Riyadh, Saudi Arabia - The Saudi Stock Market's general index (TASI) surged past the 12,500-point milestone on Sunday, reaching its highest level since August 2020. The increase can be attributed to the positive momentum generated by the disclosure of financial results, the majority of which met anticipated outcomes. The gains...
Amazon to hire 1,500 people in UAE as it expands business
Amazon, the US e-commerce giant, has announced that it would add 1,500 jobs in the United Arab Emirates to cope with the potential hike in demand as it seeks to expand its presence in the country.
Money laundering rose during Covid-19 pandemic, says UAE Central Bank
The Central Bank of the United Arab Emirates has disclosed that there has been an increase in the laundering of money through unlicensed money service providers during the Covid pandemic.
Hyundai speeds up auto roll-out
Hyundai is stepping up the pace of developing hydrogen technology and plans to offer engines powered by the fuel on all its vehicles from 2028, the manufacturer said on Tuesday.
Aramco Q2 net income $25.5 billion, up by 288 percent
The results driven by higher oil prices and a recovery in worldwide demand, supported by the global easing of COVID-19 restrictions.Emirates to increase salaries of employees
Emirates has announced that from October 1 it will undo all changes to employee pay structure that it undertook to save the airline from going under last year when Covid swept through the whole world.
Drake & Scull net profit vaults to $21.2m in H1
Drake & Scull International (DSI) has reported a net profit of $21.2 million for the first half of 2021. The Dubai-listed firm’s revenue increased to nearly 22 million, a statement to the Dubai Financial Market (DFM) said on Wednesday.
ADNOC Invests $187m to raise Al Nouf oilfield’s capacity
The investment is a step towards achieving the 5 million barrels per day oil production capacity target by 2030, the company said.
SABIC’s net profit shoots up to 2.04bn
Saudi Basic Industries Corp. (SABIC) has reported a big jump in second-quarter profit as it sold more chemicals at higher prices than the previous quarter amid an increase in crude prices.
Bread to cost more in Egypt as govt decides to slash subsidy
Egypt has decided to withdraw subsidy from bread that will make it dearer for a people who have relied on government-subsidized bread for decades. It is not clear how much the price would go up by.Trade between UAE, Bahrain vaults 75% to $672 million in Q2
Only Saudi Arabia traded more with Bahrain, with the total value reaching $781 million during the quarter Oman was followed by Kuwait, which recorded $99 million in bilateral trade in Q2 There has been an unexpected surge in trade between the United Arab Emirates (UAE) and Bahrain in the second...
UAE says it supports oil production increase in Aug
Seeks the OPEC+ decision to extend global supply pact deferred to another meeting OPEC's Joint Ministerial Monitoring Committee (JMMC) makes production hike conditional to the extension of the agreement The UAE said on Sunday it supports an increase in oil production in August and proposed that OPEC+'s decision on...
Emirates to resume flights to Venice from July
The airline will also increase its flights to Milan Travelers must also take a Rapid Antigen swab test on arrival in Italy From next month travelers with a negative Covid test result can hop on to an Emirates plane and fly to Venice as the airline looks to make the...
