UAE exports 31.3m barrels of crude oil to Japan in February
Tokyo, Japan--The UAE exported 44.1 percent, namely 31.3 million barrels, of Japan's crude oil needs in February 2024, according to...
Business
Jordan exports pharmaceutical products worth US$874m in 2023
AMMAN, JORDAN – Products of the Kingdom’s pharmaceutical industries and medical supplies sector moved over the past quarter century to...
Business
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
UAE exports 31.3m barrels of crude oil to Japan in February
Tokyo, Japan--The UAE exported 44.1 percent, namely 31.3 million barrels, of Japan's crude oil needs in February 2024, according to...
Business
Company News
Nissan Q1 net profit $750m
Business
RAKBANK H1 profit $245m
Business
ADCP partners with AP Moller
Business
Latest News
Saudi Arabia to enhance air connectivity to over 250 destinations by 2030
RIO DE JANEIRO, BRAZIL - A delegation led by President of the General Authority of Civil Aviation (GACA) Abdulaziz bin...
Geostrategy
Luxembourg, EU’s richest country, grapples with housing crisis
Luxembourg, Luxembourg -- Luxembourg's residents may be classified as the wealthiest in the European Union, but the sky-high cost of buying...
Business
Saudi Arabia’s cement sales fall by 8.5 percent in September
Riyadh, Saudi Arabia -- The aggregate sales of 17 Saudi cement producers decreased by 8.5 percent to 4.1 million tons...
Business
Most Read
Business
UAE emerges as crypto powerhouse amid global shifts
Last year, 67% of UAE's crypto transactions were institutional, valued over $1 million, with decentralized exchanges constituting 48%, outpacing centralized...
- Last year, 67% of UAE's crypto transactions were institutional, valued over $1 million, with decentralized exchanges constituting 48%, outpacing centralized ones, says a report
- Between July 2022 and June 2023, the MENA region registered $389.8 billion in on-chain value, with Saudi Arabia experiencing a 12% annual crypto transaction growth
Economy
Inflation, war and high rates to decelerate trade in 2023, says WTO
Geneva, Switzerland - Global trade growth will be sharply lower than forecast this year as stubborn inflation, high interest rates and...
- The volume of world merchandise trade is now expected to grow by 0.8 percent this year, "less than half the 1.7 percent increase forecasted in April", the WTO said.
- "The exact causes of the slowdown are not clear, but inflation, high interest rates, US dollar appreciation, and geopolitical tensions are all contributing elements," it said.
Market Report
Tadawul’s sukuk, bonds market sees $3.4bn negotiated deals in first 9 months of 2023
RIYADH, SAUDI ARABIA – The Saudi Exchange's (Tadawul) sukuk and bonds market witnessed 74 negotiated deals worth nearly SAR 12.77...
- March recorded the highest number and value of deals, as 18 transactions were executed at a value of $853 million
- KSA Sukuk 2021-06-10 topped the list in the first nine months of 2023 with US$821 million.