ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
UAE announces top-up tax for multinational enterprises
Abu Dhabi, UAE - The Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on...
Business
Business
Apple App Store pulls Russian social network VKontakte
The British government on Monday sanctioned 92 Russian individuals and entities after President Vladimir Putin's regime held referendums in Moscow-controlled...
- The sanctions target those behind these sham votes, as well as the individuals that continue to prop up the Russian regime's war of aggression
- VKontakte apps are used for messaging, digital payments and grocery shopping as well as social networking
Business
H&M posts big quarterly drop in profit after Russia exit
The world's number two clothing group is among a slew of Western companies that have exited Russia following Moscow's invasion...
- The company said Thursday its net profit fell to 531 million kronor ($47 million) in the third quarter, down 89 percent from the same period last year
- The group said in its earnings statement that it would launch cost-cutting measures that would result in savings totaling two billion kronor
Business
Defying turmoil, Porsche to go ‘full throttle’ with blockbuster IPO
Even as stocks worldwide suffer from surging inflation and mounting recession fears, the maker of the 911 sports car is...
- Parent company Volkswagen is set to raise 9.4 billion euros from the listing with Porsche's shares each to be issued at 82.50 euros
- Some of the cash raised will be ploughed into Volkswagen's high-speed drive towards electric vehicles
Business
High oil prices keep MENA’s economic health intact
The average price of a barrel of Brent crude oil is expected to be $101 in 2022 and $84 in...
- The average price of a barrel of Brent crude oil is expected to be $101 in 2022 and $84 in 2023. However, Brent oil prices may fall to US$ 75/b by 2025 and US$ 70/b by 2027
- Even if Brent crude oil prices drop to US$ 75/b, major oil exporters in the MENA regoin --mainly Saudi Arabia, Iraq, UAE, and Kuwait -- would be able to adapt well, says a report
Business
Afghanistan to import petroleum products, wheat from Russia
Taliban officials have maintained that they are looking to strike trade deals with the international community, and have so far...
- Russia is hit hard by unprecedented Western sanctions over its invasion of Ukraine, causing Moscow to push exports to Asian countries.
- The deal includes supplying Kabul with one million tons of gasoline, a million tons of diesel, 500,000 tons of liquefied petroleum gas.
Business
$3 billion joint-venture railway to link Oman and UAE
The 303km railway, with passenger trains traveling up to 200kmper hour, will join up with the UAE's national network that...
- The railway will link Abu Dhabi with Oman's deep-sea Sohar port, which bills itself as a nexus of trade between Asia and Europe.
- A multi-billion dollar railway linking the six Gulf Cooperation Council countries has languished since a feasibility study was approved in 2004.
Geostrategy
EU proposes new sanctions on Russian exports
The EU's executive proposed a new round of sanctions on Moscow over its latest "escalation" in Ukraine, including an oil...
- As part of the new round of sanctions the commission is laying out a 'legal basis' for a price cap on Russian oil
- It will also look to ban Russian exports worth $7 billion and tighten restrictions on goods flowing from the EU.
Business
Musk seeks to lift regulator ‘muzzle’ on Tesla tweets
The SEC also charged Musk with fraud and ordered him to step down as chair of Tesla's board of directors,...
- The Securities and Exchange Commission reprimanded Musk after posting a tweet in 2018, in which he said he had acquired funding to take Tesla private
- Musk, whose fortune is estimated by Forbes to be nearly $260 billion, is also locked in a lawsuit with Twitter over a potential acquisition of the micro-blogging platform
Geostrategy
UAE, Japan sign comprehensive strategic partnership pact
Minister of Industry and Advanced Technology and UAE Special Envoy to Japan Dr. Sultan bin Ahmed Al Jaber and the...
- The UAE-Japan strategic partnership agreement aims to bolster relations between the two countries to advance their common interests.
- The key areas of the partnership include diplomacy, enhancing international development, humanitarian aid efforts, business, trade, energy.
Business
Abu Dhabi Exchange, MSX sign cooperation agreement
Abu Dhabi, UAE---The Abu Dhabi Securities Exchange (ADX) and the Muscat Securities Market (MSX) signed a memorandum of understanding (MOU)...
- The two sides will cooperate in a number of areas, including advisory services, training, development of systems, and promotion of integration.
- It also provides a channel of direct communication between the two parties, for the exchange of legal and technical information, sustainability and ESG.
ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
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DP World spends US$6bn
Business
Conflict hits regional gas supply and infrastructure
The Israel-Hamas conflict has halted gas production at the Tamar plant, significantly impacting the region's infrastructure and disrupting Israel's gas...
Business
Jordan’s jewelry, pharmaceutical exports rise in January-September 2023
AMMAN, JORDAN – The Kingdom’s exports of jewelry increased by 71.5 percent during the January-September period of 2023 and pharmaceutical...
Economy
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Business
‘Sustainable aviation fuel roadmap required urgently’
"The global air transport sector has rebounded to pre-COVID-19 pandemic levels of 2019, with some countries already surpassing these levels,"...
- ICAO Conference in Dubai sets the stage for climate action in aviation.
- UAE praised for its leadership and sustainable vision in aviation post-COVID.
Business
AI transforms office roles and enhances productivity
Artificial intelligence automates tasks and boosts capabilities, leading to transformative changes in job roles, productivity, and staff engagement dynamics.
- Artificial intelligence automates tasks and boosts capabilities, leading to transformative changes in job roles, productivity, and staff engagement dynamics.
- Chatbots and virtual assistants are set to enhance employee experience and workplace efficiency, while companies shift focus to outcome-based performance.
Business
ADNOC unveils inaugural green hydrogen refueling station
Abu Dhabi, UAE - ADNOC announced on Friday it opened “H2GO”, the region’s first high-speed green hydrogen pilot refueling station,...
- The station will be operated by ADNOC Distribution, and is likely to create green hydrogen from water using an electrolyser powered by clean grid electricity.
- The hydrogen supplied at the pilot station will be certified as “green” from solar sources by the International REC Standard.