#revenues

UAE telecom operator du reports 11.4% increase in net profit for Q2 2021

The board of directors approved an interim dividend of Dhs0.10 per share

Chemicals maker Sabic’s profit surges as economies reopen

Revenue rose 24 per cent year-on-year to SAR37.5bn and 14 per cent from the previous quarter

Citi retail units seen fetching $6bn as sales kick off

Citigroup ultimately plans to exit retail-banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam

Abu Dhabi Islamic Bank posts 38% dip in net profit for 2020; approves 46.6% cash dividend

Its revenues also pared to Dhs5.35bn in 2020

One-time pioneer LG Electronics to close smartphone business

Phones constituted 8.2 per cent of LG sales last year

DXB Entertainments posts net loss of Dhs2.7bn for 2020

The company reported revenues of Dhs144m for the year ended December 31, 2020, 71 per cent lower than Dhs491m in 2019

How Open Banking can foster innovation in the financial landscape

Open banking offers potential for better customer experience and additional revenue streams

Digital Economy: UAE consumers to pivot away from cash – report

Young and digitally savvy populations across the Middle East and Africa region are key to long-term growth outlook

Sheikh Mohammed

Sheikh Mohammed approves Dhs57.1bn spend in 2021 Dubai budget

The programme takes into account “the exceptional economic conditions of the fiscal year 2020″

Saudi Arabia plans spending cuts in 2021 as economy recovers

The kingdom will stick to its plan to cut spending by 7.3 per cent in 2021

Saudi Arabia to review VAT hike once economic crisis ends

The VAT hike to 15 per cent, was implemented in July this year

Dubai’s Emaar Properties posts 45% slump in net profit for Q1-Q3 2020

The developer’s revenue figures for Q1-Q3 2020 totaled Dhs13.37bn

First Abu Dhabi Bank

FAB reports 19.3% dip in net profit for Q3 2020

Third quarter net profit rose 4 per cent sequentially

UAE telco Etisalat reports 6% rise in net profit for Q3 2020

Etisalat’s consolidated revenue for Q3 2020 amounted to Dhs13bn

UAE’s Julphar announces 90% increase in revenues for Q2 2020

The company has announced a net loss of Dhs25.6m for Q2 2020

General Views of Dubai Financial Market

Dubai Financial Market appoints new CEO, reports 21% rise in H1 profit

The DFM attracted 1,718 new investors during the first half of the year

Saudi Arabia to Bahrain causeway to reopen late July – report

The King Fahd Causeway shut on March 7 as part of the precautionary measures implemented by Saudi Arabia

Oman amends classification of SMEs according to workforce, revenues

There are a total of 44,000 small and medium establishments in Oman

Airline

Airline debt could grow to $550bn by year-end – IATA

In total, governments have committed to $123bn in financial aid to airlines

Dubai’s ICD reports 16.9% rise in 2019 profits

Its 2019 revenues dipped 1.9 per cent to Dhs228bn

No plans to hike VAT in the UAE – ministry

The UAE government levied a 5 per cent VAT on goods and services in January 2018

Qatar predicts three years of budget deficits as low oil prices bite

Qatar forecast a fiscal deficit of 7.8 per cent of GDP this year, the first deficit in 15 years