India, Iran sign 10-year agreement to develop port project
Tehran, Iran - India and Iran on Monday signed a 10-year contract to develop and equip the strategic Chabahar port in...
Economy
Oil prices fall amid Israeli Palestinian cease-fire hopes, US crude stockpile building
Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories...
Economy
Business
Yemen’s ancient honey production a victim of war, climate change
Experts consider Yemeni honey some of the best in the world, including the prized Royal Sidr known for its therapeutic...
- Experts consider Yemeni honey some of the best in the world, including the prized Royal Sidr known for its therapeutic properties
- The United Nations says honey plays a "vital role" in Yemen's economy, with 100,000 households dependent on it for their livelihoods
Geostrategy
Egypt protests Ethiopia plans to fill reservoir for third year
Egypt said it had protested to the UN Security Council Friday against Ethiopian plans to fill the reservoir of a...
- The process of filling the GERD's vast reservoir began in 2020, with Ethiopia announcing in July that year it had hit its target of 4.9 billion cubic metres
- Addis Ababa deems the GERD essential for the electrification and development of Africa's second most populous country
Business
Misses and uncertainty: US tech giants stumble after pandemic boom
As people are freed from pandemic lifestyles that had them relying on the internet for shopping, playing, working and learning,...
- A crowded period of quarterly financial releases from the world's biggest tech firms has been marred by misses and uncertainty.
- Recession fears, strong dollar, shrinking advertising budgets and inflation, headwinds coming from every direction at the moment.
Business
Eni reports Q2 net profit of US$3.9bn
Italian energy giant Eni said Friday that its profits sky-rocketed in the second quarter as energy prices soared in the...
- Eni said in a statement that bottom-line Q2 net profit increased 15-fold to $3.9 billion
- For the whole of 2022, Eni confirmed it was aiming for operating profit of 'at least' $1.22 billion
Economy
Dubai’s real estate market sales transactions reach US$6.2bn
Dubai’s real estate market recorded 8,897 sales transactions worth US$6.2 billion approx (AED22.75 billion), the highest volume of sales transactions...
- Dubai’s real estate market recorded 8,897 sales transactions worth US$6.2 billion
- The transactions were the highest volume of sales transactions for June in the past nine years
Business
ADNOC announces second discovery of natural gas resources
Abu Dhabi National Oil Company (ADNOC) today announced a second discovery of natural gas resources in the first exploration well...
- The reservoir was struck in in the first exploration well in Abu Dhabi's Offshore Block 2 Exploration Concession, operated by Eni.
- The discovery from a new deeper reservoir indicates between 1 – 1.5 trillion standard cubic feet (TSCF) of raw gas in place.
Business
ExxonMobil Q2 profits rises to US$17.9bn
ExxonMobil's second quarter profits nearly quadrupled to $17.9 billion in results released Friday that underscored the elevated state of oil...
- ExxonMobil's Q2 profits nearly quadrupled to $17.9 billion that underscored the oil and natural gas prices
- The US oil giant's revenues in the second quarter rose 68.7 percent to $111.3 billion
Business
Alpha Dhabi reports net profit of US$2.2bn in H1 2022
Alpha Dhabi Holding has announced its financial results for the half-year ended June 30. The company reported net profit of...
- Alpha Dhabi reports net profit of US$2.2 billion in H1 2022 ending June 30, up from US$ 453 million in the corresponding period last year
- The firm is also starting to see the benefits of its expansion outside the UAE with overseas revenue accounting for US$ 572 million
Economy
Germany’s economic model wobbles amid energy crisis
Germany's second-quarter growth figures to be published on Friday are expected to be meek as the outlook for Europe's largest...
- Less expensive to produce and transport, with prices pinned down in long-term contracts, Russian gas has for decades contributed to Germany's economic prosperity
- To wean itself completely off Russian gas, Germany is looking further afield for new supplies including shipments of liquefied natural gas from the United States and Qatar
Economy
Asian markets rise as US data boosts hopes of slower Fed hikes
Asian stocks rose Friday after data showing another contraction in the US economy boosted hopes that the Federal Reserve will...
- After an extended period of pessimism on trading floors fuelled by soaring inflation, investors are beginning to speculate that the market may have reached its nadir
- The prospect of US rates not rising as fast as previously expected hit the dollar, which has soared in recent months against most other currencies
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
India, Iran sign 10-year agreement to develop port project
Tehran, Iran - India and Iran on Monday signed a 10-year contract to develop and equip the strategic Chabahar port in...
Economy
Company News
ExxonMobil to buy Denbury
Business
Latest News
Turkey expected to hike interest rate to 20-year high
The mercurial Turkish leader performed one of his trademark policy reversals after winning a difficult re-election in May. The vote...
Sharjah Chamber to host two-day Gulf-Iraq Business event
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) said it is likely to host the first Gulf-Iraq...
Business
Belt and Road Initiative countries expect more cooperation ahead of China-Arab expo
YINCHUAN, CHINA - In the run-up to the sixth China-Arab States Expo, guests from countries and regions along the Belt...
Geostrategy
Most Read
Economy
Stocks diverge as oil hits 10-month high of above $95 per barrel
Brent North Sea crude oil traded above $95 per barrel Tuesday for the first time since November last year, supported...
- The Federal Reserve is seen keeping interest rates on hold Wednesday but is expected to be cautious over the outlook as crude pushes higher.
- In Asian trading, Hong Kong managed a gain while Shanghai was flat. In Europe, London and Paris were in the green while Frankfurt was lower.
Business
Airports Council International sets up first office in Riyadh
Riyadh, Saudi Arabia-- The Airports Council International (ACI) for Asia-Pacific and the Middle East has established its first office in...
- The office was inaugurated by the kingdom's Minister of Transport and Chairman of the Board of Directors of the General Authority of Civil Aviation, Saleh Al-Jasser
- He said that the opening also aligns with the strategy aimed at strengthening air connectivity with countries worldwide, reaching 250 international destinations
Economy
There’s a link between health and climate change
“As we prepare for the groundbreaking Health Day at COP28, we are resolute in our determination to address the challenges...
- At the heart of the COP28 discussions, the UAE, represented by Dr. Sultan bin Ahmed Al Jaber, emphasizes the undeniable link between climate change and health
- COP28 seeks to spotlight the fragility of global health systems, the financial implications of climate-induced health crises, and the urgent need for transformative changes