Heathrow to resume some flights after power station fire
London's Heathrow Airport said it would resume "some flights" later Friday after a fire at a power station grounded planes...
Economy
Dar Alarkan 2024 profit up 32%
The company's net profit increased by 81.5 percent in Q4 2024.
Business
Business
Luxury group Richemont posts H1 2022-23 loss of US$786m
Loss is basically due to the sale of one of its online platforms.
- The group, owner of the Cartier and Piaget brands, made a profit of US$1.23 billion in the same period last year.
- In August, Richemont agreed to sell a large stake in its Yoox Net-A-Porter online luxury sales brand to British e-commerce platform Farfetch.
Business
Saudi Broadcasting Authority signs agreements with global media firms
Riyadh, Saudi Arabia--- The Saudi Broadcasting Authority (SBA) and three international companies with expertise in the technological and media sectors...
- The agreements were signed at the Future of Media Exhibition (FOMEX), which was hosted in Riyadh alongside the 22nd Arab Radio and TV Festival.
- The Arab Radio and TV Festival was for the first time held outside Tunisia since its inception in 1981.
Business
Twitter chaos deepens as key executives quit
The convulsions followed the unveiling of the site's long-awaited Twitter Blue subscription service, which allows users to pay $7.99 per...
- Musk on Thursday warned employees that the site was burning dangerously through cash, raising the specter of bankruptcy
- The walkouts came a day after the turbulent launch of new features introduced by Musk following his $44 billion buyout of the messaging app
Business
SALIC buys 9.2 percent stake in LT Foods
The deal follows the acquisition of 30% stake in Daawat
- The deal follows the acquisition of 30% stake in Daawat, an LT Foods subsidiary
- LT Foods delivers rice and rice-based food brands in more than 60 countries
Business
Innovation, technology implementation help GCC banks compete with European, US counterparts
The four largest banking markets in the GCC -- UAE, Saudi Arabia, Kuwait and Qatar — are expected to 'nearly...
- The four largest banking markets in the GCC -- UAE, Saudi Arabia, Kuwait and Qatar — are expected to 'nearly approximate' pre-pandemic profitability ranks by the end of 2022
- Increasing inflation levels and the international tension between Russia and Ukraine remain big concerns for the regional banks, says Stephane Ulcakar of Arthur D. Little
Business
ENOC, IHI sign low-carbon ammonia and hydrogen supply chain agreement
Green ammonia, which can be achieved by combining and reacting green hydrogen and nitrogen at high temperatures and pressures, can...
- The produced fuel will be exported to Japan and supplied within the UAE and across the region for bunkering and other purposes.
- It aligns with Dubai’s Clean Energy Strategy 2050 and the UAE Energy Strategy 2050 to meet the country’s economic requirements, ENOC said.
Economy
Saudi Ports register 15% growth in October container activity
Container throughput the Kingdom's ports continued its upward year-on-year movement during October 2022, soaring to 694,517 twenty-foot equivalent unit at...
- Growth remained the dominant trend across most cargo categories.
- Optimizing operational efficiency and attracting big-ticket investments have remained a major focus for the Saudi Ports Authority.
Geostrategy
Qatar Airways official discards ‘rumors’ as airport expansion begins
After the multi-billion dollar overhaul, Hamad International Airport will take its capacity from 40 million passengers a year to 58...
- The expansion adds 39 airport gates to the existing 140 at the airport, which is a major hub for transit passengers.
- Qatar Airways has also eliminated 18 destinations from its schedule to increase flights from key World Cup markets.
Business
Air Arabia Q3 net profit $113m
The profit rose by 99 percent compared to Q3 2021.
- In the same period, the airline posted a turnover of AED1.6 billion, a 100 percent increase compared to the same quarter of last year.
- The Airline said that more than 3.9 million passengers flew with Air Arabia Group between July and September 2022 across the carrier’s six hubs.
Business
ArcelorMittal Q3 profit at $993m
Firm is suffering from slowdown in China's economic growth.
- The steelmaker said it had reduced European gas consumption by 30 percent amid soaring costs.
- ArcelorMittal said in September that it would shut down two of its blast furnaces in Europe over high energy prices and lower demand.
Heathrow to resume some flights after power station fire
London's Heathrow Airport said it would resume "some flights" later Friday after a fire at a power station grounded planes...
Economy
Company News
Gulf Navigation posts profit
Business
Rolls-Royce to cut 2,500 jobs
Business
Latest News
UAE green bonds and sukuk issuances touch US$4.20bn
According to Mohamed Ali Al Shorafa, Chairman of the SCA Board, the issuance of green bonds and Sukuk is one...
Business
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Business
TikTok announces online shop deal
Indonesia is TikTok's second-largest global market.
- Indonesia in September banned sales on social media to protect small businesses that were losing out to e-commerce giants
- With 125 million users, Indonesia is TikTok's second-largest global market after the United States, according to company figures
Economy
Doha Forum debates advantages in Gulf-Europe green ties
Doha, Qatar-- Oil and gas producers in the Middle East are assessing "challenges and opportunities" available for their economies to...
- The discussion focused on opportunities for green cooperation between the Middle East and Europe, and the importance of enhancing the cooperation
- The session highlighted opportunities this transformation provides for both regions, such as diversifying their economies and stimulating development cooperation
COP28 UAE
COP28 focused on achieving balanced package in negotiations: Majid Al Suwaidi
Dubai, UAE-- The COP28 Presidency is focused on achieving a balanced package in the negotiations, according to Ambassador Majid Al...
- Al Suwaidi said that food systems are very exposed to the effects of climate change, and "COP28 is proud to be elevating them to the highest level of discussions"
- According to the COP28 director general, the global community has raised $2.5 billion to support the food-climate agenda during the World Climate Action Summit