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
Britain expands investigation into Vodafone-Three UK merger
London, United Kingdom - Britain's competition regulator deepened Thursday its probe into Vodafone's planned merger of British mobile phone operations with...
Business
Business
SABB nine-month net profit $926m
The net profit for the same period last year was $738m.
- The bank said the total operating profit grew 19 percent to SAR 6,966 million and net special commission income grew 19 percent to SAR 5,117 million.
- SABB’s shareholders’ equity remained stable at SAR 53 billion with total assets of SAR 300 billion, said Lubna Olayan, Chair of the Board of Directors SABB.
Economy
Dubai to host 3 healthcare events next week
The United Arab Emirates is set to host three healthcare events next week in Dubai where over 4,000 healthcare professionals...
- Over 4,000 healthcare professionals and participants are expected to attend.
- Around 140 expert speakers will deliver 110 scientific sessions and over 40 participating countries will also be present.
Economy
Turkey’s central bank reduces policy rate for third month
The decision comes right after President Recep Tayyip Erdogan said the central bank would keep cutting rates every month for...
- The Turkish central bank said it was cutting its one-week repo rate to 10.5 percent from 12 percent
- President Erdogan wants interest rates to lower down to single digits by the end of the year
Business
Aramco launches Taleed program to accelerate SMEs growth in Saudi
Riyadh, Saudi Arabia--Aramco said on Thursday it has launched Taleed program to accelerate the growth of Small and Medium Enterprises...
- Aramco said the program targets sustainable SME growth across multiple sectors through a portfolio of 20 initiatives.
- It also aims to deliver funding and financial solutions to existing and new businesses through five funds, with a combined capital exceeding $800 million.
Business
American Airlines posts Q3 profit of US$483m
American Airlines third quarter revenues rose to $13.5 billion.
- American scored a 13 percent jump in revenues compared with the 2019 period on high ticket prices.
- US carriers have begun to prosper in 2022 as more governments pare back restrictions.
Business
High investments in H1 2022 for DEWA transmission substations
Dubai Electricity and Water Authority (DEWA) recorded substantial growth of 22 percent in investments allocated to transmission substations during the...
- From January this year to June 2022, DEWA commissioned a new 400 kV transmission substations.
- Now the total number of 400 kV transmission substations in Dubai has risen to 26.
Business
SABB posts 26% profit rise
The profit touched $931m in the first nine months of 2022.
- The bank said in a bourse filing that it recorded a profit of $746 million in the same period of the last year
- SABB said the rise in associate earnings also contributed to the results
Business
How gaming firm Ubisoft mashed ‘Rabbids’ into ‘Mario’ world
The game merges Nintendo's Mario, the Italian plumber who has given his name to an entire universe of games, with...
- The first game in the series, "Mario + Rabbids: Kingdom Battle", has garnered more than 10 million players since its release in 2017, said Manzanares
- The idea of fictional universes colliding is far more developed in cinema franchises and comic books than in video games
Business
DEWA shares drop 2.8%
The decline came amid reports of economic slowdown.
- There were over 6.5 million shares traded by 11:37 a.m. local time, with the average volume on the stock declining since it was listed
- The decline came in reaction to fears of an economic slowdown amid tighter monetary policy, causing global financial markets to see volatility
Business
Tesla profit jumps; revenues miss estimates
Tesla watchers are expecting a strong fourth quarter.
- The electric vehicle (EV) maker scored a more than doubling of profits in the third-quarter to $3.3 billion on increased auto deliveries
- The results follow Tesla's disclosure earlier this month that deliveries and production grew solidly in the third quarter
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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
Company News
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Gulftainer extends concession pacts
The agreements with Sharjah Ports extended for another 35 years.
Business
Attack in area claimed by Sudan, S. Sudan, leaves 32 dead
A government representative for Abyei condemned the attacks that occurred early Sunday in two counties by armed militias and soldiers...
Geostrategy
First internationally recognized renewable ammonia shipment made
Dubai, UAE -- Abu Dhabi-based Fertiglobe, a strategic partnership between ADNOC and OCI Global, has completed the maiden shipment of...
Business
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Business
UAE holds 19% of global sustainable bonds, says Fitch Ratings
DUBAI, UAE - Fitch Ratings has affirmed the critical role that COP28 will play in raising awareness of sustainability issues...
- Fitch Ratings has affirmed the critical role that COP28 will play in raising awareness of sustainability issues in the region.
- Environmental, social and governance bonds in UAE constitute over 19 percent of the global ESG bond market.
Economy
Dubai Customs logs 13% growth in transactions in first nine months of 2023
DUBAI, UAE – Dubai Customs has experienced a robust 13 percent increase with 21.6 million transactions during the first nine...
- The upswing aligns with the targets of Dubai’s economic agenda D33, which seeks to double foreign trade.
- By the end of the third quarter of 2023, Dubai Customs had processed approximately 18.8 million customs declarations.
Business
AJEX, MODON sign partnership
AJEX will have rights to operate warehousing facilities at Modon.
- These facilities will be utilized for the storage of a diverse range of goods, including hazardous materials, food and beverage products, and general items.
- The newly secured warehousing space aligns with Dammam's pivotal role in the Kingdom's oil, gas, and industrial sectors, AJEX said in a statement.