Saudi Business Council established to strengthen Eastern European partnerships
The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries,...
Economy
RTA launches Phase II Study of Intelligent Traffic Systems Initiative
Dubai’s Roads and Transport Authority (RTA) has started the study and design of Phase II of ITS Improvement and Expansion...
Economy
Business
TECOM Group net profit up 49%
The company recorded its highest-ever revenue of AED 2.2 billion.
- The lease of industrial lands witnessed a strong demand in 2023, as the occupancy rate rose to 94 percent, compared to 81 percent in 2022.
- The company has recommended a dividend payout of AED400 million to the company's shareholders for the second half of 2023.
Business
DAE, Turkish Airlines ink pact
Turkish Airlines will take on lease 10 Boeing 737-8 aircraft.
- The aircraft are scheduled to be delivered in 2025.
- DAE owns and manages 96 737 MAX family aircraft.
Business
NEOM announces its new luxury ecotourism destination Zardun
NEOM, SAUDI ARABIA - NEOM's Board of Directors has announced the launch of Zardun - an exclusive resort and natural...
- This move will help in supporting NEOM's efforts to develop luxury ecotourism in the Kingdom.
- Zardun Nature Resort will feature four ultra-luxurious buildings that will blend with the landscape.
Economy
Qatar’s IPI declines by 1.5 percent in November 2023
DOHA, QATAR – The Industrial Production index (IPI) of Qatar in November 2023 reached 91.7 points which is a fall...
- The IPI, which is released by the Planning and Statistics Authority, is a short-term quantitative index that measures the growth of various industrial sectors in the economy.
- The relative weight of main economic sectors under this indicator include mining (82.46 percent), manufacturing (15.85 percent), electricity (1.16 percent), water (0.53 percent).
Business
Retail investors on Tadawul rise to 6.05 million in third quarter 2023
Riyadh, Saudi Arabia -- The number of individual investors on the Saudi Exchange (Tadawul) reached 6.05 million by the end...
- Argaam reported that the number of male investors reached 4.48 million in Q3 2023, while the number of female investors grew to 1.58 million.
- The number of portfolios, which is almost twice the number of investors, indicates that some investors have more than one investment portfolio.
Business
QNB net profits up 8% in 2023
The QNB Group posted a net profit of $4.25 billion.
- The bank said that earnings per share (EPS) amounted to QR 1.55 as of 31st December 2023 compared to QR 1.44 for the same period in 2022.
- The bank's board has announced the distribution of a cash dividend of 65 percent of the nominal share value (QR 0.65 per share).
Business
Saudi Arabia picks bidders for mining exploration sites
Riyadh, Saudi Arabia -- Saudi Arabia Wednesday announced preferred bidders in the fourth series of the licensing rounds conducted as...
- The Ministry of Industry and Mineral Resources stated that the exploration licenses will be issued in accordance with the Mining Investment Law.
- The um Hadid site is located in the Afif region, in the center of the Kingdom. Covering an area of some 246 km2, it includes mineral deposits of silver, lead, copper and zinc.
Business
Saudi Arabia raises mineral resources estimates to $2.5 trillion
The Kingdom raised its mineral resources estimates from $1.3 trillion in 2016 on the exploration of nearly 30 percent of...
- The estimates were revised for phosphate, gold and rare earths. Moreover, the Kingdom’s reserves potential grew by 90 percent, the minister said.
- Despite being one of the wealthiest countries in terms of mineral wealth, the Kingdom is the world's fourth-largest importer of minerals.
Business
SEC, Emaar Economic City sign agreements Â
RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
- The two agreements aim to deliver electrical service to the second and third phases of KAEC projects.
- These aim to provide electrical energy for major projects related to achieving the goals of the Kingdom’s Vision 2030.
Business
Most owners holding on to Burj Khalifa homes longer: Report
Dubai, UAE -- The total number of homes available for sale in Dubai’s Burj Khalifa declined by 52 percent during...
- Burj Khalifa homes available for sale dropped 52% in 2023, but total deals climbed 22%, reflecting long-term investor interest.
- Dubai prime residential prices soared 16% in 2023, making it one of the world's most "affordable" luxury markets.
Saudi Business Council established to strengthen Eastern European partnerships
The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries,...
Economy
Company News
Amlak 2023 net profit $70m
Business
Latest News
Qatar’s Industrial Production Index surges 5.5 percent in Jan
Doha, Qatar -- Qatar's Industrial Production index (IPI) in January 2024 reached 108.7 points, an increase of 4 percent compared...
Business
Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
Business
UAE unveils National Policy on Biofuels aimed at emissions cut
The policy aims carbon emissions reduction through increased consumption of biodiesel by 20 percent by 2050. “It will lower the...
Business
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Business
Al Ansari to pay $81m dividend
This brings the total amount of dividend for 2023 to $162m.
- The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus.
- The company had reported a net profit of AED495 million for 2023, a decrease of 15.7 per cent year-over-year, from AED595 millon.
Business
ACWA Power refinances Al Dur debt
ACWA was the sole financial advisor to Al Dur Phase II IWPP project company.
- The $1 billion project uses sea water reverse osmosis (SWRO) technology to produce 227,000 cubic meters per day of desalinated water.
- The list of lenders to the project include Ahli United Bank, APICORP, Al Rajhi Bank, Arab National Bank, Banque Saudi Fransi and Gulf International Bank.
Business
EITC to offer fintech services
The company has been licensed for fintech services by the CBUAE.
- The licenses granted by CBUAE enable du to introduce innovative financial solutions that will contribute to the development of an advanced financial ecosystems in the UAE.
- The licenses will also enable du to offer a range of digital financial services that align with the evolving needs and preferences of customers in the digital era.