British Airways profit soars six-fold
The company said it was 92% booked for the first quarter of 2024.
QDB signs MoU with Global Ventures
The collaboration is expected to boost private sector in Qatar.
Business
Business
In a ‘dangerous’ land: tourists trickle back to Iraq
Retirees and YouTubers, on package tours or lugging backpacks, are braving Iraq's still basic tourist infrastructure to visit ancient sites...
- Western governments still issue travel warnings for tourists heading to Iraq, highlighting the risks from kidnappings and bombings
- Around 107,000 tourists visited Iraq in 2021, which is three times more than the number in 2020
Business
UAE-Turkey real-estate conclave to tap into new opportunities
Called the UAE-Türkiye Real Estate Development Construction Roundtable, it will be held on Wednesday, March 30.
- The meeting will look to widen the trade corridor and strengthen economic ties between the two countries, besides building new collaborations
- It will reportedly be hosted by the UAE-Turkish Business Council, in association with the Foreign Economic Relations Board of Türkiye (DEİK)
Business
Russians can do business in Turkey, says minister
Turkey’s Foreign Minister Mevlut Cavusoglu has said Russia's oligarchs can continue to do business in his country so long as...
- The measures targeting the possessions of Russia's oligarchs were not approved by the UN but by western countries
- They have imposed measures against Russia like placing oligarchs and other individuals close to Putin on sanctions lists
Business
Jordan to soon resume oil imports from Iraq’s Kirkuk fields
Jordan imports crude from Iraq under an MoU that was signed by the two governments on January 28 last year.
- The exports were suspended in early February, pending discussion of details in the MoU
- The oil will reportedly be transported to the Jordan Petroleum Refinery in Zarqa
Business
Microsoft addresses graft charges
An ex-employee said it paid bribes in the Middle East and Africa.
- A former employee has said he was fired after working for Microsoft from 1998 to 2018 in Africa
- He said he saw company employees involved in corrupt practices in several countries in the region
Economy
Riyadh, Dubai lead IPO surge in GCC
For the second time since the global financial crisis, the Middle East has surpassed Europe in terms of IPOs as...
- The proceeds of IPOs from Riyadh to Abu Dhabi have totaled $4.8 billion since the beginning of 2022
- Saudi Arabia has the busiest stock market in the Middle East in terms of IPO activity
Business
IEA gives third term to chief for guiding shift to clean energy
The International Energy Agency approved a third term for executive director Fatih Birol as the organization seeks a faster transition...
- The Turkish economist, who has been in the role since September 2015, will serve for another four years from September 2023
- The agency has since its inception focused on the energy security of developed countries but its mission was officially extended this week to search for carbon neutrality
Economy
Oil prices, stocks higher after EU snubs Russia ban
European stocks, which had been firmly higher earlier in the session, ended the day with only modest gains
- European stocks, which had been firmly higher earlier in the session, ended the day with only modest gains
- Bitcoin rose above $45,000 as Moscow is expected to accept cryptocurrency in exchange for Russian gas
Business
Aramco lifts TASI as UAE stocks see weekly gain
The Abu Dhabi Stock Exchange achieved weekly gains of 1.7 percent, while that for the Dubai stock exchange was 1.9...
- The Abu Dhabi index closed up by 0.2% on Thursday; and 0.3% on Friday
- TASI remained unchanged on Thursday, as losses in financial businesses canceled out the gains
Business
UAE and Dutch export credit firms to bolster cooperation, facilitate halal trade
Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed a Memorandum of Understanding (MoU) with its Dutch counterpart...
- Etihad Credit Insurance and its Dutch counterpart Atradius DSB to bolster collaboration through joint strategic projects.
- The partnership also seeks to facilitate stronger halal trade through ECI’s Sharia-compliant finance solutions.
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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
British Airways profit soars six-fold
The company said it was 92% booked for the first quarter of 2024.
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Iran and Cuba to set up joint ‘technology and innovation’ center
Tehran, Iran-- Iran and Cuba are looking to to set up a joint technology and innovation center to promote cooperation...
Economy
AI ‘no substitute’ for fashion designers’ creativity
Fashion innovator Calvin Wong, who has developed the world's first designer-led AI system, says 'we must treasure the designer's original...
Business
Iran steel production to rise by 22% in two years to 55MT annually
Tehran, Iran -- Iran’s annual steel production capacity is expected to increase by more than 22 percent within the next...
Business
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Economy
Saudi ministry inks economic pact with Alfaisal University
RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic...
- Under the MoU, the two parties will cooperate to promote economic development, activate academic research.
- The Ministry of Economy and Planning will provide consultations on the use of university resources such as student research.
Business
California sues oil giants, alleges environment, climate-risks deception
The US state of California sued five of the world's largest oil companies, alleging the firms caused billions of dollars...
- The suit follows numerous other cases brought by US cities, counties and states against fossil fuel interests over the impact of climate change.
- The suit seeks the creation of an abatement fund to pay for future damages caused by climate disasters in California.
Business
Sharjah Social Security Fund offers service period purchase option
SHARJAH, UAE - The Sharjah Social Security Fund (SSSF) has allowed the possibility of acquiring the service period for insured...
- This move aligns with the fund's strategies aimed at enhancing the well-being of employees and providing them with opportunities to boost their pensions.
- The fund said it is allowed to procure the service period for insured employees after they have completed a minimum of 20 years of actual service.