Shipping insurance rates soar on Red Sea missile attacks
Maritime container transport has sunk by almost one third so far in 2024 compared with a year earlier, according to...
Business
Finland firm to slash 1,150 jobs
Business
Tecom secures $2.06bn loan
Business
Rolls-Royce back into profit
The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.
Business
DP World to give ₤1 mn to two Earthshot Prize finalists
DP World’s has announced ₤1 million investment to two Earthshot Prize Finalists, designed to scale their work in the UAE...
- The Innovation Showcase profiled the ground-breaking solutions from the 2021 Earthshot Prize finalists
- Prince William lauded the DP World's gesture during his visit to Middle East
Business
Kuwait launches 2nd edition of initiative for youngsters’ business
Kuwait's Youth Authority on Saturday, February 12, launched the second edition of the ‘professional initiator’ program
- The program aims to diversify productivity, helping young citizens launch startups in the private sector
- It is also expected to provide more opportunities for medium and small enterprises at different levels
Business
Dubai saw $1.8bn real-estate transactions last week
A total of 2,078 real-estate transactions worth AED6.6 billion ($1.8 billion) were conducted in Dubai during the week ending February...
- A total of 280 plots were sold for AED1.42 billion ($386.66 million), according to official data
- Meanwhile, 1,275 apartments and villas were sold for AED2.54 billion ($691.63 million)
Business
IHC reports $3.08bn profit
The company posted an all-time-high annual revenue in 2021.
- IHC’s total revenue grew 303 percent in 2021 to AED 28.3 billion ($7.71 billion)
- This beat its previous year’s revenue record of AED 7 billion ($1.91 billion)
Business
Saudi Arabia scouts markets for non-oil exports
While initiatives like Made in Saudi Arabia are helping ramp up production, Saudi Exports is looking to rope in government...
- Saudi Arabia intends to increase the amount of non-oil exports from 16 percent to 50 percent of the total GDP
- The Made in Saudi Arabia program helps create a unified identity for exports and improve their reliability
Business
UAE and Israel agree to boost tourism sector ties, plan events
The UAE and Israel signed a Memorandum of Understanding (MoU) to strengthen their tourism and economic cooperation and reinforce their...
- The two sides will intensify their technical cooperation in tourism education, vocational training, marketing and promotional activities.
- The trade between the two countries grew to $700 million within one year of signing Abraham accords.
Business
DWC Airport to host Business Aviation Event ‘MEBAA’ in December
DWC Airport in Dubai will host the MEBAA Show, a business aviation platform, from 6-8 December 2022. The event will...
- The event will showcase the latest trends, insights, innovation and commercial opportunities shaping the future of business aviation.
- Providing a platform for the entire business aviation community, the MEBAA Show will convene again to build partnerships.
Business
Saudi seaports registers 5.3 percent increase in cargo handling
This includes a 48.28% growth in passenger volume, with the total number reaching 88,000.
- The total food shipments amounted to more than 2 million in January, representing an increase of 2.06 percent compared to last year.
- The statistical figures for January 2022 issued by MAWANI also showed an increase in other operational indicators of Saudi ports.
Business
High taxes take fizz out of Turkey’s cafes
In a waterfront Istanbul neighborhood that once buzzed with cafe and pub life, there are now only empty tables after...
- The tax is one of the biggest blows to alcohol consumption by a government often accused by its opponents of eroding the pillars of modern Turkey
- The blow was felt particularly hard in the Besiktas neighborhood on the European side of the Bosphorus
Business
TAQA posts a net income of AED6bn for 2021
Abu Dhabi National Energy Company (TAQA) has posted a net income (TAQA-share) of AED6.0 billion, a jump of AED3.2 billion,...
- The company has attributed the increase in income to a greater contribution from the Oil & Gas segment
- The Group revenues of AED45.7 billion, 11 percent higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment
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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
Shipping insurance rates soar on Red Sea missile attacks
Maritime container transport has sunk by almost one third so far in 2024 compared with a year earlier, according to...
Business
Company News
Tawuniya Q1 2023 net profit $20m
Business
Finland firm to slash 1,150 jobs
Business
Tecom secures $2.06bn loan
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Latest News
Saudi Arabia’s consumer spending hits $27bn in July: Central Bank
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 2 percent to SAR 104.6 billion ($27.88 billion) in July 2023, from...
Business
China, US lift wind turbine sales: study
The study credited President Joe Biden's Inflation Reduction Act in the United States, which is designed to underpin a vast energy...
ADNEC Group launches charter flights to Europe, Central Asia to draw tourists to Abu Dhabi
Abu Dhabi, UAE - ADNEC Group, through its tourism arm Tourism 365, has launched new charter flight services in the...
Business
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Business
Abu Dhabi to unveil one of world’s biggest airport terminal
Dubai, UAE - An airport terminal able to handle up to 45 million passengers a year will open in Abu Dhabi...
- Terminal A in the Abu Dhabi airport will be able to accommodate 11,000 travelers per hour and 79 aircraft at a time.
- The new facility, also known as Midfield Terminal Building, "is scheduled to begin operations in early November 2023", local media said.
Business
Moody’s lowers Country Garden credit ratings
Beijing, China - Moody's further downgraded the credit ratings of Chinese property developer Country Garden on Thursday as the heavily indebted...
- Moody's said it had cut Country Garden from Caa1 to Ca, indicating obligations that are "highly speculative and are likely in, or very near, default"
- The Chinese firm is estimated to "not have sufficient internal cash sources to address its upcoming offshore bond maturity", according to Moody's
Business
Bitay to expand in UAE’s burgeoning crypto market
DUBAI, UAE – Bitay, a cryptocurrency platform from Turkey, announced its expansion into the UAE's burgeoning crypto market. The UAE,...
- Kickstarted by a government research grant, Bitay has been operational in Turkey since 2018 and expanded its services globally in 2021.
- The platform is licensed as a Money Services Business (MSB) in 16 US states and offers services in multiple countries.