Emirates orders 65 more Boeing 777X planes despite delays
Dubai, UAE -- Emirates, the Middle East's biggest airline, topped up its order of Boeing 777X planes on Monday despite...
Business
Hamas will not govern post-war Gaza: Hamas source close to negotiating committee
Doha, Qatar -- A Hamas source close to the group's negotiating committee told AFP on Sunday that it will not...
Geostrategy
Geostrategy
Artificial Intelligence dangers: White House summons tech giants
Vice President Kamala Harris and other administration officials will discuss ways to ensure consumers benefit from AI while being protected...
- The lack of rules has given Silicon Valley freedom to put out new products rapidly -- and stoked fears that AI technologies will wreak havoc before the government can catch up.
- A range of experts in March urged a pause in the development of powerful AI systems to allow time to make sure they are safe.
Business
UAE and Lithuania Chambers agree to set up Business Council
Sharjah, UAE -- The UAE Federation of Chambers of Commerce and Industry (FCCI) and its Lithuanian counterpart have signed an...
- The two sides also agreed to strengthen economic relations and increase investment flow between the two countries.
- The newly formed council will strengthen mutual trade relations by organizing visits and offering support to Emirati and Lithuanian companies.
Business
Major energy companies in West earn $40 billion in Q1 net profits
The surging profits prompted outcry from critics as Britons face a cost-of-living crisis, which has topped the agenda for Thursday's...
- France's TotalEnergies saw net profit advance 12 percent to $5.6 billion in the first quarter. ExxonMobil posted a record Q1 profit $11.4bn, while Chevron earned $6.6bn.
- Falling costs and a better performance at its chemicals division saw Shell's profit surge 22 percent to $8.7bn from a year earlier.
Business
SABIC Q1 profit down 90%
The company expects Q2 margins to remain under pressure.
- The company said in a statement that its revenue for the first quarter reached SAR 39.69 billion ($10.58 billion), a decrease of 8 percent compared to the previous quarter.
- The Shareek program will play a key role in the company's next growth phase, said CEO Abdulrahman Al-Fageeh.
Business
ahlibank Q1 profit $21.84m
Muscat, Oman -- ahlibank of Oman has reported a profit of 8.4 million RO ($21.84 million) in the first quarter...
- The customer deposits grew by 7.3 percent, reaching RO 2.33 billion during the first quarter, compared to the same period in 2022.
- Loans, advances, and financing expanded by 5.6 percent to RO 2.57 billion, while the bank's operating income increased by 4.6 percent to RO 23.3 million.
Geostrategy
China-based networks sowing disinformation in West: Meta
The network's social media accounts -- which ranged from Facebook to YouTube, Telegram and Twitter -- pushed content focusing on...
- Meta said it had removed more than 100 Facebook pages, profiles and Instagram accounts linked to the network, accusing them of violating its policies.
- Russia has long been accused of operating "troll farms" in a bid to influence public opinion in the West, with China not having been regarded as advanced in that area.
GCC central banks align rates with US Fed Reserve
The regional apex banks -- including the CBUAE, SAMA, CBB, and QCB -- have raised rates by 25bps in response...
- The regional apex banks -- including the CBUAE, SAMA, CBB, and QCB -- have raised rates by 25bps in response to the US Fed's decision to increase its benchmark lending rate
- Saudi Arabia's SAMA has increased its Repo rate to 5.75% and Reverse Repo to 5.25%, while the CBUAE has raised its ODF from 4.90% to 5.15%, effective from May 4, 2023
Economy
US pick Ajay Banga confirmed as new World Bank president
Banga was the sole nominee for the top job. He will begin his new role on June 2. President Joe...
- Under an unwritten arrangement, a US citizen has historically held the presidency of the World Bank and a European has run the IMF.
- Despite unease over continued US grip over the presidency of the bank, the trend continues with Banga, who was born into a Sikh family in India and is a naturalized US citizen.
Business
Aldar Q1 sales hit $1.22bn
The company's expansion plans include the acquisition of Al Fahid Island.
- The company said its development revenue backlog also hit an all-time high of AED 18.8 billion, which "provides visibility over the next two to three years".
- It has also entered the Dubai real estate market through a joint venture with Dubai Holding, which will see the development of three new communities across 3.5 million sqm of land.
Business
Iraq eyes deal on Kurdistan oil exports to Turkey within weeks
Ankara stopped importing oil from Iraqi Kurdistan in March after the International Chamber of Commerce ruled the federal government in...
- Under the terms of an agreement, sales of Kurdish oil are to go through the Iraqi National Oil Company, and no longer exclusively through the authorities in Iraqi Kurdistan.
- Oil exports are a key source of revenue for both the federal and regional governments, and their management has long been a sensitive topic in relations.
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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
Emirates orders 65 more Boeing 777X planes despite delays
Dubai, UAE -- Emirates, the Middle East's biggest airline, topped up its order of Boeing 777X planes on Monday despite...
Business
Company News
BP H1 profits down 79%
Business
Latest News
OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
Business
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...
Economy
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Geostrategy
Japanese group wins peace Nobel, says Gaza like Japan 80 years ago
Nihon Hidankyo, a grassroots movement of atomic bomb survivors from Hiroshima and Nagasaki, also known as Hibakusha, received the honor...
- The situation for children in Gaza is similar to the situation in Japan at the end of World War II, the co-head of Nihon Hidankyo said.
- "In Gaza, children in blood are being held. It's like in Japan 80 years ago," Toshiyuki Mimaki told a news conference in Tokyo.
Geostrategy
UN probe accuses Israel of seeking to ‘destroy’ Gaza healthcare
"Israel has perpetrated a concerted policy to destroy Gaza's healthcare system as part of a broader assault on Gaza," the...
- The country is "committing war crimes and the crime against humanity of extermination with relentless and deliberate attacks on medical personnel and facilities", it added.
- The report found that Israeli security forces had "deliberately killed, detained and tortured medical personnel and targeted medical vehicles" in Gaza.
Geostrategy
WTO predicts modest trade growth for 2024-25 amid geopolitical risks
In 2024 and 2025, inflation is expected to gradually abate, allowing real incomes to grow again in advanced economies, boosting...
- Risks to the forecast are on the downside “due to current geopolitical tensions and policy uncertainty. Middle East troubles have diverted sea shipments between Europe and Asia.
- It added that import demand in real terms was weak in 2023 in most regions, especially in Europe but also in North America and Asia.