Michelin posts record operating profits
Sales at the French firm dipped last year to US$30.5bn.
Business
UAE residents anticipate full electric and hybrid vehicle takeover in coming years: survey
Dubai, UAE - About 63% of respondents in the UAE plan to make EVs their primary mode of transport by...
Business
Business
Arrival of a ship carrying 1,200 passengers marks start of Dubai’s cruise season
The arrival of the 252-meter-long cruise ship, AIDAbella, at Dubai Harbour on Friday marked the start of the cruise season...
- The arrival of 252-meter-long cruise ship AIDAbella also marks the official debut of the region’s largest Dubai Harbour Cruise Terminal.
- Dubai’s 2021-2022 season, which commenced in October, is expected to welcome 126 ship calls and over 500,000 cruise visitors.
Business
New Covid-19 variant spooks global markets
Firms linked to travel were among the worst affected as investors fretted over the possibility of more government-mandated restrictions.
- The B.1.1.529 strain has been blamed for a surge in fresh cases in South Africa and has already cropped up in Hong Kong
- The WHO is deciding decide if it should be designated a variant of ‘interest’ or of ‘concern’
Business
MSCI includes Waha Capital
The company has been added to key UAE and global small-cap indices.
- The decision by MSCI, one of the world’s leading index providers, raises Waha Capital’s profile amongst global institutional investors
- MSCI indexes are closely replicated by passive funds and other investment vehicles, such as mutual and exchange traded funds (ETFs)
Business
Dubai sees $1.9b weeklong real-estate transactions
The Dubai Land Department or DLD said the emirate saw a total of 1,850 real-estate transactions over the seven-day period.
- A total of 166 plots were sold for AED1.01 billion ($275 million) in the emirate over the week
- Also, 1,684 apartments and villas were sold in the same timeframe, for AED 3.83 billion ($1.04 billion)
Business
Saudi Arabia: Diriyah Square will host over 450 of the finest global brands
Diriyah Square has been billed as an icon of DGDA projects, due to its unique attractions and luxurious modern lifestyles.
- Diriyah Square has been billed as an icon of DGDA projects, due to its unique attractions and luxurious modern lifestyles
- The project will apply timeless Najdi-inspired architecture and design principles that reflect the profoundness and antiquity of Saudi culture
Economy
Dubai ranks first in Arab world in Innovation Index
The report also highlights that 2014 saw the launch of the first Dubai Innovation Index, which was the first-of-its-kind city...
- The report, entitled The Road to Recovery through Resilience and Innovation, examined 39 cities
- Singapore and Hong Kong maintained their first and second places on the Index respectively
Business
dnata expands to Africa
It has set up operations in Zanzibar with $7m investment.
- dnata has signed an agreement for the operations of the newly international terminal of the Zanzibar Abeid Amani Karume International Airport
- It has said it will also create 400 new jobs at the airport
Business
AD Ports Group and Turkiye Varlik Fonu sign partnership agreement
AD Ports Group and Turkey’s Turkiye Varlik Fonu signed a strategic partnership agreement to collaborate on major investment opportunities for...
- The partners will collaborate on major investment opportunities for port development and operations.
- The two organizations will also collaborate in establishing a joint steering committee to assess all investment opportunities.
Business
ADNEC to acquire Etihad Holidays
The move is aimed at expanding its footprint in tourism.
- Tourism 365, the ADNEC tourism promotion business, will integrate with Etihad Holidays under the terms of the asset transfer.
- Etihad Holidays' offering will combine Etihad Airways’ product with packages in different source markets to key destinations.
Business
Iraqi crude oil export revenues $7 billion in October, says oil ministry
Iraq's crude oil export revenues reached $7 billion in October, according to the Iraqi Oil Marketing Company (Somo). Local media...
- Iraqi oil ministry's said more than 96 million barrels of crude oil were exported in October.
- Most of the oil--93 million barrels--was exported from the oil fields in central and southern.
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Michelin posts record operating profits
Sales at the French firm dipped last year to US$30.5bn.
Business
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Emaar EC Q1 losses $45m
Business
GFH Financial Group Q2 net profit $30m
The net profit increased by 32.74 percent compared to Q2, 2022.
Business
Luxury real estate boom in Ras Al Khaimah’s waterfront districts
Ras Al Khaimah, UAE - The existing and upcoming waterfront and island developments in Ras Al Khaimah have witnessed a...
Business
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Business
Huawei H1 revenue at US$43.3bn
The firm works to diversify its business operations.
- The Shenzhen-based company has for several years been at the center of an intense tech standoff between China and the US.
- Since 2019, sanctions have cut the company off from global supply chains that gave it access to US-made components and technologies.
Business
ADNIC net profit $55.64m
The company's insurance revenue reached $582 million.
- Its underwriting profitability was robust with a combined ratio of 87.60% and a net insurance service profit of AED178.1 million.
- Charalampos Mylonas, CEO of ADNIC, said the company was the first amongst our peers to implement IFRS 17 Insurance Contracts (IFRS 17) as of 1 Jan, 2023.
Business
Emaar reports 15% profit growth in H1 2023
The company achieved property sales of $5.5bn in the period.
- Recurring revenue records growth of 11% in H1 2023, supported by increased tenant sales and robust tourism recovery
- S&P, Moody's, and Fitch upgraded Emaar's Credit Ratings to BBB, Baa2 and BBB, respectively, with a stable outlook