Content creation key to awareness, culture, human development: Dubai ruler
Dubai, UAE -- Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, attended part of...
Business
Honda and Nissan expected to begin merger talks
Honda and Nissan were poised Monday to announce the start of talks on a merger to help the Japanese giants...
Business
Majid Al Futtaim H1 EBIDTA $517m
The EBITDA rose 18 percent from $435 million a year ago.
- Majid Al Futtaim said it recorded a 73 percent rise in digital grocery retailing and opened Carrefour UAE’s first BIO store.
- The conglomerate said in a statement that it recorded a 15 percent increase in revenue to AED18 billion.
Business
TikTok stars boycott Amazon in activism push
It's the latest example of creators lending their online stage to a cause on the massively growing platform more known...
- The group is pushing for the firm's workers to get a minimum hourly wage of $30, improved medical leave and easing of productivity requirements
- It is also calling on Amazon, which has long resisted unionization efforts in its US facilities, to stop its opposition
Business
Real estate deals worth $381 million recorded in Dubai Tuesday
Dubai real estate market recorded deals worth AED1.4 billion ($381 million) on Tuesday, including 387 sales transactions worth AED1.15 billion....
- The transactions also included 68 mortgage deals of AED149.38 million, and 85 gift deals amounting to AED140.85 million, data released by Dubai's Land Department (DLD) showed.
- The sales included 336 villas and apartments worth AED913.23 million, and 51 land plots worth AED241.01 million.
Business
Seera sees 43% slide in loss
The Saudi travel group saw its loss fall to $35m in H1.
- The travel agency's gross booking value climbed up 105 percent on the year to $1.09 billion, and revenue was up 125 percent to $282 million
- Almosafer, its travel business, bounced back with increased demand in the second quarter along with a gross booking value of $453 million
Business
BinDawood’s H1 profit tumbles
Largest Saudi retailer posts a 31% dip in H1 profit to $28.80m.
- The company's board proposed a half-year cash dividend payout of $27 million at SR0.9 per share
- Its sales and revenues surpassed $640 million during the first half of the current year
Business
Saudis beat the heat in City of Fog
The ‘City of Fog’ in Saudi Arabia’s rugged south is a prized destination for many in the kingdom looking to...
- At Al-Namas, humid monsoon weather keeps temperatures below 30 degrees Celsius, dropping as low as 15 degrees Celsius at night
- Ministry of tourism figures show that Saudi families spent $21.33 billion on domestic travel last year, a 30 percent increase from 2019
Business
Al Akaria posts profit in H1
The developer's profit rose to $4.3m, after last year's loss.
- Shored up by a 152 percent jump in revenues, the company's stock price climbed up as it returned to profitability,
- The developer also incurred less expenses during the six-month period, thanks to a drop in selling and marketing costs by $320,000
Economy
UAE stocks generate strong cash flows Tuesday
FAB gained AED173.7 million in liquidity, closing at AED19.740, while ALPHADABI drew AED102.9 million, ending at AED24.040.
- FAB gained AED173.7 million in liquidity, closing at AED19.740, while ALPHADABI drew AED102.9 million, ending at AED24.040
- The ADX-listed ADNOC Distribution was among big gainers, ending 1.09 percent higher at AED4.620, followed by ADNOC Drilling which closed 0.28 percent up at AED3.620
Analysis
Most Arab clubs play hard to score financial surplus
Only five football clubs in the region — Al-Fateh, Al-Hilal and Al-Faisali of Saudi Arabia, as well as Morocco's Al-Wydad...
- Only five football clubs in the region — Al-Fateh, Al-Hilal, and Al-Faisali of Saudi Arabia, as well as Morocco's Al-Wydad and Nahdet Berkane —have reported budgetary excess
- Almost all other remaining Arab clubs -- including Al-Nasr, Al-Ittihad and Al-Ahly -- have posted deficits, according to the latest report 'The Financial East of Arab Clubs'
Business
Ban on single use plastic bags in Sharjah to begin from Jan 2024
Sharjah has banned single-use plastic bags and materials in the Emirate of Sharjah as of 1st January 2024. It follows...
- It follows Sharjah’s efforts of making an environment-friendly emirate and its supportive plans of conservation, said reports
- The ban was decided during a meeting of the Sharjah Executive Council (SEC) Tuesday morning at the Sharjah Ruler’s office.
Content creation key to awareness, culture, human development: Dubai ruler
Dubai, UAE -- Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, attended part of...
Business
Company News
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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...
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...
Business
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Business
Technological advances propel UAE’s payments industry
The sector's growth, driven by the transition to digital transactions and tech innovations, positions UAE as a leader in the...
- The sector's growth, driven by the transition to digital transactions and tech innovations, positions UAE as a leader in the evolving global payments landscape, says a report.
- Moreover, the Gulf country's economic expansion and changing consumer preferences towards digital payments are also leading to continuous growth of the payment industry.
Business
Turkish Airlines explore options of buying 355 Airbus jets
Istanbul, Turkey - Turkish Airlines, the country's flag carrier, confirmed on Monday that it was in talks with Airbus to buy...
- The airline said that negotiations are held with Airbus regarding the purchase of a total of 355 aircraft.
- In September, Turkish Airlines revealed plans to purchase 10 additional Airbus A350-900 aircraft
Business
Chemanol to buy stake in ACC
It will acquire 84 percent stake for US$12.3 million.
- The purchase amount would be disbursed partially and within specified intervals, as per the terms stipulated in the SPA.
- Chemanol said the acquisition is aimed at enhancing its share in the market and diversifying its product range,