Will sign US$13.7bn deal with Airbus, says Korean Air
SEOUL, SOUTH KOREA – South Korean flag carrier Korean Air said on Thursday it will sign a US$13.7 billion deal with...
Business
Gold hits fresh record above $2,200 on rate cut hopes
The gains have been helped by a weaker dollar and the gold's attraction as a safe haven as geopolitical tensions...
Economy
FDIs in the UAE grew 116% from 2012 to 2021
According to a report by the UAE's Ministry of Economy, during the past decade from 2012 to 2021, FDIs in...
- FDI in the UAE witnessed significant growth, from $9.5billion in 2012 to $20.6 billion in 2021
- The UAE was ranked 19th globally in the list of top 20 countries that attract FDIs
Economy
Dubai’s weeklong real estate transactions total $1.4bn
In Dubai, the real estate and properties transactions valued at $1.4 billion in total during the week ending 05 August...
- In Dubai, 255 plots were sold for $337 million, 1,510 apartments and villas for $759 million
- During the week, the total number of transactions was 2,247
Business
Saudi ministry signs smart transportation MoU with Alstom
Saudi Arabia’s Ministry of Investment has signed a memorandum of understanding with Alstom, which specializes in the sustainable and smart...
- The MoU aimed exploring investment opportunities in the transport sector and localize the manufacture and maintenance of trains.
- The MoU also entails Alstom to establish its regional headquarters in the kingdom.
Business
Global H1 air cargo demand up 2.2 percent over pre-Covid levels
Global air cargo demand rose by 2.2 percent in H1 2022 as compared to pre-COVID levels (H1 2019), according to...
- IATA figures indicate a healthy and stable performance across global air cargo markets showing.
- Global demand sunk by 6.4 percent compared to June 2021 levels (-6.6 percent for international operations).
Business
dnata extends partnership with GOL Airlines in Brazil
The travel services provider’s latest contract win cements its position as the leading ground services provider in Brazil.
- The travel services provider’s latest contract win cements its position as the leading ground services provider in Brazil
- The company offers ground handling, cargo, travel, catering and retail services in 37 countries across six continents
Business
ADNOC Drilling gains 2 contracts
The company will hire eight jack-up offshore rigs.
- The contracts, valued at $1.5 billion (AED 5.6 billion) and $1.9 billion (AED 7 billion), awarded by ADNOC Offshore.
- These will support the expansion of ADNOC’s crude oil production capacity to 5 million barrels per day by 2030 and enable gas self-sufficiency for the UAE.
Business
Embraer Q2 profit at $74.2m
It returned to profit in Q2 after posting a loss in first quarter
- Brazilian plane-maker Embraer returned to profit in the second quarter after posting a loss in the first
- The result was down 16 percent from the $87.9 million net profit it posted for the April-June period last year
Business
ING Q2 profit down 20%
The bank's profits have been hit by Turkey's soaring inflation.
- ING booked a profit of 1.18 billion euros ($1.2 billion) in the three-month period ending in June.
- ING's net profit took 277-million-euro hit from Turkey's hyper-inflation, which is around 80 percent.
Business
Amanat Holdings profit up 7%
The company posted H1 income of $26.33m.
- This income is on an adjusted basis, excluding the prior year's gain on sale and trading results from divested entities.
- In H1 2022, Amanat's healthcare platform continued to record strong year-on-year growth.
Business
Ethiopian delegation visits Dubai to explore digital services
An Ethiopian delegation of 10 members, comprising decision-makers from the public and private sector, visited Dubai Chambers between July 25-...
- The delegates sought to review Dubai’s success in digital services, and discuss creating potential business partnerships
- The visit included signing deals supporting the Digital Ethiopia 2025 strategy, and exchanging knowledge and expertise.
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Will sign US$13.7bn deal with Airbus, says Korean Air
SEOUL, SOUTH KOREA – South Korean flag carrier Korean Air said on Thursday it will sign a US$13.7 billion deal with...
Business
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Subway to sell for US$9bn
Business
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e& capital invests in Maxbyte
Business
Elon Musk teases audio and video calls at X
"Early version of video and audio calling on X," Musk wrote in a post that contained a screen capture showing...
Business
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Business
Mercedes-Benz profit slumps
The carmaker's net profit plunged 7% to US$3.9bn in Q3.
- The company's revenue dropped 1.4% to $39.21bn , partly because passenger car sales were around five percent lower in the quarter
- The German automaker left its outlook for 2023 unchanged, with revenue and operating profit seen at the same level as last year
Meta quarterly profit jumps but it sees volatility in ad market
The number of people using Facebook monthly rose slightly to 3.05 billion in a year-over-year comparison while monthly active users...
- Meta made a profit of $11.6 billion as ad revenue climbed 23 percent to $34 billion when compared to the same period a year earlier
- Meta shares, which closed the formal trading day down, fell more than three percent further in after-hours trades to $289.50
Business
The Arab Open Banking market to grow by 25% annually over next 5 years: report
Dubai, UAE - The Arab Open Banking is expected to experience 25% annual growth over the next five years, a...
- The Arab Monetary Fund will support Arab central banks in adopting effective frameworks for Open Banking and Finance initiatives
- The report covers aspects such as data sharing, consent mechanisms, data security, identification of regulated Third Party Providers