Putin thanks UAE president for positive role in prisoner exchange with Ukraine
UAE President Sheikh Mohamed meets his Russian counterpart Vladimir Putin to discuss bilateral ties and Middle East. Sheikh Mohamed will...
Tech helps Singapore economy top forecasts in third quarter
Singapore's economy grew more than expected in the third quarter as a rush for everything related to artificial intelligence drove...
Economy
Business
Volvo Cars posts Q3 net profit of US$61m
Retail sales declined in its main markets Europe and the US.
- Volvo Cars was hit hard by rising raw material prices, record inflation, higher interest rates and the war in Ukraine.
- Revenue rose to $7.28 billion boosted by "robust" demand for the company's SUVs.
Business
TotalEnergies posts Q3 net profit of US$6.6bn
Firm said surging oil, gas prices helped it post massive profits.
- Net profits at TotalEnergies soared 43 percent from the same period last year with record performances for its natural gas and liquefied natural gas activities.
- The firm has now earned $17.3 billion over the first nine months of the year, more than the $16 billion in profits it posted last year.
Business
Credit Suisse launches radical overhaul to stabilize bank
Switzerland's second-biggest bank launched a strategic review aimed at putting an end to a series of scandals that have shaken...
- Credit Suisse also said expects to run the bank with approximately 43,000 staff by the end of 2025 compared to 52,000 at the end of September
- Its investment bank suffered a loss of 3.7 billion Swiss francs in 2021 and backed that up with a 992 million Swiss franc loss in the first half of 2022
Business
Samsung posts 31% decline in Q3 operating profit
It, however, reported a 3.79% increase in sales.
- The third-quarter results are the first year-on-year decline in profit in nearly three years for Samsung Electronics, the world's biggest smartphone maker
- Operating profit for July to September 2022 fell to 10 trillion won ($7 billion), down from 15.8 trillion won for the same period last year, the company said
Economy
UAE tops list of foreign direct investors in Egypt: Egyptian PM
The UAE president Sheikh Mohamed bin Zayed Al Nahyan, and Abdel Fattah El Sisi, President of Egypt have met recently...
- The UAE president Sheikh Mohamed bin Zayed Al Nahyan, and Abdel Fattah El Sisi, President of Egypt have met recently on several occasions
- Egypt eyes the effective participation of UAE investors under the umbrella of the State Ownership Policy Document, Egyptian PM Madbouly said
Business
UAE-Kazakhstan trade reached $907 million in 2021: Ambassador Menelikov
The Kazakhstan ambassador valued the UAE leadership's interest in strengthening relations between the two countries, pointing out that the 1st...
- Emirati investments in Kazakhstan amounted to about $2.7 billion since the establishment of diplomatic relations.
- Value of Kazakh investments was more than $1 billion, and total direct investment flows from the UAE increased 43 percent.
Economy
Saudi PIF to establish five companies for investments in five Arab countries
The five companies, together with Saudi Egyptian Investment Company (SEIC), a wholly-owned PIF subsidiary that was launched in August 2022,...
- The announcement was made on the second day of the 6th Edition of the Future Investment Initiative, where top CEOs, investors and world leaders are participating.
- The companies will invest in various key sectors, including but not limited to, infrastructure, real estate development, mining, healthcare and financial services.
Geostrategy
Aramco chief at FII6: World needs realistic, optimal energy transition plan
"The current transition plan isn't working. We are still dependent on coal. We need to have a new consensus on...
- Lord Adair Turner, chair of the Energy Transitions Commission, said Europe was burning more coal this year as it is shot of gas, but transition towards renewables is ongoing.
- Saudi Finance Minister Mohammed Al Jadaan said there is more thinking about renewable energy and a realization that the transition to renewables is not going to take place soon.
Economy
Early preparations put GCC in better place to face tough economic conditions: Saudi finance minister
Saudi Arabia has prepared for years for the conditions that the world is witnessing, which enabled it to be in...
- Saudi Arabia has prepared for years for the conditions that the world is witnessing, which enabled it to be in a better status than many other countries, says Al-Jadaan in Riyadh
- Saudi Arabia is mobilizing the capabilities of multilateral development institutions to ensure support for regional countries, the Kingdom's Finance Minister added.
Economy
China fiscal deficit balloons to nearly $1trn as economy cools
According to an analysis based on data released by Beijing's Ministry of Finance on Tuesday, the budget shortfall for all...
- China is also battling an unprecedented crisis in its real estate sector, which makes up more than a quarter of the country's GDP when combined with construction
- Consumer demand has also been dampened by sudden lockdowns and strict travel restrictions under Beijing's strict zero-Covid policy
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Putin thanks UAE president for positive role in prisoner exchange with Ukraine
UAE President Sheikh Mohamed meets his Russian counterpart Vladimir Putin to discuss bilateral ties and Middle East. Sheikh Mohamed will...
Company News
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KEZAD Group signs lease agreement with Advanced Petro Services
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi (KEZAD) Group, the integrated trade, logistics, and industrial hub of Abu...
Business
Total of 52 MoUs signed in Saudi-Korean Investment Forum
RIYADH, SAUDI ARABIA – A total of 52 memorandums of understanding (MoUs) were signed at the Saudi-Korean Investment Forum here....
Business
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Economy
China, GCC members to deepen Belt and Road trade cooperation: Chinese minister
Guangzhou, China - China is committed to enhancing trade and investment ties with the Gulf Cooperation Council (GCC) as part...
- The announcement came during a meeting in Guangzhou which brought together trade ministers from China and the six member states of the GCC
- During the meeting, both sides pledged to align Belt and Road cooperation with the development strategies of GCC member countries
Qatar announces 27-year gas deal with Italy’s Eni
In June last year Eni agreed a deal with QatarEnergy for a 3.1 percent share in Qatar's North Field East...
- Doha will supply one million tons of gas a year under the deal, QatarEnergy said, following an agreement with Eni
- European nations have rushed to replace lost deliveries of natural gas from Russia in the wake of Moscow's invasion of Ukraine last year
Economy
GCC-China strategic alliance focuses on mutual trust
"A Free Trade Agreement between the GCC countries and China will be a pivotal channel to amplify GCC-Chinese relations across...
- A Free Trade Agreement China is expected to strengthen GCC-Chinese relations and boost trade exchanges
- The agreement has seen 10 rounds of technical negotiations since the 2004 Framework Agreement