Screens, drones, massages: Shanghai flaunts the future of cars
Shanghai, China -- At the huge Auto Shanghai industry show this week, the chatter was less about powerful engines and...
Business
ATM 2025 to showcase 2,800 firms, 17 percent from Middle East
Dubai, UAE: The Arabian Travel Market, which will take place from Apr 28 to May 1 at the Dubai World...
Business
Business
UAE banks’ investments totalled $139bn in Nov 2022, highest in 13 months
According to central bank's statistics, Banks’ investments rose in the first eleven months of 2022 by $10 billion or 8...
- According to central bank's statistics, Banks’ investments rose in the first eleven months of 2022 by $10 billion or 8 percent, compared to $129 billion in 2021
- Securities that are debts to third parties, or bonds, accounted for the largest share of banks’ investments by over 49.1 percent, reaching $68 billion up to November 2022
Business
DP World gets rating upgrade
The boost is seen as key for its long-term growth plans.
- The rating upgrade follows two major investments in 2022 at DP World’s flagship UAE assets: Jebel Ali Port, Jebel Ali Free Zone, and National Industries Park
- According to Moody’s, DP World’s diversified global port operations led to the improved rating
Business
SIB 2022 profit reaches $177mn
The bank recorded an increase of 26.6 percent.
- The bank also reported an operating profit of $272 million in 2022, an increase of 17.4 percent from the previous year
- The bank also reported an operating profit of $272 million in 2022, an increase of 17.4 percent from the previous year
Economy
UN blames Myanmar military coup for boost in opium farming
The area of land used for opium poppy cultivation expanded by a third to just over 40,000 hectares in 2021-22...
- The UNODC estimates Myanmar's opium economy is worth around $2 billion -- the equivalent of up to three percent of the country's GDP in 2021
- A combination of the pandemic and the aftermath of the coup hammered Myanmar's economy with an 18 percent contraction in 2021, according to the World Bank
Business
NBF posts 195% profit jump
The bank's net profit rose to $93 million in 2022.
- Net interest income and net income from Islamic financing and investment activities grew 29.8 percent to $327 million
- Income from investments and Islamic instruments stood at $5 million
Economy
Libya signs US$8bn deal with Italy to develop offshore sites
Looking to develop offshore hydrocarbon sites, Libya's National Oil Corporation has signed an $8-billion deal with Italian energy company ENI....
- Libya sits atop Africa's biggest oil reserves but has been engulfed by conflict since the 2011 revolt that toppled longtime dictator Moamer Kadhafi
- Italy has been scrambling to find alternatives to Russian energy since Moscow's invasion of Ukraine, and Italian Prime Minister Giorgia Meloni is set to visit Tripoli
Arts & Culture
Revenue from Saudi cinema may exceed $1bn by 2030
The revenue of Saudi cinemas increased by 9.47% to approximately US$240 million until December 25, 2022, compared to 2021's revenue...
- The revenue of Saudi cinemas increased by 9.47% to approximately US$240 million until December 25, 2022, compared to 2021's revenue of US$232 million, a latest report points out
- Although the Saudi film industry is still in its infancy, the goal is to increase the number of local films shown in theaters to 70 per year by 2030
Business
Boeing posts Q4 loss of US$634m
Firm confirmed its 2023 outlook amid strong aviation demand.
- Boeing said its commercial plane business was dented by "abnormal costs".
- It said "labor instability and supply chain disruption" weighed on its defense, space and security unit.
Geostrategy
Iraqi PM to visit France for energy and security talks
BAGHDAD, IRAQ - Iraqi Prime Minister Mohammed Shia al-Sudani will travel to France on Thursday for energy and security talks with...
- Sudani said he wants to "activate the agreements" between oil-rich Iraq and France "particularly in the transport, energy and investment sectors".
- French giant TotalEnergies in 2021 signed a $10 billion contract with Baghdad, but work on the multiple projects is yet to begin.
Business
Saudi National Housing signs 22 MoUs to boost local real estate sector
Riyadh, Saudi Arabia---Saudi Arabia's National Housing Company signed 22 MoUs worth nearly 4 billion riyals ($1.06 billion) on the sidelines...
- The MoUs worth nearly 4 billion riyals ($1.06 billion) were signed on the sidelines of the launch of the materials platform, Mawadat, at the Future of Real Estate Forum.
- The electronic platform facilitates the process of direct linking between real estate developers and contractors with factories and suppliers of building materials.
Screens, drones, massages: Shanghai flaunts the future of cars
Shanghai, China -- At the huge Auto Shanghai industry show this week, the chatter was less about powerful engines and...
Business
Company News
DEWA Q3 2023 revenue $2.5bn
Business
Latest News
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...
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...
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...
Business
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Business
Most owners holding on to Burj Khalifa homes longer: Report
Dubai, UAE -- The total number of homes available for sale in Dubai’s Burj Khalifa declined by 52 percent during...
- Burj Khalifa homes available for sale dropped 52% in 2023, but total deals climbed 22%, reflecting long-term investor interest.
- Dubai prime residential prices soared 16% in 2023, making it one of the world's most "affordable" luxury markets.
ROSHN recognized as best place to work in Saudi Arabia for 2023
Riyadh, Saudi Arabia -- ROSHN Group has been recently recognized as "The Best Place to Work in Saudi Arabia" for...
- ROSHN achieved its ranking based on anonymous surveys conducted by the Best Places to Work group
- ROSHN Group was certified by the organization in 2021, 2022 and 2023, securing the top position in 2022 and 2023
Business
Saudi Ports Authority invests US$3.46bn in maritime and logistics sectors
Riyadh, Saudi Arabia-- The Saudi Ports Authority also known as Mawani strengthened the maritime and logistics sectors with an investment...
- The investment into the maritime and logistics sectors corresponds with the targets of the National Transport and Logistics Strategy
- The authority signed several agreements in 2023 to establish 5 new logistics parks and centers, with investments exceeding $1.06 billion