Emirates NBD's profits climbed by 40% to $3.53 billion.

Equity will help DIC enter one of the most regulated markets

The rise was driven by strong regional economic growth.

Mumbai, India - An Indian conglomerate owned by Asia's richest man Gautam Adani said Thursday it was exploring legal action against a US investment firm that accused it of "brazen" corporate fraud. Hindenburg Research this week alleged that Adani Group had used undisclosed related-party transactions and earnings manipulation to "maintain the...

Stock markets rose as US data showed the country grew at a slower pace in 2022 but finished the year on a stronger note. Shares in Paris, Frankfurt and London were higher in mid-afternoon trading. US gross domestic product rose at an annual rate of 2.9 percent in the fourth...

Household spending and business investment remained positive in the final quarter last year though they slowed, while inventories and net exports helped growth, said Rubeela Farooqi of High Frequency Economics.

DUBAI, UAE - Dubai Gold and Commodities Exchange (DGCX) Thursday announced its full-year market statistics for 2022, reporting 8.239 million contracts with a  value of US$162.01 billion during the year, representing growth of 16 percent and 8.24 percent from 2021, respectively. The DGCX is the largest and most diversified derivatives...

The profit was driven by funded and non-funded income.

The total income was up 10 percent year on year.

ABU DHABI, UAE - The UAE is determined to foster the attractiveness and competitiveness of the business environment in order to keep pace with future economic trends, a senior official said. The UAE further aims to offer a legislative framework that will enable companies to promote the new economic model,...

Ras Al Khaimah, UAE-- Ras Al Khaimah Economic Zone (RAKEZ) welcomed over 4,200 new companies to its business community in 2022, recording 18 percent growth compared to 2021. The economic zone recorded a 206 percent growth in new general trading companies, with 413 licenses issued. E-commerce businesses were second with...

It posted profit of $2.9bn in the final three months of last year.

The talks for the merger have not yielded a "common vision."

According to central bank's statistics, Banks’ investments rose in the first eleven months of 2022 by $10 billion or 8 percent, compared to $129 billion in 2021.

The boost is seen as key for its long-term growth plans.

The bank recorded an increase of 26.6 percent.

The area of land used for opium poppy cultivation expanded by a third to just over 40,000 hectares in 2021-22 -- the first full growing season since the coup -- according to a United Nations Office on Drugs and Crime (UNODC) report released Thursday.

Vienna, Austria--The OPEC Fund for International Development (the OPEC Fund) has lent Panama a US$120 million in loan to support the country’s climate action, adaptation, resilience and mitigation policies. The “Panama Support Program for the National Climate Change Policy” aims to mitigate, contain and reverse the effects of climate change,...

The bank's net profit rose to $93 million in 2022.

Looking to develop offshore hydrocarbon sites, Libya's National Oil Corporation has signed an $8-billion deal with Italian energy company ENI. The deal is expected to be inked on Saturday at an official ceremony. The development of the offshore sites is hoped to produce 850 million cubic feet of gas per...

Firm confirmed its 2023 outlook amid strong aviation demand.

BAGHDAD, IRAQ -  Iraqi Prime Minister Mohammed Shia al-Sudani will travel to France on Thursday for energy and security talks with President Emmanuel Macron, he told AFP. Sudani, in written answers to AFP, said he wants to "activate the agreements" between oil-rich Iraq and France "particularly in the transport, energy and investment...

Riyadh, Saudi Arabia---Saudi Arabia's National Housing Company signed 22 MoUs worth nearly 4 billion riyals ($1.06 billion) on the sidelines of the launch of the materials platform, Mawadat, at the Future of Real Estate Forum. The platform aims to connect contractors and real estate developers with the factory or supplier...

Lebanese protesters blocked roads and burnt tires near the central bank in Beirut as the local currency plummeted to a new low against the dollar. Since 2019, Lebanon has been in an economic crisis dubbed by the World Bank as one of the worst in recent global history, pushing much...

DUBAI, UAE - Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), received Christian Klein, CEO and member of the Executive Board of SAP SE. The meeting was attended by Marwan bin Haidar, Executive Vice President of Innovation and The Future at DEWA, and Mohammad...

Abu Dhabi, UAE---The First Abu Dhabi Bank, UAE’s largest bank, has issued a 5.25-year $600 million bond at US Treasury, which resulted in an all-in yield of 4.514 percent, on 19 January 2023. This marks FAB’s second dollar issuance in a space of 10 days following the $500 million RegS...

The profit in year 2022 is 4.4 percent lower than in 2021.

They will collaborate in shipping, logistics and ports services.

The International Organization for Migration said in an October report that "prevailing customs and traditions... limit women's activities to their domestic and nurturing role". Adel said such prejudices, as well as practical difficulties, posed a challenge to fulfilling her dream. A graduate of the University of Baghdad who specialised in...

Microsoft chief executive Satya Nadella last week said he was laying off about five percent of the company’s workforce, just days before pumping several billion dollars into OpenAI, the company behind the controversial chatbot ChatGPT.

The American Glazer family, United's owners, began looking for new investment with British billionaire Jim Ratcliffe's company INEOS entering the bidding process.

Dubai, UAE-- On the second day of the MENA IPO Summit Dubai 2023, many experts called for the creation of a a dynamic and advanced regulatory structure for capital markets and educating market participants on the best practices. During the summit’s workshops and discussions, securities companies and experts talked about...

Contemporary stars including Justin Timberlake and Shakira have sold large stakes in their work - both also struck deals with Hipgnosis - but the move has mostly been seen among legacy artists like Bob Dylan and Bruce Springsteen. The staggering sums - Springsteen's catalog went to Sony for a reported...

In this latest suit, prosecutors took aim at Google's extremely profitable advertising business, asking that it be broken up to level the playing field for other companies. Google's ad dealings generated more than $200 billion in sales in 2021 and is parent company Alphabet's biggest moneymaker by a wide margin.

It will run under the motto,“we move people with ease”.

Abu Dhabi, UAE-- Hotels across Abu Dhabi have posted a 24 percent growth in occupancy to 4.1 million visitors during 2022, according to data shared by the Department of Culture and Tourism. Hotel revenues climbed by 23% from the previous year to $1.47 billion in 2022. The statistics showed that...

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that it is participating in the 8th Dubai International Project Management Forum (DIPMF) as the organizing partner. DIPMF is being organized by the Roads and Transport Authority in Dubai (RTA) in cooperation with the Project Management Institute (PMI), DP World,...

Dubai, UAE--Dubai real estate market recorded deals worth AED1.5 billion ($408 million) on Tuesday, Dubai Land Department said. The deals included 520 sales transactions worth AED1.22 billion, in addition to 72 mortgage deals of AED216.8 million, and 15 gift deals amounting to AED98.13 million. The sales included 440 villas and...

Twitter's British landlord said it is taking the social media to court for not paying rent on its London offices. The Crown Estate, a firm that manages land and property belonging to the British monarchy, said it has launched legal action at the High Court for rental arrears on an...

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) launched the 'OWNEK' awareness initiative to help its accredited contractors and consultants receive approval on the first instance when requesting electricity connections. This initiative will save the contractors and consultants time and effort and speed up the workflow. The initiative includes...

ABU DHABI, UAE - Abu Dhabi Agriculture & Food Safety Authority (ADAFSA) has just been announced as the winner of the Outstanding Community Initiative category at the 2022 Global Business Excellence Awards, thanks to its 'Auwn Community Program'. The program assisted in accomplishing ADAFSA's Corporate Social Responsibility (CSR) goals by...

Ras Al Khaimah, UAE -- The government of Ras Al Khaimah became the first in the world to achieve the ISO 50001 energy management certification for all its 19 entities. The accomplishment was announced at the World Future Energy Summit 2023, held as part of Abu Dhabi Sustainability Week (ADSW)....

The US auto giant will cut 3,200 jobs in the European country.

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) announced that gross banks’ assets, including bankers’ acceptances, increased by 0.7 percent, rising from $983 billion at the end of October 2022 to $988 billion at the end of November 2022. According to figures published in CBUAE's November summary...

The Tesla chief returned to the witness stand to answer questions from lawyers for angry investors who accuse him of costing them millions of dollars with a pair of allegedly false tweets about having the funding secured to buy them out. A lawyer for the plaintiffs focused on Musk's buyout...

Dubai, UAE-- Oil prices fell in early trade on Monday, but held on to most of last week's gains on the prospect of an economic recovery in top oil importer China this year. Brent crude futures retreated by 46 cents, or 0.5%, to $87.17 at 0031 GMT, while U.S. West...

Algiers, Algeria--Italian Prime Minister Giorgia Meloni agreed Monday to strengthen energy cooperation with Africa's top gas exporter Algeria, the latest European country seeking supply deals to help reduce reliance on Russia. "Facing the great energy crisis that Europe in particular is experiencing, Algeria could become a leader in production, certainly African...

Microsoft has extended its partnership with OpenAI.

The company posted a 115 percent increase in revenue.

Iraq's prime minister said the country's central bank governor had been relieved of his duties as the local currency continues to fall against the dollar. "The central bank governor's request for discharge was approved, as was the request for retirement by the president of the Trade Bank of Iraq," Prime...