ESG H1 net profit $162m
Business
ExxonMobil Q2 profits $7.9bn
Business
PIF sets up tourism firm Asfar
Business
Italy’s Eni Q2 profits down
Business
Tabreed H1 23 net profit $105m
Business
SAB H1 profit up 59%
Business
Business
Surging ecommerce boon for GCC businesses
A rising number of tech-savvy millennials, 60 percent of whom shop online, is one of the most important factors responsible...
- A meager $5.3 billion, or 0.4 percent of the GCC's GDP, was generated by e-commerce in 2015. By 2020, revenue had quadrupled to $21.6 billion.
- According to the Kearney Global Consultancy Firm, GCC e-commerce sales are expected to surge to $52 billion annually by 2025.
Business
Deutsche Bank offices raided in money-laundering probe
Investigators searched the offices of Germany's biggest lender Deutsche Bank on Friday, prosecutors said, with the focus on the bank's...
- Deutsche Bank has in recent years been closely watched by financial authorities in relation to suspicious transactions
- Investigators searched Deutsche Bank's headquarters in 2019 for failing to report possibly illicit money flows
Business
Altaaqa and TotalEnergies to set up EV charging ports in KSA
Altaaqa of Saudi Arabia and TotalEnergies of France have teamed up to establish charging stations for electric vehicles in the...
- Under the Altaaqa EV brand, the companies will offer end-to-end solutions for the development of the stations
- The move will help Saudi Arabia in its bid to achieve net-zero carbon emissions by 2060
Business
EITC Q1 net profit $86.44m
Revenues grew 8.5 percent to AED 3,128 million.
- Mobile service revenues increased 6.9 percent to AED 1,402 million while handset sales generated AED 216 million in revenues.
- Fixed services revenues jumped 22.8 percent to AED 815 million on sustained demand from consumer and enterprise customers.
Business
ADNOC acquires stake in Borealis
The oil giant acquired shareholding from Mubadala Investment Company.
- Borealis now will be owned 25 percent by ADNOC and 75 percent by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on Vienna Stock Exchange.
- ADNOC and Borealis have been partners for two decades through their jointly held Abu Dhabi-based polyolefins company Borouge.
Business
Foreign ownership in Saudi stock market touches $70bn
Saudi Arabia's drive to lure more foreign investment into the kingdom's stock exchange paid off as foreign ownership touched $70...
- Increased market attractiveness propelled a 54 percent rise in the ownership of qualified foreign investors at the end of 2021 compared to a year earlier
- The year also witnessed a higher frequency of listings on the bourse, with a total of 21 listings completed on the Kingdom’s main and parallel markets
Business
Amazon reports rare quarterly loss
The company warns of continuing challenges in the months ahead.
- The e-commerce giant said it lost $3.8 billion in the first three months of the year, plunging into the red on a $7.6 billion loss in value of its stock in Rivian.
- Sales in the recently ended quarter climbed to $116.4 billion, a seven percent increase from the same period a year earlier.
Musk offloads $4 billion in Tesla shares after Twitter deal
Tesla chief Elon Musk sold about $4 billion worth of shares in the electric carmaker in the days after Twitter's...
- Following these sales, Musk, the world's richest person, holds just over 168 million shares in Tesla, via a trust
- Twitter's stock is trading at a significantly lower price than Musk's offer of $54.20 a share closing at $49.11 on Wall Street on Thursday
Business
DFM Company posts Dh 27.5m net profit in Q1 2022
The Company’s total consolidated revenue has increased by 7 percent to AED 78.6 million in Q1 of 2022 compared to...
- The Company’s total consolidated revenue has increased by 7 percent to AED 78.6 million in Q1 of 2022 compared to AED 73.4 million during Q1 of 2021.
- The revenues are comprised of AED 55.9 million of operating income and AED 22.7 million of investments returns and others
Business
Fitch affirms AA- rating to Emirates Development Bank
The bank, which is a key financial enabler of the UAE’s economic diversification and industrial transformation agenda, has also been...
- The bank, a key financial enabler of the UAE’s economic diversification and industrial transformation agenda, has also been assigned an ‘aa-’ Government Support Rating
- The EDB has contributed AED1.91 billion to the UAE’s GDP growth following the launch of its new strategic vision
Company News
ESG H1 net profit $162m
Business
ExxonMobil Q2 profits $7.9bn
Business
Latest News
PIF sets up tourism firm Asfar
Business
Italy’s Eni Q2 profits down
Business
Tabreed H1 23 net profit $105m
Business
ADNOC Drilling to pay $358m dividend
The company's H1 revenue increased by 13% to $1.4 billion.
Business
Borouge signs supply pact with NPCC
Borouge will also supply critical materials for UAE energy projects.
Business
Delta suspends Israel flights through October 31
The suspension of flights by the airline follows similar decisions by American Airlines, Air France, Lufthansa, Emirates and Ryanair and...
Business
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Business
Evergrande shares begin trading
The shares dropped nearly 9 percent at the close of trading.
- Evergrande Vehicle was the last to resume trade, one week later than Evergrande Group and Evergrande Property Services.
- Trading of all three Evergrande companies listed in Hong Kong was halted on September 28, after its founder Xu Jiayin was suspected of illegal crimes.
Business
Al Etihad Payments partners with NIPL to develop UAE Domestic Card Scheme
ABU DHABI, UAE – Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), and...
- To be launched in early 2024, the card scheme will aim to facilitate the growth of e-commerce and digital transactions in the UAE.
- It will bolster financial inclusion, support the nation’s digitization, increase alternative payment options and enhance the UAE’s competitiveness.
Geostrategy
Saudi Arabia launches mechanism to advance global climate goals
RIYADH, SAUDI ARABIA - The Clean Development Mechanism Designated National Authority (CDMDNA) announced on Monday the operation of Saudi Arabia's...
- Greenhouse Gas Crediting and Offsetting Mechanism will be accessible to all entities within the Kingdom.
- This step reflects the Kingdom’s role in addressing climate challenges and enabling institutions to tackle their emissions.