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Middle Eastern airlines passenger demand up 19.7 percent in Feb: IATA
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...
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Oil demand to hit record as China reopens, air travel recovers: IEA
Demand is expected to reach 101.9 million barrels per day on average in 2023, an increase of two million barrels per day from last year, the IEA said. It would be up 1.4 million barrels a day from the pre-pandemic level in 2019 as consumption of fossil fuels behind global... -
Remote work, hybrid workplace boost telecom demand
Demand for technologies including 5G, AI, ML, IoT, and advanced data analytics will continue to rise in the UAE this year, du CEO Fahad Al Hassawi tells TRENDS. -
ArcelorMittal 2022 profit $9.3bn
Profit was affected as demand for steel fell and production hit. -
Jordanians look to replace gas-guzzling cars with electric versions
Amman, Jordan--Jordanians are increasingly adopting electric cars in a push towards abandoning the fuel-guzzling cars that have become so hard to run in the face of high fuel prices. Speaking at a workshop on the future of eco-friendly vehicles in Jordan, Khalaf Humeisat, Chairman of the Board of Directors of... -
Right educational system crucial to help students become an active partners in shaping UAE’s future
“Increasing student competence in Arabic is a top priority; it's a crucial component of the UAE's national identity,” adds Sheikh Abdullah, who is also the Chairman of the Education and Human Resources Council, while highlighting the importance of keeping the standard of education system high. -
Nokia 2022 net profit $4.7bn
The company's Q4 net profit surged to US$3.4 billion. -
Boeing posts Q4 loss of US$634m
Firm confirmed its 2023 outlook amid strong aviation demand. -
TSMC posts Q4 profit of US$9.7bn
The Taiwanese company predicts slowing sales for 2023. -
Oil slips after unexpected build in US crude and fuel inventories
US West Texas Intermediate (WTI) crude futures fell 59 cents, or 0.8 percent, to $74.53 a barrel, while Brent crude futures were down 62 cents, or 0.8 percent, at $79.48 a barrel. -
Samsung Electronics flags sharp Q4 profit drop on falling demand
to further tighten finances spurred by concerns over deteriorating consumer sentiment caused [by] continued high global interest rates and weak economic outlooks". Against that backdrop, the Galaxy smartphone maker "saw a significant drop in the memory business results due to lackluster demand and also weaker sales of smartphones," it added. -
UAE leads GCC with 48% share in realty transactions
In the first nine months of 2022, real estate transactions in the region totaled more than US$143bn, surpassing the full-year US$136.9bn figure during 2021, says Kamco Invest. -
All regions experienced water extremes in 2021, says UN
GENEVA, SWITZERLAND - All regions of the world saw water extremes last year - both floods and droughts - and billions of people had insufficient freshwater, the United Nations said on Tuesday. Large areas of the planet recorded drier than normal conditions in 2021, the UN's World Meteorological Organization said... -
Saudi Minister inaugurates Aquatic Animal Diseases Network
RIYADH, SAUDI ARABIA - Saudi Minister of Environment, Water and Agriculture, Engineer Abdul Rahman bin Abdul Mohsen Al-Fadhli inaugurated Sunday the Aquatic Animal Diseases Network in the Middle East in the Kingdom. The inauguration took place in the presence of the Director General of the World Organization for Animal Health... -
Nespresso chief confident inflation won’t hit sales
Inflation has hit Europe hard, forcing people to cut down expenses. But Nespresso boss Guillaume Le Cunff says their coffee capsules are creature comforts and will as a result be most sought after by customers, saying that people tend to stick with their 'everyday' small pleasures such as having a... -
Sales of Al Rahmaniyah Commercial Lands begins
SHARJAH, UAE - ASAS Real Estate Company, the real estate arm of Sharjah Islamic Bank (SIB), announced the launch of the second phase of sales of the "Al Rahmaniyah Commercial Lands" project. The project follows increasing demand for the company's latest real estate projects. Located in the Rahmaniyah suburb of... -
GM posts Q3 profit of US$3.3b
US automaker was bolstered by strong vehicle pricing. -
GCC chemical companies lesser exposed to market risks than their European counterparts
Chemical companies in the Gulf region are likely to cope relatively well with the current stresses of rising rates and higher energy costs, says a recent report. -
Infosys Q2 profit at US$731.4m
The firm approved a $1 billion share buyback after Q2 result. -
Fast Retailing posts yearly net profit at US$1.86bn
Firm owns Uniqlo, Comptoir des Cotonniers clothing brands. -
Qatar to hike Jordanian food imports during World Cup
Qatar plans to hike its imports of Jordanian food products during FIFA World Cup Qatar 2022 as demand is expected to increase at unprecedented rates due to influx of over 1.5 million fans and visitors. -
TSMC Q3 revenue at US$19.4bn
The firm operates the world's largest silicon wafer factories. -
Fed official says US to see more interest rate hikes
With US inflation soaring new heights, the country's central bank has said more increases are likely to come this year in order to cool the world's largest economy and rein in high prices. Federal Reserve Governor Lisa Cook said 'inflation remains stubbornly and unacceptably high.' -
Renewables grow to meet global electricity demands: study
In its new analysis, energy think tank Ember compared data from the first six months of the year -- which included the Russian invasion of Ukraine -- and the beginnings of the international energy crisis. -
Low carbon demand spurs green sukuk growth
With the rise in demand for low-carbon investments, investors issued $517 billion in green bonds last year, a 50 percent increase over 2020. -
OPEC+ to meet in Vienna on Oct 5 for the first time since 2020
The OPEC+ oil cartel will meet in Vienna next week for the first time since Covid curbs were introduced in 2020, the organization said. -
Air passengers number up, reveals global aviation meet in Dubai
Some of the greatest minds in the aviation industry took to the stage at this year’s Global Aviation Conference in Dubai, UAE. -
Gulf manufacturers must adapt to changing demands
To avoid threats to market share and profitability, manufacturers must stay alert and on top of the ever-evolving trends. You need to adopt modern, data-driven processes and turn to technology to help you introduce new products. It may be easier than your think—if you start in the right place, he... -
Seera sees 43% slide in loss
The Saudi travel group saw its loss fall to $35m in H1. -
OPEC sees demand for oil tanking this year
OPEC warns that the demand growth for 2023 will slow further to 2.7 million bpd, leaving its forecast unchanged from last month. -
Global H1 air cargo demand up 2.2 percent over pre-Covid levels
Global air cargo demand rose by 2.2 percent in H1 2022 as compared to pre-COVID levels (H1 2019), according to data released by the International Air Transport Association (IATA). IATA figures indicate a healthy and stable performance across global air cargo markets showing. Global demand sunk by 6.4 percent compared... -
Dubai energy demand shoots up by 6.3% in H1 of 2022
Demand for energy in Dubai has shot up 6.3 percent to 23,096 GWh in the first half of the current year, according to Saeed Mohammed Al Tayer, MD&CEO of Dubai Electricity and Water Authority (DEWA). -
Oil prices and equities decline on recession fears
Oil prices fell Wednesday on worries over weakening demand in the slowing global economy as Federal Reserve Chief Jerome Powell acknowledged interest rate hikes could lead to a recession. US stocks had a choppy session, pushing into positive territory for a time after Powell reiterated the need to counter soaring... -
Free of travel curbs, GCC residents fly away for a break
In spite of high inflation, residents of the GCC countries are seeking newer destinations in Europe and beyond to travel to, Trupt Shah of Musafir.com tells TRENDS. -
Al Seer buys two new ships
The firm, a subsidiary of IHC, acquired the vessels for AED246m. -
Strong demand spurs Dubai’s realty growth
The market performed well in 2021, with average home prices and rents increasing by 9.3 percent and 8.3 percent, respectively. Last year's price growth was also the highest since January 2015. -
China to cut key interest rate as it seeks to boost economy
China on Friday announced it would cut a key interest rate as the country fights to boost its virus-hit economy and Covid-19 restrictions rip across major cities. Prolonged virus lockdowns have constricted supply chains, quelled demand and stalled manufacturing. -
UAE to build LNG plant with capacity to produce 9.6m tons
The Abu Dhabi National Co.has revealed that it would build a new liquefied natural gas plant with the capacity to produce some 9.6 million tons a year. -
Abu Dhabi to host World Utilities Congress in May
Abu Dhabi will host World Utilities Congress in May, bringing together more than 10,000 global utilities professionals to explore topics ranging from the future of low carbon power to water supplies. The World Utilities Congress will be held under the patronage of Sheikh Khaled bin Mohammed bin Zayed Al Nahyan,... -
IEA lowers world oil demand outlook on China lockdowns
Russian oil supply, meanwhile, is expected to continue to fall in April by 1.5 million barrels per day amid its invasion of Ukraine, according to the IEA, which advises developed countries on their energy policies. -
OPEC cuts 2022 world oil demand forecast due to Ukraine war
In a monthly report, the OPEC said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast -
Iran and IAEA sound optimistic on nuclear deal, but Russia demurs
Iran and the UN nuclear watchdog said Saturday they had agreed an approach for resolving issues crucial to reviving the country's 2015 nuclear accord with world powers -- but new Russian demands may delay a deal. The landmark accord was aimed at guaranteeing Tehran could not develop a nuclear weapon. -
Demand for natural gas has gone up 23% since 2011: GECF
Demand for natural gas has shot up 23 percent during the last ten years, according to Secretary-General of the Gas Exporting Countries Forum (GECF) Eng. Mohamed Hamel. -
Iranian teachers protest in many cities for better salaries
Thousands of Iranian teachers have protested in more than 100 cities against delays in salary and pension reforms, a local newspaper reported Sunday. -
Intel to acquire Tower Semiconductor
The acquisition for around $5.4bn part of Intel's IDM 2.0 strategy. -
Saudi Arabia to issue second local sukuk for the year
For the second time this year, the Saudi government will issue riyal-denominated sukuk for the year, seeking to take advantage of huge interest in the bonds. -
A Syrian city erupts in protest to demand better living conditions
Hundreds took to the streets of a southern Syrian city on Friday to demand better living conditions and democracy in a rare protest inside regime-held areas, a war monitor said. -
Saudi seaports registers 5.3 percent increase in cargo handling
This includes a 48.28% growth in passenger volume, with the total number reaching 88,000. -
IEA warns of ‘chronic’ OPEC+ failure to meet 2022 oil demand
The 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, had cut production sharply in 2020 as prices collapsed after the Covid pandemic emerged. -
Data cover: GCC sees rise in cyber insurance demand
Compared to Europe and US, cyber insurance is a profitable proposition for GCC firms due to amenable market factors such as low litigation environment. -
High gas prices to hit demand in 2022: International Energy Agency
IEA said the demand for natural gas is expected to fall sharply in Europe and slow in Asia. Gas demand rebounded last year as the world economy recovered from the Covid pandemic and restrictions were eased, while an unusually cold winter also drove up consumption.