GCC a key player in global freight and logistics industry, says Trukkin’s Dalmia
The region leverages a strategic major hub, advanced infrastructure, and economic diversification to fuel logistics demand, says Janardan Dalmia, Founder...
Interview
Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
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.
GCC a key player in global freight and logistics industry, says Trukkin’s Dalmia
The region leverages a strategic major hub, advanced infrastructure, and economic diversification to fuel logistics demand, says Janardan Dalmia, Founder...
Interview
Company News
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EWEC, Masdar sign purchase pact
Business
ADNOC to deploy UAE-made drones
Business
PwC to set up blocks preventing exam cheating after $7 mn fine
The Public Company Accounting Oversight Board (PCAOB) imposed the penalty on the China and Hong Kong offices of the "Big...
Business
Masdar, EDF to develop up to 3.6GW of hydropower, renewable projects in Kyrgyzstan
Dubai, UAE – Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy powerhouse, and EDF have signed an agreement...
COP28 UAE
Ready to work with developing nations for green future: China
Chinese Vice Premier Ding Xuexiang said his country has promoted the targets for carbon peak and carbon neutrality, adding that...
COP28 UAE
Most Read
Alaska Airlines to buy Hawaiian Airlines
Based in Seattle, Alaska Airlines serves the western US.
- Both brands will continue to exist under the terms of the agreement, which could take up to 18 months to finalize
- The combined airlines would have a fleet of 365 narrow and widebody aircraft and reach 138 destinations
COP28 UAE
Net-zero targets must include fossil fuel ‘phase-out’: monitor
According to a new report from Net Zero Tracker, at least 150 countries have committed to a net-zero emissions target...
- The report looked at nations, cities and large companies committed to any kind of net-zero target
- African and European companies were relatively well represented in the phase-out plans
Business
Masdar, PLN push to build world’s largest floating solar plant
Dubai, UAE -- Abu Dhabi Future Energy Company (Masdar) has signed agreements to collaborate with Indonesia’s state-owned utility company, PLN,...
- The partnership has already resulted in the launch of Southeast Asia’s largest floating solar power plant, the innovative 145-megawatt (MWac) (192MW peak) Cirata project.
- In September, Masdar and PLN signed an agreement to develop Phase II of the Cirata plant to triple capacity by up to 500MW.