News

  • 70 warehouses, storage spaces up for grabs in Dubai Industrial Park

    Dubai Industrial Park (DIP), the dedicated industrial hub within Dubai Wholesale City, is opening up 70 pre-built storage and light industrial unit warehouses for lease to meet the dynamic needs of the region's manufacturing and logistics sector, state news agency WAM reported on Monday (August 8).   The ready-to-use warehouses ...

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  • Ramadan dents passenger traffic growth in UAE airports

    Barely a week after Abu Dhabi reported a flat growth in passenger traffic in June, Dubai International (DXB) posted a 1 per cent drop from a year ago to 5.86 million passengers on Sunday (August 7).   Dubai Airports, the operator the world’s busiest international hub, said the decline was ...

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  • Egypt's Siemens power plants to go online in December

    Power plants built by Germany’s Siemens in Egypt are set to go online in December this year and will reach full capacity in May 2018, the Egyptian prime minister’s office said on Sunday.   Egypt signed an 8 billion-euro ($8.9 billion) deal with Siemens in June 2015 that calls for ...

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  • Dubai airport says traffic in June reduced by Ramadan

    Passenger traffic via Dubai International Airport, the world’s busiest international hub, dropped 1 percent from a year ago to 5.86 million people in June because of the Islamic holy month of Ramadan, the airport’s operator said on Sunday.   Most of Ramadan, which normally reduces business travel in the region, ...

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  • Bahrain's Al Baraka Banking Group Q2 net profit dips 2.8 per cent

    Bahraini Islamic lender Al Baraka Banking Group reported a 2.8 percent dip in second-quarter net profit on Sunday.   The bank, which has operations in more than a dozen countries, made a net attributable profit of $43.6 million in the three months ending June 30, it said in a statement. ...

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  • Saudi petchem margins benefit from oil, but not for long

    Second-quarter earnings in Saudi Arabia’s petrochemical industry beat expectations as producers reaped the benefits of volatile oil prices, but companies look unlikely to be as lucky in the second half of this year.   Combined net profits of the kingdom’s 14 listed petrochemical firms, announced over the past couple of ...

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  • Precision at its zenith: Montblanc's timepiece named after Vasco da Gama

    Watchmaking is all about precision and elegance. German luxury watchmaker Montblanc is known for its finesse in mixing luxury with precision. This time for a change, Montblanc sourced inspiration for its latest chronograph line-up from its master who created a milestone in world history by finding the first maritime route ...

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  • Bahrain's Batelco proposes unchanged dividend for H1 2016

    Bahrain Telecommunications Co (Batelco) said on Sunday that its board was recommending a cash dividend of 0.01 dinars ($0.027) per share for the first half of 2016.   The payout was unchanged from a year ago, according to Thomson Reuters data.   The company posted a 1.7 per cent decline ...

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  • Middle East air passenger demand growth slows to single digit in June

    Global demand for air travel grew 5.2 per cent in June, the International Air Transport Association (IATA) said on Thursday (August 4).   The figure is slightly up from the 4.8 per cent increase recorded in the previous month.   The international trade body of airlines said terrorism as well ...

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  • Egypt bourse caps firms raising cash abroad to deepen home market

    Egypt’s stock exchange is changing its rules on global depositary receipts (GDRs) to encourage companies to increase their “free float” of shares at home before looking abroad to raise money.   “The goal is to encourage companies to increase their free-floating shares on the bourse,” the exchange’s chairman Mohamed Omran ...

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