MUSCAT, OMAN – As part of its investment solutions and Sharia-compliant products and services, ahli islamic, ahlibank’s Islamic banking window, introduced the first of its kind Islamic Money Market Fund in the Sultanate. ahli islamic customers now have the opportunity to invest and gain exposure to attractive local and regional...

Geneva, Switzerland -- The International Air Transport Association (IATA) released data for February 2024 global passenger demand, with total demand, measured in revenue passenger kilometers (RPKs), rising 21.5 percent year-on-year (YoY). Total capacity, measured in available seat kilometers (ASK), grew 18.7 percent YoY. The February load factor was 80.6 percent...

The aim is to offer trade finance solutions to businesses in UAE.

Abu Dhabi, UAE -- AD Ports Group and the General Company for Ports of Iraq (GCPI) sign an agreement to establish a joint venture to develop Al-Faw Grand Port and its economic zone, as well as any future expansion. Furthermore, the agreement also encompasses the potential investment, management, and operation...

It is working on a robot that may be helpful to people.

On Thursday, bullion touched $2,304.96 per ounce, according to Bloomberg News, after Fed boss Jerome Powell said it would likely be appropriate to cut borrowing costs "at some point this year". Eyes are now on the release of US jobs figures due at the end of the week.

Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and its allies, OPEC+, agreed to keep current oil production levels unchanged. During the meeting which took place via videoconference today, the JMMC reviewed the crude oil production...

Emirate's new tourism strategy aims to increase the sector’s contribution to GDP from $13.34 billion in 2023 to $24 billion by 2030.

In December, the airline ordered 230 Airbus planes.

MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian Prime Minister said this in an annual report at the State Duma (lower house of the parliament), TASS reported. “Energy is adjusting gradually as well. A serious adjustment of logistics...

Oil prices rose around one percent, with Brent crude closing in on $90 per barrel, as OPEC experts met to discuss extending supply cuts. "Geo-political risks linked to conflict in the Middle East, OPEC supply cuts and better data out of China are helping to drive bullish sentiment currently," said...

This helps EasyLease expand its presence in mobility sector.

Tehran, Iran -- The National Iranian Oil Company (NIOC) has said that shale oil deposits have been discovered in 10 different locations across the country. The director of exploration at the NIOC, Mehdi Fakour, announced that the company's specially designed model will enable the extraction of oil from these resources....

Abu Dhabi, UAE -- The value of real estate transactions in Abu Dhabi reached AED 15.9 billion ($4.32 billion) during the first quarter of 2024 (Q1 2024), recording 5,127 sales and mortgage transactions on various types of real estate units. According to data from the DARI platform of the Department...

RIYADH, SAUDI ARABIA – flynas, the Saudi air carrier and the leading low-cost airline in the Middle East and the world, celebrated taking delivery of the 50th airplane out of a large order for Airbus A320neo jetliners at a reception held at King Khalid International Airport here. The company is...

Tehran, Iran--The trade exchanges between Iran and Turkey in the first two months of 2024 reached $930 million, showing a one percent increase compared to the same month last year. According to the latest figures released by the Turkish Statistical Institute (TURKSTAT), Iran’s trade with the neighboring country stood at...

Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al Ijara, has been oversubscribed by 186%. Subscriptions worth $128.67 million were received for the $69.14 million issue, which carries maturity of 182 days. The expected return on the issue, which...

The decline was in part due to a weak sales market in China.

The two will work to develop AI-based banking capabilities.

Dhahran, Saudi Arabia – Saudi energy giant Aramco Tuesday awarded engineering, procurement and construction (EPC) contracts worth $7.7 billion for a major expansion of its Fadhili Gas Plant in the Eastern Province of Saudi Arabia. The project is expected to increase the plant’s processing capacity from 2.5 to up to 4...

Abu Dhabi, UAE -- The UAE's national carriers have witnessed significant growth in their destination network, reaching approximately 603 destinations worldwide by the end of the first quarter of 2024, compared to 586 at the close of 2023. This 3 percent increase reflects the rebounding aviation sector and caters to...

This will raise its share capital by $163 million to $944 million.

The suit filed in June of 2020 sought US$5bn in damages.

Arcera will aim to improve the quality of "human life."

RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) has announced the addition of the new shipping service 'NRS' by Folk Maritime to Jeddah Islamic Port. This initiative aims to connect the Kingdom of Saudi Arabia to various ports along the North Red Sea. The introduction of these two new...

Formula One owners paid US$4.5 billion for the deal.

BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023, Associated Press (AP) quoted a World Bank report as saying on Monday. Debt, trade barriers and policy uncertainties...

The new accounts were distributed over the months of the year, with a notable YoY spike of 151.5 percent in March 2023.

The company had paid an interim cash dividend of $1.62bn in Dec 2023.

Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023, Associated Press (AP) quoted a World Bank report as saying on Monday. Debt, trade barriers and policy uncertainties are dulling...

Sharjah, UAE--Expo Centre Sharjah (ECS) has unveiled its future projects and forthcoming initiatives to develop and enhance the exhibitions sector and bolster its role in driving the growth of Sharjah’s economy. Promoting the emirate’s business tourism potential and opening up growth prospects across various sectors, the ECS’s plans are geared...

Shenzhen, China--China's manufacturing activity expanded for the first time in six months in March. The official purchasing managers' index (PMI) rose to 50.8 in March from 49.1 in February, above the 50-mark separating growth from contraction and topping a median forecast of 49.9. Though the pace of growth was modest,...

"These banks excel not only in financial performance but also in adapting and innovating. Through partnerships with global entities like Mastercard and initiatives like the Trade Bank of Iraq's online banking system, accessibility to financial services has greatly improved," she added.

Tokyo, Japan--The UAE exported 44.1 percent, namely 31.3 million barrels, of Japan's crude oil needs in February 2024, according to the Agency for Natural Resources and Energy in Tokyo. The agency, part of the Japanese Ministry of Economy, Trade and Industry, stated that the amount of crude that Japan imported...

Regional market trends, IPOs, geopolitical issues and crude oil prices affected the flow of foreign money in the region, said a report by Kamco Invest.

Abu Dhabi, UAE – Rotana, one of the leading hotel management companies in the region with over 100 properties in the Middle East, Africa, Eastern Europe, and Türkiye (MENAT), announces on Sunday the soft opening of Dar Rayhaan by Rotana, Al Khobar, in Saudi Arabia. The opening is in line...

Net profit grew by 13.1 percent compared to 2022

Riyadh, Saudi Arabia -- ROSHN Group has launched ALMANAR, its fifth integrated mixed-use community and its first venture in Makkah, the group said in a press release.The first phase of ALMANAR, the release said, will provide 4,149 residential units that will house over 17,000 people on a footprint of 2.5...

Dubai, UAE -- The Dubai Land Department (DLD) has embarked on the first phase of a series of strategic partnerships with nine leading developers, aimed at bolstering the "Dubai Real Estate Programme." DLD said the initiative underscores its commitment to cultivating a skilled citizenry proficient in professional ethics and principles,...

AMMAN, JORDAN – Products of the Kingdom’s pharmaceutical industries and medical supplies sector moved over the past quarter century to the global level, driven by its development, quality and competitiveness, a stakeholder said. This has placed Jordan among the top countries in this strategic industry. Representative of Pharmaceutical Industries and...

ABU DHABI, UAE - Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, said that under the leadership of President Sheikh Mohamed bin Zayed Al Nahyan the Emirates is at the forefront of leveraging cutting-edge technologies like AI to drive sustainable growth and progress, particularly in the...

It will cost US$100bn and will include an AI supercomputer.

It can essentially duplicate someone's speech.

Istanbul, Turkey - Turkey's flagship carrier, Turkish Airlines, has resumed flights to Libya's capital, almost 10 years after they were suspended over security concerns in the conflict-torn country. The airlines's chief executive, Bilal Eksi, attended a ceremony at Mitiga International Airport on Thursday to mark its first flight to Libya since...

WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel prices, according to government data published on Friday, but another gauge stripping out volatile food and energy prices continued to ease. US Federal Reserve chair Jerome Powell told a conference...

RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for Q4 of 2023, which show that the net flow of FDI in the Kingdom amounted to over US$3.4 billion (SAR13 billion), an increase of 16 percent or US$2.9 billion (SAR11...

Baghdad, Iraq -- Iraq said Friday a power line would soon bring electricity from Jordan to the border area as authorities aim to diversify energy sources to ease the country's chronic outages. With its generating capacity ravaged by decades of conflict and underinvestment, Iraq has long relied on imports of both...

The profits more than doubled compared to 2022.

The company's revenue grew by 40 percent year-on-year.

The company's revenue fell by 18 percent in 2023.