Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Rat on a plane sparks worries for Sri Lanka’s airline
Colombo, Sri Lanka - Sri Lanka's national airline on Tuesday blamed a rat for grounding a plane for three days, sparking...
Business
Economy
UAE Banks Federation urges businesses to benefit from SME Campaign
UAE Banks Federations (UBF) has called upon the entrepreneurs of existing and under-formation Small & Medium Enterprises (SMEs) to unlock...
- UBF Director-General, Jamal Saleh, explained that such initiatives will help UAE SMEs become a driving force for a thriving economy.
- SMEs are encouraged to tie up with reliable UBF members' banking partners who will grant them privileged access to customized business banking services and solutions.
Business
Oman Insurance reports highest net profit
The company’s net receivables ratio of 15.4 percent is at an all-time high, reflecting a strong emphasis on generating free...
- The company’s net receivables ratio of 15.4 percent is at an all-time high, reflecting a strong emphasis on generating free cashflows
- The company’s solvency capital requirement before the proposed dividend reached its highest level of approximately 275%
Business
Saudi-European Forum for investors in camel sector kicks off in Riyadh
The forum witnessed the attendance of businessmen and owners from the Kingdom and the GCC countries and employees of the...
- The forum witnessed the attendance of businessmen and owners from the Kingdom and the GCC countries and employees of the Chambers of Commerce
- The participants watched an introductory video presentation about the International Camel Organization and the Camel Club
Business
Three trends that will shape payroll this year
It seems unlikely that the volatility we have experienced since the start of the pandemic will disappear. Therefore, payroll teams...
- Covid-19 has tested the flexibility and resilience of payroll teams, forcing them to cater for hybrid working models and respond with agility to evolving tax relief measures
- Challenging times have prompted many payroll departments to modernise their systems and processes in anticipation of even more change to come
Business
Sharjah Ramadan Festival to offer deals and discounts
The festival is organized by the SCCI in cooperation with local government departments, bodies, institutions, and the private sector.
- The 32nd edition of the festival comes after the SCCI launched an integrated strategy under the theme Sharjah Offers
- It will apparently feature activities to promote the experience across various regions and cities of Sharjah during Ramadan
Business
Evergreen ship runs aground
The Ever Forward ran aground in the Chesapeake Bay in the US.
- The accident came almost exactly a year after the 200,000-ton container ship MV Ever Given blocked the Suez Canal for six days
- The canal is a vital artery from Asia to Europe that carries 10 percent of global maritime trade and provides Egypt with vital revenue
Business
Qatar signs air services agreement with Jordan
The agreement is said to have been formally signed in Qatar’s capital city Doha.
- The Acting Chairman of Qatar’s General Authority of Civil Aviation, Mohammed Al-Hajri, inked the deal for his country
- Jordan’s Civil Aviation Regulatory Commission CEO Haitham Misto signed the agreement on behalf of his country
Business
Art sales hit all-time high in 2021, continue rapid growth in Asia
Art auctions saw a record year in 2021 with $17.1 billion (15.6 billion euros) in sales as the market continued...
- There was also the landmark moment when digital artist Beeple sold a NFT for $69 million, the third-highest figure ever paid for a living artist.
- Contemporary art -- counted as anything created after 1945 -- accounts for a growing share of sales, with 20 percent of the market, up from 3 percent in 2000.
Business
UAE e-commerce hits $5bn in 2021, may surpass $8bn by 2025
E-commerce in the UAE surged to over $5 billion in 2021 and is projected to surpass $8 billion by 2025,...
- More consumers in the UAE made online purchases across all categories during 2021, compared to 2020, with 75 percent of respondents typically purchasing online.
- The UAE and Qatar are on top, with GDP-per-capita above $40,000 and internet penetration above 90 percent.
Business
Digital art in spotlight as Dubai makes crypto bid
Art Dubai, the Middle East's largest annual contemporary art fair, has featured for the first time digital works, as the...
- This year, in its 15th edition, the three-day fair hosted more than 100 local and foreign art dealers
- Local NFT platforms have welcomed the move as good for business, with crypto holders increasingly interested in digital art
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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
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Company News
Apple tops $3trn in market value
Business
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Saudi capital market assets under management rise by $14bn in Q2
Riyadh, Saudi Arabia -- The total assets under management (AUM) held by capital market institutions licensed by Saudi Arabia’s Capital...
Business
15m electric cars will be shipped globally in 2023: report
Dubai, UAE - Nearly 15 million electric cars, including both battery electric and plug-in hybrid vehicles, are expected to be...
Business
Healthcare, F&B and telecom companies spoil GCC stockmarkets’ three-month party
GCC equity markets saw their first decline in three months during August, influenced by global market performance and hawkish Fed...
Market Report
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Business
WTO says era of de-globalization is closer than it appears
Geneva, Switzerland - The de-globalization of international trade is far from being a reality, but "the first signs of fragmentation" are...
- After this phase of slowing globalization, the question is "whether we are moving towards a phase of deglobalization", said WTO official Ralph Ossa.
- "We're quite far away from deglobalizing, but at the same time, you start seeing... the first cracks in the system," the WTO official said.
Business
US govt face Google in landmark antitrust lawsuit
Washington, US - A landmark case pitting the US government against Google over the dominance of the company's world-dominating search engine...
- "This case is about the future of the internet and whether Google will ever face meaningful competition in search," said Justice Department lawyer Kenneth Dintzer
- The US government launched its case against Google during the Trump administration and the suit carried over in the transition to President Joe Biden
Business
Agthia okays H1’23 interim dividend
The interim dividend reflects the firm’s robust balance sheet.
- Agthia Group had announced strong first-half results, with group net revenue increasing 10.3 percent year-on-year to US$599 million.
- EBITDA increased 18.3 percent supported by margin expansion in snacking, protein, water and food, and a 6.6 percent increase in group net profit.