JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
Business
SIB Q1 net profit up 13.9 percent
The bank said it continued to maintain a strong liquidity.
- The bank said it recorded an increase in net impairment provisions amounting to AED 61.5 million, compared to AED 48.0 million for the previous period.
- Net income on financing and investment products increased by 11.6 percent, equivalent to an increase of AED 30.6 million.
Business
Dubai South signs on Discovery Land to build luxury golf community
The agreement was signed between, Dubai Aviation City Corporation and Dubai South Executive Chairman Khalifa Al Zaffin and Discovery Land...
- Discovery Land purchased the plot of land that will be utilized for the development of the spacious luxury golf community
- It will be built up to the highest standards and become among the top golf course communities in the region once completed
Business
Saudi Arabia taps Fawaz Alhokair and Partners to support designers
The MoU is expected to help the commission as well as the company to support Saudi fashion designers.
- As part of the agreement, Saudi fashion designers will benefit from the support of platforms managed by Fawaz A Alhokair and Partners Co
- The two parties will also collaborate on sustainability programs and projects, with implementation supervised by specialized teams in both parties
Business
Price hikes fuel Nestle Q1 sales rise
Nestle raised prices due to inflation, and signaled more hikes.
- Nestle's organic growth reached 7.6 percent in the first quarter, exceeding the forecast of analysts
- The growth excludes the effects of acquisitions or divestments to focus on a company's core operations
Interview
Abu Dhabi to trade carbon credits like assets
Carbon credits can be traded on legal carbon markets, such as the Emissions Trading System of the European Union. They...
- Expected to launch in Q3 2022, ACX will be established as a recognized investment exchange regulated by ADGM
- The GCC's broader plan to achieve net-zero was one of the main factors in establishing a carbon market in Abu Dhabi
Business
Etihad Engineering partners with Touchdown Aviation for aircraft parts
Touchdown Aviation (TDA) will provide Etihad Engineering supply chain solutions locally in Abu Dhabi, to ensure the availability of high...
- Etihad Engineering has successfully completed maintenance projects over the years for airlines from all over the world.
- The company's state-of-the-art 500,000 sqm facility is located in Abu Dhabi, adjacent to Abu Dhabi International Airport.
Business
Amlak appoints new MD
Abdullah Al-Sudairy will hold the dual posts of CEO and MD.
- Al-Sudairy has served as the company’s CEO since 2007 and has a wide range of experience in the financial sector
- The Saudi-listed company said it received the Saudi central bank’s no-objection on April 21
Business
DP World gross volume up 1.9 percent
Qingdao (China) and Sokhna (Egypt) among strong performers.
- The first-quarter growth was driven by Asia Pacific, Middle East, Europe and Africa, and Americas regions.
- The company said that at a consolidated level, its terminals handled 11.3 million TEU during the first quarter of 2022.
Business
Emirates NBD profit up 18 percent
The bank said it was the highest quarterly profit since 2019.
- The bank said the total income was up 3 percent year on year to AED 6.4 billion on improved loan mix and cheaper deposits.
- The bank’s total assets rose 1 percent to AED 694 billion despite the Turkish Lira depreciation, it said.
Business
Italy to scale down its dependence on Russian gas
Italy is ethically obliged to stop buying Russian gas "soon" as the payments are funding the Ukraine war, the country's...
- "We are diversifying our sources with great speed," he said
- Cingolani predicted the country would no longer need Russian gas within 18 months
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
Company News
CBD H1 2023 net profit $133m
Business
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ADNOC in talks with OMV
Business
QatarEnergy inks pact with Marubeni
QatarEnergy will supply naphtha to Marubeni for 10 years.
Business
Iraq’s oil revenues hit nearly $9bn in Aug: Ministry of Oil
Baghdad, Iraq -- Iraq's oil revenues in August hit nearly $9 billion, according to the data issued by the Iraqi...
Business
Rising demand for critical metals pose dilemmas for investors
PARIS, FRANCE - Soaring demand for the raw materials needed for the transition towards renewable energy is creating dilemmas for investors...
Business
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Business
India allows export of 75,000 tonnes non-Basmati rice to UAE
New Delhi, India - Indian government has given the green light for the export of 75,000 tonnes of non-basmati white...
- The decision comes in the wake of restrictions placed on non-basmati white rice exports on July 20 aimed at bolstering domestic supplies
- However, exceptions are being made for authorized exports to foreign nations, particularly to meet their food security demands upon request
Business
Ford halts work on US$3.5 billion battery plant
The auto giant announced in February the project in Marshall, Michigan as a way to diversify its battery profile away...
- The stoppage comes as the company faces a major strike along with both of the other "Big Three" US automakers
- Ford spokesperson insisted the decision about the $3.5 billion battery plant had not been related to the ongoing strike
Business
Iran’s exports of agriculture products climb up 10% to US$1.62bn
Tehran, Iran-- Iran's exports of agricultural products to the outside world shot up 10% in the first 5 months of...
- The United Arab Emirates, Iraq and the Russian Federation were the major destinations for Iran's exported crops
- During the first 5 months of 2023, a total of 2,169 million tons of agricultural products worth $1.62 billion were exported