Lapita sees surge in leisure and wedding bookings in 2023
Dubai, UAE--Lapita, Dubai Parks and Resorts, has reported a surge in demand, bookings from across leisure and corporate segment last...
Business
Spain grabs 3% Telefonica stake after concerns over Saudi deal
Madrid, Spain - Spain's government has acquired a three-percent stake in telecoms giant Telefonica following concerns over a Saudi firm taking...
Business
Business
SPIMACO secures $335m loan
The Saudi pharma firm intends to use the capital for growth.
- The pharma company secured the shariah-compliant financing to grow the business
- The firm obtained the facilities in the form of short-term loans to finance working capital needs, long-term loans for expansions and investments, and treasury facilities
Business
Egypt’s Zohr gas field pumps out record 2.7bn cubic meters of gas
Egypt has posted a record in pumping out 2.7 billion cubic meters of gas per day at Zohr gas field...
- According to the ministry of petroleum and mineral resources the volume of investments in the gas field hit $741 million during the relevant year
- Investments have exceeded $12 billion since the beginning of work in the field
Business
UAE tops MENA region in business, technology skills
The UAE -- rated 69th globally in technology skills and 67th in data science -- has a significant chance to...
- The UAE -- rated 69th globally in technology skills and 67th in data science -- has a significant chance to improve mastery of human cadres in achieving digital transformation
- Students in the UAE score an impressive 89% on a test measuring their knowledge of information security engineering, the "World Skills Report" published by Coursera highlights
Business
Saudi-Thai Business Council set up to enhance trade
The Federation of Saudi Chambers announced Monday the establishment of a joint Saudi-Thai Business Council.
- The Federation of Saudi Chambers announced Monday the establishment of a joint Saudi-Thai Business Council.
- Thailand's Deputy Prime Minister said that discussions with Saudi officials resulted in signing of three pacts
Business
State Grid Corporation of China opens first office in UAE
Dubai, UAE: State Grid Corporation of China (SGCC), the largest utility company in the world, has expanded its presence in...
- State Grid Corporation of China (SGCC), the largest utility company in the world, opened the office in Dubai International Financial Centre.
- The SGCC has invested in utilities in Oman as well as internationally in Italy, Portugal, Greece and the Philippines.
Business
Uniper seeks state aid on prices
Massive hike in the gas prices hits firm's profitability.
- The Duesseldorf-based group said it had used up the nine-billion-euro line of credit agreed in the bailout as the cost for gas soared.
- One of biggest importers of Russian gas, Uniper has been squeezed as Moscow has reduced supplies to the continent in recent months
Business
UAE launches net-zero drive for firms
The Ministry of Climate Change and Environment (MoCCAE) Monday launched the UAE Climate-Responsible Companies Pledge. The pledge aims to increase...
- The pledge aims to increase the engagement of the private sector in the country’s decarbonization drive
- The pledge forms the basis of future collaborations between the private sector, non-governmental organizations (NGO) and international organizations.
Business
ADRO, ADGM ink deal to enhance ease of digital visa access
Abu Dhabi, UAE - Abu Dhabi Residents Office (ADRO) and Abu Dhabi Global Market (ADGM) have signed a deal to...
- ADGM will also provide ADRO a list of global companies to provide exclusive benefits for the Abu Dhabi Golden Visa holders.
- The two parties will collaborate to highlight the strategic initiatives of ADRO, including the promotion of the Abu Dhabi Golden Visa and other initiatives locally and globally.
Business
Saudi to host second Global Artificial Intelligence Summit in Sept
Riyadh, Saudi Arabia: Riyadh will host the second edition of the Global Artificial Intelligence Summit from 13 to 15 September,...
- AI is expected to boost global gross domestic product (GDP) by 14 percent by 2030, or nearly $15 trillion.
- The summit includes more than 100 sessions in which more than 200 speakers will participate, working with more than 3,000 participants.
Business
CBUAE launches new website with various services
The Central Bank of the UAE (CBUAE) has announced the launch of a new corporate website with various interactive digital...
- The Central Bank of the UAE has launched the corporate website with various interactive digital services for meeting the aspirations of the consumers.
- The CBUAE plans to be among the top central banks globally in promoting financial stability.
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Lapita sees surge in leisure and wedding bookings in 2023
Dubai, UAE--Lapita, Dubai Parks and Resorts, has reported a surge in demand, bookings from across leisure and corporate segment last...
Business
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Energy, commodity prices hurt profits of GCC firms
Market Report
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Apple sales lose ground
The tech giant said it made a profit of $23 billion.
Gulf markets tumble amid rising geopolitical concerns
As the Gaza conflict intensifies, GCC equity markets face significant downturns, with Qatar leading the losses, while Saudi Tadawul secures...
Market Report
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Business
Lufthansa Q3 profit $1.3bn
38 million passengers travelled with the group's airlines in the third quarter.
- The group said sales rose by eight percent to 10.3 billion euros, delivering "the strongest quarter in its history in revenue terms".
- The surge in profit is driven by "strong demand, higher capacity" and more expensive ticket prices, the aviation firm said.
Business
Alpha Dhabi 9M net profit $3.15bn
The net profit increased by a substantial 29 percent during this period.
- Alpha Dhabi's revenue also increase by 22 percent during this period, reaching AED 32.4 billion, compared to AED 26.6 billion in the previous year period.
- Alpha Dhabi's total assets reached AED 133.6 billion, with a cash position of AED 19.1 billion as of September 30, 2023.
Business
Lootah Biofuels inks MoU
The agreement is aimed at producing biofuel in Maldives.
- The deal was inked during the second day of the Dubai Business Forum, an influential global gathering of businesses and investors.
- The objective of the MoU is to reduce the impact of CO2 by replacing normal diesel with biodiesel.