ExxonMobil expects global oil demand near current levels in 2050
New York, United States - Global oil demand is unlikely to fall by 2050 despite progress on renewable energy, the US...
Business
Boeing suspends 777X flight tests after part failure, its latest quality control issue
New York, United States - Boeing has suspended flight testing of its new 777X wide-body jet after identifying the failure of...
Business
Business
Lufthansa expects best quarter results
The airline expects to book an operating profit of "between $352m and $403m.
- In May, Lufthansa said it was "on track" over the year, despite the personnel shortage and the rising price of fuel.
- Lufthansa's revenues in the second quarter had "more than doubled" to 8.5 billion euros in the space of 12 months.
Business
US stocks rise on strong retail sales, positive Citigroup results
Wall Street stocks rose early Friday as markets cheered unexpectedly strong US retail sales and better-than-expected results from Citigroup. After...
- About 35 minutes into trading, the Dow Jones Industrial Average was up 1.5 percent at 31,074.83.
- Among individual companies, Citigroup surged 7.8 percent after reporting better-than-expected earnings.
Business
Dubai records weeklong real estate transactions worth $1.49 billion
A total of 1,614 transactions were recorded, including 186 plots that were sold for AED 594.72 million and 1,004 apartments...
- Al Hebiah Fifth recorded the most transactions for this week by 105 sales transactions worth AED 262.43 million.
- A total of 80 properties were granted between first-degree relatives worth AED 479 million.
Economy
Chairman, CEO of Expo City Dubai Authority appointed
Vice President and Prime Minister of the UAE Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the Ruler...
- Expo City Dubai Authority seeks to reinforce Dubai's position as a leading destination for global exhibitions
- The Authority will facilitate sharing of knowledge and experiences related to the management and organization of major events
Business
EDB, Valiant Healthcare sign pact
EDB credit facility will extend to both capital investment and expenditures.
- The signing ceremony was attended by Ahmed Mohamed Al Naqbi, CEO of EDB, Faisal Juma Belhoul, Chairman of Valiant, and Ahmed bin Juma Belhoul, CEO of Valiant Healthcare.
- We will introduce our patients to additional highly valued premium inpatient rooms, in addition to a state of the art Cath-lab &Â EP lab, said Belhoul.
Business
Agthia buys 60% stake in Auf Group
The deal builds on Agthia’s acquisition of BMB Group.
- The deal builds on Agthia’s acquisitions of the GCC’s snacks and food company, BMB Group, and the Al Foah dates
- The Auf Group’s founders will retain a combined stake of 30 percent in the business and continue to lead the company
Business
Bot battle: The tech that could decide Twitter’s Musk lawsuit
The information Twitter has or has not provided on its tally of fake or spam accounts is Musk's stated reason...
- The information Twitter has or has not provided on its tally of fake or spam accounts is Musk's stated reason for backing away from the deal
- Twitter's lawsuit, which urges a court to force Musk to honor his buyout offer, could result in a trial or settlement talks
Business
Amazon to create 4,000 UK jobs
This will make it one of the nation's 10 biggest private sector employers.
- The latest expansion will take Amazon's permanent workforce to 75,000.
- The jobs will also be in corporate and technology functions in software development, product management and engineering.
Economy
RAK non-oil foreign trade sees 14% hike in 2021
Exports accounted for the largest portion of the emirate's total non-oil foreign trade, reaching 57 percent, at AED 9.539 billion.
- Exports accounted for the largest portion of the emirate's total non-oil foreign trade, reaching 57 percent, at AED 9.539 billion
- This is followed by imports, which accounted for 35 percent of the total, amounting to AED 5.97 billion
Business
Airlines’ face fresh turbulence after fragile recovery from Covid
Airlines are recovering from the huge Covid fallout but face fresh turbulence from rocketing inflation.
- Airlines are recovering from the huge Covid fallout but face fresh turbulence from rocketing inflation
- Global airlines suffered cumulative losses of almost $190 billion between 2020 and 2022, according to IATA
ExxonMobil expects global oil demand near current levels in 2050
New York, United States - Global oil demand is unlikely to fall by 2050 despite progress on renewable energy, the US...
Business
Company News
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BP rebounds with $4.9bn Q3 profit
The oil giant had posted a net loss of $2.2bn the previous year.
Business
Dubai records realty deals worth $116 billion in nine months
Dubai, UAE -- Dubai recorded 116,116 real estate transactions worth AED 429.67 billion ($116.98 billion) during the first nine months...
Business
Bilateral trade in 2023 to overtake 2022 figures, says Canada’s envoy to UAE
ABU DHABI, UAE - Trade between the two countries is on an upswing with volumes this year expected to surpass...
Geostrategy
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Business
Foreign investments rise in NE China due to several projects
SHENYANG, CHINA – Investments in the country’s northeast have grown over the past years as several multinational corporations put in...
- Aramco and JV partners NORINCO Group and Panjin Xincheng Industrial Group have a mega Saudi-Chinese petrochemical project in Liaoning Province.
- The project is a 300,000 barrels per day refinery and a petrochemical complex with an annual production capacity of 1.65 million metric tons.
Business
Bupa Arabia’s 9M 2023 up 27%
The third quarter net profit fell 23% compared to the Q3 2022.
- Compared to the second quarter of 2023, the insurer's Q3 2023 declined 25.9 percent from SAR 371.35 million.
- Insurance service result grew 41.02 percent year-on-year (YoY), or by SAR 232.01 million, driven by higher insurance revenue.
Business
Ooredoo net profit up
Its revenue rose to US$4.72bn in the first 9 months of 2023.
- The company posted a 28 percent rise in net profit to $741 million, compared to $576 million last year
- It made strategic investments in Oman, Iraq, Tunisia and Maldives to drive growth in these markets