Asian stocks rise on US gains ahead of key China policy meeting
Hong Kong, China - Asian markets mostly rose Monday following US gains and ahead of a Chinese legislative session where Beijing's...
Business
Iran signs big contracts to increase oil production
Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western...
Geostrategy
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
Business
Alpha Dhabi revenues rise 400 percent
The gross profit in 2021 was AED5.1 billion in 2021, compared to AED 218 m in 2020.
- The company said the performance was driven by the strong and consistent business activities of its subsidiaries.
- Alpha Dhabi Holding made strategic investments in 2021 by acquiring a 17.5 percent stake in Aldar which was increased to 30 percent at the year-end.
Business
ADQ to launch digital bank, after CBUAE grants approval
A new digital bank backed by ADQ, an Abu Dhabi-based investment and holding company, will soon begin operations, after the...
- With its headquarters in Abu Dhabi, the digital bank named Wio will enhance the capital's growing reputation as a global financial services centre
- The digital banking platform's primary shareholders ADQ and Alpha Dhabi, one of the fast-growing investment holding companies in the Middle East, own 65 percent
Geostrategy
Algeria’s Sonatrach signs deal to restart Libya operations
The Algerian group announced the deal during a visit to the neighbouring North African country by its chief Toufik Hakkar.
- The Algerian group announced the deal during a visit to the neighbouring North African country by its chief Toufik Hakkar
- The Sonatrach statement said the oil and gas giant planned to “redouble efforts for a swift return” to its activities in Libya
Business
Spotlight on Saudi model cargo villages as the sector grows in 2021
Saudi Arabia recorded a growth in air cargo traffic during 2021 compared to 2020, with the total air cargo until...
- The total air cargo until the end of December of 2021 amounting to more than 653,000 tons.
- The model cargo village at King Khalid International Airport in Riyadh is an advanced logistics platform with an estimated capacity of 500,000 tons.
Geostrategy
EU chief unveils 150-bn-euro investment plan for Africa
The scheme is the first regional plan that seeks to mobilise up to 300 billion euros ($340 billion) for public...
- The scheme is the first regional plan that seeks to mobilise up to 300 billion euros ($340 billion) for public and private infrastructure around the world by 2027
- Seen as a response to China's Belt and Road initiative, the strategy will use funding from EU institutions and member countries to leverage private-sector investment
Business
Work begins on $6.2bn Borouge 4 project in Abu Dhabi
The facility is being built at the Borouge’s polyolefin manufacturing complex in Ruwais in Abu Dhabi.
- The project is expected to play a significant role in meeting the projected growth of the global demand for polyolefins
- It will also apparently provide critical feedstock for the TA’ZIZ Chemicals Industrial Chemicals Zone in Ruwais in Abu Dhabi
Business
ADNIC 2021 profit is AED401.8 mn
The Company’s earnings per Share are AED 0.70
- ‘The Company’s diversified investment portfolio delivered excellent results with an increase in the Investment Income of 25.6% compared to 2020’
- In the fourth quarter of 2021, ADNIC extended its partnership with Al Bayt Mitwahid Association to support the association’s wide range of community welfare initiatives
Business
What’s next for TikTok’s music industry revolution?
TikToks latest service, SoundOn, offers unsigned artists a simpler way to upload songs, get paid and find distribution.
- Sometimes, it's old songs given a new lease of life, like recent crazes for Fleetwood Mac's Dreams or Boney M's Rasputin
- But often it's new or independent artists, who no longer need the backing of record labels to find a massive audience
Asian stocks rise on US gains ahead of key China policy meeting
Hong Kong, China - Asian markets mostly rose Monday following US gains and ahead of a Chinese legislative session where Beijing's...
Business
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Online beauty products sales in MENA grow by over 20% in 1H 2023: study
Dubai, UAE - Online sales of beauty products in the MENA region experienced significant growth, surpassing global trends In the...
Business
UAE and OECD host regional forum on global minimum tax
Dubai, UAE – The United Arab Emirates and the Organization for Economic Co-operation and Development (OECD) on Wednesday hosted regional...
Economy
Global economy lost $32bn due to credit card frauds, says AMF
Abu Dhabi, UAE - The Arab Monetary Fund said Wednesday that global credit card fraud losses incurred by financial institutions...
Business
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Business
ACWA Power signs clean energy agreements with Chinese firms
Riyadh, Saudi Arabia/Guangdong, China -- Saudi-listed ACWA Power has signed MoUs with two Chinese firms to bolster collaboration in China...
- The agreements were signed with state-owned China Southern Power Grid International Company and clean energy integrated solution provider MingYang Smart Energy Group Limited.
- ACWA Power has a history of collaborations with Chinese companies such as installing the largest wind turbine in Central Asia with China Energy Engineering Corporation (CEEC).
Business
UAE banks’ investments reach $157 billion by July end
Abu Dhabi, UAE -- Investments of banks operating in the UAE reached AED 580 billion ($157.90 billion) at the end...
- The data showed that investments of banks operating in the country increased by 18.8 percent on an annual basis, from AED 487.7 billion in July 2022.
- On a monthly basis, investments of banks increased by 0.91 percent, from AED 574.3 billion in June 2023.
Business
Saudi capital market assets under management rise by $14bn in Q2
Riyadh, Saudi Arabia -- The total assets under management (AUM) held by capital market institutions licensed by Saudi Arabia’s Capital...
- The total AUM held by licensed capital market institutions in Q2 2023 are the largest in years, according to Argaam.
- Dom Capital led the way with a 100 percent increase in AUM in Q2 2023. Sidra Capital followed with a 195 percent rise.