Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.
Business
Al Mal Capital REIT to launch rights issue
The fund has an existing portfolio valued at US$158m.
Business
Business
AED100m endowment funds ‘Khalifa University Enterprises Company’
The KUEC will aim to encourage technology investors and entrepreneurs to partner with the University to commercialize its growing patent...
- The KUEC will include ‘Innovation Acceleration and Startups’ and ‘KU Ventures’, which will support establishing and operating non-IP technology companies
- KUEC also includes the Endowment Fund that will allocate funding for investments and operations
Business
Nissan eyes 2030 EV push
It wants half its sales to be electric or hybrid vehicles by 2030.
- The move follows in the footsteps of other major global automakers, which have increasingly signalled a move towards electric and hybrid vehicles
- Unveiling its new long-term plan, Nissan said it will launch 23 new models, including 15 new electric vehicles, in a bid to reach the 2030 goal
Business
Morocco offers opportunities for Indian companies to settle and expand: Official
Morocco can attract big Indian investment due to its talented human resources and an impressive investment climate, said Ashwath Narayan,...
- Morocco has launched a roadshow in India to promote the initiative "Morocco Now".
- High technology, biotechnology, engineering and automotive sectors should be focus of investments, said the minister.
Business
Iran banks hail arbitration panel win over Bahrain
Two leading Iranian banks have welcomed a decision by a Hague-based tribunal to order Bahrain to pay them more than...
- Iran's state-owned Bank Melli and Bank Saderat sought arbitration in the case in 2017
- Hague based tribunal found that that Bahrain's motives had been primarily political
Business
Abu Dhabi to host new Amazon fulfillment center from 2024
Abu Dhabi will host a new Amazon fulfillment center, expected to be the most technologically advanced in the region. It...
- E-commerce giant says the centre will speed up delivery times and support a range of sellers
- The new centre is part of collaboration between Amazon and Abu Dhabi Investment Office’s program to attract investment and create job opportunities
Business
EGA to decarbonize its GE gas turbines for achieving UAE’s net-zero goal
Emirates Global Aluminium (EGA) and GE Gas Power have signed an agreement to reduce greenhouse gas emissions from EGA’s existing...
- EGA and GE Gas Power have signed an agreement and together they will work out a roadmap for decarbonization efforts.
- EGA has 33 GE natural gas turbines at Jebel Ali and Al Taweelah, with a total power generation capacity of 5,200 megawatts.
Business
GreenDome of UAE buys out Elite Co. for an unknown sum
GreenDome Investments has bought out Elite Co. from Prama Holdings, in a deal representing one of the region’s largest acquisitions...
- Elite Co., a leading fully integrated land freight and courier solutions providers in the Middle East, has state-of-the-art operations and assets across Oman, Bahrain, Qatar
- GreenDome Investments aims to build an integrated end-to-end logistics services powerhouse to tap into the Middle East
Business
Sophia Lauren names cruise ship MSC Virtuosa at Dubai’s Mina Rashid
Dubai hosted the naming ceremony of a cruise ship, MSC Virtuosa, which was officially named by Hollywood star Sophia Lauren...
- MSC Cruises, the world's third-largest cruise operator, had chosen Dubai for the naming ceremony.
- The ceremony was held at Port Rashid in partnership with DP World and Dubai’s Department of Economy and Tourism.
Business
Iraq stresses balance in energy market ahead of Dec OPEC meeting
Iraq's oil Minister Ihsan Abdul-Jabbar has said that Iraq has worked on a vision that emphasizes the importance of finding...
- Iraq's National Oil Marketing Company says it does not see necessity of any decision on increasing oil production.
- OPEC + has decided to maintain the monthly increase rate of 400,000 barrels in December.
Business
Kuwait to adopt rules allowing players to dedicate more time to games
Director-General of the Kuwaiti Public Authority for Sport Humoud Flaiteh has said that new sports rules will be adopted soon,...
- Distinguished individual athletes representing Kuwaiti national sports teams are also entitled to the same status in line with the imminent regulations.
- The rules are just a step towards the application of professional athleticism in the country, a minister said.
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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
Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.
Business
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Maaden Q1 net profit down 81%
Business
Brazilian striker Firmino scores hat-trick on Saudi debut
Jeddah, Saudi Arabia--Brazilian forward and former Liverpool star Roberto Firmino hit a hat-trick on his Saudi Pro League debut on Friday...
Economy
Saudi League to be broadcast on Fox Sports in USA
The American network will launch the deal with broadcasts of two games on Monday featuring Ronaldo and Karim Benzema. Fox's...
Business
Kazakhstan keen to bolster joint investments with UAE: Razdykovich
The Kazakh minister said his country hopes to benefit from the UAE's experience in tourism and development sectors as he...
Economy
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Business
ADX profits vault to $11.70bn
It posted gains in one week on the back of company results.
- The value of stocks on the bourse increased to $781 billion at the end of Friday's session as against $770 billion at the close of last Friday
- Over the week, the equities market saw an inflow of liquidity exceeding $2.34 billion, split between $1.81bn in ADX and $539m in the DFM
Business
Stock markets drop over fears of more interest-rate hikes
In Asian stock market trading, Hong Kong extended the week's losses Friday, even as e-commerce titan Alibaba surged on a...
- Official data Thursday that showed US inflation rising less than expected in July failed to stop bets on the Federal Reserve raising borrowing costs
- Across the Atlantic, better-than-expected UK growth data Friday increased the likelihood of more BoE tightening, boosting the pound
Business
Air Arabia Q2 profit $125m
The company’s turnover during the second quarter was $380m.
- The profit increased by 187 percent compared to AED160 million ($43.56m) net profit reported for the same period last year.
- The company’s turnover for the same period increased by 25 percent, as the strong demand for air travel continued.