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
Tabby, Paymob announce partnership
They will create a Buy Now Pay Later solution for retailers.
- Tabby’s BNPL payment solution will be available to over 120,000 Paymob merchants.
- Tabby is a payments and shopping app, and Paymob, an omni-channel payments facilitator in MENAP.
Business
Metaverse could touch US$500bn by 2030: Arthur D. Little
The metaverse, Beyond Fantasy, the latest in a series of new reports from the company running under the ‘Blue Shift’...
- The report provides a cautious, low-end forecast, which estimates that the current Metaverse market is estimated to be worth $50 billion
- It looks at the key enabling technologies of the Metaverse, including artificial intelligence (AI), Internet of Things (IoT) and blockchain
Business
Villas and apartments worth $270 million sold in Dubai
Dubai, UAE--Dubai real estate market recorded deals worth AED1.7 billion ($462 million) on Monday, according to Dubai Land Department. These...
- The emirate's real estate market recorded deals worth AED1.7 billion ($462 million) on Monday, according to Dubai Land Department
- Mortgages included 51 villas and apartments worth AED141.5 million and 29 land plots valued at AED302.56 million.
UAE’s top banks post 10% profit jump in H1 of 2022
Signalling a broader economy recovery in the country, four largest banks of the UAE have posted a big surge in...
- The financial performance comes amid an improving environment in the UAE despite global macro-headwinds
- The recovery reflected improving consumer confidence particularly given loosening pandemic restrictions, a strong vaccination roll-out, recovering oil prices
Jada to promote startups
It will collaborate with Invest Seoul Agency for the venture.
- The partnership seeks to exchange information on entrepreneurial policies and best practices and support startups aspiring to enter the Saudi or Korean markets
- Invest Seoul Agency is a foreign investment promotion agency established by the Seoul Metropolitan Government
Business
Qatar Airways, British Airways expand partnership, form largest airline
The airlines have added 42 new countries to their shared network, including Italy, the Maldives, Norway, Singapore, and Sweden.
- The airlines have added 42 new countries to their shared network, including Italy, the Maldives, Norway, Singapore, and Sweden
- Customers will now benefit from even greater choices in prices and schedules with options for direct flights as well as connections via hubs in London and Doha
Business
China to gift giant pandas to Qatar for World Cup
Although China has not qualified for the World Cup, but it will still mark its presence in the event with...
- China did not qualify for the World Cup but its companies have been involved in the construction of mega projects around the event
- Suhail is the name of one of the brightest stars visible in the Gulf region, while Soraya is the Arabic name for the Pleiades star cluster
Business
Qatar set to handle 1.5m FIFA Cup fans, challenges
Hotels, condominiums, cruise ship cabins, and even desert camps have all stepped up to accommodate the overflow of tourists as...
- Hotels, condominiums, cruise ship cabins, and even desert camps have all stepped up to accommodate the overflow of tourists as the Gulf country is getting ready for the event
- The event is likely to contribute more than US$ 19.5 bn, which will be around 11 percent of Qatar's GDP in 2019, says Paulina Zalewska Dzieciuchowicz of PRO Partner Group
Business
UAE-Oman non-oil trade $98.56 billion in past decade
The volume of trade exchange between the two countries during the first half of this year amounted to AED24.2 billion.
- Trade between the two recorded a growth of 98.9 percent to reach AED46.5 billion by 2021 end, compared to AED23.4 by 2012 end.
- It said non-oil exports accounted for 33 percent of the total non-oil trade during the past ten years, recording a value of AED120 billion.
Business
Masdar, REW sign collaboration pact
The two firms will explore developing offshore wind projects.
- Masdar and RWE are shareholders in the London Array project, which has been operational since 2012.
- The wind farm has an operating capacity of 630 megawatts, powering more than half a million homes, while displacing almost 1 million tons of carbon dioxide emissions every year.
ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
Company News
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‘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,"...
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.
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,...
Business
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Geostrategy
UAE approves Dubai Metro Blue Line project
DUBAI, UAE - Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has approved the...
- Sheikh Mohammed underscored that investments in infrastructure projects align with Dubai's strategy for comprehensive city development.
- This is a new 30 kilometer metro route that will strategically link key areas in the emirate through 14 stations,
Business
Saudi minister says 6,225 industrial firms from Kingdom invest US$30bn in Egypt
RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of...
- At least 518 Egyptian companies are operating in the Saudi market, the minister said.
- He said that over 285 Egyptian brands are spread out across the Kingdom.
Business
Qatar posts trade balance surplus of US$16.7bn in Q3 2023
DOHA, QATAR - The merchandise trade balance of Qatar (difference between total exports and imports) recorded a surplus of US$6.7...
- In Q3 2023, Asia was the principal destination of Qatar’s exports and imports, representing 74.9 percent and 36.3 percent respectively.
- In Q3 2023, the European Union, accounting for 10.4 percent and 27.5 percent of Qatar's exports and imports respectively.