economy

Abu Dhabi’s Etihad Airways soars with $232 million profit in H1 2024, up 48 percent YoY

Total revenue increased 21 percent to $3.2 billion, from $2.6 billion in H1 2023

Dubai’s PCFC profit surges 33.47 percent to $178 million in 2023, revenues reach $292.67 million

By 2023, PCFC had 600 employees, 96,000 clients, 400 suppliers, and 26 strategic partners

Egypt’s overseas workers send home $7.5 billion in Q2 2024, signaling success of IMF-inspired currency reform

Before the March reforms, the pound was officially pegged at 30.85 to the U.S. dollar, but traded as low as 74 on the black market

Saudi Arabia’s Dammam port sets record with 20,645 containers handled on single ship

In May 2024, the port set a new container throughput record of 292,612 TEUs

Oil prices inch higher amid tightening U.S. supplies, potential Middle East disruptions

Brent crude futures rose 23 cents, or 0.3 percent, to $78.56 per barrel

Major revisions to Saudi Arabia’s labor law aim to foster job stability, prioritize employee rights

The new revisions encompass 38 articles, removing seven articles, and adding two new articles to the law

e& and du paid $963.78 million in federal royalty to UAE government in H1 2024

The aggregate amount of royalty payable by the e& group in the first half of 2024 reached $748.43 million

Oil prices slide on bearish inventory data, persistent global economic slowdown fears

Brent crude oil futures for October delivery fell 0.5 percent to $76.13 per barrel

Saudi PIF affiliate invests $1.5 billion in EV maker Lucid Group

The deal includes a $750 million convertible preferred investment and a $750 million unsecured term loan