Airlines expect over $30 bn in profits and passengers to hit nearly five billion in 2024: IATA
The International Air Transport Association (IATA) announced strengthened profitability projections for airlines in 2024 compared with its June and December...
Business
‘Canon aims for a 42% reduction in GHG emissions by 2030 and net zero by 2050’
Venkatasubramanian (Subbu) Hariharan, MD of Canon Middle East and Turkey, highlights the significance of remanufacturing and refurbishment for reducing environmental...
Business
Business
Staff shortages and strikes threaten pandemic recovery for airlines
Desperate to put the coronavirus pandemic behind them, airlines will hold talks on Sunday ahead of a potential summer of...
- In the past few weeks, delays and cancellations caused by a lack of staff at airports and strikes for better pay have wreaked havoc upon travellers.
- In terms of Revenue Passenger Kilometres (RPKs), a measure of total distance flown by paying passengers, activity in April reached 62.8 percent compared with the same month in 2019
Business
Abu Dhabi Ports, National Marine Dredging Company set up JV
The Abu Dhabi Ports Group inks deal with National Marine Dredging Company Group to set up a JV to conduct...
- AD Ports Group, NMDC Group to set up a JV to conduct offshore surveys and subsea services
- The JV firm will offer geophysical and geotechnical, trenching and dredging support services
Business
UAE’s gender diversity policy sees more women in board positions
In 2020, women held 3.5 percent of all board positions in the UAE. The next year, the Securities and Commodities...
- Aurora50, a social enterprise working towards gender parity in GCC boardrooms, and Mohammed Bin Rashid School of Government have conducted first-of-its kind gender diversity study.
- The study report said 77 of the 868 board seats from the 115 listed companies on the ADX and Dubai Financial Market are now held by women.
Business
Musk sued for $258 bn over dogecoin promotion
An investor in dogecoin, originally created as a joke but whose value increased and fell as it was promoted by...
- Since Musk began promoting the virtual currency, investors have lost around $86 billion, Keith Johnson, an investor, estimates
- Founded in 2013, dogecoin's creators say it was intended as an ironic response to two big internet phenomena: cryptocurrencies, and a meme image of a Shiba Inu dog
Business
Gazprom defends gas cuts as energy prices soar
Gazprom CEO Alexei Miller said that Moscow will play by its own rules after cutting daily gas supplies to Germany...
- Gazprom CEO Alexei Miller said that Moscow will play by its own rules after cutting daily gas supplies to Germany and Italy
- Italian energy giant Eni also reported problems, saying it will receive only 65 percent of the gas requested Thursday from Gazprom
Business
Investments, innovations help MENA smart cities grow
Intelligent transportation system, speedy 5G deployment and heavy investment in AI are pushing region's smart city growth, says Omar Christidis,...
- Saudi Arabia alone has plans to invest $36 billion in transportation infrastructure projects over the coming 11 years
- Around 83 percent of the Saudi population lives in urban areas, and urbanization is expected to grow to 97.6 percent by 2030
Economy
Bank of England hikes interest rate for fifth consecutive time
British economic output declined for the second month in a row in April, weighed down by rocketing prices that are...
- BoE policymakers agreed at a regular meeting to increase the cost of borrowing by a quarter-point to 1.25 percent.
- Pound fell 1 percent against the dollar following the announcement, one day after the Federal Reserve hiked US interest rates.
Business
Qatar Airways posts record profit
The profit result was "200 percent above its highest annual historical profit".
- Qatar Airways, the Middle East's second biggest airline after Emirates, had reported in September last year an overall loss of $4.1 billion in the 2020-2021 financial year.
- The Qatari airline said it carried 18.5 million passengers in 2021-2022, an increase of 218 percent over the previous 12-month period.
Business
Iraq settles $1.6 billion payment of Iranian gas imports
The debt dates back to 2020, but payment was stalled amid sanctions against Iran by the United States.
- Baghdad had been scheduled to pay that amount to Tehran before the start of June.
- Tehran has repeatedly cut off gas supplies to force Baghdad to pay off its debts.
Business
ENOC to open 10 new eLink stations
The group has seven eLink stations, five located in Dubai and two in Abu Dhabi.
- The eLink station is a mobile fuelling format that enables motorists and customers with easy access and convenient fuelling services.
- Since its launch, eLink has fuelled over 100,000 vehicles with a total fuel volume of nearly 5 million.
Airlines expect over $30 bn in profits and passengers to hit nearly five billion in 2024: IATA
The International Air Transport Association (IATA) announced strengthened profitability projections for airlines in 2024 compared with its June and December...
Business
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Saudis need $100s of billions for power investment by 2030: ACWA Power CEO
Riyadh, Saudi Arabia - Saudi Arabia is set to embark on a significant endeavor to expand its power generation capacity,...
Business
China’s GDP rises above forecasts, boosted by robust recovery efforts
BEIJING, CHINA - China's Gross Domestic Product (GDP) grew by 4.9 percent year-on-year in the third quarter, surpassing economists' predictions...
Economy
Al Seer Marine, L3Harris renew pact
They have partnered with each other for the past six years.
Business
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Business
NMDC posts bumper profits
Its revenues for the first nine months stood at US$3bn.
- The company's net profits increased 115 percent to $411 million in the first nine months of 2023
- It attributed growth in revenues and net profits to progress of the major projects underway
Business
RAKBANK reports highest ever net profit
The bank's income increased by 35.4% year-on-year.
- The bank's income increased by 35.4% year-on-year, thanks to continued growth in low-cost deposits and expansion across all segments of its business
- The bank maintained strong credit quality, with a cost of risk at 2.5% and an impaired loan coverage ratio of 210.3% for the YTD through September 2023
Investigation
Funding key challenge for Middle East innovators
Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking...
- Deep-tech companies in the Middle East are facing challenges due to limited funding and inadequate R&D centers, leaving entrepreneurs seeking a more supportive ecosystem
- Startups struggle to monetize intellectual property, and despite universities' support to develop IPs, the main challenge for them is achieving sustainability and profitability