ahli islamic introduces Sharia-compliant Money Market Fund
MUSCAT, OMAN – As part of its investment solutions and Sharia-compliant products and services, ahli islamic, ahlibank’s Islamic banking window,...
Business
Rising threat: DDoS attacks demand proactive defense
"Threat actors can employ artificial intelligence (AI) and machine learning (ML) algorithms to identify vulnerabilities and adapt their tactics in...
Business
DEWA posts AED691m profit
It posted 15% jump in revenue for Q1 to AED5.068 billion.
- Rise in hospitality and commercial activities in Dubai, in part due to the easing of Covid-related restrictions worldwide, has contributed to the robust demand growth
- DEWA currently provides its services to 3.5 million Dubai residents and the Emirate's active daytime population of over 4.7 million
Business
Lebanese activists launch ‘lollar’ currency
Lebanese activists Friday rolled out mock banknotes featuring paintings of a gutted central bank or the Beirut port explosion to...
- The collapse of the Lebanese pound and frozen bank accounts have left Lebanon with a confusing currency system
- The dollars stuck in accounts that citizens can only withdraw in Lebanese pounds at a fraction of their original value are known locally as "lollars"
Business
AD Ports Q1 revenue up 15 percent
Net profit was up 41 percent year-on-year to AED306 million.
- Total assets and total equity reached AED34.085 billion and AED17.770 billion, respectively, at the end of Q1 2022.
- Adjusted EBITDA for the period increased by 34 percent year-on-year to AED524 million.
Business
Elon Musk puts his bid to buy Twitter ‘on hold’
Elon Musk said he is putting his bid to buy Twitter on hold, a few weeks after agreeing to take...
- The sharp rise in the price of Tesla shares before the opening bell Friday singled rising doubts that the acquisition of Twitter will take place
- Money from the new investors cuts the amount borrowed on the value of Tesla stock to $6.25 billion, according to the filing
Business
Emirates posts $1.1 billion annual loss despite $954million capital injection
Losses came in at 3.9 billion dirhams ($1.1 billion) in the 2021-2022 financial year to March, with revenues up 91...
- The carrier said it received a capital injection of $954 million from its owner, the government of Dubai, to help it survive the crisis.
- Over the fiscal year, Emirates carried 19.6Â million passengers, up by 197 percent from the same period the previous year.
Business
Twitter executives exit, hirings halt
Kayvon Beykpour, a general manager, said he was ousted from the company.
- Musk's $44-billion deal to buy Twitter was announced last month but still needs the backing of shareholders and regulators.
- Musk's endorsement of a Trump return triggered fears among activists that Musk would "open the floodgates of hate."
Business
TAQA Group’s Q1 income up 37%
The company reported financial results for 3 months ended March 31
- The company delivered strong performance underpinned by its contracted utilities businesses and boosted by higher commodity prices
- The Group revenues increased to AED 12.4 billion, 20 percent higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment
Business
SMEs across GCC need more decentralized approach
The companies must also strive for more delegated authority and accountability as delays and poor follow-up lead to disaster, says...
- The firms must strive for more delegated authority and accountability as delays and poor follow-up lead to disaster, says Rabih I Khoury, Partner & Chief Exit Officer, MEVP
- Also needed is the use of technology to facilitate communication and digital processes implementation and leverage mature SaaS functionalities through mobile apps, he says
Business
Amanat reports 39% growth
Amanat recorded a total income of AED46.9 million
- The company recorded total income of AED 46.9 million, an increase of 40 percent on the AED 33.5 million recorded in Q1-2021
- Adjusted net profit rose to AED32.1 million in the quarter, a 39 percent increase on the AED23.1 million reported in the same quarter of the last year
Business
Fertiglobe revenue grows by 118 percent
The company raised its H1 2022 dividend guidance to at least $700 million.
- Adjusted net income in Q1 2022 was $361 million, increasing by 332 percent year-on-year.
- In March, Fertiglobe was announced as a founding constituent of the FTSE Russell ADX 15 Index.
ahli islamic introduces Sharia-compliant Money Market Fund
MUSCAT, OMAN – As part of its investment solutions and Sharia-compliant products and services, ahli islamic, ahlibank’s Islamic banking window,...
Business
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e& H1 net profit $1.27bn
Business
Ooredoo Algeria gets new CEO
Business
SFD to provide US$20m loan to Central African Republic for development projects
MARRAKESH, MOROCCO - The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional US$20...
Business
Lufthansa to suspend Beirut flights amid Middle East tensions
The spokesman, who blamed the decision on the "current situation in the Middle East", confirmed information from two passengers who...
Business
Gold prices soar over 3% amid escalating Middle East conflict
Dubai, UAE - Gold prices surged over 3% on Friday, heading for their most robust weekly performance in seven months,...
Economy
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Business
Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues...
- Operating revenues are the cash revenues generated from core or other sub-activities, according to the General Authority for Statistics.
- Manufacturing activities recorded nearly US$378 billion revenues, followed by the wholesale and retail trade at US$201 billion.
Business
Dubai records weeklong real estate deals worth $3.51 billion
Dubai, UAE -- A total of 1,659 real estate transactions worth over AED 12.9 billion ($3.51 billion) were conducted during...
- The DLD report showed that 297 plots were sold for AED 5.08 billion, while 1,362 apartments and villas were purchased for AED 4.57 billion.
- The total value of mortgaged properties for the week reached AED 2.37 billion.
Business
JPMorgan Q3 profit at $13.2bn
The bank’s revenues rose 22 percent to US$39.9 billion.
- One of the biggest factors in bank’s rise in profit was the increased earnings in net interest income (NII).
- NII is the gap between what the bank makes in interest in loans to clients compared with interest payments to customers