Hong Kong’s property distress hurting banks
Distressed property sales in Hong Kong are beginning to bite banks with average prices of office buildings, shopping malls and...
US$1.5 billion Amazon protection plan launched in Davos
A carbon markets investor backed by Swiss-trading house Mercuria said on Wednesday it had joined with two non-profits to raise...
Business
All events in UAE serving alcohol need CID clearance from Feb 15
The permit can be applied for by the hotel on behalf of the event organizer or client for a fee...
- The permit can be applied for by the hotel on behalf of the event organizer or client for a fee of $340 per event and per day
- All events, commercial and non-commercial, must apply for the permit at least 14 days in advance and submit the required documentation
Business
EIB to invest US$27m into UAE-based venture capital firm
Luxembourg--European Investment Bank (EIB) Global, a branch of European Investment Bank, announced on Monday that it will provide $27 million...
- The fund aims to increase targeted equity investment in high-growth e-commerce, health, and education technology companies across the Middle East and Pakistan
- Venture capital investment is expected to support creation of more than 8,000 jobs
Business
QII records profit in 2022
The insurance firm's net profit vaulted to $28 million.
- The earnings per share (EPS) amounted to QR 0.67 as of December 31, 2022 versus EPS QR 0.55 for the same period in 2021
- The board recommended the distribution of cash dividends of 45 % from the share par value i.e. QR 0.45 for each share for the year 2022
Business
GISC posts bumper net profit
The company's profit jumped to $80 million in 2022.
- The earnings per share (EPS) amounted to QR 0.156 as of Dec. 31, 2022, compared to EPS of QR 0.029 for the same period in 2021
- It recommended a cash dividend distribution for the year 2022 amounting to QAR 0.1 per share, which is 10 percent of the nominal value of share
Business
Air Arabia 2022 net profit $326m
FY'22 turnover rose to $1.4 billion, up 65 percent YoY.
- The average seat load factor – or passengers carried as a percentage of available seats – for the full year stood at a high 80 percent.
- Air Arabia’s Board of Directors proposed a dividend distribution of 15 percent of share capital, which is equivalent to 15 fils per share.
Business
Emirates Steel Arkan 2022 profit $138.44m
Revenue in fourth quarter of 2022 was $630m.
- The Group’s net profit for the full year 2022 was AED508.5 million compared to a pro-forma loss of AED636.7 million in financial year (FY) 2021.
- The Group’s 4Q22 EBITDA was AED300 million, showing a continuing growth on the AED269 million achieved in the third quarter (3Q) of 2022.
Business
DEWA, ENOC sign MoU
Aim is to develop hydrogen-based mobility pilot project.
- The MoU between DEWA and ENOC was signed at the World Government Summit 2023 in Dubai.
- The project will utilize DEWA's existing green hydrogen production facility and ENOC's knowledge of the fuel market.
Business
UAE-France-India trilateral cooperation discussed at Paris meet
Paris, UAE--The second technical UAE-France-India trilateral initiative has taken place in Paris during the visit of a UAE delegation from...
- UAE delegation was led by Assistant Foreign Minister for Economic and Trade Affaiirs Saeed Mubarak Al Hajeri.
- The meeting discussed the adoption of the UFI trilateral cooperation roadmap.
Business
Empower 2022 net profit $762m
Firm has proposed dividend of S$115 million for 2nd half 2022.
- The quality and sustainability of its services and advanced infrastructure has made it one of the world's largest player in the district cooling industry.
- This performance reflects the confidence in Empower by its customers and stakeholders, and the economic boom of Dubai.
Business
ADNOC Drilling 2022 net profit $802m
Full year earnings before EBITDA were $1.23 billion.
- ADNOC Drilling’s revenue for the year increased to US$2.67 billion, up 18 percent compared to 2021.
- The company said it achieved record revenue ($733 million), EBITDA and net profit ($234 million) during the fourth quarter of 2022.
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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
Hong Kong’s property distress hurting banks
Distressed property sales in Hong Kong are beginning to bite banks with average prices of office buildings, shopping malls and...
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US bans import of Apple Watch due to patent clash
A US import ban on certain Apple smartwatch models came into effect, after the Biden administration opted not to veto...
Business
New UAE law allows employees merge work years for free
Abu, Dhabi, UAE -- A new UAE law contributes to enhancing insured Emiratis chance in obtaining a retirement pension by...
Business
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Business
TDRA inks pact with PCFC’s Dubai Maritime Authority
DUBAI, UAE - The Telecommunications and Digital Government Regulatory Authority (TDRA) has signed a Memorandum of Understanding (MoU) with the...
- The partnership will help improve the regulatory framework for maritime business operations to enhance efficiency in the sector.
- The MoU establishes a procedure for acquiring necessary authorisations for maritime vessels through the Dubai Maritime Authority.
Business
Saudi Arabia to launch 35 renewable energy projects in 2024: Minister
Riyadh, Saudi Arabia -- Saudi Ministry of Industry and Mineral Resources is set to launch nearly 35 renewable energy projects...
- Geological surveys are ongoing in the mining sector and new mining sites are being launched, te minister said.
- In the industrial field, work is under way to open new businesses and empower others such as the automotive industry.
Business
Aramco, Intel to set up Saudi Arabia’s first open RAN center
Riyadh, Saudi Arabia -- Aramco Digital Co. and Intel have unveiled plans to establish Saudi Arabia’s first open radio access...
- The Open Wireless Access Network Development Center is scheduled to start operations in 2024, marking a milestone in the Kingdom's journey towards a technology-driven future.
- Aramco Digital is a technology subsidiary of energy giant Saudi Aramco that aims to drive digital transformation and technological innovation across industries.