Firm Saudi Tourism Investment Company has been set up.

Adjusted net profit also fell down 49 percent in the second quarter.

New customers and projects were added in H1 2023.

The bank's profit in Q2 increased by 43% compared to Q2 2022.

The company posted first-half revenues of $2.8 billion.

Profits in the second quarter were $1.9 bn.

Brussels, Belgium - The European Commission on Thursday announced an antitrust probe into Microsoft bundling its Teams communication app with its popular Office suite, on concerns it could be cutting out competitors. The investigation, to see whether the US software giant is "abusing and defending its market position" through the practice,...

The battered country, where half a million died in the conflict, has also suffered the impacts of climate change, from searing summer heat to prolonged drought. The flow of the Euphrates -- one of the region's mighty streams, where the world's earliest civilizations flourished -- has been further impacted by...

Gas prices had soared last year after Russia cut gas shipments to Europe while oil markets were also rocked by supply concerns. But natural gas prices fell sharply as European countries found new suppliers, built up reserves and experienced a mild winter.

The bank's revenue grew by 50 percent to AED 4.3 billion.

Increasing adoption of Artificial Intelligence in banking operations could lead to automation of nearly 52 percent of jobs by 2025. Experts recommend upskilling, training and continuous learning to adapt to the change.

Dubai, UAE -- Dubai witnessed the completion of nine real estate projects worth AED 4.06 billion ($1.10 billion) in H1 2023. According to data issued by the Dubai Land Department (DLD), 392 real estate projects are currently being developed in the emirate. The first six months of 2023 also witnessed...

It posted a profit of US$7.8bn in the recently ended quarter.

This is firm's worst quarterly profit since Q1 2009.

The money transfer firm plans to set up base across the GCC.

Manama, Bahrain-- for "exceeding the scope of the permit." The owner had exceeded the scope of the permit which was issued to him, in accordance with the provisions of the Real Estate Sector Regulation Law,  promulgated by Law No. 27 of 2017 and its amendments and executive edicts. In a statement issued...

Dubai, UAE-- Around 9.1 million people visited the UAE’s Government Unified Digital Platform, U.AE, from the start of 2023 until the end of June. According to the Telecommunications and Digital Government Regulatory Authority (TDRA), the jump in the average number of pages viewed was 3.52%, compared to the same period...

The decision by the central banks, in the US and most of the Middle East, to hike interest rates are designed to fight off inflationary pressures and maintain economic stability.

Revenue accelerated 25 percent to US$877 million.

RIYADH, SAUDI ARABIA - The  Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition of the Lloyd’s List One Hundred Ports, steadily improving on the 24th position it occupied last year. The Minister of Transport and Logistics Services and Chairman of the Saudi Posts...

Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry said, crediting last year's surge in oil prices. The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry said.

Fujairah, UAE -- The National Bank of Fujairah (NBF) Wednesday posted 120.7 percent increase in first half net profit to AED332.1 million ($90.4 million) from AED150.5 million in the same period last year. The robust performance in Q2 2023 contributed to this growth, with NBF posting a net profit of...

The aerospace company reported a $149 million Q2 loss.

This is the bank's highest-ever half-yearly profit.

ADCP is a JV between Mubadala and Alpha Wave Global.

In Spain, the thermometer has shot 15 degrees above normal summer season levels. Italy has also laboured under heatwaves with the island of Sardinia melting under 48 Celsius while, on Monday, Tunis endured 49C. Tourism plays a key role in the region's economies -- the sector accounts for nearly a...

The UAE's firm signed an agreement with Iberdrola to co-invest in the 476-megawatt Baltic Eagle offshore wind farm in the German Baltic Sea. The Spanish company will have a majority stake of 51 percent in the investment, which will accelerate green-energy security in Europe. Iberdrola will control and manage the...

Profits jumped 52 percent to $2.6 billion .

Tech titans announced better-than-expected earnings.

Its net profit for H1 of 2023 jumped to US$169 million.

Doha, Qatar-- The Qatar Free Zones Authority has joined hands with Qatar Development Bank to support foreign investors and firms with a range of financial services. In this connection, the two leading institutions of the gas-rich country have signed an agreement to widen the areas of cooperation between both organizations...

The sales in H1 of 2023 climbed on the back of high demand.

Revenues were recorded at $44.7 billion, up 25 percent.

The plan is part of AED 1bn revitalization project.

Sharjah, UAE -- Sharjah real estate sector recorded deals worth AED549.4 million ($149.5 million) for the first half of 2023, a report by the Sharjah Real Estate Registration Department said. The transactions were facilitated through the department's branches located in the Central region and the cities of Khorfakkan, Dibba Al-Hisn,...

Dubai, China - The roadshow of Dubai Chamber of Digital Economy across five cities of China  saw the participation of over 200 digital companies, including MNCs with a collective market capitalization exceeding $10 billion.  Led by Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, the delegation held...

The firm's profit after tax rose 22 percent to $3.9 billion.

The group's public market portfolio stands at $9.1bn.

Baghdad, Iraq-- Jordan and Iraq have renewed pledge to strengthen economic cooperation in a meeting between the kingdom's Prime Minister Bisher Khasawneh, and his Iraqi counterpart, Muhammad Shia'a Sudani, on Monday. In a joint statement, both PMs reaffirmed the strategic nature of the Jordanian-Iraqi relationship and called for efforts to...

Kuwait City, Kuwait--The Kuwait National Petroleum Company (KNPC) has exported the first shipment of 95 octane motor fuel and low-sulfur to European markets. Ghanim Al-Otaibi, the deputy CEO of Fuel Supply Operations and official spokesman for KNPC, said that the volume of the shipment that was exported from Mina Al-Ahmadi...

Dubai, UAE-- Calling on governments around the world to demonstrate leadership by signing the "Leaders Declaration on Food Systems, Agriculture and Climate Action", the COP 28 Presidency launched its Food Systems and Agriculture Agenda during the Food Systems Summit in Rome. It forms part of its continued work to define...

It will enable Saudia Cargo to widen network in Europe.

The painful PMI data comes as the European Central Bank is eyeing a further rate hike this week in its quest to tame inflation.

Osaka, Japan - Paris Saint-Germain have given Saudi club Al Hilal permission to speak to Kylian Mbappe after tabling a world record 300-million-euro ($333 million) bid, a source close to the negotiations told AFP on Monday. The Riyadh-based club has made a formal offer by letter, the source said, but such...

Dubai, UAE -- Dubai's position as the leading hub for international dispute resolution has been further strengthened as the Dubai International Financial Centre (DIFC) Courts reported a staggering 692 percent increase in the overall value of claims during the first half of 2023 compared to the same period last year....

The decline was attributed to decrease in total operating income.

The H1 profit reached SAR 1.14bn ($303m) and Q2 profit SAR 585.9m.

Al Dhannah Hospital in Al Dhafra region is owned by ADNOC.

Its parent firm has been named the X Corporation.

It seeks to enhance emirate's coastal and marine locations.