Gen Z travellers in UAE seek purposeful, tech-enabled journeys: Wyndham study
Dubai, UAE - Gen Z travellers in the UAE are reshaping the future of tourism, prioritizing cultural immersion, sustainability, and...
Chinese firms extend EV range with petrol generators
The generator, known as a range extender, is connected to the cars' batteries and feeds them only when needed. Since...
Business
Business
Abu Dhabi customs to clear goods for non-residents, outside firms
Abu Dhabi, UAE– The General Administration of Abu Dhabi Customs has announced the provision for the possibility of clearing goods...
- This move aims to facilitate customer experience, reduce effort and time, and provide digital customs services in accordance with international best practices.
- The new feature allows non-resident individuals to clear their personal goods by creating a UAE Pass account through their passports.
Business
SAL Saudi Arabia, Menzies sign MoU
The MoU is aimed at improving services at kingdom's airports.
- Menzies will provide all studies to SAL Saudi Arabia on the transfer of best practices globally to improve the level of passenger services and baggage management.
- It also involves smooth passenger services, from issuing a boarding pass to take-off.
Business
Russia exit, soaring costs hit H&M
The company reported a big drop in profits in 2022.
- H&M was also set back by a historically strong dollar and increases in the costs of freight and raw materials
- The group posted a 68 percent drop in net profit in 2022 to almost 3.6 billion Swedish kronor ($346 million)
LVMH sales, profit reach new highs
LVMH is headed by French billionaire Bernard Arnault.
- LVMH sales have soared 23 percent to 79 billion euros ($86 billion) and net profit jumped 17 percent to 14 billion euros for 2022
- The LVMH is Europe's most valuable company, with a market capitalization that soared to 400 billion euros ($430 billion) last week
Business
Saudi Arabia, Italy sign MoU to set up reinsurance framework
Rome, Italy-- The Saudi Export-Import Bank has signed a memorandum of understanding with the Italian Export Credit Agency (SACE) which...
- The MoU was signed by EXIM Bank CEO Eng. Saad bin Abdul Aziz Alkhalb and Italian Credit Export Agency CEO Alessandra Ricci at her agency’s headquarters in Rome.
- The MoU is expected to boost cooperation in the areas of professional development, transfer of knowledge of best practices in export credit,
Business
7 UAE banks report $9bn profit in 2022
Emirates NBD's profits climbed by 40% to $3.53 billion.
- The highest share of the overall profits was claimed by the country's main lender, First Abu Dhabi Bank which generated net profits of roughly $3.64 billion
- Dubai Islamic Bank's net earnings increased by a record 26 percent Year-on-Year to $1.4 billion from $1.1 billion in 2021
Business
DIC buys 9% equity in Monument Bank
Equity will help DIC enter one of the most regulated markets
- Monument Bank targets UK’s 'mass affluent' and aims to provide core banking and other related services to clients.
- Monument Bank’s CEO Ian Rand said that the partnership will help to enhance its UK business and launch innovative solutions
Business
Emirates NBD’s 2022 net profit $3.53 bn
The rise was driven by strong regional economic growth.
- The bank's Q4 profit was particularly strong, at AED 3.9 billion, up 94 percent year-on-year.
- The bank also proposed a 20 percent increase in the cash dividend to 60 fils per share.
Business
Adani group ‘exploring’ legal action against Hindenburg Research
Mumbai, India - An Indian conglomerate owned by Asia's richest man Gautam Adani said Thursday it was exploring legal action against...
- Hindenburg's report accused Adani Group of engaging in a "brazen stock manipulation and accounting fraud scheme over the course of decades".
- Shares in flagship Adani Enterprises fell as much as three percent on Wednesday, before recovering to trade 1.07 percent lower at the close in Mumbai.
Market Report
Markets rise on better-than-expected US growth
Stock markets rose as US data showed the country grew at a slower pace in 2022 but finished the year...
- For 2022 as a whole, the US economy grew at a slower pace than the previous year, expanding 2.1 percent, the Commerce Department said.
- Investors are also focused on the next move of the US Federal Reserve, which has hiked rates since last year in a bid to tame galloping inflation.
Gen Z travellers in UAE seek purposeful, tech-enabled journeys: Wyndham study
Dubai, UAE - Gen Z travellers in the UAE are reshaping the future of tourism, prioritizing cultural immersion, sustainability, and...
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ADNOC Drilling, Alpha Dhabi set up JV
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Dubai Duty Free achieves all-time record sales of over US$2.16bn in 2023
DUBAI, UAE - The New Year began on a high note for Dubai Duty Free with the announcement of an...
Business
Weyay recognized as ‘Fastest Growing Digital Bank’ in Kuwait by Mastercard
Kuwait City - Weyay was recognized as 'Fastest Growing Digital Bank' in Kuwait by Mastercard on the sidelines of the...
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Business
Telefonica to cut 3,421 jobs
The layoffs will reduce costs for the Spanish company.
- The layoffs will happen during the first quarter of 2024 and will mainly involve employees who are 56 years or older
- The Spanish company employs about 16,500 people in its home country, while its global workforce is over 100,000
Business
King Abdulaziz International Airport serves 42.7m passengers in 2023, a 36% growth
Jeddah, Saudi Arabia — King Abdulaziz International Airport served over 42.7 million passengers in 2023, reflecting a remarkable growth rate...
- The total number of flights reached 250,000, a 25% jump compared to 2022, which recorded 200,000 flights
- Its Terminal 1 ranked first with 179.9 thousand flights, a 16% increase compared to 2022, which recorded 154.6 thousand flights
Business
UAE and Jordan discuss boosting trade and investment ties
Amman, Jordan--The UAE and Jordan discussed enhancing trade and investment relations in order to stimulate joint economic growth and create...
- The decision to enhance ties came up in a meeting between the UAE's minister of state for foreign trade, and Jordan's prime minister
- Al Zeyoudi said the two countries wish to develop economies driven by innovation and the unhindered exchange of trade and investment