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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Global economic woes take toll on GCC contracts

  • The increase in benchmark rates by global and regional central banks to combat runaway inflation also affected project funding.
  • The UAE overtook Saudi Arabia as the largest projects market in the GCC during Q3-2022.

In the third quarter of 2022, project awards in the Gulf Cooperation Council countries contracted largely because of global economic challenges. High inflation and the West’s sanctions on Russia for its Ukraine invasion besides the supply chain disruptions caused by China’s intermittent Covid-19 restrictions intensified the decline. TRENDS takes a look at the project awards in the GCC countries: