Turkish Airlines profits soar
In December, the airline ordered 230 Airbus planes.
Iran-Turkey trade expands to US$930m in first two months of 2024
Tehran, Iran--The trade exchanges between Iran and Turkey in the first two months of 2024 reached $930 million, showing a...
Business
Business
EU energy head hails “partnership” with Algeria
Seeking new exporters of gas to the continent, European Union's energy commissioner has hailed a "long-term strategic partnership" with Algeria...
- Algeria has helped Europe diversify its energy supplies by pumping more gas to Italy, which in July signed a deal to import billions more cubic metres
- Energy Minister Mohamed Arkab said his country was "a trusted supplier" that always honors its obligations
Business
DEWA to enhance ties with foreign firms at GITEX Global 2022
MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer received Consul-General of Canada to Dubai...
- Al Tayer emphasized DEWA’s keenness to consolidate cooperation and exchange expertise with Canadian companies.
- The DEWA CEO highlighted DEWA’s key development projects and strategic initiatives, especially the technological projects.
Economy
UAE to launch new integrated ‘EmaraTax’ platform later this year
Dubai, UAE---The UAE Federal Tax Authority (FTA) has announced that the new "EmaraTax" integrated platform will be launched later this...
- EmaraTax will significantly enhance the way that taxpayers can access the FTA’s services, pay their taxes and obtain refund.
- The new platform also greatly enhances the ability of the FTA to administer taxes in the UAE.
Business
Villas, apartments worth $265 million sold in Dubai
Dubai, UAE--- Dubai real estate market recorded realty deals worth AED1.5 billion ($408 million) on Tuesday, Dubai Land Department said.
- The total realty deals recorded during the day amounted to $408 million, according to Dubai Land Department.
- Mortgages included 47 villas and apartments worth AED109.29 million and 30 land plots valued at AED80.72 million.
Market Report
Equities, oil prices slide on recession fears
Stock markets and oil prices slumped as investors grow fearful that more big interest rate hikes will tip economies into...
- Traders had hoped that bumper rate increases by the US Federal Reserve this year would begin to drag on the economy and slow runaway prices.
- Chip manufacturers globally took a pounding from new US export controls.
Economy
Unemployment Insurance Scheme comes into force in UAE
The Ministry of Human Resources and Emiratization (MoHRE) of UAE announced that an 'Unemployment Insurance Scheme' for employees of the...
- The insured will be compensated with cash for a specific period of time if they lost their job until they find another employment
- The compensation will be paid monthly, calculated at 60 percent of the employee’s subscription salary.
Business
QNB posts 7% rise in profit
Its net profit for the first nine months of the year was $3bn.
- QNB has been subject to hyperinflationary accounting requirements since the second quarter of 2022 for its Turkey operations
- The Doha-based lender’s operating income increased 24 percent year-on-year to $7.03 billion
Geostrategy
US climate spending could spark tariff war, says Scholz
German Chancellor Olaf Scholz criticized US climate protection plans that would shield domestic companies from foreign competition, saying they could...
- European Union officials have in recent weeks spoken out against planned US tax credits for the domestic electric vehicle market.
- South Korea has also voiced its displeasure, calling the new rules favoring American e-cars a "betrayal".
Business
Saudi Arabia announces bidders for gypsum ore exploration
Riyadh, Saudi Arabia— Saudi National Gypsum Co. and El-Khayyat Gypsum are among the eight qualified bidders to compete for an...
- The site, with an area of 600,00 sq.m, is located south of the Nabat Center in Al Madinah Al Munawwarah region
- Saudi Arabia is expecting its mineral wealth to exceed earlier estimates of $1.3 trillion as it triples spending on the exploration of metals over the next three years
Business
MEmob+, GeoDB partner to launch a Digital Wallet, Blockchain Protocol
The investment reinforces both companies’ shared vision of democratizing data, changing how data is shared and monetized by the users...
- The investment reinforces both companies’ shared vision of democratizing data, changing how data is shared and monetized by the users and brands
- The decentralized wallet will empower people to earn rewards for the data they share and gain control of the data they generate
Most Read
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
Turkish Airlines profits soar
In December, the airline ordered 230 Airbus planes.
Company News
MODON inks $133 m pact
Business
Latest News
Saudi Arabia, CARICOM countries hold first summit for strategic partnership
RIYADH, SAUDI ARABIA - Since its foundation, the Kingdom has been keen to build bridges of communication with all the...
Geostrategy
EDGE to supply metallic machined parts to Boeing
Abu Dhabi, UAE – EDGE, an advanced technology group specialising in precision engineering in the UAE’s aerospace, oil & gas,...
Business
Most Read
Economy
Bahrain and Russia look to boost economic cooperation
Manama, Bahrain-- Bahrain and Russia have held discussions to enhance cooperation in various fields of the two countries' economies. In...
- The Bahraini oil minister spoke highly of the Bahraini-Russian relations and their steady progress across various domains, including in the energy sector
- The Russian official expressed his country’s keenness to further bolster its cooperation with the kingdom in various fields, wishing Bahrain further prosperity
Economy
Iran and Russia diplomats hold discussions on BRICS
Tehran, Iran--Senior Iranian and Russian diplomats held talks in Tehran to discuss the BRICS group and its fields of activities...
- The Iranian sides reiterated the Islamic republic's commitment to playing an "effective and constructive role in it" and resolved to participate in all activities in the grouping
- The Russian delegation enumerated the country's priorities in regard to BRICS during their presidency and presented a briefing on the history and background of the group's actions
Business
Indian film company to operate cinemas in Saudi Arabia
Dubai, UAE - Mukta A2 Multiplex WLL, the international subsidiary of Mukta Arts, one of India's leading film production houses,...
- We are thrilled to contribute our expertise and commitment to delivering top-notch entertainment within the region, Rahul Puri, MD, said.
- Puri added that their strategy revolves around contractual agreements geared toward providing superior management and operational services