai records over $517 million in realty transactions
Dubai, UAE -- Dubai real estate market recorded real estate transactions worth AED1.9 billion ($517 million) on Monday, Dubai Land...
- These included 561 sales transactions worth AED1.7 billion, in addition to 100 mortgage deals of AED94.43 million.
- The sales included 527 villas and apartments worth AED1.43 billion, and 34 land plots worth AED268.94 million.
Business
HSBC pre-tax profits tank
It, however, posted a jump in revenue to $15.7bn.
- In a statement to the Hong Kong stock exchange, HSBC detailed the tough global economic climate international banks are facing
- The bank said last year reflected "a strong overall financial performance", and announced a full-year dividend of $0.32 per share
Business
STC posts record net profit
The company posted a record net profit of $3.2bn in 2022.
- Its total revenues gained 7 percent to $18 billion in 2022
- The company said that the higher profit was driven by an increase in revenues of $1.17 billion, which was offset by a slight increase in the cost of revenues by $220 million
Business
UAE and Azerbaijan sign MoU to boost financial, banking ties
Abu Dhabi, UAE--UAE Banks Federation (UBF) has signed a memorandum of understanding (MoU) with the Azerbaijan Banks Association to enhance...
- The agreement is designed to run various activities in the finance and banking sector jointly by both parties in order to exchange knowledge and experience
- There has been a steep increase in trade exchanges and joint investments between the two countries, which increased by more than 100 percent in 2022
Business
Amwaj merges with Shaqab, Atyab
Qatar-based Gulf International Service has successfully accomplished the merger.
- The merger is an all-share combination of Amwaj with in-kind contribution from two new incumbent strategic merging shareholders
- New strategic shareholders of Amwaj along with GIS have jointly agreed to make the Merger's effective date as the Jan. 1, 2023
Business
PwC, Microsoft expand partnership for digital transformation in Saudi Arabia
DUBAI, UAE - PwC Middle East and Microsoft have strengthened their global partnership at LEAP event in Riyadh, to support...
- The collaboration will focus on cloud transformation, business process automation and technology consulting.
- The partnership aims to strengthen businesses by providing access to cloud services that are scalable and secure.
Business
DIFC achieves high growth in 2022, driven by fintech, innovation
DUBAI, UAE - Dubai International Financial Center (DIFC) continued to grow at a record-breaking pace in 2022 with the number...
- New companies registered in DIFC in 2022 surpassed the annual milestone of 1,000 for the first time in the Center's history.
- In 2022, DIFC’s combined revenue exceeded US$272 million for the first time.
Business
Meta launches paid subscription, for whom and why?
And their posts, photos and videos will have a higher profile than those of non-subscribers by appearing atop search results,...
- Subscribers to Meta Verified will be able to verify their account on Facebook and Instagram by providing an official ID and getting a blue badge
- Meta told AFP it conceived of the subscription idea because of requests from creators who are on the rise in their business undertakings
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
Company News
Emaar 9M net profit $1.1bn
Business
AstraZeneca Q3 profit swells
Business
Latest News
Al Ansari 9M profit US$105m
Business
Xiaomi launches first electric car
The car manufactured by Xiaomi likely to enter market by 2025.
Business
QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.
Business
Norway fund drops Aramco, 11 other Gulf firms over ’rights concerns’
KLP, which manages over 700 billion kroner ($70 billion), said the exclusion amounted to $15 million. The fund dropped 11...
Geostrategy
Most Read
Business
UAE farm harvests $5.6m from carbon credits in eco-friendly agriculture triumph
Dubai – An innovative agricultural project in the United Arab Emirates, has generated $5.6 million euros from carbon credit sales. The...
- Carbon credits are permits that allow a company to emit a certain quantity of greenhouse gases, with one credit equaling the emission of one ton of carbon dioxide
- Companies are allocated a specific number of these credits, and If they reduce their emissions and have surplus credits, they can sell these to other companies
Business
New York Times sues OpenAI, Microsoft in copyright clash
Through their AI chatbots, the companies "seek to free-ride on The Times' massive investment in its journalism by using it...
- The Times, one of the most respected news organizations in the United States, is seeking damages, as well as an order that the companies stop using its content
- While no sum is specifically requested, the Times alleges that the infringement could have cost “billions of dollars in statutory and actual damages"
Geostrategy
UAE’s budget carrier Air Arabia to launch daily flights to Kabul
Last month flydubai, another low-cost Emirati airline, became the first international carrier to resume flights to Afghanistan since the chaotic...
- Last month flydubai, another low-cost Emirati airline, became the first international carrier to resume flights to Afghanistan
- Last year, GAAC signed a contract to manage Afghanistan's air traffic, an agreement that was expected to bring back international airlines