The firm recorded a net profit of $873 million.

As per pact, e& is a cornerstone shareholder of Vodafone.

ABU DHABI, UAE - The Statistics Center - Abu Dhabi (SCAD) has released the Gross Domestic Product (GDP) estimates report for 2022, unveiling a remarkable 9.3 percent  growth by the end of the year, compared to 2021.The new figures position the Emirate as the fastest-growing economy in the Middle East...

The US$218mn capital infusion will foster bank's growth.

Abu Dhabi, UAE--The property market in Abu Dhabi has recorded 5,472 property sales and mortgages valued at US$7.62 billion in the first quarter of 2023 as against 3,304 transactions worth $ 3.07 billion during the same period in 2022, according to official data released by the Department of Municipalities and...

Revenue is due to demand for fixed, mobile services.

Rabat, Morocco-- Seeking to deepen its investments in Morocco, which stood at US$14 billion at the end of 2021, the UAE intends to widen the partnership with the kingdom over the next few years.In this regard, the two countries have agreed to double the volume of trade and investment exchange...

Operating income increased by 51 percent year-on-year.

Amman, Jordan-- Jordan's King Abdullah has called for enhancing the investment environment in the kingdom in order to propel economic growth and job creation.During a meeting at Al Husseiniya Palace on Wednesday to follow up on the implementation of the Investment Ministry’s action plan, King Abdullah highlighted the need to...

Paris, France--Sales of new cars jumped last month in Europe, surpassing the level of one million for the first time since June 2021, according to data from the European Automobile Manufacturers Association published on Wednesday.New car registrations hit 1,087,939 in March, an increase of 28.8 percent from the same month last...

Beijing, China--China's economy grew much better than expected in the first three months of the year as the country reopened after the end of zero-Covid measures, official data showed Tuesday.The figures were the first snapshot since 2019 of the world's second-largest economy unencumbered by the strict health controls that helped keep...

Net profit reported by the companies jumped to a record high of US$ 273.3 billion in 2022,  compared to US$ 199.0 billion in 2021, according to a new report by Kamco Invest.

Still predicting "moderate GDP growth, US treasury secretary has affirmed that the country's banks may be more cautious in granting loans after recent turmoil in the sector, she said In an interview to be aired on Sunday. The dramatic collapse of Silicon Valley Bank and Signature Bank shook the financial...

The IMF predicted the global economy will grow by 2.8 percent this year and three percent in 2024, a decline of 0.1 percentage point from its previous forecasts in January. The American economy is expected to grow by 1.6 percent in 2023, up 0.2 percentage point on IMP's previous forecast.

Washington, United States-- The World Bank and International Monetary Fund's spring meetings get underway later this week with an ambitious reform and fundraising agenda likely to be overshadowed by concerns over high inflation, rising geopolitical tension and financial stability."Growth remains historically weak -— now and in the medium term," IMF managing...

Ras Al Khaimah, UAE--Ras Al Khaimah Economic Zone (RAKEZ) brought in 1,839 new companies in the first quarter of 2023, representing 122% growth compared to the same period in 2022, indicating a strong start to the year for the economic zone.RAKEZ Group CEO Ramy Jallad commented on this achievement: "We...

The World Trade Organization said 2023 global trade growth would be slightly better than feared, but would remain "subpar", weighed down by the Ukraine war and stubbornly high inflation. Presenting their annual trade forecast, WTO economists said they expected to see the volume of global merchandise trade slow to 1.7...

BRUSSELS, BELGIUM  - The EU trade in goods registered a large deficit of US$469 billion (€432 billion) in 2022, reaching its lowest level since the start of the time series in 2002.The deficit was due, in particular, to a steep rise in the value of energy imports, which started towards...

Its revenue for 2022 rose to US$2.8bn, a 78% jump.

The country has seen a surge in demand for travel, entertainment and other leisure services that were curbed for nearly three years during the pandemic. China's new premier Li Qiang said Thursday the economy was showing "strong momentum" despite a challenging global environment, pledging increased support for business.

The bank cited the real estate and construction sectors as key drivers, as well as a dynamic manufacturing sector, like refineries and aluminum production.

Dubai, UAE - ENOC Group on Thursday unveiled its five-pillar long-term growth strategy after having recorded its best performance ever in 2022 in its three-decades-long history of growth. Under the pillar of ‘Proactive Improvement’, the  Group, which recorded a 60 percent increase in EBITDA last year in comparison to 2021, will...

Dubai, UAE-- Consumer spending in the UAE has shot up 19 percent in 2022 as against the previous year, according to Majid Al Futtaim's "state of the UAE retail economy" Q4 report.There was a notable 13 percent growth in spending across the retail economy for the full year including, leisure...

Riyadh, Saudi Arabia--Saudi Arabia’s banking sector grew in 2022 on the back of potent revenue growth and is set for further gains, according to the Boston Consulting Group.  Analysis by the US-based firm reported the Kingdom’s banking profits after taxes have grown an average of 7.9 percent per year since 2016...

Beijing, China--China's new premier warned Monday that the country's five-percent growth target for 2023 would not be "easy" to achieve, as its rubber-stamp parliament wrapped up over a week of meetings.The government set the economic growth target of "around five percent" this month, one of the lowest in decades as China emerged...

Cairo, Egypt - Egypt's official annual headline inflation rate rose in February to 31.9 percent, the highest in five and a half years, while core inflation soared to a record 40.26 percent, according to official data reported Thursday by Reuters.The jump in inflation is likely to further squeeze households already...

Beijing, China--China on Sunday set an economic growth target of "around 5 percent" for 2023, one of the lowest in decades, as its annual National People's Congress opened in Beijing.The target was announced in a work report delivered by outgoing Premier Li Keqiang as the rubber-stamp parliament opened at the capital's...

The GCC countries are likely to benefit from the relative stability in their financial covers due to high oil prices and strong energy exports in 2022, reports suggest.

Doha, Qatar-- The the SMEs sector grew by 2.6 per cent, as the number of operating factories in the state increased from 814 in 2021 to 835 last year, in addition to the presence of 430 new industrial licensed facilities, indicating that the volume of industrial investments amounts to $81...

Istanbul, Turkey -Turkey’s economy posted 5.6 percent growth in 2022, growing faster than expected last quarter as the government ramped up spending ahead of elections.Gross domestic product rose 3.5% in the October-December period from a year earlier. Growth for the whole year was 5.6%, state statistics agency TurkStat data showed...

Riyadh, Saudi Arabia--Saudi Arabia’s economic growth is expected to accelerate by 3 percent in 2023 backed by a robust non-oil sector. According to a forecast by Riyad Capital, the output from this part of the economy will rise by 5 percent this year.The growth will be driven by a sturdy fiscal...

There might be a global slowdown in the property market, but thanks to Russian buyers, the UAE, in contrast, has seen a stunning growth in the sector.

The region's biggest economy, Saudi Arabia, was projected to accelerate to 8.3 percent in 2022 before moderating to 3.7 percent and 2.3 percent in 2023 and 2024.

In 2023, some Middle Eastern economies appear to be more resilient than most developed markets, Maroun Kairouz, Director for MENA at the World Economic Forum, tells TRENDS.

Abu Dhabi, UAE--UAE Banks Federation (UBF) has signed a memorandum of understanding (MoU) with the Azerbaijan Banks Association to enhance cooperation and and promote the growth of the financial and banking sectors in both countries.The scope of the MoU includes organising various activities in the finance and banking sector jointly...

DUBAI, UAE -  Dubai International Financial Center (DIFC) continued to grow at a record-breaking pace in 2022 with the number of active registered companies rising 20 percent from 3,644 in 2021 to 4,377 in 2022.New companies registered in DIFC in 2022 surpassed the annual milestone of 1,000 for the first...

Driven by new projects, its sales in 2022 touch $9.5bn.

In 2013, Sheikh Mohamed bin Zayed ordered the transfer of ships carrying vital petroleum commodities via Mediterranean to Egypt to help it overcome the crisis, says El Sisi at WGS.

The plan envisages that 55 percent of Dubai's population to live within 800 meters or less from public transport stations. "It also aims to enhance investment opportunities by increasing the area of economic activities to 168 sq km, widening the area of hotel and tourism activities to 134% to attract...

Firm has proposed dividend of S$115 million for 2nd half 2022.

The revenue climbed to $2.67 billion in 2022.

As the number of companies operating in the industry expected to exceed 2,500, the sector is likely to create 450,000 job opportunities in the Kingdom.

The emirate has achieved record growth in the service of refuelling vessels during in 2022, as it recorded about 1.1 million metric tonnes, with a growth rate of 30 percent compared to 2021, Sheikh Saeed adds while speaking at the Middle East Bunkering Convention (MEBC) 2023.

Sharjah is a gateway to the markets of the Gulf region, with a GDP of US$1.6 trillion. It provides a solid business base for investors through six free zones and 33 industrial zones with various specialisations, which are all linked to convenient land, sea and airports, he adds.

Israeli premier Benjamin Netanyahu says the 'reform', which will give Israel's parliament the power to override court decisions with a bare majority, won't impact the economy.

The two biggest economies of the region are leaving no stone unturned to hire the most talented professionals in order to run the ever-expanding companies.

Merger of its Malaysian subsidiary with a firm helped.

Dubai, UAE--The Marine Agency for Wooden Dhows has facilitated the entry of more than 10,500 wooden dhows during 2022, reflecting a 12 percent year-on-year growth.According to Sultan Ahmed bin Sulayem, Chairman of the Dubai’s Ports, Customs and Free Zone Corporation (PCFC), the wooden dhows ferried 1.7 million metric tonnes of...

ADIB's revenue increased by 23% to US$1.8 billion in 2022.

Amman, Jordan-- The European Union (EU) has signed two agreements with Jordan to provide it with a $70 million in financing.The first agreement will finance a $43 million program: "EU support to the Rule of Law in Jordan", in support of the Ministry of Justice, Judicial Council, Judicial Institute, and...