UAE backs Egypt’s Ras El Hekma megaproject, aims for $110 billion investment
Abu Dhabi, UAE - The UAE Ministry of Investment (MoI) announced today its support and key role in the advancement...
Business
Qatar Airways seeking 25% stake in Virgin Australia
Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal...
Business
Interview
Here’s why Saudi Arabia is buying more Russian oil
The Kingdom has for several years imported Russian oil, which helps to reduce its need to refine crude for products...
- The Kingdom’s crude imports from Russia allow it to free up its own oil for export to reap profits from the record-high prices in the global market, Pat Thaker of EIU tells TRENDS
- Saudi Arabia, the latest data suggest, imported 647,000 tonnes, or 48,000 barrels per day (bpd), of fuel oil from Russia via Russian and Estonian ports in April-June this year
Business
Boeing shares surge
The company is all set to resume 787 jet production.
- The 787's travails date to late summer 2020, when the company uncovered manufacturing flaws with some jets. Boeing subsequently identified additional issues.
- The difficulties curtailed deliveries between November 2020 and March 2021. Boeing suspended deliveries later in spring 2021 after more problems surfaced.
Business
NFT cumulative trading volume exceeds $65bn in Q2 2022
According to the data from TradingPlatforms.com, the total volume of Non-Fungible Tokens (NFTs) exchanged recently surpassed 20 million ether (ETH)...
- The total volume of Non-Fungible Tokens, a cryptographic asset which is unique, surpassed 20 million ether (ETH) - a cryptocurrency - in Q2 2022
- The NFT market is expected to increase at a compounded annual growth rate of 35 percent.
Business
HSBC H1 pre-tax profit falls
Pre-tax earnings sank 15 percent to $9.2 billion.
- Executives are expected to field questions about a restructuring bid from its biggest shareholder Ping An Insurance Group.
- The bank rebuffed calls to spin off its Asian activities on the eve of a shareholder meet
Economy
Over 20K investor accounts join DFM in first 7 months of 2022
Brokerage companies in Dubai Financial Market added 20,552 new investor accounts in the first seven months of 2022. The market...
- Brokerage companies in Dubai Financial Market added 20,552 new investor accounts in the first seven months of 2022
- The market witnessed significant momentum since the announcement of the listing of 10 governmental and semi-governmental firms
Geostrategy
Focus on OPEC+ in Wednesday meet as crude prices surge
The 13 core members of OPEC find themselves at a crossroads. After the drastic output cuts they agreed to in...
- According to the London-based research institute Energy Aspects, OPEC+ could adjust its current agreement in order to keep raising crude production volumes.
- Any decision on Wednesday will have to be unanimous, which may lead to a longer meeting than normal.
Business
SAMA approves merger of SABB Takaful and Walaa Insurance
Saudi Central Bank has approved the merger of SABB Takaful with the rival insurer Walaa Insurance, following an agreement between...
- According to a bourse filing, the execution of the transaction remains subject to obtaining regulatory approvals and votes of the extraordinary general assemblies
- Once the deal is completed, SABB Takaful’s assets, liabilities, and rights will be transferred to Walaa Insurance and the former will cease to exist
Business
Saudi to organize esports and gaming event Next World Forum in Sept
The Next World Forum, an esports and gaming forum that will bring together sector leaders and experts from around the...
- More than 1,200 delegates from across the globe will gather in Riyadh to discuss the most pertinent issues in esports and gaming at the in-person Forum.
- Those attending the Next World Forum include ministers of sport from various leading nations, investors, gamers, developers, tech providers and start-ups.
Al Rajhi Bank H1 profit is up 21%
Operating income grew because of higher investment income, banking fees, and exchange income, the bank said.
- Operating income grew because of higher investment income, banking fees, and exchange income, the bank said
- But the depreciation, higher salaries, and employee benefits weighed on costs during the six-month period, leading to a 4.5 percent rise in operating expenses
Business
First wheat shipment leaves Ukraine as war heats up
The first shipment of Ukrainian grain left the port of Odessa on Monday morning, Turkey announced, as Kyiv said the...
- The blockage of deliveries from warring Russia and Ukraine -- two of the world's biggest grain exporters -- has contributed to soaring food prices
- The Joint Coordination Center, the organization overseeing the grain exports, said the Razoni is carrying "over 26,000 metric tonnes" of maize
UAE backs Egypt’s Ras El Hekma megaproject, aims for $110 billion investment
Abu Dhabi, UAE - The UAE Ministry of Investment (MoI) announced today its support and key role in the advancement...
Business
Company News
Borouge to pay $650m H1 dividend
Business
EGA H1 net profit $533 million
Business
Latest News
Gulf Bank to up paid-up capital
Business
First SAF-powered Emirates flights cleared for take-off from Dubai
Dubai, UAE -- The first Emirates flights operating with sustainable aviation fuel (SAF) provided by Shell Aviation have taken off...
Business
Saudi Arabia launches second phase of Visiting Investor Visa
RIYADH, SAUDI ARABIA – The Kingdom’s ministry of investment and ministry of foreign affairs launched the second phase of issuing...
Business
Most Read
Business
Ryanair profits soar
Its net profit is US$2.4bn in the six months to September end.
- Profit after tax came in at $2.4 billion in the six months to the end of September compared with 1.3 billion euros in the equivalent period one year earlier
- Chief executive Michael O'Leary said the carrier's full-year outlook "remains highly dependent on the absence of any unforeseen adverse events
Business
Luberef’s 9M profit up 2%
The company's third-quarter net profit dropped 28 percent.
- The nine-month profit was spurred by lower Zakat and income tax expenses, as Luberef has become subject to tax after listing its shares, Argaam reported.
- Luberef’s bottom line dropped 25.2 percent quarter-on-quarter (QoQ) from SAR 454.86 million in Q2 2023, hurt by lower base oil crack margins, according to Argaam.
Business
Sharjah looks to boost economic, investment ties with Uganda and Kenya
Sharjah, UAE-- The emirate of Sharjah is seeking to boost economic and investment cooperation with Uganda and Kenya. In this...
- In order to boost trade with Uganda and Kenya, the Sharjah Chamber of Commerce and Industry (SCCI) will dispatch a trade mission to the African countries
- The trade mission will explore ways to enhance development and foster stronger ties as part of the chamber's commitment to supporting the local business community