Flydubai inks $13bn Boeing deal for 75 jets as city’s airlines build up
State-owned flydubai and its long-haul partner airline, Emirates, have been the chief deal-makers at this week's Dubai Airshow, the largest...
Business
Hamas back on Gaza streets, acts against gangs and armed clans
For many Palestinians rebuilding their homes and lives amid Gaza's rubble, the sight of the Hamas forces was reassuring. Many...
Geostrategy
Business
Pakistan and Oman agree to boost air travel, promote tourism
Muscat, Oman -- Pakistan and Oman have agreed to boost air travel between the two countries' airports, reports said. The...
- An Omani delegation, led by Naif Ali Al Abri, Chairman of the Civil Aviation Authority, held a series of meetings with Pakistani officials.
- Recently, the two countries also resolved to broaden bilateral relations, especially in strategic, economic and trade spheres.
Geostrategy
Iraq keen to meet fuel needs of Lebanese people: Oil Minister
Baghdad, Iraq -- Iraq's oil minister Hayan Abdel-Ghani has said the Iraqi government was keen to support the Lebanese people...
- Iraq's oil minister Hayan Abdel-Ghani held a discussion with Lebanon's Minister of Energy and Water, Walid Fayyad.
- Fayyad appreciated the support extended by the Iraqi government at a time when Lebanon is facing its worst economic crisis.
Geostrategy
31 more Kuwaitis file papers for parliament election
Kuwait City, Kuwait -- At least 31 Kuwaitis have filed candidacy papers for Kuwait's National Assembly election set to take...
- Till Saturday, a total of 61 candidates, including a female, had filed documents for the election to be held in June.
- The Gulf state has seen prolonged bickering between the government and the elected parliament that has hampered fiscal reforms.
Geostrategy
Covid-19, which killed nearly 20m, no longer global health emergency
WHO chief Tedros Adhanom Ghebreyesus, however, warns that "the worst thing any country could do now is to use this...
- The UN health agency first declared the so-called public health emergency of international concern (PHEIC) over the crisis on January 30, 2020.
- To date, 13.3 billion doses of Covid vaccines have been administered, with 82 percent of adults over 60 having received the initial jabs.
Geostrategy
UAE minister calls for using digital tech in building peace
New York, USA - Omar Sultan AlOlama, UAE's Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications,...
- The UAE minister said it is important to address hate speech, racism, intolerance and other forms of extremism.
- He said issues like climate change, extremism, health emergencies could be solved by boosting peacebuilding architecture.
Business
Ajman witnesses 13 percent first quarter growth in new licenses
Ajman, UAE -- The emirate of Ajman has issued a total of 1,483 business licenses during the first quarter of...
- Import and export, retail perfumes, general trade, and wholesale trade of women's ready-made clothing are among the newest commercial licenses issued in Ajman during this period.
- Renewal of licenses grew by 3 percent and process of issuing permits by 9 percent year on year.
Business
$14m plot of land among $2.83bn weekly realty deals in Dubai
Dubai, UAE -- A total of 3,050 real estate transactions worth AED10.4 billion ($2.83 billion) were recorded in Dubai during...
- The DLD report showed that 189 plots were sold for AED1.19 billion, 2,239 apartments and villas were sold for AED5.11 billion.
- Al Hebiah Fifth recorded the most transactions for this week by 63 sales transactions worth AED188.2 million.
Geostrategy
Iran expels four Azerbaijan diplomats in tit-for-tat move
Tehran, Iran -- Iran has expelled four Azerbaijani diplomats, state media reported Friday, saying the move was "in response" to...
- Azerbaijan's foreign ministry last month said it had notified the Iranian ambassador that "four employees of the Iranian embassy were declared personae non gratae" with 48 hours.
- Baku accused the embassy staff of carrying out activities "incompatible with diplomatic status" but did not elaborate.
Business
Empower Q1 revenue up 6%
The company posted a 5.7 percent year-on-year growth in net profit.
- For the last twelve months (Apr 2022 to Mar 2023), the company's consolidated revenue was AED 2.82 billion, compared to AED 2.53 billion (Apr 21 to Mar 22).
- The company attributed the first quarter growth to a rise in demand for its services across various regions of Dubai.
Business
ADX New York roadshow attracts major institutional investors
Dubai, UAE – A roadshow led by the Abu Dhabi Securities Exchange (ADX) in collaboration with JP Morgan in New...
- The two-day show attracted major institutional investors in the US and welcomed senior representatives from the Exchange and JP Morgan.
- The event attracted more than 60 CEOs, CFOs, in addition to senior management from institutional investors from across the US.
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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
Flydubai inks $13bn Boeing deal for 75 jets as city’s airlines build up
State-owned flydubai and its long-haul partner airline, Emirates, have been the chief deal-makers at this week's Dubai Airshow, the largest...
Business
Company News
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BP H1 profits down 79%
Business
Deals worth $4.26 billion signed at inaugural Global Logistics Forum
Riyadh, Saudi Arabia -- More than 65 agreements and Memoranda of Understanding worth SAR 16 billion were signed at the...
Business
WEF Global Future Councils meet in Dubai to tackle pressing global issues
More than 500 experts are expected to attend the meeting. Amid a rapidly shifting global landscape of geopolitical tensions, climate...
Geostrategy
Trio wins economics Nobel for insights into income inequality
By examining the various political and economic systems introduced by European colonizers, the three have demonstrated a relationship between societal...
Geostrategy
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Economy
China unveils major bond plan to revive economy and property market
The plan is part of a series of actions undertaken by Beijing to draw a line under a years-long property...
- Beijing's planned special bonds are aimed at boosting the capital available to banks -- part of a push to get them lending in the hopes of firing up sluggish consumer spending.
- China is also preparing to allow local governments to borrow more to fund the acquisition of unused land for development.
Business
Boeing to cut 10% of workforce
The aviation giant has projected a large third-quarter loss.
- The company announced a series of belt-tightening measures and production delays in the wake of the nearly month-long strike of 33,000 workers.
- Boeing said the strike contributed to $3 billion in pre-tax charges to its commercial aviation results in the third quarter.
Economy
World merchandise trade to rise by 2.7% in 2024: Global Trade Outlook
There was a 2.3% year-on-year increase in the first half of 2024 and WTO economists anticipate the volume will increase...
- Global GDP growth at market exchange rates is expected to remain at 2.7 percent in both years.
- Declining inflationary pressure has allowed central banks in advanced economies to begin cutting interest rates, which should stimulate consumption.