Chinese electric car company Nio to enter UAE this year
Chinese electric car company Nio plans to expand to the Middle East this year, CEO William Li said on an...
Business
Oil giant Aramco says to offer shares worth over $10 bn on Saudi bourse
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than...
Business
Business
Abu Dhabi Chamber looks to boost trade ties with Mexico
Abu Dhabi Chamber of Commerce and Industry has held discussions with a business delegation from Mexico to boost trade ties...
- The Ambassador called on Emirati investors to leverage the facilities his government provides for foreign investors
- The meeting discussed boosting trade cooperation and opening up new doors for economic cooperation between the two sides
Business
Saudi crude oil exports jump to 147,000 barrels per day in April
Crude oil exports of Saudi Arabia grew 147,000 barrels per day in April to 7.38 million, a level not seen...
- Exports of crude rose by 2 percent in April from 7.24 million bpd in March 2022
- As for the production of crude, in April it grew by 141,000 bpd to 10.44 million bpd
Infographics
GCC countries likely to issue less debt this year
The Gulf region seems to have a better fiscal positions thanks to high oil prices and the recovery of the...
- The region seems to have a better fiscal positions thanks to high oil prices and the recovery of the economies from the Covid-19 related woes.
- Analysts last year were especially concerned about Bahrain and Oman whose government debt ratios had risen sharply in recent years.
Business
Al Seer acquires 2 VLCCs
Each carrier has a carrying capacity of 320,000 deadweight tonnage.
- The VLCCs allow for crude oil cargo, provisions, lubricant and fuel.
- Under current market conditions, these newly acquired tankers are expected to provide estimated returns of more than 20 percent.
Business
Air traffic to reach full capacity by 2023 despite uncertainty
Air passengers are expected to hit 83 percent of pre-pandemic levels this year and the aviation industry's return to profit...
- Industry losses are expected to drop to $9.7 billion in 2022, an improvement from $42.1 billion in 2021.
- The aviation industry was sent reeling by the pandemic, with passengers down by 50 percent in 2021.
Business
Abu Dhabi-based Al Roeya newspaper closed down
The CEO of IMI Nart Bouran reportedly visited Al Roeya's Dubai office to announce that the management has decided to...
- More than 100 journalists, editors and others lost their jobs as the Arabic newspaper Al Roeya shuts down
- The last edition of the business newspaper will be printed on Tuesday
Economy
UAE joins global clean energy partnership body
The partnership will enable access to a global hydrogen knowledge database and encourage cooperation with related initiatives and concerned entities.
- Joining the global initiative will support the UAE's long-term policies related to energy and hydrogen
- It will boost the UAE's stature as a leading contributor to the development of international policies related to hydrogen
Geostrategy
Saudi Arabia lets citizens visit Turkey as bilateral relations improve
At the beginning of the pandemic, Saudi Arabia imposed a rule against all foreign travel, and as of last month...
- The move comes two days before Crown Prince Mohammed bin Salman is expected to visit Turkey.
- In May, national flag carrier Saudia resumed flights to Turkey, but citizens were unable to travel there.
Business
EDB to showcase its financing solutions at ‘Make it in Emirates Forum’
Emirates Development Bank (EDB) will participate in the first "Make it in the Emirates Forum" to be held on 21-22...
- The forum is organized by the Ministry of Industry and Advanced Technology.
- EDB is a key partner in the Ministry’s efforts to empower the industrial sector.
Geostrategy
Lebanon to expel Syrian refugees if not repatriated: Mikati
Prime Minister Najib Mikati on Monday said Lebanon was ready to expel Syrian refugees living in the country if the...
- Lebanon, grappling with its worst ever economic crisis, has the world's highest proportion of refugees in its population.
- The government estimates that Syrians account for almost a quarter of its more than six million residents.
Chinese electric car company Nio to enter UAE this year
Chinese electric car company Nio plans to expand to the Middle East this year, CEO William Li said on an...
Business
Company News
Yalla Group H1 revenue $152m
Business
KIB posts $19.5m net profit
Business
Latest News
APIC H1 net profit down 39%
Business
UAE-Zimbabwe trade touches US$2bn, poised to expand more
Abu Dhabi, UAE-- Trade between the UAE and Zimbabwe touched $2 billion last year as the bilateral relations between the...
Business
Saudi industrial construction potential game-changer
The Kingdom is gearing up for a massive investment in industrial and mega projects, with plans to allocate $180 billion...
Business
Markets up, oil down as investors eye Middle East situation
Oil slid but most world stock markets rose in anticipation of a raft of strong US corporate earnings, even as...
Market Report
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Business
NHC, NAVER Cloud ink pact
The pact aims at establishing advanced digital solutions.
- The agreement aims to boost cooperation, achieve common goals, exchange experience in the application of the innovative solutions.
- The pact will help achieve the strategic visions of the municipal and housing sectors by adopting the best technologies for a sustainable future.
Business
General Motors Q3 profit surge
Revenues rose five percent to $44.1 billion, the company said.
- The big US automaker reported third-quarter profits of $3.1 billion, down seven percent from the year-ago period but better than analyst estimates
- GM notched higher vehicle sales in the United States amid still-strong pricing trends for popular truck and sport utility vehicles
Business
Stora Enso posts loss again
Stora Enso registered a loss of $272m euros in Q2 2023.
- The Finland-based company said it lost 34 million euros in the third quarter, down from the 367-million-euro net profit during the July to September period last year
- After experiencing sales growth in 2021 and 2022, Stora Enso saw sales tumble by 28 percent in the third quarter compared to the same period last year, to 2.1 billion euros