Dubai, UAE--Dubai received 3.67 million overnight visitors in January-February 2024, with an increase of over 18 percent year-on-year (YoY), figures released by Dubai Department of Economy and Tourism (DET) showed. According to the DET's Tourism Performance Report for January-February 2024, Dubai recorded 1.77 million international visitors in January, and 1.9...
Iraq finalizes three-year budget designed to instill fiscal stability
Just days ahead of the 20th anniversary of the US-led invasion that resulted in war, chaos, and political instability, Iraq's Prime Minister Mohammed Shia al-Sudani said that his government had prepared a three-year budget for the oil-dependent economy traditionally plagued by budgetary delays. The bill will include financial aid to...
Oman to award solar energy projects worth US$777m to investors
Muscat, Oman -Oman Power and Water Procurement Company (OPWP) is set to award solar energy projects worth $777 million to international investors after securing approvals from the Authority for Public Services Regulation (APSR). According to media reports, the Manah 1 and 2 projects, which will jointly produce a total of...ACWA Power logs 411m profit
The company's operating profit rose 13.5% to $696 million.
Jordan and US trade balance posts US$881m surplus in 2022
Amman, Jordan--The trade balance between Jordan and the US has recorded a surplus of about 625 million Jordanian dinars ($881 million) in 2022, according to a statement. The volume of trade exchange between the two countries last year amounted to about 2.75 billion dinars, according to foreign trade data issued...
UAE and Algeria seek to expand economic cooperation
Abu Dhabi, UAE--The 15th session of the joint UAE-Algeria Economic Committee has been held in Abu Dhabi under the chairmanship of Abdullah bin Touq Al Marri, Minister of Economy, and Algerian Minister of Industry, Ahmed Zaghdar, in the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for...
Egypt looks to raise US$1.5bn with sukuk at 11% yield
Cairo, Egypt--Egypt has set an initial yield of 11.625 percent for the sale of its three-year, dollar-denominated sukuk on Tuesday as part of the country’s measures to defuse its foreign exchange crisis. The sukuk will be of benchmark size or in the range of $500 million. Egypt’s finance minister Mohamed...
Milaha’s profit up by 40%
The company's net profit in 2022 jumped to $278 million.UN pleads for US$397 million to support Syria earthquake victims
United Nations, US--The United Nations launched an appeal for $397 million on Tuesday to help earthquake victims in Syria, where the disaster has killed thousands of people and left millions more in desperate need of aid. Secretary-General Antonio Guterres, announcing the appeal at the UN headquarters in New York, said the...
Salama records profit in 2022
The insurance firm posted a net profit of $12.32 million.
EIB to invest US$27m into UAE-based venture capital firm
Luxembourg--European Investment Bank (EIB) Global, a branch of European Investment Bank, announced on Monday that it will provide $27 million participation in the $150 million Middle East Venture Fund. This is the largest ever venture capital engagement by the EIB in the Middle East. The new venture capital fund launched...QII records profit in 2022
The insurance firm's net profit vaulted to $28 million.UN estimates 5.3 million people in Syria homeless after quake
The earthquake is estimated to have made some 5.3 million people in Syria homeless, which rocked the region this week, according to a United Nations official. The homeless people, according to the official, will need shelter assistance across the country. Quake survivors have flocked to camps set up for people...
Waha Capital’s profit rises by 23%
The company recorded a full-year revenue of $192m in 2022.
Burjeel’s profit surges by 52%
The group's net profit rose to $96 million during 2022.
Inma Holding’s profit spikes
Its net profit jumped 61.7%, touching $2.69m in 2022.QIMC profit rises by 9.8%
Its profit rose to $42m during 2022 as against $38m in 2021.UAE to send humanitarian aid worth US$13.6m to Syria
Hours after the earthquake killed at least 1,000 people and caused massive level of destruction in Syria, the UAE has pledged humanitarian assistance worth around $13.6 million to the war-scarred country, according to state media. The quake struck near the Turkish city of Gaziantep on Monday, killing more than 1,651...Ronaldo scores first goal for Al Nassr to earn draw for club
Al-Hasa, Saudi Arabia--Cristiano Ronaldo got off the mark for his new Saudi paymasters Al Nassr on Friday with a stoppage-time penalty that rescued a 2-2 away draw against Al Fateh. The Portuguese, who turns 38 on Sunday, buried the spot-kick in the 93rd minute for a point that left the Riyadh club...
Agthia posts 14% profit jump
The company reported a profit of $67.25m for the last fiscal.
European Union provides US$70m in financing to Jordan
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,...Syria hunger rates soar to record highs after decade of war: WFP
Hunger rates in Syria have escalated to record highs after more than ten years of brutal conflict, according to the World Food Program. The UN agency believes that years of economic crisis and damage to vital infrastructure from war have put some 2.9 million at risk of sliding into hunger.
IBM to lay off 3,900 workers
It posted profit of $2.9bn in the final three months of last year.
OPEC Fund lends Panama US$120m in loan for climate action
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,...
NBF posts 195% profit jump
The bank's net profit rose to $93 million in 2022.First phase of ‘Sustainable City’ project sells out in a day
Abu Dhabi, UAE-- Aldar Properties and Diamond Developers have sold out the first phase of its project dubbed Sustainable City on Yas island within 24 hours of its public launch. Reflecting the resounding success of Aldar’s first partnership on a development, sales at the first phase of the sustainability-centric community...Saudi businessman bids US$2.6m for Messi-Ronaldo game
A real estate businessman from Saudi Arabia has won a ticket to see Cristiano Ronaldo and Lionel Messi face off in a friendly after bidding $2.6 million at an auction. The game in Riyadh will pit Messi's Paris Saint-Germain against players from Ronaldo's new club Al Nassr and their Saudi...UN bemoans ‘intolerable’ loss of 5 million children in 2021
United Nations, United States--An estimated five million children under the age of five died in 2021, the United Nations said Tuesday, urging health care investment in underserved communities around the globe to avoid this "immense, intolerable and mostly preventable loss of life." "Every day, far too many parents are facing the trauma...
Al-Nassr coach wants Ronaldo to ‘rediscover pleasure of playing’
Riyadh, Saudi Arabia-- Al-Nassr coach Rudi Garcia hopes that Cristiano Ronaldo will "rediscover the pleasure of playing" when he brings a little stardust to the Saudi Arabian league. "The only thing I wish for Ronaldo is that he rediscovers the pleasure of playing and smiles again because in recent months...Ronaldo to play first game for Al Nassr on January 22
Cristiano Ronaldo may make his Saudi Arabian debut on January 22 after the Portuguese star was successfully registered by new team Al Nassr. The star who was unveiled to fans this week joined the squad list after Al Nassr terminated Vincent Aboubakar to stay within the maximum eight foreign nationals...
FMT upholds DFSA decision to slap Arif Naqvi with US$135.56m fine
Almost a year after the Dubai Financial Services Authority (DFSA) imposed a heavy penalty on Arif Naqvi, the founder of Abraaj, for what it termed as fraud, the Financial Markets Tribunal has now upheld the DFSA decision to slap a penalty to the tune of $135.56 million, the largest-ever fine...
US judge orders cruise lines to pay nearly US$450m for using Cuba port
Washington, United States--Four cruise lines have been sentenced by a US judge to pay a total of nearly $450 million for having used a Havana port nationalized by the Cuban government in 1960. The ruling Friday by a federal judge in Florida requires the Carnival, MSC SA, Royal Caribbean and Norwegian...Ronaldo signs $200m deal with Saudi Arabia’s Al-Nassr
The Portuguese football star Cristiano Ronaldo has signed for Al Nassr of Saudi Arabia in a deal believed to be worth more than $200 million. The 37-year-old former Manchester United, Real Madrid and Juventus player said that he can't wait to discover a new football league in a different country.Response Plus declares dividend
It will pay an interim dividend of $12.79m to shareholders.
Saudi and Turkish banks sign US$26m financing line agreement
Riyadh, Saudi Arabia--Saudi Export-Import Bank has announced the signing of a $26 million financing line agreement with Turkyie Finance Katilim Bank to finance Saudi non-oil exports to Turkyie, which is the first direct financing agreement for Saudi non-oil exports to the Republic of Turkyie. It also signed an agreement with...Ukraine says grain harvest dropped almost 40 percent
Kyiv, Ukraine--Ukraine estimates its grain harvest fell by around 40 percent year on year due to the Russian invasion, a representative for the country's industry told AFP Friday. "We expect a grain harvest of 65-66 million tonnes" by the end of the year, the head of the Ukrainian Grain Association Sergiy...Tabreed ups foreign ownership limit
The limit will increase from 49% to 100%.Arada awards contracts worth US$256m to build 986 homes
Sharjah, UAE-- Arada has awarded two major contracts totalling $256 million to build 986 new homes across two residential districts at Masaar, Sharjah’s woodland megaproject. Valued at $2.17 billion and containing 4,000 homes spread over seven gated districts, Masaar features a nature-inspired master plan containing more than 50,000 trees. The...
Lebanon detains actor as witness in central bank chief case
A noted Lebanese actor Stephanie Saliba was briefly detained by authorities in Lebanon in connection with a money laundering case. The actor was questioned as a witness in a corruption probe involving the country's central bank governor. She had failed to appear for previous summons in the case.
Dubai Islamic Bank lists sukuk
The bank listed the sustainable sukuk on Nasdaq Dubai.Saudi club Al-Nassr offers Ronaldo US$210m a season
The Portuguese football star Cristiano Ronaldo is likely to sign a $210 million a season blockbuster deal with Saudi Arabian club Al-Nassr in the wake of his high-profile exit from Manchester United. Ronaldo left United last month and will likely start playing for the new club from January.Etihad Airways preps for tourists
It is expecting 1.5m travelers at Abu Dhabi International Airport.EU to shore up Tunisia economy with US$100m grant
In order to shore up its economy battered by the Covid pandemic and political turmoil, the EU has signed off on a $103 million grant to cash-strapped Tunisia. The grant, according to EU, aims to support economic recovery efforts and consolidate the progress already made in distributing social aid.PIF to sell Tadawul stake
It will sell 10% of its stake, amounting to 12m shares.S&P says GCC economies to get a boost from Qatar World Cup
Dubai, UAE— The economies of the Gulf Cooperation Council will likely receive a boost from the FIFA 2022 World Cup, as more than 1.2 million fans are expected to attend the event. According to a survey conducted by S&P Ratings, the influx of football fans from around the world will...Agthia’s profit rises by 14%
The food firm's revenue shot up to $260 million in Q3.Al Arabia’s profit up 43%
Its profit rose to $52 million in first nine months.Disney+ gains 12m subscribers as losses pile up
Although its subscriber base has swelled by 12 million users, Disney+ has seen its operating losses touch $1.47 billion for the July to September period. The number of people subscribing to Disney+ reached 164.2 million people, more than 161 million estimated by Factset, a data company.BinDawood’s profit falls by 74%
Its net profit tumbled to $16m in first nine months.Al-Othaim’s profit up by 436%
Its profit rose to $235m in the first nine months of 2022.
Suez Canal Authority to invest US$550m in current fiscal
Cairo, Egypt— Suez Canal Authority will make an investment of $550 million in the current fiscal year, according to Minister of Planning and Economic Development Hala Saeed. This comes as the authority – which owns and operates the Suez Canal – is targeting to increase the production rates. The revenue...
