OPEC chief calls for more investments in oil industry to meet energy demand
Abu Dhabi, UAE--The Organisation of the Petroleum Exporting Countries (OPEC) has called for increased investments in the oil industry to...
Business
Business
Iran’s largest steel maker suspended from trading on Tehran exchange
According to the parliamentary report, which was published by several local media outlets, the firm paid huge sums of money...
- Located in central Isfahan province, Mobarakeh plays a major role in Iran's economy and is the owner of local football team Sepahan.
- In January last year, Iranian lawmakers voted to launch an investigation into Mobarakeh's affairs to examine issues including "the reasons for its decrease in export volume".
Business
Saudi business tax payers asked to submit July declaration
The Zakat, Tax and Customs Authority has called on taxpayers from the business sector subject to value added tax (VAT)...
- The Authority has urged business sector taxpayers to promptly submit their tax declaration in order to avoid a penalty.
- Penalty will be charged at a minimum of 5 percent and a maximum of 25 percent of the tax value which the taxpayer had to declare.
Business
GIS, DIH mull merger
Qatar Central Bank has provided in-principle no-objection to both firms.
- The potential merger is likely to create one of the largest local insurance companies.
- The creation of huge insurance company is in line with the Qatar National Vision 2030.
Business
Workers at Britain’s biggest container port begin eight-day strike
The Unite union representing the striking Felixstowe staff said the stoppage will have a big impact at the port, which...
- Nearly 2,000 unionized employees at the port in eastern England started their walkout Sunday morning in the first strike at Felixstowe since 1989.
- It comes amid stoppages over pay and working conditions across various UK industries, with railway workers just the latest to strike on Thursday.
Business
Telecom Egypt and Orange Jordan’s CAB System to connect Iraq to Europe
Telecom Egypt, Egypt’s first integrated telecom operator and one of the largest subsea cables operators in the region, and Orange...
- The Cairo Amman Baghdad System will be ready for service in the third quarter of 2022.
- Once launched, it will be the most advanced, scalable gateway and express route connecting Iraq to Europe using the companies’ networks, the companies said in a statement.
Business
Cross-currency payments face challenges
Cross-currency payments cut the need for foreign transaction fees for customers, encourage customer loyalty and reduce cart abandonment but they...
- Cross-border payments are not always hugely inclusive to individuals, according to ManagedLEI, a Registration Agent of Legal Entity Identifiers.
- In countries where access to a bank account is low, for example, not everyone will be able to make cross-border transactions.
Geostrategy
UAE, Egyptian leaders review fraternal relations in Al Alamein City
President Sheikh Mohamed bin Zayed Al Nahyan arrived in Al Alamein City on a visit to the Arab Republic of...
- President Sheikh Mohamed bin Zayed Al Nahyan has arrived in Al Alamein City on a visit to the Arab Republic of Egypt.
- President of Egypt, Abdel Fattah el-Sisi received UAE President Sheikh Mohamed at the airport where the leaders discussed cooperation between the two countries.
Economy
Dubai’s RTA reduces energy consumption by 18 percent
Director-General and Chairman of the Board of Executive Directors of the Roads and Transport Authority said that RTA had achieved...
- RTA had managed to reduce the total emissions by 13 percent and energy costs by 10 percent compared with the average consumption from 2016 to 2019.
- RTA has a roadmap that aims to achieve zero-emission from public transport in Dubai by 2050.
Economy
WGES 2022 to encourage investment in green projects
The 8th World Green Economy Summit (WGES), to be held in Dubai, will focus on developing investment partnerships in green...
- In WGES 2022 several heads of states and governments, experts from government and non-government sectors would participate.
- The summit would enable finding innovative solutions and financial tools that promote clean and renewable energy projects and sustain growth
Business
JODC posts increase in revenue
High pilgrim traffic caused revenue to go up to $104.34m.
- Its gross profit rose 152.9 percent to $19.06 million in H1, as against the loss of $36.05 million in the same period of last year
- The company expects the increased traffic of pilgrims to sustain for the rest of the year as there remains pent-up solid demand for pilgrims, both domestic and international
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OPEC chief calls for more investments in oil industry to meet energy demand
Abu Dhabi, UAE--The Organisation of the Petroleum Exporting Countries (OPEC) has called for increased investments in the oil industry to...
Business
Company News
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BP rebounds with $4.9bn Q3 profit
The oil giant had posted a net loss of $2.2bn the previous year.
Business
Dubai records realty deals worth $116 billion in nine months
Dubai, UAE -- Dubai recorded 116,116 real estate transactions worth AED 429.67 billion ($116.98 billion) during the first nine months...
Business
Bilateral trade in 2023 to overtake 2022 figures, says Canada’s envoy to UAE
ABU DHABI, UAE - Trade between the two countries is on an upswing with volumes this year expected to surpass...
Geostrategy
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Business
Foreign investments rise in NE China due to several projects
SHENYANG, CHINA – Investments in the country’s northeast have grown over the past years as several multinational corporations put in...
- Aramco and JV partners NORINCO Group and Panjin Xincheng Industrial Group have a mega Saudi-Chinese petrochemical project in Liaoning Province.
- The project is a 300,000 barrels per day refinery and a petrochemical complex with an annual production capacity of 1.65 million metric tons.
Business
Bupa Arabia’s 9M 2023 up 27%
The third quarter net profit fell 23% compared to the Q3 2022.
- Compared to the second quarter of 2023, the insurer's Q3 2023 declined 25.9 percent from SAR 371.35 million.
- Insurance service result grew 41.02 percent year-on-year (YoY), or by SAR 232.01 million, driven by higher insurance revenue.
Business
Ooredoo net profit up
Its revenue rose to US$4.72bn in the first 9 months of 2023.
- The company posted a 28 percent rise in net profit to $741 million, compared to $576 million last year
- It made strategic investments in Oman, Iraq, Tunisia and Maldives to drive growth in these markets