Business
DAE posts H1 profit of $140.1m
Its profit increased 186 percent in first six months of 2022
- Dubai Aerospace Enterprise reports 186% growth in profit in the first six months of 2022
- DAE says cash flows from operating activities increased by 36 percent to $678.5 million.
Economy
UAE citizens’ housing gets help of over $6.8bn in 2022
The UAE’s citizens' housing segment in 2022 achieved significant regulatory progress and received massive financial allocation for federal, local plans...
- The UAE’s citizens' housing segment in 2022 achieved significant progress and got massive financial aid for federal and local plans
- On May 9, the Cabinet adopted a federal housing loan policy to provide loans via partnerships with private sector and national banks.
Business
Aramco, SABIC receive world’s first blue hydrogen, ammonia certification
Saudi oil giant Aramco and SABIC Agro-Nutrients Company have obtained the world's first independent certifications recognizing the production of blue...
- TUV Rheinland, a system testing, inspection and certification services provider based in Germany, awarded these certifications to SABIC Agri-Nutrients Company in Jubail.
- SASREF, a wholly owned subsidiary of Saudi Aramco, produced 8,075 tons of blue hydrogen.
Business
Firm seeks professional to taste test 3,500 candies
The new hire will get an annual salary of $78,000. Since the Chief Candy Officer is required to taste thousands...
- Candy Funhouse, a Canadian online candy shop, said it has received more than 100,000 candidates in two weeks.
- On social media, the posting is a big hit with adults and children alike. One Twitter user said that his eight-year-old daughter had made a LinkedIn profile just to apply.
Business
Dubai records realty deals worth $241 million on Wednesday
Dubai recorded realty transactions worth AED888 million ($241 million) on Wednesday. The real estate market in the emirate recorded 310...
- The real estate market in the emirate recorded 310 sales transactions worth AED668.1 million, in addition to 86 mortgage deals of AED163.78 million.
- A day earlier, Dubai real estate market recorded AED1.2 billion in realty transactions.
Business
Lufthansa posts $263m profit
In 2020 a government bailout saved airline from bankruptcy.
- CEO Carsten Spohr said that airline was back in the black, terming the pandemic as most serious crisis to hit the company
- Lufthansa will start hiring some 5,000 employees to cope with growing chaos at airports
Business
SNHC posts 122% jump in profit
Sharjah Hotels occupancy rate jumped to 67 percent in H1.
- The improved performance brought the hotel group closer to pre-pandemic levels in the second half of 2022, showing a steady return in customer confidence
- The hotel group is looking for opportunities to expand its portfolio of managed hotels and catering contracts
Business
Aramco, Sinopec to partner on projects in Saudi Arabia, China
This latest collaboration builds on existing joint ventures between the two companies.
- This latest collaboration builds on existing joint ventures between the two companies
- The companies will discuss the establishment of a manufacturing hub in King Salman Energy Park
Business
Hotel construction to see boom in Saudi Arabia: TOPHOTEL Projects
Saudi Arabia will see a boom in construction of hotels in 2023, with some 63,753 to be available for guests...
- According to the TOPHOTEL Projects, some 80 hotel projects in the kingdom are scheduled for completion next year
- Saudi Arabia has led the hotel construction market in the Middle East with some 37,654 rooms being built at the end of the second quarter of 2022
Business
UAE’s high-end luxury sectors most crypto-friendly
Most luxurious vacations are purchased through crypto, same goes for luxury real estate and many more retail services, says Atul...
- Most luxurious vacations are purchased through crypto, same goes for luxury real estate and many more retail services, says Atul Hegde, NFT & digital marketing expert
- The biggest challenge is ‘acceptance’. A confident consumer base compatible with dealing in crypto is needed to push these payments, he adds
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Company News
e& capital invests in Maxbyte
Business
Latest News
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...
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Business
ADCB profit up 22 percent
The bank's operating income rose 23% to US$3.32 billion.
- The bank said that net interest income rose 8% to $865 million QoQ and 24% YoY while non-interest income of $285 million declined 7% QoQ
- Its CEO said the bank delivered strong growth in the first nine months of the year, with net loan climbing by10% i and sound growth in CASA deposits
Business
Boeing posts Q3 loss
The firm trims full-year forecast for deliveries of the 737.
- The US aviation giant, which has struggled with manufacturing and quality control issues in recent years, reported a third-quarter loss of $1.6 billion
- The latest issue with the 737 is the result of misshapen holes drilled in a part of the fuselage that helps maintain plane pressure.
Business
UAE banks’ investments hit record high in Aug to reach $159bn
Abu Dhabi, UAE -- UAE banks' investments surpassed AED 580 billion, hitting a record high in August 2023, according to...
- Banks investments also increased by AED 58 billion or 11 percent year-to-date compared to AED 527.4 billion at the end of 2022.
- Bonds held until maturity accounted for the largest share of bank investments at 47 percent, reaching AED 276 billion at the end of August 2023.