FAB delivers strong results in 2024 with profit before tax of AED 19.9 billion, up 13% yoy
First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up...
Stocks mostly rise, oil falls as Trump fans Ukraine peace hopes
London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the...
Business
Business
Samsung expects 31.7 percent decline in Q3 profit
The South Korean tech giant, Samsung Electronic, has said that it expects operating profits in the third quarter to fall...
- Operating profit for July to September was predicted to reach 10.8 trillion won ($7.7 billion), down 31.7 percent
- The global economy is now facing multiple challenges, including soaring inflation, rising interest rates, and a growing threat of a broad debt crisis
Business
Jordan’s first medical university set to enroll students
The Aqaba Medical Sciences University (AMSU), the first medical university in Jordan, will enroll its first class of medical and...
- According to the Chairman of the board of trustees, the investment in the private university is valued at $169.25 million, which can be increased
- The university will also house an educational and training hospital, which is currently being built, and in its first cohort, the university will enroll 150 students
Business
Judge halts Twitter-Musk case, sets Oct. 28 deadline to close deal
Delaware Judge Kathaleen McCormick, ruling on a Musk request to freeze the case that had drawn a biting retort from...
- The move buys time for a potential reconciliation between two parties
- Twitter said Tuesday it expects to close the buyout deal at the $54.20 price
Economy
UAE becomes a growing business, brand hub, followed by Saudi Arabia
To draw firms from around the world, the UAE and KSA have been working hard over past few years to...
- The UAE and Saudi Arabia have been developing infrastructure on par with developed nations to attract businesses from around the world
- Dubai is also great for businesses from the rest of the globe because it is relatively simple to register a property, obtain building licenses, and enforce contracts
Economy
IMF chief urges action as global recession risks rise
IMF chief Kristalina Georgieva urged global policymakers to take concerted action as the risks of a worldwide recession are driven...
- The IMF chief said that if central banks move too aggressively to tamp down price pressures, it could trigger a prolonged economic downturn.
- Finance ministers and central bank governors from over 180 nations will gather in Washington for a meeting of the IMF and WB.
Market Report
ADX adds 5 single stock futures
The move will help develop ADX derivatives market.
- The addition of new contracts has doubled the total number of derivative products on ADX to 10 in less than a year.
- Market participants will be able to trade on leverage and hedge their equity exposure using these contracts.
Business
Air travel rebounds but still suffering from pandemic
Air travel rose sharply in the northern hemisphere summer, traditionally the peak vacation travel season, but still remains considerably affected...
- Total air traffic in August soared up by two thirds from the same time last year, but was still only at 73.7 percent of its pre-Covid level.
- Asia experienced the biggest rebound, where traffic more than tripled.
Business
TAQA to sell Netherlands business
TAQA Energy will sell upstream oil and gas business to Waldorf.
- The financial terms of the deal were not disclosed. TAQA said the sale was made following its 5 July 2022 announcement that it had completed a review of oil and gas business.
- On September 23, TAQA and ADNOC announced the financial closing of their $3.8 billion project to power and decarbonize ADNOC's offshore production operations.
Business
For Saudi fan, road to World Cup is a desert trek
Wearing a wide-brim hat and a backpack to which Abdullah Alsulmi'd affixed Saudi and Qatari flags, he said: "I consider...
- To keep his load light, Alsulmi subsists on food he can buy at petrol stations, often chicken and rice, while showering and washing his clothes at mosques
- Alsulmi sets out at sunrise and walks until 10 or 10:30 am, but then the heat forces him to break for a few hours before resuming in the afternoon and continuing until sundown
Business
Mubadala Health, G42 to form new firm
Both companies will merge their healthcare businesses.
- Hasan Jasem Al Nowais has been appointed CEO of the new entity and will continue to lead Mubadala Health.
- The new entity will also focus on collaboration with leading researchers and pharmaceutical and health-tech ecosystems.
FAB delivers strong results in 2024 with profit before tax of AED 19.9 billion, up 13% yoy
First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up...
Company News
DIB to buy stake in TOM Group
Geostrategy
Latest News
Credit Suisse expects Q3 loss
Business
Saudi PIF secures $5 billion financing in collaboration with K-SURE
Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) and Korea Trade Insurance Corporation (K-SURE) have announced the signing of...
Business
Saudi banks see moderate improvement in margins in Q3: report
Riyadh, Saudi Arabia - Operating income of Saudi banks increased by 2.9 percent QoQ, majorly due to net-interest income (NII)...
Economy
EasyJet rebounds into annual profit
Profit after tax stood at £324 million.
Most Read
Fashion giant Shein to go public
Shein was valued at $66 billion earlier this year.
- The company was valued at $66 billion earlier this year, and a public presence by the company in the United States could make huge waves on Wall Street
- Shein recorded $23 billion in revenue and $800 million in net profit in 2022, Journal said reporting that firm has told investors it has posted new records in 2023
Market Report
Q3 corporate earnings show mixed results in GCC
While the energy and commodity sectors faced declines due to falling prices, the banking and telecom sectors demonstrated remarkable resilience,...
- While the energy and commodity sectors faced declines due to falling prices, the banking and telecom sectors demonstrated remarkable resilience, says a latest report.
- The latest comprehensive analysis by Kamco Invest delves into the intricacies of the GCC's corporate financial performance during a turbulent economic period.
Business
Al Rajhi Bank appoints Abdullah Al Rajhi as chairman
RIYADH, SAUDI ARABIA - Al Rajhi Bank said on Monday that it has appointed Abdullah bin Sulaiman Al Rajhi as...
- Al Rajhi Bank is also the world’s largest Islamic bank by assets and market capitalization.
- It said in a regulatory filing that it also named Ibrahim bin Mohammed Al Romaih as vice chairman.