Business

Agthia 9M profit nearly triples

Third-quarter revenue increased 14.4 percent.

UAB nine-month profit rises 6%

Loan growth, lower impairment charges boost earnings

du 9M profit up 10.8%

Revenue grows as connectivity demand supports earnings

Al Rajhi Bank 9M profit up

Revenue growth lifts earnings despite higher provisions

Mashreq prices Dim Sum bond

UAE bank raises offshore renminbi funding

European carmakers on China charm offensive as sales droop

Shanghai, China -- Once blithely dominant in China, European automakers are now launching full-fledged charm offensives at consumers in the...

Business

IMF cuts global growth outlook on impact of Trump tariffs

Washington, United States -- The International Monetary Fund on Tuesday slashed its forecast for global growth this year, citing the...

Economy
Business

ADNOC Distribution to go for 25 percent cut in carbon intensity by 2030

ABU DHABI, UAE - ADNOC Distribution on Friday announced plans to reduce its carbon intensity by 25 percent by 2030....
  • This reduction in carbon intensity will be implemented by putting sustainability at the core of its day-to-day operations to future-proof its business.
  • The company said it will install solar panels to power service stations and use biofuels in its fleet of vehicles.
Business

TAQA acquires stake in Taweelah

TAQA took up the operation and maintenance of the plant.
  • As part of a transaction valued at US$65 million (approx. AED239 million), TAQA has completed its acquisition from BTU Power Company.
  • TAQA acquired an additional 10 percent ownership stake in the owner of the Taweelah B IWPP – Taweelah Asia Power Company.
Business

Abu Dhabi’s Department of Energy, New York University sign MoU

The MoU aims to enhance cooperation and exchange of information and expertise between the DoE and NYUAD in capability development.
  • The MoU aims to enhance cooperation and exchange of information and expertise between the DoE and NYUAD in capability development
  • It calls for scientific, technical, technological, legislative, and administrative cooperation in energy and water efficiency, sustainability, and conservation
Business

Netflix soars to 230 mn subscribers, co-founder steps down

Netflix became a publicly traded company in early 2002 at an opening price of $15 a share. Shares in the...
  • The changing of the guard was announced as Netflix posted added subscribers that blew past even the most optimistic expectations
  • The streaming giant said it enticed 7.7 million new members in three months, bringing Netflix membership around the world to 230 million people
Geostrategy

DEWA showcases its sustainability projects to French, Cuban delegations

DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer received a high-level...
  • The meetings with the French and Cuban delegations were held at DEWA’s stand at the World Future Energy Summit in Abu Dhabi.
  • The MD and CEO of DEWA discussed the firm's projects in sustainability, renewable and clean energy.
Business

Twitter bird frame fetches $1million for Musk at auction

San Francisco, USA - A Twitter bird statue fetched $100,000 on Wednesday as Elon Musk auctioned off furniture, decorations, kitchen...
  • Among the 631 lots were espresso machines, ergonomically correct desks, televisions, bicycle-powered charging stations.
  • Musk in December said that severe cost cuts at Twitter had repaired the company's dire finances as he set out to find a new CEO.
Geostrategy

Netanyahu, US security advisor discuss normalizing ties with Saudi

Netanyahu, who returned to office last month with the formation of a new government, was at the helm in 2020...
  • In their talks, Netanyahu and Sullivan discussed "measures to deepen the Abraham Accords and expand the cycle of peace, with an emphasis on a breakthrough with Saudi.
  • Before speaking with Netanyahu on Thursday, Sullivan had met with head of Israel's Mossad spy agency David Barnea and Israeli national security advisor Tzachi Hanegbi.
Business

TAZIZ, PROMAN sign pact

They will build UAE’s first world-scale methanol production facility.
  • The facility has an anticipated annual capacity of up to 1.8 million tons.
  • The facility has an anticipated annual capacity of up to 1.8 million tons. Methanol has a variety of uses including in fuels, solvents, pharmaceuticals and construction materials.
Economy

MoIAT, Ras Al Khaimah Economic Zone ink pact to promote industrial growth in UAE

ABU DHABI, UAE - The UAE Ministry of Industry and Advanced Technology (MoIAT) and Ras Al Khaimah Economic Zone (RAKEZ)...
  • MoIAT and RAKEZ will cooperate in programs and initiatives under the National Strategy for Industry and Advanced Technology, Operation 300bn,
  • The two entities will encourage industrial companies to join the UAE Industry 4.0 program and undergo a readiness assessment.
Business

Masdar City, ADGM ink pact to  strengthen foreign investment in Abu Dhabi

ABU DHABI,  UAE  - Masdar City and the Abu Dhabi Global Market (ADGM) Thursday signed a Memorandum of Understanding (MoU)...
  • Masdar City and ADGM will work together to attract new investors to their free zones and benefit from each other’s capabilities.
  • The two entities will exchange best practices and promote institutional integration.

European carmakers on China charm offensive as sales droop

Shanghai, China -- Once blithely dominant in China, European automakers are now launching full-fledged charm offensives at consumers in the...
Business

Company News

Latest News

flynas flies over 11m passengers in 2023, up 28 percent from 2022

RIYADH, SAUDI ARABIA – flynas reported record results for its performance in 2023 compared to the previous year 2022, with...
Business

Qatar’s industrial sector PPI down in Nov on lower oil prices

Doha, Qatar -- Qatar's Producer Price Index (PPI) of the industrial sector in the country for November was 118.65 points,...
Economy

Card transactions drive 8 percent Saudi spending growth in Nov

Riyadh, Saudi Arabia --Consumer spending in Saudi Arabia grew by 8 percent to SAR 111.5 billion ($29.73 billion) in November...
Business

Most Read

Business

MODON launches 10 projects

The projects in 6 industrial cities are valued at $143 million.
  • These projects, conducted in collaboration with several national companies, aim to foster opportunities for value chain initiatives and bolster local content.
  • Among the agreements, MODON has inked a contract for establishing 80 factories and ready-made products in Al-Ahsa and Taif's industrial cities.
Business

Bitcoin crosses $45,000 for first time since April 2022

Dubai, UAE--Bitcoin stormed above $45,000 on Tuesday for the first time since April 2022. Bitcoin touched a 21-month peak of...
  • It reached a 21-month peak of $45,532, having gained 156% last year in its strongest yearly performance since 2020
  • Expectations that major central banks will cut interest rates this year has also been a boon for cryptocurrencies
Business

UAE to press firms with 20-49 staff to hire at least one Emirati in 2024

Dubai, UAE--The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has started implementing the cabinet decision to expand the scope...
  • The Ministry of Human Resources and Emiratisation notified more than 12,000 companies to comply with the decision, providing them sufficient time to meet their required targets
  • The ministry said it will continue to hold training workshops to educate companies subject to the decision about the procedures to follow in order to meet their required targets