Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of mobile banking applications, online banking and overall customer experience, according to the 4th Quarter Report of 2023 issued by the Central Bank of the UAE (CBUAE) on the Monetary, Banking...
IBM to lay off 3,900 workers
It posted profit of $2.9bn in the final three months of last year.Global economic crisis takes fizz out of MENA startups
MENA startups had begun the year with a deluge of funding from investors, but toward the year end a dark cloud hovers over new businesses as global crises dip the enthusiasm.
Agthia’s profit rises by 14%
The food firm's revenue shot up to $260 million in Q3.
Emirates Steel Arkan Q3 net profit $28m
The net profit for the first nine months of 2022 was $104m.Aramco posts 39% rise in profits
The third quarters profits were boosted by higher oil prices.Borouge Q3 profit $308m, paid $325m dividend in October
The company reported a 13.5% increase in revenue to $5.13 billion for 9M.
Saudi Steel lands contract
It won a $40 million contract from Aramco to supply pipes.
Saudi GDP surges 12.2% in Q2, surpassing estimate
The real gross domestic product (GDP) of Saudi Arabia has jumped 12.2 percent in the second quarter of 2022, exceeding the government estimate of 11.8 percent. The kingdom, the world’s top oil exporter, has richly benefited from high crude prices and a significant post-pandemic recovery.
Saudi SMEs number up by 25 percent in Q1 2022: Monsha’at
Riyadh, Saudi Arabia: The number of small and medium enterprises (SMEs) in Saudi Arabia increased by 25.6 percent to 892,063 in the second quarter of 2022, compared to the fourth quarter of 2021, the General Authority for Small and Medium Enterprises (Monsha'at) has said. The Riyadh region accounted for 35.4...Saudi banks disburse $537bn in loans in Q2, up by 14.2%
According to the Kingdom’s Unified National Platform, the Kingdom has been moving toward the Saudi Vision 2030 by developing the trade sector and ensuring its sustainability.
Microsoft earnings fall
The poor performance result of sagging demand.EITC posts 26% jump in profit
The net profit rose to $82.5 million for the second quarter.Saudi construction contracts jump to $12.3 billion in Q1
Saudi Arabia has seen a staggering increase in the award of construction contracts to the tune of $12.3 billion in the first quarter of 2022.
Lufthansa expects best quarter results
The airline expects to book an operating profit of "between $352m and $403m.
ADNOC acquires drilling units
The two premium jack-up units will be operational in Q3 2022.
Dubai records $386 million in real estate transactions on Monday
Dubai real estate market recorded 552 sales transactions worth AED 1.42 billion ($386 million) and 78 mortgage deals of AED 210.62 million, in addition to 20 gift deals amounting to AED 120.57 million Monday, data released by Dubai's Land Department (DLD) showed. The sales included 427 villas and apartments worth...Japan economy shrank as Omicron wave hit
Japan's economy shrank slightly in the first quarter of 2022, official data showed Wednesday, hit by Covid-19 restrictions and higher prices. Growth was also hit by the rising cost of imports with energy prices surging and the yen falling to its lowest level against the dollar in 20 years.
DEWA posts AED691m profit
It posted 15% jump in revenue for Q1 to AED5.068 billion.AD Ports Q1 revenue up 15 percent
Net profit was up 41 percent year-on-year to AED306 million.Emirates Steel Arkan Q1 profit $19.62m
The firm said the impact of Emirates Steel and Arkan merger was positive.
Flydubai posts 114% jump in passenger bookings in Q1
Flydubai has reported a 114 percent jump in passenger bookings in the first quarter of the year. The airline said it has operated 19,000 flights and carried 2.35 million passengers during the period. Moreover, the airline also witnessed an increase in demand for connecting traffic with 43 percent of the...Saudi Arabia okays six tourism projects worth $400 million
Saudi Arabia has okayed six tourism projects to the tune of $400 million in the first quarter of 2022.Pfizer posts 77% jump in Q1 revenues to $25.7bn
Pfizer reported another quarter of huge revenues growth because of its Covid-19 vaccine on Tuesday, but lowered the company's full-year profit forecast due in part to shifts in foreign exchange. The major American drugmaker reported revenues of $25.7 billion for the first quarter, up 77 percent from the year-ago period.Oil propels Saudi GDP growth to near 10 percent in first quarter
The preliminary results come after the world's biggest oil exporter resisted US entreaties to raise output in an attempt to rein in prices that have spiked since the Ukraine war began.
Arab Bank Group Q1 net income $166m
The net income increased by 29.4 percent compared to $128.3m for Q1 2021.
EITC Q1 net profit $86.44m
Revenues grew 8.5 percent to AED 3,128 million.
FAB Q1 net profit $1.38 bn
The results represent the highest quarterly net profit in the bank's history.
Aldar Properties Q1 net profit $187m
The firm said its revenue grew 32 percent to 2.68 billion dirhams.Dubai Chamber adds 10,000 new companies as members in Q1
More than 10,000 companies joined Dubai Chamber of Commerce as members during the first quarter of 2022, marking a 64 percent year-over-year growth in new membership for the same quarter in 2021. Member exports and re-exports saw 11.3 percent growth over the same period last year, while their value reached...e& Q1 net profit $653m
Its consolidated revenues rose 0.8 percent to AED13.3 billion.ECB to put an end to bond buying in July
The European Central Bank "should" end its stimulus program at the beginning of the third quarter, its vice-president said in an interview published Thursday, opening the door to raising interest rates from historic lows.Credit Suisse ‘faces’ Q1 loss
The Swiss banking giant said it has taken a hit from the Ukraine war, litigation.
Arriyadh posts 25% net profit
The Saudi developer reports $37m net profit in Q1.
DMCC registers record 665 companies to its Free Zone in Dubai during Q1
Dubai Multi Commodities Centre, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, welcomed 665 companies to its Free Zone in Dubai during the first quarter of 2022. This represents DMCC’s best first quarter since its inception over twenty years ago, a 13 percent...
Almarai posts $112m profit in Q1
The Saudi dairy company recorded 9% jump in net profit.Bahraini imports increase by 18 percent in Q4 2021
The value of Bahraini imports increased by 18 percent in the fourth quarter of 2021, reaching BD1.406 billion, the Information & eGovernment Authority (iGA) said in its foreign trade report. The report, which encompasses the data on the balance of trade, imports, exports (national origin), and re-exports, said the value...
Capital Economics says Saudi economy will boom in Q4
Saudi Arabia will see a strong economic growth in the fourth quarter of 2021, due to a high oil production not seen since April 2020.Air Arabia Q3 net profit $56 million
The airline said it served over 1.9 million passengers from its five hubs.
Mashreq Bank of UAE reports 25% drop in net profit to $72m
Mashreq Bank, the UAE lender, has seen its net profit drop off by a quarter in the first nine months of the year despite a strong growth in operating income.
Fertiglobe revenues up 175 percent in Q3
The company expects the strong showing to continue in Q4.
Saudi economic growth in Q3 5.7 percent likely: Capital Economics
Compared to the growth of only 0.7 percent in the second quarter of this year, Saudi Arabia's economy is likely to have grown by about 5.7 percent in the third quarter. The spurt in growth is thanks to a robust hydrocarbon sector output, London-based Capital Economics said in a report...DP World reports container volume growth of nearly 12 percent in Q3
The gross volume growth was mainly driven by Asia Pacific, India, Australia, and the MENA region.STC net profit $2.32 bn for 9 months
Net profit in Q3 alone increased by 5.71 percentJarir posts $194m net profit in nine months
Q3 net profit surges 44 percent compared to Q2.Business confidence in Dubai reaches third-highest level in 10 years: Survey
Business confidence in Dubai reached its third-highest level in 10 years as companies in the emirate begin to feel the positive impact of Expo 2020 Dubai, a new survey from Dubai Chamber has revealed. According to the findings of the Chamber’s quarterly Business Leaders’ Outlook Survey, 76 percent of respondents...
Salaries of Saudi staff leap up 5.2 percent in Q2, expats earned lesser
Average monthly salaries of Saudi workers have grown by 5.2 percent to SAR 10,490 during the second quarter of 2021, compared to SAR 9,970 in Q2-20.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.Shaker H1 net profit SAR 15.3m
The company attributes growth to robust sales in four quarters.Prices of Dubai villas go through roof
Prices of villas and apartments have leaped up in Dubai by as much as 27 percent in the second quarter of this fiscal, with a clear recovery in the UAE’s real estate sector, battered by a sluggish demand for years.Union Properties posts a total profit of AED 32 million in H1
The company witnessed a positive shift in many business activities in the UAE in general and in Dubai in particular, says Khalifa Hassan Al Hammadi, Chairman Board of Directors
