Dubai SME programme awards record $485 million in contracts in 2025
Dubai, UAE --Â Dubai's Emirati Supplier Programme facilitated a record AED1.78 billion ($485 million) in contracts for Emirati-owned small and medium-sized...
Business
Talabat IPO offer price range announced
The subscription will close on 27 Nov for UAE retail investors.
Business
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.
Business
Card transactions drive 8 percent Saudi spending growth in Nov
Riyadh, Saudi Arabia --Consumer spending in Saudi Arabia grew by 8 percent to SAR 111.5 billion ($29.73 billion) in November...
- Point-of-sale purchases led the charge, rising 12% year-over-year as Saudi Arabia embraces cashless shopping.
- Cash withdrawals from ATMs rose by almost 1 percent YoY to roughly SAR 45.6 billion in November.
Dubai SME programme awards record $485 million in contracts in 2025
Dubai, UAE --Â Dubai's Emirati Supplier Programme facilitated a record AED1.78 billion ($485 million) in contracts for Emirati-owned small and medium-sized...
Business
Company News
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Amlak 2023 net profit $70m
Business
Drake & Scull to issue 2.4 billion shares
This will raise its share capital by $163 million to $944 million.
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
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Business
Waha to pay cash dividend of 10 fils
The firm also okays 1.5 fils per share special dividend.
- Waha Capital reported a net profit of AED440 million in 2023, an increase of 28 percent from the previous year.
- Waha Investment, the company’s wholly owned asset management subsidiary, produced a net profit of AED639 million.
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.