Business

flydubai launches new flights

Riga, Salzburg, Vilnius flights begin from Dec

ADNOC Gas Q3 profit $1.34bn

Stronger earnings support higher full-year outlook

Agthia 9M profit nearly triples

Third-quarter revenue increased 14.4 percent.

UAB nine-month profit rises 6%

Loan growth, lower impairment charges boost earnings

du 9M profit up 10.8%

Revenue grows as connectivity demand supports earnings

1 Billion Followers Summit: AI’s transformative role in content creation highlighted by YouTube, Meta, Duolingo

Dubai, UAE - The 1 Billion Followers Summit, the world’s largest event dedicated to the content creator economy, brought together...

Business

All six lines of Riyadh Metro are now operational

The Royal Commission for Riyadh City (RCRC) announced that the phased rollout of Riyadh Metro culminated as of Sunday, Jan....

Business

Abu Dhabi to launch blockchain, virtual assets strategy

The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting under the chairmanship of Mohamed Ali Al...
  • The Abu Dhabi Blockchain and Virtual Assets Committee has been formed to look into various aspects of the field
  • The committee comprises representatives of major entities and stakeholders active in this field
Economy

ENEC hosts top performing students from Al Dhafra region

The Emirates Nuclear Energy Corporation (ENEC) has hosted a recognition ceremony at the Barakah plant for top-performing students from the...
  • The hosting of students reflects ENEC's stand to provide UAE youth with skills to become future leaders of the nation's growing nuclear energy sector.
  • The event include an educational tour for students to visit Barakah Plant, the first multi-unit operational nuclear plant in the Arab World.
Business

Dubai real estate market’s July performance best in decade

Dubai real estate market recorded a total of 7,092 transactions in July 2022, which is its best performance in the...
  • A total of 7,092 transactions in July 2022 overtook July transaction’s peak in 2013 which recorded 5,024 deals.
  • The secondary market recorded the largest transactions, up by 59 percent in terms of volume and 70.60 percent in terms of value.
Business

Raydan posts loss of $6m in H1

The Saudi food company's revenue shot up to $21.33m.
  • Its accumulated losses, however, hit $47.73 million at the end of the first six months of the year, representing 53 percent of its capital which amounted to $90.13 million
  • According to a bourse filing, the company saw its first-half revenue surge 22 percent to reach $21.33 million
Business

KHC’s profit vaults by 1,162%

Kingdom Holding Co. posted $1.7 billion profit in H1.
  • KHC’s revenue more than doubled to $320 million during the same period, thanks to higher hotel and property sales
  • During the first half of the current year,  KHC closed an $3.41 billion investment program, following the sale of shares to the Saudi sovereign wealth fund

Emirates NBD joins fight against illegal wildlife trade

The banking group is supporting efforts to combat global wildlife trafficking by joining the United for Wildlife financial task force.
  • The banking group is supporting efforts to combat global wildlife trafficking by joining the United for Wildlife financial task force
  • NBD will work with its peers to promote the welfare and safety of wild animals, Group Chief Compliance Officer Victor Matafonov said
Business

RAK DED allots 837 licenses worth $39.48m in H1

The department's report highlighted the fact that professional licenses accounted for 49 percent of total numbering 8,986, followed by commercial...
  • The number of commercial licenses were 449, representing 51.4 percent, followed by professional licenses numbering 406, along with 17 industrial licenses
  • The total number of renewed licenses in the first half of 2022 was 6,947, compared to 6,606 during the same period in 2021
Business

Slow tech adaptation hurts online banking in GCC

Smaller banks may be left behind if they don't invest appropriately in digitalization, Redmond Ramsdale, Head of Middle East Bank...
  • Smaller banks may be left behind if they don't invest appropriately in digitalization, Redmond Ramsdale, Head of Middle East Bank Ratings at Fitch Ratings, tells TRENDS
  • Banks and other financial organizations that don't adopt this technology risk losing consumers to competitors in the market, Ramsdale adds
Economy

Saudi Arabia’s merchandise exports in June up 75 percent: GASTAT

Saudi Arabia’s merchandise exports during June 2022 increased by more than 75 percent to 148 billion riyals ($39.37 billion) compared...
  • The non-oil exports (including re-exports) rose by 26.8 percent to 30 billion riyals in June 2022, compared to 24 billion riyals in June 2021.
  • The kingdom’s merchandise imports during June 2022 amounted to 60 billion riyals, compared to 47 billion riyals during June 2021, an increase of 28.9 percent.
Business

Palms Sports wins its biggest contract

The 30-month UAE government contract is worth $83.31m.
  • Under the new contract it will provide 350 expert Jiu-Jitsu and close combat instructors in locations across all seven emirates.
  • Palms Sports reported the first half profit of AED47.2 million, a 37 percent increase for the same period last year.

1 Billion Followers Summit: AI’s transformative role in content creation highlighted by YouTube, Meta, Duolingo

Dubai, UAE - The 1 Billion Followers Summit, the world’s largest event dedicated to the content creator economy, brought together...
Business

Company News

Latest News

Foxconn reports 11% rise in profit

Foxconn is China's largest private-sector employer.

Emirates to build advanced $950m engineering facility at DWC

Dubai, UAE -- Emirates has unveiled a plans to build a $950 million cutting-edge engineering facility at Dubai World Central...
Business

Denmark, Netherlands top destinations for remote working: Report

Davos, Switzerland -- Denmark, the Netherlands, and Germany have emerged as the leading countries for remote working, offering the best...
Business

Most Read

1962 Ferrari auctioned for $51.7 m in New York: Sotheby’s

Dating from 1962, the legendary Scuderia sports car -- chassis 3765, four-liter engine developing 390 horsepower -- had finished second...
  • The bright red roadster had been the property of an American collector for the past 38 years
  • The 250 GTO went on sale Monday evening after a few minutes of bidding in the auction room
Business

Jet fuel sales to reach over billion gallons by end of 2023: ENOC

Dubai, UAE--ENOC Group will reach more than one billion gallons of jet fuel sales at the end of this year...
  • The company in line with its long-term strategy intends to supply Sustainable Aviation Fuel (SAF) to Dubai Airports in 2024
  • The company plans to enhance sales volume globally, apart from seeking potential acquisitions, partnerships, and greenfield projects
Business

Salman Khan’s ‘Tiger 3’ faces ban in Kuwait, Oman and Qatar

Dubai, UAE - The much-anticipated Hindi-language action film Tiger 3, starring Salman Khan and Katrina Kaif, has reportedly been banned...
  • According to reports in Indian publications, concerns have been raised over the portrayal of Muslims in the film
  • Critics argue that the film perpetuates Islamophobic tropes, a sentiment that might have influenced the decision to ban it in these Gulf countries