Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
Economy
China records expansion in factory activity for first time in six months
Shenzhen, China--China's manufacturing activity expanded for the first time in six months in March. The official purchasing managers' index (PMI)...
Economy
Business
US calls for immediate end to Libya oil shutdowns
The US said Wednesday it was "deeply concerned" about an ongoing closure of key oil installations in Libya, calling for...
- The closure of several sites this month, including oilfields and export terminals, has seen Libya's output halve to around 600,000 barrels per day
- Libya's reduced output also comes as global oil prices remain under pressure since Russia, an OPEC+ producer, invaded Ukraine in February
Business
Saudi Arabia to purchase some 100,000 Lucid electric vehicles
Saudi Arabia has signed an agreement with Lucid Motors to purchase a minimum of 50,000 electric vehicles and up to...
- The Saudi sovereign wealth fund, also known as the PIF, owns a considerable stake in Lucid
- The kingdom is setting up its first electric vehicle manufacturing plant in the country with Lucid
Ramadan brings $6bn windfall for MENA
The spending through the month of April has been widespread, including a broader increase in sales volume and a diversification...
- Saudi spending on travel, accommodation, and dining in restaurants rose by 37% in Ramadan 2022
- Consumers in the MENA are predicted to spend US$ 6.2 bn online during Ramadan in 2022
Business
Aldar Properties Q1 net profit $187m
The firm said its revenue grew 32 percent to 2.68 billion dirhams.
- Its quarterly sales were AED 2.2 billion, driven by inclusion of SODIC’s strong Q1 performance and continued momentum in Abu Dhabi’s real estate market.
- It expanded strategic land bank for development with a 6.2 million square meter plot acquired on Saadiyat Island during the second quarter.
Business
Can Twitter become more profitable under Elon Musk?
Listed on the New York Stock Exchange for just under nine years, Twitter has posted a net loss every year,...
- Musk is paying above $44 billion for the company, an amount dwarfed by Facebook's valuation of more than $500 billion.
- Twitter's revenues are mainly derived from advertising rather than its user base, which isn't large enough to make up its finances.
Business
Demolitions in Jeddah cause anguish in residents
The Saudi doctor still had 15 years left on the loan he used to build his family's "dream" home in...
- The operation was part of a $20-billion clearance and construction project that stands to displace half-a-million people in Saudi Arabia's second city
- Paused for the Muslim holy month of Ramadan, the demolitions are expected to pick up again in May
Business
Ajman Chamber certificates of origin rise by 29 percent in 2021
The total number of certificates of origin issued by the Ajman Chamber of Commerce and Industry (ACCI) during 2021 increased...
- The products of ships and boats ranked first in the exports from Ajman, while fish products came in the second rank.
- Ajman's exports to the top 10 countries during 2021 constituted about 65 percent of the total value of exported goods.
Business
MENA region saw $2.88bn startup investment in 2021: Report
The report also claimed that the value of early-stage deals for startups in the region doubled from 2020 to 2021.
- Startups based in the UAE attracted the highest value and number of investment deals in 2021
- Saudi Arabia continued to hold the second position in value of deals, followed by Egypt and Jordan
Business
Iconic GCC TOP CEO event in May
The event, along with the Arab Women Forum, will be held at Palazzo Versace, Dubai, on May 17 and 18,...
- Arab Women Forum, a platform to discuss achievements and share solutions for the women leaders of the region, is also making a comeback along with TOP CEO Conference and Awards
- The TOP CEO awards are based on the rankings of all GCC-listed companies based on financial performance, size of a company, and corporate governance
Business
Despite unrest, it’s business before politics in West Bank town
Violence may rage elsewhere, but it's business before politics in the occupied West Bank town of Nilin where Palestinian merchants...
- Nilin is no stranger to the realities of occupation -- a number of the town's residents have been killed in past clashes with Israeli forces
- The Jewish state's separation barrier cuts through its western edge, and Israeli settlements, regarded as illegal under international law, dominate the surrounding hilltops
Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
Economy
Company News
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GCC’s digital leadership puts focus on cybersecurity
As GCC leads in digital innovations, there's an urgent need for strong cybersecurity to combat increasingly complex threats targeting governments,...
Business
Dubai at top global ranking for attracting Greenfield FDI projects in H1 2023
DUBAI, UAE - Dubai remains the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate...
Business
EV infrastructure company launched
PIF will own 75% in the Electric Vehicle Infrastructure Company.
Business
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Business
Saudi Arabia Railways launches hydrogen train tests
Riyadh, Saudi Arabia -- Saudi Arabia Railways (SAR) has announced the launch of hydrogen train tests in the Kingdom, following...
- The tests were launched following the signing of an agreement with the French company Alstom.
- It will conduct operational tests and studies necessary to prepare this type of train to fit the Kingdom's environment.
Business
Hotels in UAE generate revenues of US$7bn in first seven months, says minister
ABU DHABI, UAE - In the first seven months of the year, hotel establishments in the UAE generated revenues of...
- Hotel establishments in the country hosted 16 million guests in in the first seven months of 2023, said the UAE economy minister.
- Some 56 million hotel nights have been booked while the occupancy rate reached 75 percent from January to July.
Geostrategy
Major airlines cancel dozens of flights to Tel Aviv
Air France-KLM group's low-cost carrier Transavia announced it was cancelling all flights from Paris and Lyon to Tel Aviv up...
- At Ben Gurion airport American Airlines, Air France, Lufthansa, Emirates were among those pulling flights
- But airport authorities did not stop commercial air links with Eilat, Israel's second international airport