EGA advances plans to build new US aluminum plant
Abu Dhabi, UAE -- Emirates Global Aluminum, the largest ‘premium aluminum’ producer in the world, today announced the progression of...
Business
Geostrategy
UAE, India mark first anniversary of signing CEPA with series of events
DUBAI, UAE - Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi has marked the first anniversary...
- The Federation of Indian Chambers of Commerce and Industry is on a four-day visit to the UAE to mark the signing of CEPA.
- The FICCI delegation comprises over 100 exporters, start-ups and business owners.
Business
Saudi Steel Pipe’s profit up
Its profit shot up more than 5,000% to $14.45m in 2022.
- Earnings per share also advanced to SR1.07 in 2022 from SR0.02 in 2021
- Gross profit rose to $29 million in 2022 from $7.28 million a year earlier because of better sales volume, improved efficiency and a mix of products sold
Business
Oman Qatar Insurance merges with Vision Insurance
The merger was settled with Vision Insurance Company’s existing shareholders by Oman Qatar Insurance Company.
- The merger was settled with Vision Insurance Company’s existing shareholders by Oman Qatar Insurance Company
- After the mergercertificate by Qatar Ministry of Commerce, Vision Insurance Company was delisted from Muscat Stock Exchange
Business
EDGE buys 70% stake in GRADEONE
It will focus on the development of defense trading.
- The announcement has comes ahead of the International Defence Exhibition (IDEX) to be held at the Abu Dhabi Exhibition Centre (ADNEC)
- GRADEONE specialises in providing various solutions to the military and defence sectors, including army, special forces, navy, air force, law enforcement, and search and rescue
Business
Giga projects attract more foreign banks to KSA
At least six banks, seeking to open branches in Saudi Arabia, have obtained licenses from the Saudi Central Bank to...
- At least six banks, seeking to open branches in Saudi Arabia, have obtained licenses from the Saudi Central Bank to conduct operations in the Kingdom in the coming months.
- New banks are expected to add value to the Saudi economy by strengthening the services sector, expanding financing options and boosting public confidence in financial system
Business
Saudi reports add to Manchester United takeover intrigue
London, United Kingdom--Saudi Arabia has joined the race to buy Manchester United ahead of Friday's bid deadline, according to a report...
- Saudi joined the race to buy Manchester United, according to a report in Britain's Daily Telegraph, raising the stakes in what could be the most lucrative deal in sports history.
- There have been suggestions of a possible Qatar bid, with The Guardian reporting the state's ruler, Sheikh Tamim bin Hamad Al-Thani, was interested in buying United.
Business
UAB 2022 net profit at US$42m
Total operating income rose 11% in 2022 compared to 2021.
- UAB is focused on positioning itself as the partner of choice among major corporate clientele segments.
- The bank's CEO said that their focus will remain on the delivery of an enhanced customer experience.
Business
Islamic insurance gross subscriptions reach $1.18 billion in 2021: CBUAE
Abu Dhabi, UAE— The gross subscriptions written by all Takaful insurance companies in the UAE reached AED4.35 billion in 2021,...
- These subscriptions accounted for 9.82 percent of the gross premiums written in the insurance sector in 2021.
- The health Takaful insurance activity represented the largest share, accounting for 43.6 percent of the gross subscriptions.
Business
Hermes 2022 net profit $3.6bn
Fashion house posted huge earnings despite inflation.
- Sales rose 29 percent to US$12.3 billion at current exchange rates.
- Hermes said its sales rose by 30.7 percent in the Asia-Pacific region, excluding Japan, in the last three months of 2022.
Business
Saudi transport authority signs largest bus transport project
Riyadh, Saudi Arabia---Saudi Arabia's Transport General Authority has signed the largest project for transporting passengers by buses through a network...
- The network, which involved major global alliances, will cover more than 200 cities and governorates.
- The network is expected to serve more than 6 million passengers annually through 76 routes, with a new fleet of buses equipped with the latest technologies.
Company News
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AJEX, MODON sign partnership
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,...
Business
Saudi Arabia raises mineral resources estimates to $2.5 trillion
The Kingdom raised its mineral resources estimates from $1.3 trillion in 2016 on the exploration of nearly 30 percent of...
Business
UAE and India sign MoUs to deepen ties in renewable energy, healthcare
Abu Dhabi, UAE--The UAE Ministry of Investment has signed three memorandums of understanding (MoUs) with India, setting out frameworks for...
Business
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False tweet from US regulator briefly sends bitcoin soaring
The jump in the price of bitcoin to almost $48,000 came immediately after the SEC published a message on its...
- Just after 4 pm local time, the price of the world's largest digital currency in terms of circulation surged towards its highest level for more than 22 months, before falling again
- "The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff," an US Securities and Exchange Commission's spokesperson later told AFP
Geostrategy
Honda unveils futuristic EV series
It will introduce a commercial model in the US in 2026.
- The automaker's "Saloon" model features a low platform with a wide interior and sleek silhouette
- The company set an ambitious target of achieving 100 percent electrified vehicle sales by 2040
UAE startups eye Saudi Arabia for growth, expansion
With both nations offering substantial markets and supportive environment for innovation, startups are exploring new opportunities in the Kingdom.
- UAE-based startups are increasingly turning to Saudi Arabia, leveraging the Gulf's largest economy to scale up their operations.
- With both nations offer substantial markets and supportive environment for innovation, startups explore new opportunities in the Kingdom.