UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in...
Business
Business
Dubai International Airport world’s busiest for eighth consecutive year
Dubai International Airport (DXB) continues to be the world’s busiest airport by international passenger numbers for the eighth consecutive year...
- Current forecasts indicate that traffic through DXB could reach 55.1m by the end of 2022.
- Â India retained its position as the top destination country for DXB by passenger volume, with passenger traffic for 2021 totaling 4.2m.
Business
Demand for natural gas has gone up 23% since 2011: GECF
Demand for natural gas has shot up 23 percent during the last ten years, according to Secretary-General of the Gas...
- Speaking at the opening session of the 6th GECF Summit, Hamel stressed the importance of natural gas as a type of clean energy in promoting sustainable development
- He also underlined that the convening of the sixth summit in Doha is an indication of the importance that different countries attach to this forum
Business
Saudi stc posts $3bn profit in 2021 on the back of high sales
stc, Saudi Arabia's top telecom firm, has posted a three percent increase in net profit to $3 billion in 2021...
- Revenues during the year stood at SR63.4 billion, up from SR58.9 billion in 2020
- Separately, stc said it will distribute dividends of SR1.99 billion, or SR1 per share, for the fourth quarter of 2021
Economy
Fitch says outlook on Moroccan banks’ operating environment stable
Fitch Ratings has upgraded to AA(mar)/Stable the rating of Morocco’s Attijariwafa Bank (AWB), one of the five Moroccan banks whose...
- Fitch upgraded to AA(mar)/Stable the rating of Morocco’s Attijariwafa Bank (AWB).
- Five banks, which account for nearly 77 percent of Morocco's banking system assets were reviewed by the ratings agency.
Business
HSBC 2021 profits double
The London-headquartered bank on Tuesday reported pre-tax profit of $18.9 billion in 2021, up $10.1 billion on the year before,...
- The London-headquartered bank on Tuesday reported pre-tax profit of $18.9 billion in 2021, up $10.1 billion on the year before, helped by lower bad loans and operating expenses
- The lender endured a tumultuous 2020 like the rest of the banking sector as the virus outbreak rocked the economy
Business
No full recovery until 2024, says Dubai airports chief
Traffic remains "nowhere near pre-pandemic levels" despite rising to 29.1 million passengers last year, Dubai Airports chief Paul Griffiths said...
- Traffic remains "nowhere near pre-pandemic levels" despite rising to 29.1 million passengers last year, Dubai Airports chief Paul Griffiths said in an interview
- Passenger figures collapsed to 25.9 million in 2020, a drop of 70 percent, when Dubai airport was closed from March to July and fleets were grounded around the world
Business
‘Suisse Secrets’ puts Swiss banking back in spotlight
No Swiss news media took part in the investigation against Credit Suisse due to the risk of criminal prosecution in...
- Investigations into Credit Suisse revealed the bank has held more than $8 billion in accounts of criminals, dictators, and rights abusers
- 48 media houses across the world participated in the Suisse Secrets investigation, coordinated by non-profit journalism group OCCRP
Business
Ecommerce prospers in GCC amidst Covid-19 woes
An improved regulatory support, government promotional initiatives, and heightened interest from business leaders in the private sector benefits the sector...
- Together with Egypt, Saudi Arabia and the UAE now account for more than 80% of the region’s overall e-commerce market.
- Spurred on by a highly digitized population and a lockdown-induced spike in consumer demand, e-commerce valuation hits $22bn
Arts & Culture
Jusoor Foundation launches four development projects in Oman
The project includes the establishment of a park gate, mosque, security booth, toilets and parking lot.
- The projects are worth RO 345,000 ($0.9 million) and were funded jointly by OQ and Sohar Aluminium
- The first project is the development of the 28,000-square meter Al Qurm Natural Park in the Wilayat of Shinas
Business
Aramco stock rises 4%
Recently, a 4% stake of the oil giant had been transferred to PIF in an $80bn deal.
- The share price hit SR39.3 ($10.5) yielding a market cap of $2.09 trillion
- Earlier in the session, the shares hit an all-time high of SR40 ($11)
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Apple tops $3trn in market value
Business
Aramco, IHC among biggest companies in Middle East
Energy, banking and financial services, and industrial sector companies are among the largest in the Middle East, especially the Gulf...
Infographics
EIH buys stake in Al Ain Pharmacy
Move aligns with EIH's aim to diversify sources of investment.
Business
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Business
QOIS inks share purchase, swap deal
QOIS is a Qatari public shareholding company.
- QOIS purchased the shares of the National Real Estate Development and Investment (OSOS) in Muzn Oman, for $1,984,318
- QOIS then exchanged its share in Muzn Oman of 37.68 percent, for the 10 percent share of Omani Ministry of Defense Pension Funds in OSOS
Business
Emirates Health Services to adopt AI technology to boost hospital care services
Dubai, UAE-- Emirates Health Services will employ AI technology in the application of patient room monitoring system to further enhance...
- The partnership will leverage generative AI and implement the care.ai system across EHS healthcare facilities
- It will monitor the mental well-being of the patients, as well as help prevent and control infections and assess hygiene conditions
Business
Russian and Asian millionaires drive Dubai realty boom
Cryptocurrency magnates, Asian bankers, wealthy Russians, and government reforms are playing a crucial role in solidifying Dubai's global real estate...
- Cryptocurrency magnates, Asian bankers, wealthy Russians, and government reforms, are solidifying Dubai global real estate prominence, says a report
- Dubai promises investors a 7.34% return on apartments, benefiting from a US dollar-UAE dirham peg and no rental tax, outpacing London's 4.18% return