Latest news with #AirArabia
Zawya
8 hours ago
- Business
- Zawya
Mideast Stocks: Most Gulf markets gain on earnings boost; Saudi index extends losses
Most stock markets rebounded on Thursday, lifted by positive corporate earnings and announcements, though Saudi Arabia's benchmark index remained under pressure and logged an eighth straight loss. Dubai's main index jumped 2.2% to hit a fresh 17.5-year high, buoyed by financials. Emirates NBD climbed 4%, extending gains for a third consecutive session, after the top lender announced it had concluded 3.9 billion dirhams in syndicated loans for Dubai Metro's Blue Line Project. Budget airliner Air Arabia surged 3.9% to a record high on plans to increase its Abu Dhabi unit's operational capacity by 40% this year, following Wizz Air Abu Dhabi's exit from the market, citing regional instability. In Abu Dhabi, the Index added 0.7%, with a 3.5% surge in First Abu Dhabi Bank. Strong bank earnings supported sentiment across the UAE financials. Qatar's benchmark gave up early losses to close 1% higher after Qatar Islamic Bank rose 3.8%. The country's top Islamic lender reported a 5.3% year-on-year rise in first-half earnings and declared a 0.4 riyal per share dividend, up 60% from a year earlier. Markets also calmed after U.S. President Donald Trump denied that he was planning to fire the Federal Reserve Chair Jerome Powell, but kept the door open to the possibility. A Bloomberg report had said Trump was likely to fire Powell soon. Investors believed that Powell's replacement would have a more lenient stance on monetary policy and that additional interest-rate cuts would be possible this year. Monetary policy in the Gulf tends to mirror the Fed's moves, given the region's currency pegs to the U.S. dollar. Saudi Arabia's benchmark index slipped 0.3%, falling for an eighth consecutive session, with Saudi National Bank losing 1.8%. Outside the Gulf, Egypt's blue-chip index gained 1%, nearing an all-time high, with most sectors in the green. Egypt's Finance Minister Ahmed Kouchouk said on Wednesday he was confident the country would hit its key economic reform targets and have a delayed review of its $8 billion International Monetary Fund programme completed by September or October. SAUDI ARABIA eased 0.3% to 11,007 ABU DHABI rose 0.7% to 10,242 DUBAI climbed 2.2% to 6,103 QATAR gained 1% to 10,915 EGYPT added 1% to 33,821 BAHRAIN eased 0.1% to 1,945 OMAN advanced 1.2% to 4,654 KUWAIT increased 0.9% to 9,309 (Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru; Editing by Arun Koyyur)
Zawya
15 hours ago
- Business
- Zawya
Mideast Stocks: Most Gulf markets gain on earnings boost, but Saudi index extends losses
Most major stock markets in the Gulf rose on Thursday, lifted by positive corporate earnings and announcements, although the Saudi index was set to extend losses for an eighth consecutive session. Dubai's main share index advanced 1.2%, hitting a 17-1/2-year high, buoyed by financial shares. Shares of Emirates NBD jumped 4%, on course to gain for a third consecutive session, after the top lender announced it had concluded 3.9 billion dirhams ($1.06 billion) in syndicated loans for Dubai Metro's Blue Line Project. Budget airliner Air Arabia advanced 5.1% to a record high on plans to increase its Abu Dhabi unit's operational capacity by 40% this year, following Wizz Air Abu Dhabi's exit from the market. In Abu Dhabi, the index added 0.6%. The Qatari index gained 0.5%, supported by a 2.6% rise in Qatar Islamic Bank after the lender reported higher half-yearly profit. The sharia-compliant lender reported on Wednesday a first-half net profit of 2.18 billion riyals ($598.46 million), up 5.3% from last year. Shares of Commercial Bank of Qatar dropped 1.3%, a day after the lender posted a nearly 20% decline in net profit for the six-month period ended June 30. Saudi Arabia's benchmark index eased 0.2%, on course to fall for a eighth consecutive session, with Al Rajhi Bank losing 0.8%. Elsewhere, oil giant Saudi Aramco was down 0.7%. ($1 = 3.6427 Qatar riyals) ($1 = 3.6726 UAE dirham) (Reporting by Ateeq Shariff in Bengaluru; Editing by Sherry Jacob-Phillips)
Emirates 24/7
17 hours ago
- Business
- Emirates 24/7
Air Arabia Abu Dhabi to increase operational capacity by 40% in 2025
Air Arabia Abu Dhabi, the capital's first low-cost carrier, has expanded its fleet with the addition of two Airbus A320 aircraft, bringing its total fleet size to 12 aircraft, as part of the airline's ongoing growth strategy. The carrier also announced plans to add two more Airbus A320 aircraft before the end of the year. This planned fleet increase will boost total capacity by 40 percent in 2025, further reinforcing Air Arabia Abu Dhabi's commitment to the growth of Abu Dhabi's aviation sector and the emirate's broader economic development. Adel Al Ali, Group Chief Executive Officer, Air Arabia, said, 'The addition of new aircraft and our strategic fleet expansion reflect our ongoing commitment to enhancing operational efficiency and expanding our network reach. This growth supports the rising demand for air travel to and from Abu Dhabi.' He added, 'The planned capacity increase in 2025 will further contribute to the capital's broader economic and tourism vision while continuing to offer value-driven air travel to our customers.' Air Arabia Abu Dhabi's recent network expansions include new routes to Yerevan, Almaty, and Sialkot, further broadening its reach. The airline now connects Abu Dhabi with non-stop service to over 30 destinations across the Middle East, Africa, Central Asia, the Indian Subcontinent, and Eastern Europe, offering seamless travel options for residents, businesses, and visitors alike.
Gulf Business
19 hours ago
- Business
- Gulf Business
Air Arabia Abu Dhabi to increase operational capacity by 40% in 2025
Image: Air Arabia Air Arabia Abu Dhabi has added two new Airbus A320 aircraft to its fleet, bringing the total number of aircraft operated by the capital's first low-cost carrier to 12, the airline announced on Wednesday. The fleet expansion is part of the carrier's broader strategy to scale operations and strengthen Abu Dhabi's role as a growing aviation hub. The airline also plans to add two more A320s by the end of 2025, which will raise total capacity by 40 per cent. The increase is intended to support growing demand for travel and aligns with the emirate's economic and tourism development goals. Air Arabia Abu Dhabi capacity increase aligned with plans 'The addition of new aircraft and our strategic fleet expansion reflect our ongoing commitment to enhancing operational efficiency and expanding our network reach,' said Adel Al Ali, group CEO of Air Arabia Abu Dhabi, launched in 2020, currently connects the UAE capital to more than 30 destinations across the Middle East, Africa, Central Asia, the Indian Subcontinent, and Eastern Europe. Its latest route additions include Yerevan, Almaty, and
Zawya
20 hours ago
- Business
- Zawya
Air Arabia Abu Dhabi to increase operational capacity by 40% in 2025
ABU DHABI: Air Arabia Abu Dhabi, the capital's first low-cost carrier, has expanded its fleet with the addition of two Airbus A320 aircraft, bringing its total fleet size to 12 aircraft, as part of the airline's ongoing growth strategy. The carrier also announced plans to add two more Airbus A320 aircraft before the end of the year. This planned fleet increase will boost total capacity by 40 percent in 2025, further reinforcing Air Arabia Abu Dhabi's commitment to the growth of Abu Dhabi's aviation sector and the emirate's broader economic development. Adel Al Ali, Group Chief Executive Officer, Air Arabia, said, 'The addition of new aircraft and our strategic fleet expansion reflect our ongoing commitment to enhancing operational efficiency and expanding our network reach. This growth supports the rising demand for air travel to and from Abu Dhabi.' He added, 'The planned capacity increase in 2025 will further contribute to the capital's broader economic and tourism vision while continuing to offer value-driven air travel to our customers.' Air Arabia Abu Dhabi's recent network expansions include new routes to Yerevan, Almaty, and Sialkot, further broadening its reach. The airline now connects Abu Dhabi with non-stop service to over 30 destinations across the Middle East, Africa, Central Asia, the Indian Subcontinent, and Eastern Europe, offering seamless travel options for residents, businesses, and visitors alike.
