‘A matter of pride’: Saudis rejoice as World Cup bid approved
Riyadh, Saudi Arabia -- Fireworks and drones depicting the iconic golden World Cup trophy lit up the sky in Saudi Arabia's...
Arts & Culture
UAE to introduce 15% tax rate on corporate profit from Jan 2025
Dubai, United Arab Emirates -- The United Arab Emirates, home to the regional headquarters of numerous multinational companies, said Monday it...
Business
Business
Dubai records $2.94 billion in weeklong real estate transactions
Dubai, UAE -- A total of 2,049 real estate transactions worth AED10.8 billion ($2.94 billion) were conducted during the week...
- The DLD report said that 172 plots were sold for AED 1.58 billion, while apartment and villa sales stood at 1,877, totaling AED 4.23 billion.
- The top three apartment and villa transfers were two apartments in Palm Jumeirah for AED58 million and AED 55 million respectively, and an apartment for AED 51 million in Al Ras.
Economy
Eurozone GDP grows 0.1 percent in first quarter as high inflation looms
Germany, the EU's biggest economy, saw growth stagnate at zero percent over the previous quarter. Year-on-year, Germany was the only...
- For the European Union overall, GDP expanded 0.3 percent over the previous quarter, according to the figures from Eurostat, the EU's statistics office.
- Inflation remains the bugbear in the eurozone, feeding through to higher wages that, while a short-term fillip, could give the ECB more reason to tighten monetary policy further.
Business
Borouge Q1 net profit $199m
The company reported revenues of $1.38 billion in Q1 2023.
- The company said with a significant cash balance of over $1 billion, Borouge repaid $500 million of its $3.65 billion loan, which resulted in interest cost savings.
- The company will pay a final dividend of $650 million to shareholders, bringing total post-IPO dividends for 2022 to $975 million.
Opinion
The devastating impact of online identity theft
While companies with robust defense measures witness decreased attack volumes as criminals target easier targets, account takeovers have a profound...
- Most online consumers reuse usernames and passwords, making them vulnerable to organized crime rings as the attack surface for account takeovers continues to expand
- While companies with robust defense measures witness decreased attack volumes as criminals target easier targets, account takeovers erode trust and cause emotional trauma
Geostrategy
Iran seizes US-bound oil tanker off Oman, says 2 missing in collision
The US Navy demanded the immediate release of the tanker, saying it was transiting international waters in the Gulf of...
- The latest flare-up comes only days after Tehran's Western rivals toughened sanctions on Iran's Islamic Revolutionary Guard Corps.
- The Fifth Fleet initially blamed the Revolutionary Guards, but then said the capture was carried out by Iran's navy.
Business
Emirates Islamic Q1 profit up 76%
The total assets grew by 4% to reach AED 77.9bn ($21.21bn)
- The bank's total income surged by 74 percent, driven by higher core revenues due to improved financing and deposit mix with higher profit rates.
- Total assets grew by 4 percent from the end of 2022 to AED 77.9 billion, while customer financing and customer deposits increased by 3 percent and 2 percent respectively.
Business
Tunisia’s president seeks phosphate revival to counter economic woes
Tunis, Tunisia -- President Kais Saied has called for the revival of Tunisia's phosphate industry, suggesting he will seek alternative sources...
- Saied has previously called for a revival of phosphate production, one of the North African country's few natural resources often used for agricultural fertilizer.
- Gafsa Phosphate Company (CPG), a former flagship of the Tunisian economy, has seen its production collapse since the 2011 revolution due to a lack of investment and unrest.
Business
Emirates NBD posts record Q1 profit
The bank's total income exceeded AED 10bn for the first time.
- The bank said healthy sector liquidity helped deposits grow by AED 35 billion or 7 percent including a further AED 19 billion increase in current and savings accounts.
- The records profits for the first quarter were attributed to higher margins, growing non-funded income and lower cost of risk on recoveries.
Business
Japan targets 30 percent women executives at major firms by 2030
Women represented only 11.4% of executives in major firms in Japan in 2022, according to a survey, although the figure...
- Japan is struggling to improve gender gaps in leadership positions, notably in politics and in the upper echelons of business, as well as the wage gap between men and women workers
- The country ranks consistently low in the World Economic Forum's Global Gender Gap report. Japan was placed 116th out of 146 ranked in 2022.
Economy
King Abdullah calls for uplift in investment environment in kingdom
Amman, Jordan-- Jordan's King Abdullah has called for enhancing the investment environment in the kingdom in order to propel economic...
- The king stressed the need for creation of procedures for investors, and to improve integration between ministries and institutions
- The kingdom's investment ministry will soon launch an online portal with all information on investment opportunities in priority sectors
‘A matter of pride’: Saudis rejoice as World Cup bid approved
Riyadh, Saudi Arabia -- Fireworks and drones depicting the iconic golden World Cup trophy lit up the sky in Saudi Arabia's...
Arts & Culture
Company News
Latest News
TAQA Q1 net income $571m
Business
Dubai welcomes record 9.31m international overnight visitors in H1
Dubai, UAE -- Dubai welcomed 9.31 million international overnight visitors from January to June 2024, a 9 percent increase over...
Business
In fuel-guzzling Saudi Arabia, electric cars pique interest
Riyadh, Saudi Arabia -- For Hamed al-Rafidain, a Saudi human resources worker, an electric vehicle offers welcome savings, especially since his...
Business
Saudi ministry, Red Sea Authority to boost coastal tourism
Riyadh, Saudi Arabia -- The Saudi Red Sea Authority, in cooperation with the Ministry of Tourism, has launched the "Seas...
Business
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Geostrategy
Israeli settlers beat foreign volunteers in occupied West Bank
Nablus, Palestinian Territories -- Israeli settlers on Sunday attacked a group of foreign volunteers helping Palestinian farmers in the occupied West...
- Eight mainly American volunteers were working with the farmers in an olive grove near the Palestinian village of Qusra when settlers came after them, said David Hummel, an American
- "They started attacking and beating us all with sticks and metal pipes and they were throwing rocks as well at us," he said.
Geostrategy
Iraq to import electricity from Turkey for northern provinces
Baghdad, Iraq -- Iraq said Sunday a new power line will bring electricity from Turkey to its northern provinces as authorities...
- Decades of war have left Iraq's infrastructure in a pitiful state, with power cuts worsening the blistering summer when temperatures often reach 50 Celsius (122 Fahrenheit).
- Many households have just a few hours of mains electricity per day, and those who can afford it use private generators to keep fridges and air conditioners running.
Geostrategy
Palestinians hail ICJ ruling calling Israeli occupation illegal
Jerusalem: The Palestinian leadership hailed as "historic" Friday a ruling by the top UN court that Israel's occupation of the...
- The office of Palestinian president Mahmud Abbas said it welcomed the "historic decision and demands that Israel be compelled to implement it."
- The Hague-based court found that Israel was "under an obligation to cease immediately all new settlement activities and to evacuate all settlers" from occupied land.