EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
Science
Russia sanctions pile on helium industry woes
Helium is used in the manufacturing of semiconductors, and its shortage is expected to exacerbate the paucity of computer chips.
- Russia is expected to eventually produce the equivalent of a third of the world's current helium production
- However, with Western sanctions over the Ukraine invasion, experts worry that gas won't reach the global market
Business
QOIC profits drop 25%
It will distribute cash dividends of QAR0.01 per share.
- QOIC saw a net profit of QAR4.99 million ($1.84 million) in the period ending December 31, 2021
- In comparison, its net profit was QAR6.7 million ($1.37 million) for the previous year
Business
Saudi fintech cashes in on startups, investments
Saudi Arabia witnesses a 37 percent rise in the number of fintech startups and a $181 million increase in venture...
- Saudi Arabia witnesses a 37 percent increase in the number of fintech startups entering the market
- Saudi fintech sector is mostly driven by young entrepreneurs who compete with the country's top financial institutions
Economy
Dubai leads region in innovation, fintech
The emirate, which boasts a thriving community of startup incubators and accelerators, tops the list for foreign direct investment and...
- Dubai is developing an environment that encourages firms from all industries to innovate.
- The city has been able to leverage its strengths as a world-class city to attract global blockchain entrepreneurs.
Business
The UAE-India trade to touch $100bn by 2030
The economic ties between the UAE and India have been reinforced by growing trade between the two countries that stood...
- According to the UAE Embassy in India, the cumulative bilateral FDI stands at $67 billion
- The Indian Embassy in the UAE estimates that the UAE’s investments in India are about $17-18 billion, of which over $11 billion is in the form of FDI (2000-June 2021)
Business
Middle East Energy opens next week, will focus on energy transition
Policymakers, business leaders, and industry experts from the energy industry will converge in Dubai next week to participate in Middle...
- The speakers will also be participating in the Global Energy & Utilities Forum which will provide a platform for industry experts to discuss multiple subjects.
- The event focuses on Transmission & Distribution, Smart Solutions; Renewable & Clean Energies; Backup Generators & Critical Power; and Energy Consumption & Management.
Business
Capital Bank of Jordan lists a $100m bond on Nasdaq Dubai
Capital Bank of Jordan has made its first-ever bond listing of $100 million on Nasdaq Dubai, the Middle East's international...
- According to the bank’s chairman, Bassem Al-Salem, the step will “extend Capital Bank’s reach and allow our teams to strengthen the bank’s relationship with investors in UAE
- Nasdaq Dubai was chosen given its position as the largest regional venue for listing US dollar-denominated debt
Business
Lufthansa posts net loss of $2.2bn
The German carrier said it cut its losses by two-thirds in 2021.
- German airline Lufthansa said that Ukraine invasion has led to uncertainty in aviation sector
- It said rising price of fuel would also adversely impact the sector and could reduce the profit
Business
Former Nissan boss refuses to fade away into oblivion
From his shock detention to an audacious escape from Japan hidden in an audio-equipment box, the rollercoaster saga of former...
- Ghosn and his aide Kelly were arrested in Tokyo on suspicion of financial misconduct on November 19, 2018
- He was granted bail before being arrested again in a dawn raid of his Tokyo apartment in April of 2019
Business
Amazon closing bookstores, pop-up shops to focus on grocery chain
E-commerce titan Amazon on Wednesday confirmed plans to close its bricks-and-mortar bookstores and pop-up shops in order to focus on...
- The Seattle-based company expected to close 66 real-world stores in the United States and two more in the United Kingdom.
- Amazon acquired the Whole Foods Market grocery chain for $13.7 billion in 2017, significantly expanding the e-commerce giant's presence in physical retail.
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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
EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
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Russia’s largest bank launches new services in Iran
Tehran, Iran--Russia’s largest lender, SBERBANK, is presenting a new service that allows its clients to transfer money to the Islamic...
Business
Alif debuts in the UAE with Alif pay launch
Dubai, UAE - Alif, a Central Asian fintech leader, is expanding its presence into the United Arab Emirates (UAE) with...
Business
Dubai real estate sales up despite price rise since January 2020
Dubai, UAE – The Dubai Land Department (DLD) reported over 3,200 transactions worth AED 24.7 billion last week and this...
Business
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Business
Russia’s Sberbank launches new tourism-oriented services in Iran
Tehran, Iran -- Russia’s largest lender, SBERBANK, is presenting a new service that allows its clients to transfer money to...
- According to Sber, ruble transfers will be sent to the Iranian Pasargad Bank with the standard commission for international transactions of 1 percent.
- Last December, Russia’s second-largest bank VTB launched a similar service in Iran and later in May it opened a branch in the country.
Economy
Iran receives US$6.7bn foreign investment in May 2023 EXPO, says official
TEHRAN, IRAN - Foreign companies and governments committed some US$6.7 billion worth of investments during an exhibition that was held...
- The Iranian diplomat said that his country has an ambitious vision to diversify its economy away from crude oil revenues.
- He said that this includes expanding the transportation infrastructure in Iran to significantly increase its cargo transit revenues.
Economy
Global rice prices hit 15-year high after India curbs: FAO
Rice is a major world food staple and prices on international markets have soared in the wake of the Covid...
- The consumer affairs and food ministry said at the time that the move would "ensure adequate availability" and "allay the rise in prices in the domestic market".
- The ban was expected to hit African nations, Turkey, Syria and Pakistan, all of which were already struggling with high inflation, data analytics firm Gro Intelligence said.