Air Arabia Egypt marks its first flight to Istanbul
CAIRO, Egypt – Air Arabia Egypt on Sunday commenced its first non-stop flight from Cairo International Airport to Sabiha Gökçen...
Business
Dubai receives 3.67 million visitors in first two months of 2024
Dubai, UAE--Dubai received 3.67 million overnight visitors in January-February 2024, with an increase of over 18 percent year-on-year (YoY), figures...
Business
Business
Al Seer Marine buys large crude carriers
The firm's total VLCC fleet value is now $245 million.
- VLCC Acrux (previously Elandra Everest) is the name of the third VLCC vessel Al Seer Marine has taken delivery of in October 2022.
- In addition to the three VLCCs, Al Seer Marine recently acquired two liquefied petroleum gas (LPG) tankers valued at US$70 million.
Economy
‘UAE government revenues rose by 26% in 2021’
ABU DHABI, UAE - In the UAE the revenues at the federal level increased by 26 percent from US$100 billion...
- Social contributions in the UAE also rose from US$3.5 billion (AED12.9 billion) in 2020 to $3.6 billion (AED13.5 billion) in 2021.
- The value of other revenues increased by 24 percent from $55.4 billion in 2020 to $68.5 billion in 2021.
Business
DP World gross container volume rises 2%
On a third-quarter basis, DP World handled 20.1 million TEU.
- The third-quarter gross volume growth was mainly driven by Asia Pacific, Middle East & Africa, Americas, and Australia.
- Jebel Ali (UAE) handled 3.5 million TEU in Q3, up 2 percent year-on-year.
Business
ADIB posts $272m net profit
The year-on-year growth in net profit was 53% for the first nine months of 2022.
- Revenue for the first nine months of 2022 improved 10 percent to AED4,516 million compared to AED4,093 million last year.
- This was driven by a 22 percent increase in fees and commissions and a 10 percent growth in funded income to AED2,802 million.
Business
GM posts Q3 profit of US$3.3b
US automaker was bolstered by strong vehicle pricing.
- Revenues jumped 56 percent to $41.9 billion, a quarterly record.
- GM Chief Financial Officer Paul Jacobson acknowledged rising worries about the drag from inflation on economic growth.
Business
Gulf war couldn’t have been won without Kingdom’s support, says Saudi Energy Minister
Saudi Arabia is engaged with many European governments with regards to the current energy crisis, says Prince Abdulaziz bin Salmanat...
- Saudi Arabia is engaged with many European governments with regards to the current energy crisis, says Prince Abdulaziz bin Salmanat at FII Forum in Riyadh
- Saudi Arabia has a lot to showcase in terms of Green initiatives at COP27, he said, adding that the Kingdom will announce several new projects in the field of energy
Business
UBS Q3 net profit is US$1.7b
The bank income in Q3 fell by 10 percent to $8.2billion.
- The energy crisis had affected their retail and small business clients in Switzerland.
- The CEO of UBS said clients are concerned about high inflation, elevated energy prices and the war in Ukraine,
Business
SALIC, Minerva Foods buy Australian Lamb Company
ALC is one of the largest meat producers in Australia.
- The acquisition was done through Minerva Foods Australia, a joint venture established last year between SALIC and Minerva in Australia.
- ALC operates two processing facilities in Victoria State, with a capacity to process up to 3.78 million heads annually.
Geostrategy
GCC, S. Korea begin sixth round of talks on free trade agreement
SEOUL, SOUTH KOREA - The sixth round of revived negotiations between the Riyadh-based Gulf Cooperation Council (GCC) and the Republic...
- GCC and South Korea expressed readiness to advance discussions on a free trade agreement after a 13-year suspension.
- The agenda of the sixth round include trade in goods and services, investment, digital trade, and intellectual property rights.
Business
Doha Bank net profit climbs up 4.6 percent
It recorded the profit at $256m in the first nine months of 2022.
- According to data issued by the bank, published on Qatar Stock Exchange website today, earnings per share amounted to QR 0.30 in the period ending on Sept. 30, 2022
- Doha Bank was established in 1979, with a capital of $852 million
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Air Arabia Egypt marks its first flight to Istanbul
CAIRO, Egypt – Air Arabia Egypt on Sunday commenced its first non-stop flight from Cairo International Airport to Sabiha Gökçen...
Business
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Binance selling Russia business
Business
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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,...
Business
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Business
SAMA, Central Bank of China sign $7bn currency swap agreement
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has signed a three-year currency swap agreement with the Central Bank...
- he agreement is part of the financial cooperation between the two central banks, which works to strengthen collaborations based on mutual interests.
- Currency swaps are agreements between two parties to exchange a certain amount of one currency for another and then reverse the exchange at a later date.
Economy
US regulator files charges against Kraken crypto exchange
The action against Kraken by the financial markets regulator will likely pour cold water on the hopes of many firms...
- The proceedings against Kraken began on Monday in federal court in San Francisco, targeting Payward and Payward Ventures, the two legal entities behind the exchange
- Kraken's business model is "rife with conflicts of interest that placed investors’ funds at risk," Director of the SEC’s Division of Enforcement, Gurbir Grewal, said in a statement
Geostrategy
With X’s Musk under fire, Biden joins rival Threads
The White House confirmed it had launched Threads accounts for the president, First Lady Jill Biden, Vice President Kamala Harris,...
- Meta launched Threads in July, in a bid to depose Musk's X, as the go-to platform for celebrities
- Biden's debut comes after his spokesman slammed Musk for the "promotion" of an anti-Semitic conspiracy theory