General Gulf inflation rate logs 1.7% by end of Dec 2024
Muscat, Oman -- The general inflation rate in the GCC countries rose by 1.7 percent at the end of December...
Business
OpenAI abandons plan to become for-profit company
San Francisco, United States - OpenAI CEO Sam Altman on Monday said the company behind ChatGPT would continue to be...
Business
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
- Â 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.
General Gulf inflation rate logs 1.7% by end of Dec 2024
Muscat, Oman -- The general inflation rate in the GCC countries rose by 1.7 percent at the end of December...
Business
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Tokyo’s Nikkei climbs to its highest level since Mar 1990
Tokyo, Japan - Tokyo stocks closed higher on Tuesday on the back of gains in US tech stocks, pushing the Nikkei...
Business
Mubadala lists dollar, dirham bonds
This is Mubadala's seventh listing of a green debt instrument on ADX.
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Economy
Boost investment to avert ‘decade of wasted opportunity’: World Bank
Global growth is set to slow from an estimated 2.6 percent in 2023 to 2.4 percent this year, 0.75 percentage...
- Growth in advanced economies is expected to slow to just 1.2% this year, while emerging market and developing economies should see growth ease slightly to 3.9%.
- After seeing reasonable growth in 2023, the United States and China -- the world's two largest economies -- are both likely to slow in the year ahead, the World Bank said.
Business
Nakilat expands its fleet
The Qatari firm placed orders for 6 carriers with HSHI.
- Upon delivery, Nakilat's LNG fleet will expand to 71 vessels, and the LPG fleet will grow to eight vessels with the addition of the four new vessels.
- The orders include two cutting-edge LNG carriers with a cargo capacity of 174,000 cum each and four modern Very Large LPG/ Ammonia Gas carriers.
Business
SEC, Emaar Economic City sign agreements Â
RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
- The two agreements aim to deliver electrical service to the second and third phases of KAEC projects.
- These aim to provide electrical energy for major projects related to achieving the goals of the Kingdom’s Vision 2030.