DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
UAE stocks see US$1.7bn inflow, IHC, Emaar lead
ABU DHABI, UAE- The UAE stock markets attracted liquidity of nearly AED6.5 billion during the week's trading, with the focus...
Business
Business
Airbus employees to receive extra 1,500 euros as inflation hits
Airbus will make a one-off payment of 1,500 euros for all employees in its four founding nations, UK, France, Germany,...
- Airbus has decided that an exceptional premium will be paid before the end of 2022 to all Airbus* employees," including senior management, the company said
- In a message to emloyees, Airbus said that widespread price rises is placing a heavy financial burden on companies and it also applies to airline's employees
Business
IHC scales up IT business, makes deals worth US$272m
International Holding Company (IHC) has scaled up its IT business, making deals to the tune of $272 million in the...
- It is part of the company's long-term strategy to grow its capacity in the tech industry across different sectors
- Technology mergers and acquisitions in 2021 increased by 71 percent from 2020 levels, with dealmaking totalling US$1.1 trillion
Business
DEWA to pay one-time cash dividend
It received a dividend of $553m from its subsidiary, EMPOWER.
- DEWA intends to seek approval to make a one-time special dividend payment to its shareholders
- Its CEO said that the company will continue to look for ways to optimize total returns for our shareholders
Business
Al Barakah plans to set up unit in Jewish state as Israeli consumers savor UAE’s silan, date sugar
Sales of Al Barakah silan in Israel have tripled to 3,000 tons over the past two years, making Israel the...
- Sales of Al Barakah silan in Israel have tripled to 3,000 tons over the past two years, making Israel the fifth largest market for its date syrup, says a top company official
- Israeli-UAE normalization has facilitated the transport of date products, by enabling direct shipping to Haifa and Ashdod ports in Israel, adds operations director Yousuf Saleem
Business
ADCB Q3 net profit at US$432m
The diversification of revenue streams boosted the bank's profitability.
- The bank reported a non-interest income of US$259 million (AED 952 million).
- ADCB said its operating income surged by 21 percent to reach US$955 million (AED 3.510 billion).
Business
Dubai’s talks to join basketball Euroleague evoke ‘positive’ response
"Negotiations with the European league began eight months ago, and its goal is to involve a club from Dubai in...
- Euroleague, which bills itself as second only to the NBA, is Europe's top basketball club competition and Real Madrid has won it 10 times.
- The Gulf countries, although currently enjoying a resources boom, are trying to diversify their economies away from fossil fuels and attract foreign businesses and talent.
Business
Empower to sell 10% stake, list on DFM
Empower will make 1 bn shares, each valued AED0.10, available in IPO.
- The company said that all shares to be offered represent the sale of existing shares held in aggregate by DEWA and Emirates Power.
- The subscription period will open on 31 October 2022 and is expected to close on 7 November 2022 for the UAE Retail Investors and on 8 November 2022 for Qualified Investors.
Economy
Oman’s CPI inflation rate rises 2.4 percent in September
MUSCAT, OMAN - The inflation rate of Consumer Price Index in Oman reached 2.4 percent during September 2022. A monthly...
- The report noted prices of education group increased by 5.1 percent.
- The prices of health group and food group surged by 3.5 percent and 5 percent respectively.
Market Report
Most markets up but China fear casts shadow
Most markets rose on hopes the Federal Reserve would soon slow its pace of interest rate hikes, though the mood...
- Tokyo, Sydney, Seoul and Taipei led gains after a strong performance in New York.
- The rise was sparked by a report the Fed could begin to take its foot off the pedal in its rate hike campaign.
Business
Credit Suisse to pay $234m fine
Bank to pay fine on money laundering, tax fraud charges.
- Credit Suisse said it had reached the settlement to resolve a legacy matter in relation to investigation into historical cross-border private-banking services.
- The bank added that the settlement does not comprise a recognition of criminal liability.
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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
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
Company News
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DTC sets IPO offer price range
Final offer price will be fixed through a book-building process
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...
Business
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...
Economy
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Business
ADNOC and Santos sign agreement to build joint platform for net-zero goals
Abu Dhabi, UAE--ADNOC and Santos have signed a strategic collaboration agreement (SCA) to build a joint global-carbon-management platform that could...
- The agreement will allow companies to advance critical carbon capture and storage (CCS) technologies required to speed up the decarbonisation
- They will look to ramp up the carbon management technologies of the future in order to safely transport, capture and store carbon, helping markets to decarbonise
Economy
UAE a key player in global financial landscape: NYSE vice-chairman
Abu Dhabi, UAE--The UAE has solidified its stature as a key player in the global financial landscape, through launching economic...
- He believes the UAE’s financial markets have significant potential and flexibility, combined with its continuous commitment to innovation and development
- He said the UAE's commitment to developing its financial infrastructure and attracting foreign investments makes it a significant market in the MENA region
Business
L&T energy hydrocarbon unit clinches mega deal in the Middle East
New Delhi, India - The L&T Energy Hydrocarbon (LTEH), hydrocarbon business unit of Larsen & Toubro (L&T), said on Monday...
- The scope of work comprises engineering, procurement, construction and installation of a new large offshore platform
- In October also, LTEH secured a major contract worth over Rs 15,000 crore ($20 billion) from a Middle Eastern client