HSBC posts record profit of US$30.3bn
The bank would initiate a share buyback of up to US$2 billion.
Business
Bank plays crucial role in funding sustainable future
"We continue to capitalize on the promising opportunities in this market through innovative offerings and solutions, while strengthening our substantial...
Business
Business
Record real estate deals in 2021 will drive the sector in next 50 years: DLD
The record real estate transactions will contribute to driving the sector in the next 50 years during which the UAE...
- Real estate transactions worth almost AED 300 billion ($81.67 bn) were recorded last year, which is the highest ever in the recorded real estate history of Dubai.
- December 2021, in terms of overall index numbers, was the highest since February 2019 and the highest for index value since August 2018.
Business
Abu Dhabi non-oil trade in 11 months of 2021 totals $51.78 billion
The non-oil trade through Abu Dhabi ports during 11 months in 2021 amounted to AED190.20 billion ($51.78 bn), an increase...
- Imports accounted for AED83.63 billion of the non-oil trade and non-oil exports for AED71.17 billion, an increase of 5.4 percent compared to the same period last year.
- The re-exports were valued at nearly AED35.39 billion, an increase of 10 percent compared to 2020.
Business
Etisalat Group buys out elGrocer DMCC
Emirates Telecommunications Group Company PJSC (Etisalat Group) has completed the acquisition of elGrocer DMCC, the company said it a statement.
- Founded in 2015, elGrocer is a leading online marketplace for groceries operating in all seven Emirates of the UAE
- The acquisition of elGrocer will complement Etisalat UAE’s existing marketplace services under the ‘Smiles’ brand
Business
Season 8 of ABB FIA Championship set to kick off in Riyadh
Season 8 of the ABB FIA Formula E World Championship is set to launch in Saudi Arabia, and some of...
- Run under lights at the UNESCO World Heritage Site outside Riyadh, the races will be held in the Kingdom for the fourth time
- The eight season of the ABB FIA Formula E World Championship begins with a double-header in Diriyah, with a new qualifying format, along with the ever-popular Fan Boost
Business
Tunisia allows digital sector firms to bid in convertible foreign currencies
The Central Bank of Tunisia (BCT) has authorized companies operating in the digital sector to bid for public tenders in...
- Bidding allowed for tenders for imported hardware and software in 2022.
- The authorization from the Central Bank of Tunisia came after a 'positive opinion' from the Ministry of Finance.
Business
US judge cancels major oil and gas exploration sale
A US judge on Thursday canceled the sale of oil and gas exploration leases of some 80 million acres in...
- US Federal District Court Judge Rudolph Contreras declared existing contracts invalid
- He said the Department of the Interior did not adequately consider the leases' impact on climate change
Business
Dubai embraces enigma of costliest black diamond
The design of the bloack diamond Enigma is based on the Middle Eastern emblem of the palm — also known...
- The diamond will see a "without price limit" auction, meaning whoever offers the highest proposed price will win it
- Enigma can be dated between 2.6 billion and 3.8 billion years, and its components include nitrogen and hydrogen
Business
Emirates signs new distribution agreement with Amadeus
From 1st February 2022, all trade partners on Amadeus will be able to access Emirates’ content free of surcharge.
- From 1st February 2022, all trade partners on Amadeus will be able to access Emirates’ content free of surcharge
- The new agreement will also see Emirates’ new distribution capability content integrated into the Amadeus Travel Platform
Arts & Culture
Not selling NFTs, says Picasso family
They said the only work being auctioned was by Picasso’s great grandson Florian and his collaborators.
- The assertion followed an interview with Picasso’s granddaughter Marina and her son Florian
- They apparently planned to auction 1,000 digital copies of a ceramic bowl Picasso painted in the 1950s
Business
Apple hits revenue record
The expectations-beating results offered signals that the coronavirus-era tech boom may not be quite over yet.
- The expectations-beating results offered signals that the coronavirus-era tech boom may not be quite over yet
- Smartphone sales topped $71 billion, buoyed by strong demand for the iPhone 13 line, especially in China
Most Read
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
HSBC posts record profit of US$30.3bn
The bank would initiate a share buyback of up to US$2 billion.
Business
Company News
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AviLease acquires aircraft leasing platform
The $3.6bn deal will see AviLease acquire a portfolio of 100 aircraft.
Business
SAMI launches radio systems line
PIF-owned SAMI will be partnering with the Ministry of Defense.
Business
Kuwait Airport expects 13% rise in passenger numbers, says DGCA
KUWAIT CITY, KUWAIT - Kuwait's Director General of Civil Aviation (DGCA) expected that the total passenger traffic to and from...
Business
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Business
NIDC drills 195 oil wells in 2 years
Wells were drilled in onshore, offshore operations.
- The oil and gas wells were put into operation by affiliated companies of the National Iranian Oil Company.
- 13 wells were completed 201 days sooner than expected due to round-the-clock efforts of NIDC’s employees.
Business
$202m contract signed for Jeddah project
The contract involves MEP works for Al Muhammadiyah Hospital.
- The contract was signed between Zamil Air Conditioning and Refrigeration Services Co. Ltd. and Al Muhammadiyah Hospital for Healthcare Co.
- Sulaiman Al Habib plans to finance the project from its own resources and Shariah-compliant long-term bank loans.
Business
PIF-backed oil driller ADES International Holding announces IPO
Riyadh, Saudi Arabia -- ADES International Holding, an oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, PIF,...
- The offer will comprise 338.7m shares-- 101.62m by ADES Investment Holding, PIF and Zamil Investment, and 237.10m new shares.
- The price range will be announced September 18 and the final offer price will be announced after a book-building process.