Qatar looks to boost tourism sector by streamlining regulations
Doha, Qatar-- Qatar is looking to develop "plans and strategies" to streamline procedures and regulations in order to solve solve...
Business
Saudi RCU begins rock excavation for Sharaan Resort in AlUla
ALULA, SAUDI ARABIA – The Royal Commission for AlUla (RCU) has marked a significant milestone in the development of the...
Arts & Culture
Business
Honda, LG to invest $4.4 bn
Firms say construction of US plant to begin next year.
- Japanese auto giant Honda and South Korean battery maker LG Energy Solution announced a joint venture to invest $4.4 billion in a US electric car battery plant
- The move comes after California last week ruled that all new cars sold in America's most populous state must be zero-emission from 2035
Business
Tibbiyah suffers H1 loss of $6m
The Saudi health provider's revenue slumped to $58.54m.
- Tibbiyah said the poor financial performance was due to disruptions in the global supply chain, resulting in sales delays
- The company believes its full-year performance will be better, supported by a typically stronger second half and the investments it has made in 'internal capabilities'
Business
Germany stocks up large gas reserves despite Russian cuts
Owing to its energy saving measures in recent weeks coupled with huge purchases of gas from suppliers other than Russia,...
- Germany’s energy regulator the Federal Network Agency said last week the country was unlikely to meet its goals
- Gas flows from the main pipeline, Nord Stream, fell to 20 percent, with the EU accusing Moscow of using energy as a weapon in its stand-off with the West over Ukraine
Business
Women take lead in UAE, invest $9.42bn in 8 months at ADX
Some $9.42 billion have been invested in the financial markets by Emirati women during the last eight months of the...
- It represents a 74.7 percent growth over the corresponding period last year, when their trading value was around $5.39 billion
- Owning $1.06 billion of shares at ADX, there are 219,000 Emirati women investing at ADX until mid-August 2022
Business
Ancient Iranian rug tradition gets makeover as sales sink
Changing tastes and increased competition from Asia have forced some in the trade to redesign and resize a tradition dating...
- Rugs traditionally woven in the Islamic republic are known for dense, curving floral designs in rich colours
- Their beauty and quality have long been recognised worldwide, yet sales have collapsed over the past 30 years
Geostrategy
Tokyo to push for African seat on UN Security Council, says Japan PM
Japan will use its place on the United Nations Security Council to push for an African seat on the top...
- Japan was among five countries elected in June to hold a non-permanent seat on the UN Security Council for 2023 and 2024
- Japanese PM also promised aid to train police officers and support "fair and transparent" elections across the continent
Business
NBK Bahrain H1 net profit $145m
The profit in the same period last year was $159m
- As of end of June 2022, NBK-Bahrain’s total assets stood at BHD 7.05 billion compared with BHD 7.13 billion for the same period in 2021.
- customer deposits increased by 68 percent y-o-y to BHD 3.080 billion compared with BHD 1.829 billion for the same period of previous year.
Videos
Top tourist destinations in Dubai
Dubai tourism recovered fast after the easing of Covid-19 restrictions, registering a 203 percent increase in the number of visitors...
- The increased flow of tourists helped improve hotel occupancy across the emirate, which reached 76 per cent during the period, the highest globally in Q1.
- Dubai was rated the third safest city to travel for solo female travelers.
Economy
Egypt curtails domestic use of energy to boost forex
An economic crisis spurred by the Ukraine war is casting darkness upon Egypt's streets, as the government dims lights to...
- Egypt, the world's biggest wheat importer, relied on the ex-Soviet states for over 80 percent of its grain.
- Inflation hit a three-year high of 14.6 percent in July after Egypt devalued the pound
Business
Saudi hosts preparatory meet for ITU’s conference in Bucharest
International delegates are meeting in Riyadh from August 28-31 to discuss the future of global digital communications ahead of International...
- The meet is hosted by Saudi Arabia’s digital regulator, the Communications & Information Technology Commission.
- Saudi Arabia is positioned to act as a convenor and mediator between the Arab world and the ITU’s 193 members to forge the best global digital policies.
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Qatar looks to boost tourism sector by streamlining regulations
Doha, Qatar-- Qatar is looking to develop "plans and strategies" to streamline procedures and regulations in order to solve solve...
Business
Company News
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Lufthansa Q3 profit $1.3bn
38 million passengers travelled with the group's airlines in the third quarter.
Business
Alpha Dhabi 9M net profit $3.15bn
The net profit increased by a substantial 29 percent during this period.
Business
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Business
Al Ansari Financial Services okays dividend
The first proposed interim dividend is of $81 million.
- All matters relating to future dividend distribution will be subject to the Board of Director's recommendation and shareholder's approval.
- The approved US$81 million cash distribution aligns with the group's previously announced dividend policy.
Business
stc, Microsoft to collaborate
The aim is to advance digitalization in Saudi Arabia.
- The two firms will jointly develop and deploy cutting-edge solutions that will transform and empower organizations across various industries.
- The collaboration between the organizations aims to enable stc’s subsidiaries to explore new markets, develop disruptive business models.
Shell reports rise in profits
The company announces a buyback of shares worth $3.5bn.
- "Shell delivered another quarter of strong operational and financial performance," chief executive Wael Sawan said
- Over the first nine months of 2023 Shell's profit was down sharply, reflecting lower oil prices year-on-year