EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
Business
Air traffic in Saudi Arabia surges 16 percent in 2023
Riyadh, Saudi Arabia - Saudi Arabia's aviation sector soared to new heights in 2023, with a significant increase in both...
Business
Business
Julphar Q2 sales $114m
Net profit for the period reached AED5.2m (AED73.4 million in Q2 2021)
- EBITDA reached AED 44.2 million in Q2 2022 and the quarter marks a return to a double digit margin of 10.5 percent of net sales.
- The drug manufacturer said the gross profit margin was 34 percent in Q2 2022.
Business
Dubai records $2.6bn real estate transactions in week
A total of 2,433 real estate transactions worth $2.6 billion (AED9.7 billion) were conducted during the week ending 12th August,...
- A total of 2,433 real estate transactions worth $2.6 billion were conducted during the week ending 12th August, 2022
- A total of 326 plots were sold for $446 million, while 1,567 apartments and villas were purchased for $849 million
Economy
ADDED launches incubators program for entrepreneurs
The Competitiveness Office of Abu Dhabi, part of the Abu Dhabi Department of Economic Development, has officially launched the 'Abu...
- The program aims to support individuals who wish to turn their ideas into innovative commercial opportunities
- This incubator program is part of the 14 initiatives under the 'Abu Dhabi Innovates'.
Business
Dubai Airports win Gold Stevie Award for Great Employers 2022
Dubai Airports has been named the winner of a Gold Stevie Award in the Most Innovative Workplace Redesign During COVID-19...
- Dubai Airports wins Gold Stevie Award for initiatives during the pandemic to protect the health and wellbeing of employees, customers and guests.
- This included the redesign of the Dubai Airports workplace with the installation of onsite testing and vaccination facilities.
Economy
Abu Dhabi non-oil foreign trade $33.75 billion in first half of 2022
The value of the trade-in commodities from normal metals and their products increased to AED24.51 billion, with a growth rate...
- Exports during the first six months of this year increased to 26 percent, at a value of AED49 billion and 479 million, compared to AED39.19 billion in 2021.
- The trade with Saudi Arabia was the highest at AED28.63 billion, with a growth rate of three percent compared to AED27.90 billion recorded during the same period in 2021.
Economy
Ajman Chamber urges members to diversify investments
The ACCI witnessed the signing of a strategic partnership agreement to supply rosewater between Lavish Perfumes with Lecheq Farm Distillery...
- The Ajman Chamber of Commerce and Industry wants members to increase the volume of intra-trade.
- The Chamber also wants members to strengthen international relations between business owners in Ajman and their outside counterparts
Economy
Foreign exchange reserves up at $82bn, says Iraq’s Central Bank
Central Bank of Iraq announced that foreign exchange reserves rose to US$82 billion, while gold reserves exceeded 130 tons.
- Iraq's Central Bank says that its gold reserves exceed 130 tons
- Among the countries with the most gold, Iraq has now reached 30 position
Business
SEWA completes 10-km natural gas line to Al Zubair district
Sharjah Electricity, Water and Gas Authority (SEWA) has completed the implementation of a 10-km line project to connect the natural...
- The natural gas network and pumping stations operate according to the best technical specification, said Amna bin Hadda, Director of the Natural Gas Department.
- She added that the SEWA is keen to encourage the residents of Sharjah to use natural gas as compared to using liquefied gas cylinders.
Saudi Central Bank launches POS between Saudi Arabia, Qatar
Upon the services launch, Mada and NAPS cardholders will be able to carry out POS transactions in the two countries...
- Upon the services launch, Mada and NAPS cardholders will be able to carry out POS transactions in the two countries through the Gulf Payments Network.
- The central bank added in its statement that GCCNET enables GCC bank customers to execute ATM cash withdrawals in the host country’s local currency
Business
‘Hero’ Lebanon hostage-taker turns self in after bank drama
The incident was the latest involving local banks and angry depositors unable to access savings that have been locked in...
- Official media said the suspect turned himself in when the bank agreed to give him $30,000 out of his more than $200,000 in trapped savings
- Inflation is rampant in Lebanon, electricity is scarce and, according to the United Nations, around 80 percent of Lebanese live in poverty
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EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
Business
Company News
stc Group begins work in Europe
Business
Latest News
Lebanon court orders ex-car boss Ghosn out of Beirut home
Ghosn and his wife must "vacate the property... within a month", according to a copy of the decision seen by...
Business
Iran, Russia to invest $38bn in developing INSTC
TEHRAN, IRAN – The Iranian head of Solyanka Port in Russia said that the International North-South Transport Corridor (INSTC) is a...
Geostrategy
Mubadala issues its first-ever Green Bond for $750m
Abu Dhabi, UAE - Mubadala has issued its first-ever Green Bond for US$750 million with a tenor of 10.5 years,...
Business
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Business
Oil prices surge 3 percent amid Middle East tensions
New York, United States - Oil prices experienced a 3% surge on Friday, reaching a one-week high, driven by escalating...
- Brent crude futures increased by $2.55, or 2.9%, settling at $90.48 a barrel, while US West Texas Intermediate (WTI) crude saw a rise of $2.33, or 2.8%, closing at $85.54
- The widening gap between Brent and WTI prices, reaching its highest level since March, is making it more enticing for energy firms to export crude from the U.S.
Business
Chevron Q3 profit falls
Its earnings fell to US$6.5bn, down from $11.2bn last year.
- Its earnings have dropped from record year-ago levels as crude prices eased and higher costs ate up refining and chemical profits
- The company agreed to buy U.S. rival Hess Corp for $53 billion in an all-stock deal that expands its shale and deepwater oil production
Business
Abu Dhabi International Airport records 29.3% jump in Q3 passenger traffic
Abu Dhabi, UAE--Abu Dhabi International Airport has posted a 29.3 percent jump in passenger traffic for the third quarter of...
- The passenger traffic saw a 29.3 percent increase at the international airport between July and September of 2023
- The emirate's connectivity also expanded, with 119 destinations served from Abu Dhabi International Airport by 24 airlines