Oil prices jump on report of Israel prepping Iran strike
Both main crude contracts jumped around one percent after CNN reported multiple US officials as saying the government had received...
Geostrategy
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
Oil prices jump on report of Israel prepping Iran strike
Both main crude contracts jumped around one percent after CNN reported multiple US officials as saying the government had received...
Geostrategy
Company News
Latest News
Emerging crypto hub UAE shapes digital assets’ future
"As 2024 unfolds, we anticipate that both private and public enterprises will increase their investments in the infrastructure and services...
Business
Global air travel reaches 99% of 2019 levels: IATA
IATA’s Director-General Willie Walsh said that international travel is 5.5% below pre-pandemic levels, but that gap is narrowing fast. "And...
Business
Chinese experts decode Apple’s encrypted AirDrop messaging
Beijing, China - Chinese state-backed experts have found a way to identify people who use Apple's encrypted AirDrop messaging service, according...
Business
Most Read
Business
Bullish Bitcoin: Halving looms, miners face squeeze
Bitcoin’s mass adoption is growing and projected in the next four years to have around 1 billion users.
- Bitcoin has continued its rally in 2024, reaching the $48,000 level on Jan 9 and creeping towards the nearly $70,000 mark it reached in November 2021.
- The next Bitcoin halving event is expected late this April when Bitcoin block rewards drop from 6.25 BTC to only 3.125 BTC per block.
Infographics
Saudi, UAE report highest levels of gross debt
Among the Arab countries, Egypt recorded the highest debt-to-GDP ratio of 92.7 percent while US and China are on an...
- Developing countries spent a record $443.5 billion to service their external public and publicly guaranteed debt in 2022, the World Bank said recently.
- The increase in costs shifted scarce resources away from critical needs such as health, education, and the environment.
Business
Five new residency programs to attract talent to Saudi Arabia
These residency products offer several benefits, including the ability to conduct business and invest in Saudi Arabia, own real estate,...
- Special Talent Residency: is focused on attracting healthcare professionals, scientists, and researchers with exceptional expertise and experience.
- Entrepreneur Residency is geared towards aspiring entrepreneurs and innovators eager to launch and grow their startups in the Kingdom.