Tehran, Baghdad to launch maritime passenger transport line
TEHRAN, IRAN – Iran and Iraq will launch the first maritime passenger transport line within the next two months, an...
Geostrategy
Business
Improved real-time payment infrastructure set to boost digital payments across GCC
With an estimated 209 million people making purchases online at the height of the pandemic, e-commerce in the MENA area...
- Saudi Arabia's payment revenues are projected to reach US$ 28.3 billion by 2031, increasing at a CAGR of 11.2 percent between 2021 and 2031
- Payment revenues in the UAE is likely to hit US$18.7 billion by 2031, a 7.7 percent increase in CAGR between 2021 and 2031
Business
UAE-Kazakhstan trade reached $907 million in 2021: Ambassador Menelikov
The Kazakhstan ambassador valued the UAE leadership's interest in strengthening relations between the two countries, pointing out that the 1st...
- Emirati investments in Kazakhstan amounted to about $2.7 billion since the establishment of diplomatic relations.
- Value of Kazakh investments was more than $1 billion, and total direct investment flows from the UAE increased 43 percent.
Business
Saudi expecting tens of thousands of World Cup fans: Minister
The efforts are intended to jumpstart the nascent tourism sector in the once closed-off kingdom, which only began issuing tourist...
- Weekly flights from Saudi to Qatar will soar to 240 during the month-long tournament, up from six normally, tourism minister Ahmed Al Khateeb said.
- Saudi Arabia has offered multi-entry 60-day visas to holders of the World Cup's Hayya pass, the compulsory permit available to ticket-holders.
Business
Dubai real estate market records deals worth $462 million on Tuesday: DLD
Dubai, UAE--- Dubai real estate market recorded real estate transactions worth AED1.7 billion ($462 million) on Tuesday, Dubai Land Department...
- The transactions included 425 sales transactions worth AED1.32 billion, in addition to 71 mortgage deals of AED386.7 million, and 12 gift deals amounting to AED56.77 million.
- The sales included 403 villas and apartments worth AED1.17 billion, and 22 land plots worth AED149.92 million.
Business
First Abu Dhabi Bank Group net profit for nine months of 2022 $2.96 billion
The bank said impairment charges were AED1.7 billion, 11 percent lower YOY.
- The bank said that the total income reached AED18 billion, up 13 percent yoy, driven by 18 percent growth in net interest income.
- Total income for the nine months includes an AED3.1 billion net gain on the sale of a stake in Magnati.
Business
CMA approves 18 listings on Tadawul
Tadawul is also developing a market marker for the bourse.
- According to Mohammed al-Rumaih, CEO of Tadawul, the Capital Market Authority has approved 18 listings through 2022
- The number surpasses the 2021 figure, which saw 21 listings, as well as the number witnessed in 2020, when the market recorded only eight listings
Business
Video: TOP CEO Conference highlights woes of the ‘Certainty of Uncertainty’
A panel of experts, bankers, politicians, top executives had predicted the fallout from the pandemic, runaway inflation, and war in...
- The UAE Minister of State for Entrepreneurship and SMEs believes that the most powerful tool with a government is agility and the ability to react to a crisis
- While it is crucial for a country to see its government function efficiently during a crisis, it is no different for a company
Business
India fines Google $113 mn for ‘unfair’ payment system
The CCI ordered Google to allow app makers to use third-party billing systems and treat rival payment processing services on...
- The California-based company's Android mobile operating system is by far the dominant player in India and runs on 95 percent of all the country's smartphones
- Independent developers distribute their own software on Android through the company's app store, Google Play, but must use Google's billing system to collect revenue
Business
Mashreq posts net profit of US$708m
The embrace of digital services by it customers drove growth.
- Its operating income has increased by 24.3 percent over the previous year to $1.44 billion
- The operating profit at $871 million represents a 33.2 percent increase compared to the same period of 2021
Business
Google’s money churning ad engine sputters in rough economy
Worsening the financial situation for Alphabet is the fact that Google tends not to aggressively promote advertising on its platform...
- Alphabet said it made a profit of $14 billion in the third quarter on ad revenue that grew just 6 percent to $69 billion when compared with the same period of last year
- Alphabet recruited throughout the pandemic, but announced a slowdown in hiring as ad revenue growth cooled this year
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Tehran, Baghdad to launch maritime passenger transport line
TEHRAN, IRAN – Iran and Iraq will launch the first maritime passenger transport line within the next two months, an...
Geostrategy
Company News
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Binance selling Russia business
Business
Indonesia unveils plan to bring $20bn energy investment from West
Jakarta, Indonesia - Indonesia on Tuesday launched an investment plan to attract $20 billion pledged by Western nations in a renewable...
Business
EGA begins construction of UAE’s largest aluminum recycling plant
ABU DHABI, UAE - Emirates Global Aluminum (EGA) on Tuesday announced the start of construction of the country’s largest aluminum...
Business
Sustainable aviation fuel production lags behind demand: IATA official
Dubai, UAE -- The current production of sustainable aviation fuel (SAF) represents less than 1 percent of the sector's demand,...
Business
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Business
Yalla 9M revenue at $237.9m
The results underscore the firm’s robust financial performance.
- The company's net margin remained exceptionally high at 41.4 percent, highlighting its strong monetization capabilities.
- Yalla's average monthly active users experienced significant growth, surging by 13.6 percent to 35.1 million in Q3 2023.
Business
UAE defense conglomerate EDGE signed nearly $2bn in deals
Dubai, UAE -- UAE defense conglomerate EDGE Group has inked deals worth at least $1.8 billion during the Dubai Airshow,...
- A $1.1 billion deal with UAE Ministry of Defense for aircraft munitions was the biggest of the deals.
- The EDGE Group is only four years old, but now consists of more than 25 subsidiaries.
Business
DTC sets IPO offer price range
Final offer price will be fixed through a book-building process
- The company announced that the offer price range had been set between US$0.49 (AED1.80) and US$0.5 (AED1.85) per share.
- This implies a market capitalization at the time of listing of between US$1.2 billion (AED4.5 billion) and US$1.25 billion (AED4.6 billion).