Donald Trump says US-Iran ceasefire deal on ‘life support’
Shipping disruptions, sanctions and worsening humanitarian fears deepen global anxiety as Washington rejects Tehran’s latest peace proposal over nuclear concessions.
Geostrategy
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
Business
PIF acquires 40% of Zamil Offshore
Zamil is one of the largest offshore support vessel operators.
- PIF said the investment will enable Zamil to continue expanding its services and fleet to serve the growing demand for offshore support services.
- Incorporated in 1977, Zamil Offshore manages and operates more than 90 vessels in the Arabian Gulf.
Business
Dubai records over US$2.6bn in weeklong real estate transactions
DUBAI, UAE - A total of 3,543 real estate transactions worth over US$2.6 billion (AED9.8 billion) were conducted during the...
- A total of 3,543 real estate transactions worth over US$2.6 billion were conducted during the week ending February 9, 2024.
- A DLD report showed that 197 plots were sold for $315 million while 2,572 apartments and villas were purchased for $1.5 billion.
Business
Aramex Q4 net profit doubles
The firm reported a marginal YoY decline in Q4 revenue.
- Aramex said the revenue growth in International Express was offset by the decline in revenues from other products.
- The company posted a 2 percent YoY growth in gross profit for Q4 2023, reaching AED 389 million and remained stable for the full year.
Business
DEWA 2023 net profit $2.15bn
The system demand for power surged to 56.5 TWh in 2023.
- The fourth quarter revenue was AED 7.1 billion and net profit AED 1.8 billion. The full-year audited results are expected to be released in the first week of March 2024.
- DEWA’s annual consolidated revenue increased by 7 percent, mainly driven by an increase in demand for electricity, water and cooling services.
Arts & Culture
Stolen Van Gogh returned in IKEA bag displayed again
Rotterdam, Netherlands -- A precious Vincent van Gogh painting stolen and then handed to a Dutch art sleuth in an IKEA...
- The 1884 "Parsonage Garden at Nuenen in Spring", worth up to six million euros ($6.8 million), was unveiled to media at a Rotterdam museum, with damage from the theft still visible
- Wednesday's showing was just for media, but the public will be able to view the painting from March 29 in Groningen Museum, in the north of the Netherlands.
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.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Donald Trump says US-Iran ceasefire deal on ‘life support’
Shipping disruptions, sanctions and worsening humanitarian fears deepen global anxiety as Washington rejects Tehran’s latest peace proposal over nuclear concessions.
Geostrategy
Company News
Latest News
Amlak 2023 net profit $70m
Business
Middle East economy firm despite challenges
Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and...
Economy
ADNOC Gas to pay $3.25bn in dividends
The company had paid an interim cash dividend of $1.62bn in Dec 2023.
Business
Most Read
Business
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
- Compared with the same period in 2022, imports decreased both in value (-34.2 percent) and in net mass (-11.7 percent).
- Comparing 2023 with 2022, the value of energy products dropped by 35 percent, while the volume dropped by 9.4 percent.
Business
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...
- In the mining sector, the index showed an increase by 4.9 percent compared to December 2023.
- In the water supply sector, a decrease of 0.9 percent was noticed in the production of 'water' between Dec 2023 and Jan 2024.
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...
- Lavrov expressed confidence that Moscow is not frightened of relying on countries that will buy Russian oil and gas.
- OPEC+ regulates the market and prices in an equitable manner, taking into account the interests of consumers, the minister said.