OPEC+ countries to open the oil taps despite price slump
Saudi Arabia, along with Russia and six other members of the oil cartel, will implement a production adjustment of 411,000...
Economy
US reaching out to China for tariff talks: Beijing state media
United States officials have reached out to their Chinese counterparts for talks on vast tariffs that have hammered markets and...
Economy
Business
Global tourism industry is on track to reach pre-pandemic levels
MADRID, SPAIN - The World Tourism Barometer published its second report of the year, which showed that international tourism is...
- During Q1 2023, twice as many people traveled internationally than in the same period of 2022, with 235 million estimated tourists.
- The report revealed that international arrivals have reached 80 percent of pre-pandemic levels in the first quarter of 2023.
Business
Fertiglobe Q1 net profit $135m
The company posted Q1 revenue of US$694 million.
- Fertiglobe reported free cash flow of $271 million in the first quarter.
- The firm continues to have a strong order book for the coming months.
Business
DEWA announces pilot use of ChatGPT on its website
Dubai, UAE: Dubai Electricity and Water Authority (DEWA) announced the pilot use of ChatGPT, since April 2023, on its website...
- DEWAt is the first utility in the world and the first government organisation in the UAE to use ChatGPT
- The step has been taken as part of the company’s strategy to employ Artificial Intelligence
Business
Qatar’s Hamad International Airport passenger traffic soars 44.5% in Q1
Doha, Qatar— More than ten million passengers traveled through Qatar’s Hamad International Airport in the first quarter of the current...
- Some 3.56 million passengers arrived at the airport in January, followed by 3.24 million in February, and 3.5 million passengers in March
- During the first quarter of the year, the airport handled more than 540,000 tons of cargo and transferred some 8 million bags
Economy
Uzbekistan calls for launch of ‘forum for businessmen’ in Doha or Tashkent
Doha, Qatar-- Uzbekistan has called for establishing a joint forum for businessmen in Doha or Tashkent to review investment opportunities...
- The minister highlighted opportunities for investment in the Central Asian state, saying large foreign companies have begun investing in various sectors
- He lay emphasis on building trade and investment alliances between Qatari and Uzbek companies that contribute to boosting of trade exchange between the two nations
Business
Aramco Q1 earnings take a hit
The Saudi company posts net profit of $31.9bn, down 19.25 percent from a year earlier.
- The result was lower than the $39.5 billion reported in the same period in 2022, when Russia's invasion of Ukraine caused oil prices to surge
- Aramco is the jewel of the Saudi economy and the main source of revenue for Crown Prince Mohammed bin Salman's Vision 2030
Economy
Saudi Arabia launching tourism projects worth $400m
Riyadh, Saudi Arabia - Saudi Arabia is launching tourism projects worth SAR 1.5 billion ($400 million) in the targeted destinations...
- The Saudi Ministry of Tourism has sponsored ‘The Collective’ initiative launched by Kerten Hospitality, a hotel investment firm, to establish its projects under one umbrella
- The announcement represents an important step toward achieving the objectives of the national tourism strategy by developing quality hospitality facilities
Business
Kuwait’s central bank issues US$1.05bn worth of bonds and tawarruq
Kuwait City, Kuwait--The Central Bank of Kuwait (CBK) has announced the latest allocation of issuance of bonds and tawarruq valued...
- Early this month, the bank issued bonds and tawarrruq worth US$ 660 million for three-months term
- It said the value of the first issuance amounted to $528 million for three months with a return rate of 4.250 percent
Business
Net profit of QSE listed companies dips by 10% in Q1
Doha, Qatar - Fifty companies listed on Qatar Stock Exchange (QSE) have reported a combined net profit of $3.45 billion...
- The industries sector saw the biggest decline of 44.18 percent, resulting in a net profit of $656.22 million
- The insurance sector recorded the highest growth with a 79 percent increase, generating a net profit of $102.94 million
Economy
Sharjah’s GDP grows 5.2% to $37bn in 2022
Sharjah, UAE - Sharjah's GDP has grown by 5.2 percen to AED 136.9 billion ($37.05 billion) compared to AED 130.1...
- The non-oil sector has reported a 5.2 percent increase, bringing the total to AED 133.4 billion (36.08 billion) in 2022
- 'Wholesale and retail trade; repair of motor vehicles and motorcycles' achieved the highest growth in the emirate's GDP
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OPEC+ countries to open the oil taps despite price slump
Saudi Arabia, along with Russia and six other members of the oil cartel, will implement a production adjustment of 411,000...
Economy
Company News
Latest News
UAE economy to grow 5.7% in 2024 in spite of global challenges
Abu Dhabi, UAE-- The UAE economy is projected to grow by 5.7% in 2024 despite prevailing global economic challenges, including...
Business
WEF24: Geopolitical upheaval to affect global economy
Geopolitical tensions, including the Russia-Ukraine conflict, Middle East unrest, and China-Taiwan ties are key economic disruptors, says Bill Browder of...
Interview
Global stock markets swing ahead of Fed’s latest rate decision
"Markets are eagerly anticipating today's meeting from the Federal Reserve with traders looking for signs over whether a March rate...
Business
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Economy
Dubai is a key player in global business landscape
"The emirate is continuing to consolidate its position as an ideal platform that brings together creative ideas and innovative entrepreneurs...
- Dubai Chambers and Enterprise Ireland sign a strategic MoU to link Dubai and Irish firms, emphasizing collaboration in technology, manufacturing, and clean energy.
- The MoU will boost mutual trade and investment, fostering digital economy growth, and offer small businesses opportunities and cross-cultural training through alliance.
Business
UAE and UK seek to boost economic cooperation
Abu Dhabi, UAE-- Looking to enhance economic ties between the UAE and the United Kingdom, Abdulla bin Touq Al Marri,...
- The discussions to boost trade ties took place during a UAE delegation's visit to the UK to participate in Investopia London, to be held on January 31, 2024
- The UAE minister said the relations between the two countries serve as a prime example for advanced strategic ties and exceptional economic partnership
Business
Norway’s sovereign wealth fund posts record US$213bn profit
Oslo, Norway - Norway's sovereign wealth fund, the world's biggest, said Tuesday it raked in a record profit of 2.2 trillion...
- Fueled by revenues from Norway's state-owned oil and gas companies, the fund is aimed at financing future spending in the generous welfare state
- Around 71 percent of its portfolio was dedicated to equities, with stakes in 8,859 companies worldwide -- or 1.5 percent of all listed stocks