Dubai real estate sales hit record $13.6bn in July, growth eases
Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of...
Business
Saudis reform Investment Law in bid to attract foreigners
Saudi Arabia announced new business regulations aimed at boosting transparency and easing the process of investing in the kingdom as...
Business
Walmart Q2 revenue $152.9bn
The retail giant sales surged, partly due to inflation.
- Revenues for its second fiscal quarter ending July 31 were $152.9 billion, up 8.4 percent from the year-ago period
- Profits rose 20.4 percent to $5.1 billion, with some of the increase connected to the accounting for an asset sale in Brazil
Geostrategy
Spain PM hopes Europe gas pipeline will soon be ready
Spanish Prime Minister Pedro Sanchez said Tuesday he hopes a gas pipeline linking the Iberian Peninsula to central Europe through...
- Russia has reduced deliveries and nations are scrambling for supplies to avoid a possible shortage this winter, while prices for gas and electricity have soared
- Spain currently has six liquefied natural gas (LNG) terminals for processing deliveries made by huge sea tankers back into gas and injecting them into its pipeline network
Business
Iraq to build four free-trade zones, two along Jordan and Saudi borders
Iraq plans to establish free-trade zones adjacent to Baghdad and Najaf airports and another one near the Iraqi-Jordanian border, which...
- Two free zones will be established adjacent to Baghdad and Najaf airports, says Iraq’s Free-Trade Zone Authority
- All the factors necessary for the success of the free industrial, commercial or multi-activity zones exist in the country, it adds
Economy
DEWA alert service reduce 217,370 tons of carbon emissions
Dubai Electricity and Water Authority (DEWA) has announced that its High-Water Usage Alert service has helped to reduce 217,370 tons...
- DEWA's High-Water Usage Alert service sends instant notifications to customers to quickly conduct necessary maintenance to reduce wastage
- These alert services helped identify 1,062,781 water leakage reports, 23,199 defects, and 11,566 cases of increased load
Economy
Net zero, Russia war driving nascent hydrogen economy
Green hydrogen is in sharp focus as governments seek to slash carbon emissions amid record-high temperatures and to safeguard energy...
- In Birmingham, central England, it costs about £50 ($60) to fill Kendall's Toyota Mirai with the green hydrogen that is produced at a plant next to the refuelling station
- Britain's government says £9 billion of investment is needed "to make hydrogen a cornerstone of the UK's greener future" as it targets net zero carbon emissions by mid-century
Geostrategy
Iraq, US discuss efforts to combat money laundering, terror funding
The Governor of the Central Bank, Mustafa Ghalib, received the US Ambassador to Iraq, Alina Romanowski, and her accompanying delegation.
- The Governor of the Central Bank, Mustafa Ghalib, received the US Ambassador to Iraq, Alina Romanowski, and her accompanying delegation
- Ghalib reviewed the efforts of the Central Bank to support development through monetary policy means and the direct impact of its initiatives
QSE-listed companies hit $7bn net profit
This amounts to an increase of 29% over last year.
- All of Qatar Stock Exchange listed companies have disclosed their financial results for the six month period ended June 30, 2022
- The QSE is a full member of the World Federation of Exchanges and was recently upgraded by the MSCI and the S&P Dow Jones Indices
Economy
Oil prices fall on potential Iran deal, as China economy falters
A deal would mean that Iran's crude output of 2.5 million barrels per day would no longer be subject to...
- Oil prices fell Monday on the prospects of a return of Iranian oil to the market and data showing China's economic recovery stuttering
- Stock markets were broadly steady and the dollar traded mixed as investors digested the latest developments
Business
Global business travel won’t see full recovery until 2026: report
The Global Business Travel Association now projects business travel will regain its 2019 level of $1.43 trillion in mid-2026, 18...
- recovery was "short-circuited" in late 2021 and early 2022 by the Omicron variant of Covid-19, but that trips surged after that once Covid cases fell
- Major obstacles to a full recovery include high energy prices, labor shortages, Covid lockdowns, regional impacts due to the war in Ukraine and sustainability concerns
Economy
Germans face big energy levy but government vows aid
The charge has been set at 2.419 cents per kilowatt hour, said Trading Hub Europe, a non-profit company of energy...
- The charge has been set at 2.419 cents per kilowatt hour, said Trading Hub Europe, a non-profit company of energy network operators in Germany
- For a family of four with an annual average energy usage of 20,000 kwh, this would come to about $493.70 before goods and services taxes
Most Read
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
Dubai real estate sales hit record $13.6bn in July, growth eases
Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of...
Business
Company News
FAB H1 2023 net profit $2.2bn
Business
Latest News
Volvo Cars Q2 net profit $342m
Business
Saudi Arabia eyes global EV role following Lucid’s plant setup
Riyadh, Saudi Arabia -- Saudi Arabia aims to become a global player in manufacturing electric vehicles (EVs) and related products,...
Economy
China wants to be world’s strongest nation, says Blinken
WASHINGTON, US - China is seeking to surpass the United States as the top power in the world, US Secretary of...
Geostrategy
UAE, Egypt central banks ink currency swap deal
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) on Thursday...
Business
Most Read
Market Report
UAE markets top Arab stock exchanges in trading, says AMF
ABU DHABI, UAE - The financial markets of the United Arab Emirates topped the Arab stock exchanges during last week's...
- The AMF said that the UAE markets achieved monthly market gains of over US$6.2 billion.
- The fund said the market capitalization of the Saudi Financial Market reached US$2.97 trillion.
Technical glitch stifles production at Volkswagen
According to financial daily Handelsblatt, production came to a complete standstill in Wolfsburg and at the company's plants in Emden,...
- The disruption began at 12:30 pm (1030 GMT) and had still not been resolved by the evening, Volkswagen said
- The cause of the technical problems was not known but "an external attack is unlikely to be the cause", German automaker said
Economy
Saudi Arabia raises the bar, says 100m tourist goal inadequate
Riyadh, Saudi Arabia - Saudi Arabia has announced its intention to revise its tourism goals, increasing the target number of...
- The previous target of 100 million visits is no longer sufficient, said Saudi minister Mahmoud Abdulhadi
- In the first quarter of 2023, Saudi Arabia attracted 7.8 million tourists, the highest quarterly performance in the country's history