American Airlines orders 260 jets
It is part of the airlines' effort to 'modernize' its fleet.
Business
Dubai International Boat Show helps in marine business
DUBAI, UAE – Dubai International Boat Show has wrapped up following a hugely successful week of high-value boat sales, important...
Business
Business
AMEA Power awarded two projects
These solar projects in Morocco were part of a large international tender.
- The Moroccan Agency for Sustainable Energy (Masen) and the Ministry of Energy Transition and Sustainable Development announced the award of projects.
- The sites are located in Taroudant, in the Souss-Massa region, and in El Hajeb, in the Fès-Meknès region.
Business
Credit Suisse ‘faces’ Q1 loss
The Swiss banking giant said it has taken a hit from the Ukraine war, litigation.
- The bank said its results would be affected to the tune of 200 million Swiss francs ($211 million) in lost revenue and provisions for credit losses.
- Credit Suisse said it was also setting an extra 600 million Swiss francs aside for litigation that dates back more than a decade.
Business
Arriyadh posts 25% net profit
The Saudi developer reports $37m net profit in Q1.
- The company made SR139 million ($37 million) in profit, compared to SR111 million for the same period a year earlier
- The Riyadh-based firm attributed the increase in profit mainly to the increase in its share of profits from its associate company by 34 percent
Business
Julphar announces Strategy 2030
The strategy will see the company launch 100 new products.
- Maximising Revenue from Current Product Portfolio and Geographical Expansions two of the six growth pillars.
- Julphar has partnered with and signed manufacturing contracts with 11 leading companies across the globe for technology transfer.
Business
European car sales take a hit from Ukraine war
European car sales sank in March as Russia's invasion of Ukraine added more problems to a sector already struggling with...
- Passenger car registrations fell 20.5 percent compared to the same period last year, with 844,187 units sold
- The war has led to shortages of other parts, such as the cables used in car wiring harnesses and of which Ukraine is a manufacturer
Business
DFM engages HSBC as General Clearing Member
Dubai Financial Market (DFM) announced today that HSBC has become the first international General Clearing Member (GCM) to join the...
- The introduction of GCM service on DFM by HSBC is part of a wider collaboration program between the two entities
- HSBC is expected to offer its GCM service on DFM Equity Market starting in May
Business
Saudi Fashion Commission, Chalhoub Group to explore opportunities
The agreement is said to align with the objectives of the Fashion Commission to enhance collaboration and empower the sector...
- The MoU sets out a framework for the creation of leadership roles furthering nationalization in the fashion retail sector
- It is also to secure commercial spaces for the display of work by Saudi designers, and provide training courses in the field
Business
Italy looks to Africa for gas to end Russia dependence
Meanwhile, Italy is also looking into buying or renting two floating storage and regasification units (FSRU) to allow it to...
- Italy is one of Europe's biggest guzzlers of gas, which currently represents 42 percent of its energy consumption, and it imports 95 percent of the gas it uses
- The government hopes to reduce those imports by accelerating the investment in renewables and has vowed to cut red tape on wind and solar farms
Business
Netflix reports subscriber drop
It ended Q1 2022 with fewer subscribers than Q4 2021.
- Factors hampering Netflix’s growth include subscribers sharing accounts with people not living in their homes
- Another factor crimping Netflix’s growth is the intense competition from titans such as Apple and Disney
Interview
GCC luxury market grows despite supply chain woes
The GCC personal luxury market will continue to be on a ‘strong growth trajectory,’ Chalhoub Group Chief Strategy Officer (CSO)...
- High-end jewelry is expected to continue to record strong growth in the region
- Meanwhile, online shopping has doubled in the Middle East in the last two years
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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
American Airlines orders 260 jets
It is part of the airlines' effort to 'modernize' its fleet.
Business
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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...
Business
Growing IT outlays intensify MENA’s transformation
The region's IT spending is set to rise by 4% to $183.8 billion in 2024, with software and IT services...
Business
European Union okays lighter pact on curbing car emissions
Brussels, Belgium - EU member countries on Monday adopted a watered-down deal on curbing car emissions, after auto manufacturers complained stricter...
Business
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Business
Central Bank of Bahrain treasury bills oversubscribed by 149 percent
MANAMA, BAHRAIN - This week’s BD 70 million (US$186 issue of Government Treasury Bills has been oversubscribed by 149 percent....
- The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain.
- The issue date of these bills is September 27 2023 and the maturity date is December 27 2023.
Business
IsDBI, BIBF join hands to enhance global Islamic finance expertise
MANAMA, BAHRAIN - The Bahrain Institute of Banking and Finance (BIBF) and the Islamic Development Bank Institute (IsDBI) have decided...
- The programs cater to professionals from financial institutions, regulatory bodies, supervisory authorities and legal experts.
- This partnership between IsDBI, BIBF focuses on elevating the industry, forging international connections, and nurturing talent on a global scale.
Business
NEOM inks deal with Marriott International
Under the deal, two luxury hotels will be built in Trojena.
- The agreement includes Saudi Arabia’s first W Hotel, and a JW Marriott chain-branded hotel, NEOM said in a statement.
- Trojena, a flagship development within NEOM, is being crafted and positioned as a year-round adventure sports haven.