Economy
US economy slows in 2022, may result in lower Fed rate hikes ahead
Household spending and business investment remained positive in the final quarter last year though they slowed, while inventories and net...
- Economic activity has been moderating as the US central bank hiked the benchmark lending rate seven times last year.
- Against this backdrop, the world's largest economy expanded 2.1 percent for all of 2022, down from the figure in 2021.
Market Report
DGCX reports 16% growth in total volume of trades in 2022
DUBAI, UAE - Dubai Gold and Commodities Exchange (DGCX) Thursday announced its full-year market statistics for 2022, reporting 8.239 million...
- The DGCX is the largest and most diversified derivatives exchange in the Middle East.
- DGCX saw steady trading in Indian Rupee, as market participants looked to hedge their exposure to one of the world’s fastest-growing economies.
Business
Emirates Islamic 2022 net profit $337m
The profit was driven by funded and non-funded income.
- The bank also reported a 36 percent increase in operating profit and a 15 percent increase in total assets to AED 75 billion.
- The bank's total income went up 33 percent year-on-year driven by higher funded income and non-funded income.
Business
Nokia 2022 net profit $4.7bn
The company's Q4 net profit surged to US$3.4 billion.
- Nokia's annual net sales grew 12 percent to US$27.1 billion (24.9 billion euros)
- The company is engaged in a major competition to install 5G networks around the world
Business
FAB 2022 net profit $3.64 bn
The total income was up 10 percent year on year.
- The fourth quarter 2022 net profit was AED2.5 billion, compared to AED2.9 billion in the previous quarter.
- The total income reached AED23.9 billion, up 10 percent yoy, driven by 23 percent growth in net interest income.
Economy
New UAE commercial agency law will help in improving business environment
ABU DHABI, UAE - The UAE is determined to foster the attractiveness and competitiveness of the business environment in order...
- The UAE aims to offer a legislative framework to enable companies to promote the new economic model, particularly the commercial agencies sector.
- With innovative projects and crucial commercial activities, this sector significantly contributed to the country's development during the past several years.
Business
Over 4,200 new companies set up base at RAKEZ in 2022
Ras Al Khaimah, UAE-- Ras Al Khaimah Economic Zone (RAKEZ) welcomed over 4,200 new companies to its business community in...
- The economic zone recorded a 206 percent growth in new general trading companies, with 413 licenses issued.
- Companies operating from RAKEZ also witnessed exponential growth in 2022, with 160 companies expanding their operations in various sectors.
Business
IBM to lay off 3,900 workers
It posted profit of $2.9bn in the final three months of last year.
- The company said it would take a one-time $300 million charge in its first quarter this year
- It announced late last year that it will invest $20 billion in semiconductors, quantum computing and other cutting-edge technology in New York state
Business
QIIB profit surges by 7%
The board of directors has proposed a cash dividend of 40%
- The earnings per share (EPS) amounted to QR 0.64 as of December 31, 2022 versus EPS of QR 0.59 in 2021
- The board of directors has proposed a cash dividend of 40% of paid-up share capital after the approval of QCB
Business
GIS, DIG halt merger talks
The talks for the merger have not yielded a "common vision."
- According to a statement, the two groups have decided to end negotiations and to withdraw completely from the proposed merger partnership deal
- The potential merger would have created one of the largest local insurance companies with highly competitive potential and financial strength
Company News
Latest News
DEWA Q3 2023 revenue $2.5bn
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...
Business
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Business
Dubai leads way as GCC markets show mixed results
Amid market volatility influenced by geopolitical tensions and fluctuating oil prices, pharma, insurance, and healthcare indices led with substantial gains...
- Amid market volatility influenced by geopolitical tensions and fluctuating oil prices, pharma, insurance, and healthcare indices led with substantial gains in 2023.
- In 2023, global equity markets neared record highs, led by the US and Japan, with the Nasdaq index's remarkable surge standing out as a key highlight
Business
Asia stocks track global losses as traders step back after rally
Hong Kong, China - Asian markets fell Wednesday in line with a sell-off across most of the world as traders took...
- On Wall Street, the Nasdaq slumped 1.6 percent and the S&P 500 was also in the red, though the Dow enjoyed a small gain
- And the negative mood continued in Asia, where Hong Kong, Sydney, Seoul and Taipei were among the biggest losers
Business
UAE creates ‘Parkin’ to oversee parking space operations in Dubai
Dubai, UAE - The UAE has issued a law establishing ‘Parkin’, a public joint stock company (PJSC) that will oversee...
- Parkin PJSC is likely to be tasked with creating, planning, designing, operating and managing public parking spaces
- The newly established company will have financial, administrative and legal autonomy to fulfil its responsibilities