Gold hits fresh record above $2,200 on rate cut hopes
The gains have been helped by a weaker dollar and the gold's attraction as a safe haven as geopolitical tensions...
Business
Dubai international pharma exhibition generates deals worth $1.38 bn
The 27th edition of the Dubai International Pharmaceutical & Technologies Conference and Exhibition (DUPHAT 2022) has generated direct and indirect...
- The largest of its kind in the region, DUPHAT 2022 was held at the Dubai World Trade Centre and featured the participation of a number of doctors and pharmacists.
- The event attracted more than 22,000 visitors and participants from 82 countries and featured 140 speakers who shared their insights at 112 scientific sessions.
Business
Dubai records weekly real estate transactions worth $1.9 billion
Real estate transactions worth AED7.1 billion ($1.9 billion) were recorded by the Dubai Land Department during the week ending 25...
- The total number of transactions was 2,064, which included 300 plots of land that were sold for AED2.58 billion and 1,382 apartments and villas sold for AED2.88 billion.
- The top transactions were a plot of land in Marsa Dubai that sold for AED535.92 million, followed by a plot that was sold for AED476.81 million in Marsa Dubai.
Business
At $2.24trn value, Aramco tests Apple for the top slot
Aramco is inching closer to dislodging Apple as the world's most valuable company when the former's shares rose up, taking...
- The Saudi oil giant surpassed Microsoft, claiming its position as the second-largest valued company worldwide
- As of 11.04 a.m. Saudi time, shares stood at SR42 ($11.2)Â after the oil giant closed a $15.5 billion pipeline deal
Business
e& 2021 net profit $2.53 bn
The net profit was 3.2 percent higher than in 2020, the company said.
- UAE’s largest telecom operator said that foreign ownership limit in share capital from 20 pc to 49 pc increased ownership stake in Maroc Telecom Group from 48.4 pc to 53 pc.
- The company has proposed a dividend of AED 0.4 per share for the second half of 2021, representing a total dividend for FY2021 of AED 0.8 per share.
Infographics
SWIFT: The Russia sanctions threat for Ukraine invasion
Ukrainian President Volodymyr Zelensky called on world powers on Thursday to cut Russia off from SWIFT, after Russian forces invaded...
- Founded in 1973, the Society for Worldwide Interbank Financial Telecommunication, actually doesn't handle any fund-transfers itself
- But its messaging system, developed in the 1970s, provides banks the means to communicate rapidly, securely, and inexpensively
Ukraine crisis challenges oil industry caution at high prices
As oil prices have risen over the last year companies ranging from giants like Chevron to mid-sized players such as...
- As oil prices have risen over the last year companies ranging from giants like Chevron to mid-sized players like Devon Energy have chosen to only lift capital investment modestly
- That approach has reflected the clear preference within the investment community for producers to steer extra cash to debt reduction and shareholder givebacks
Business
Ajman Free Zone’s technology sector records 21% growth in 2021
The positive growth in results indicate the growing confidence of foreign investors and technology companies in AFZ's offerings in the...
- The positive growth in results indicate the growing confidence of foreign investors and technology companies in AFZ's offerings in the sector
- The business hub currently hosts more than 550 registered companies in the sector – cementing its position as one of AFZ’s strongest business areas
Economy
UAE aims to increase economy to more than $800bn by 2030
This goal requires adopting new economic diversification strategies, in addition to supporting new economic sectors, said Minister of Economy Abdullah...
- The UAE aims to increase the size of its economy from AED1.4 trillion ($ billion) to AED3 trillion ($816.88 billion) by 2030
- In 2020, the UAE attracted FDIs worth some $20 billion, which was an increase of 17 percent compared to the previous year
Business
PIF opens 3 overseas firms
The new companies’ offices are in London, New York, and Hong Kong.
- The PIF is an active investor in several industries and businesses, including in the UK, Europe, the US, Asia, and South America
- The new subsidiary companies’ offices are expected to enable the PIF to continue to work with partners across these regions
Economy
IMF, World Bank warn of global impacts as Russia invades Ukraine
The World Bank and IMF warned on Thursday that Russia's invasion of Ukraine would have repercussions for the global economic...
- IMF Managing Director Kristalina Georgieva said the conflict ‘adds significant economic risk for the region & the world’
- World Bank President David Malpass warned that ‘the devastating developments’ would have ‘far-reaching economic and social impacts’
Gold hits fresh record above $2,200 on rate cut hopes
The gains have been helped by a weaker dollar and the gold's attraction as a safe haven as geopolitical tensions...
Company News
ACWA Power okays dividend
Business
Latest News
Stocks diverge as oil hits 10-month high of above $95 per barrel
Brent North Sea crude oil traded above $95 per barrel Tuesday for the first time since November last year, supported...
Economy
stc’s acquisition of Telefonica stake okayed
Spain's Securities Market Regulatory Authority cleared the deal.
Business
ZATCA, Korea Customs Service sign MoU to recognize AEO
Riyadh, Saudi Arabia -- Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) and Korea Customs Service have signed a memorandum...
Business
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Business
AD ports’ digital customs transactions increase by 37% in H1
Clearance of goods transactions increased by 35.8%.
- AD Customs reported a 20 percent growth in customs clearance request in free zones areas.
- It also recorded a growth of 6 percent in customs declaration during the first six months of 2023.
Israeli PM Netanyahu urges Musk to fight anti-Semitism
During their conversation, Netanyahu said I hope you find within the confines of the First Amendment, the ability to stop...
- The conversation, which was broadcast on Musk's X platform, came as the Tesla tycoon is mired in row with the Anti-Defamation League
- The main topic of the conversation between the Israeli Prime Minister and Elon Musk was the potential fallout from artificial intelligence
Business
Elon Musk refutes reports of Tesla-Saudi Arabia talks
The WSJ's report, released on Monday, cited anonymous sources stating that while talks between Tesla and Saudi Arabia were in...
- In a post on platform X, Musk labeled the WSJ's article as "utterly false," although he refrained from providing further details on the matter
- Musk's statement in August last year about this expansion led to widespread speculation regarding the locations of the upcoming facilities