China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...
Geostrategy
Bahrain and France sign MoU to boost tourism education
Lyon, France--Vatel Hotel and Tourism Business School Bahrain signed a memorandum of understanding (MoU) with EKLYA School of Business in...
Business
Economy
DEWA commissions 11 substations in first half of 2022
Dubai Electricity and Water Authority (DEWA) commissioned a new 400/132 kV substation in Al Qusais Industrial Area 5, and 10...
- DEWA commissioned one 400/132 kV substation in Al Qusais Industrial Area 5 of Dubai in the first half of 2022
- Across Dubai 10 more 132/11 kV substations in different areas were commissioned in the first half of 2022.
Business
Healthcare giant Haleon worth $37bn
The company began trading in London on Monday.
- The new company -- which owns brands including Sensodyne toothpaste, pain relief drug Panadol and cold treatment Theraflu -- was worth lower than an expected £40 billion.
- GSK's share price tumbled 20 percent in early London trading following the demerger.
Business
Stocks gain as US report indicates fear of recession easing
Stocks rose Monday following a rally on Wall Street in response to data indicating US consumers remained resilient to surging...
- Still, investors continue to fret over the economic outlook, with Russia's war in Ukraine showing no sign of ending
- Policymakers have made it clear their main goal is bringing inflation down from a four-decade high, even if that stunts growth or causes a recession
Business
H&M to wind down operations in Russia to protest Ukraine invasion
H&M, which has operated in Russia since 2009, said it would reopen stores in Russia "for a limited period of...
- H&M, which has operated in Russia since 2009, said it would reopen stores in Russia "for a limited period of time to sell remaining inventory" as part of the exit process
- It said the entire wind-down was expected to cost the group around 2.0 billion Swedish kronor ($192 million), of which around 1.0 billion would have a cash flow impact
Business
UAE, France discuss diesel supply to Europe
Sheikh Mohamed's visit is expected to conclude with 'the announcement of guarantees given by the UAE on quantities of hydrocarbon...
- A key facet of the trip is likely to be the unveiling of "guarantees given by the UAE on quantities of hydrocarbon supplies to France"
- MOUs and contracts are also expected to be signed in the transport and waste treatment sectors during the three-day visit
Analysis
More deals in sight as UAE-France ties strengthen
The past years witnessed the signing of dozens of agreements and memoranda of understanding between the two countries in various...
- Relations between the UAE and France date back to establishment of the UAE Federation when some French firms such as 'Total' helped UAE explore oil
- The past years witnessed dozens of agreements and MoUs between the two countries in various economic, cultural, military and environmental fields
Business
Jordan tourism sector rides high on back of 1.9m visitors to kingdom
The tourism sector of the Jordanian economy has seen a huge growth, with more than 1.9 million visitors arriving in...
- Tourism Minister Nayef Al-Fayez described the situation as reassuring
- He said the return of expatriates was an important component of the country’s tourism economy and that tourism revenue was calculated by the Central Bank
Business
QIB posts profit of US$499m for first half of 2022
Total assets of the bank have increased by 4.8 percent compared to June 2021 and now stand at QAR 193...
- Total assets of the bank have increased by 4.8 percent compared to June 2021 and now stand at QAR 193 billion driven by the growth in investing activities
- Total Income for the six months’ period was QAR 4,284 million registering a growth of 4.2 percent compared to QAR 4,112 million for the same period in 2021.
Business
Oil wealth stirs up Baghdad-Kurd enmity amid deadlock
Iraq's oil wealth is rekindling tensions between federal authorities and the autonomous Kurdish region, in a row that could compromise...
- Iraq sits on enormous oil reserves, and revenues from the sector feed 90 percent of the federal government budget
- It exports an average of 3.3 million barrels of crude oil per day (bpd), while production in Kurdistan amounts to just over 450,000 bpd
Business
Jarir reports drop in H1 profit
The profit declined to $114m with its stock sliding too.
- Consequently, its shares fell 2.78 percent to $39 on Sunday
- This decline was caused by a 5.5 percent drop in sales compared to the same period last year along with higher marketing and sales expenses
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...
Geostrategy
Company News
Yalla Group H1 revenue $152m
Business
KIB posts $19.5m net profit
Business
APIC H1 net profit down 39%
Business
Latest News
Lebanon national carrier halves flights amid fears of Israel war
BEIRUT, LEBANON - Lebanon's national carrier on Friday said it was cutting more than half of its flights as tensions along...
Business
DCT signs MoU with Microsoft to transform Abu Dhabi tourism
Dubai, UAE -- The Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi) and Microsoft have signed an...
Business
Air Arabia launches non-stop flights between UAE’s Sharjah, Egypt’s Giza
SHARJAH/ ABU DHABI, UAE - Air Arabia announced the launch of a new route operating between Sharjah and Giza city...
Business
Most Read
Indian firm halts uniform sales to Israel police over Gaza war
Maryan Apparel in the southern state of Kerala said it had supplied around 100,000 uniforms to Israel's police force for...
- Statement of Maryan Apparel said that a strike on a hospital and the "loss of thousands of innocent lives" in the conflict had prompted the decision
- According to the statement, the Indian firm will fulfil its existing commitments to Israel, which end in December, but will not take new orders
Business
Saudi Arabia, Singapore sign MoU on mutual recognition of halal certificate
Riyadh, Saudi Arabia - The Saudi Food and Drug Authority (SFDA) signed Thursday a memorandum of understanding (MoU) with the...
- The MoU aims to develop procedures for conformity assessment, standard specifications, and technical regulations for issuing these certificates
- It also ensures mutual recognition between the two sides for exported local products as well as the exchange of expertise and knowledge
Business
Stocks slide as investors worry over Middle East crisis
London, United Kingdom - European and US stock markets fell Thursday as investors worried over rising US Treasury yields and the...
- Wall Street opened higher after falling the previous day, but slid into loss during morning trading, while Europe's main stock markets extended losses
- Risk aversion among traders was increased by concerns the Federal Reserve would hike interest rates again, or at least keep them elevated for an extended period