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BP announces $7bn gas project

The project aims to unlock 3 trillion cu ft of gas resources in Indonesia.

Lulu Retail Q3 profit $35m

For the nine-month period, net profit increased by 73.3%.

Talabat IPO offer price range announced

The subscription will close on 27 Nov for UAE retail investors.

Salik 9M net profit $223m

The company's third-quarter profit increased by 8.8 percent.

Avia to buy 40 Boeing aircraft

The transaction for the purchase of 737 MAX 8 jets valued at $4.9bn.

Equinox and NEOM announce Equinox Resort Treyam in Magna

New York, US -- Luxury hospitality group Equinox Hotels has announced plans for the opening of Equinox Resort Treyam, one...

Oil prices fall amid Israeli Palestinian cease-fire hopes, US crude stockpile building

Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories...

Jordan Army chief, Cyprus defense minister discuss ties

AMMAN, JORDAN -  Chairman of the Joint Chiefs of Staff Maj. Gen. Yousef Huneiti received Cyprus Defense Minister Charalambos Petrides...
  • Jordan's Chairman of the Joint Chiefs of Staff said Jordan Armed Forces efforts are compatible with global endeavors to combat terrorism.
  • Cypriot Defense Minister said there are plans to develop combat capabilities, standardize military concepts of the armed forces of the two countries.

Dubai South, Evocargo to start trials for UAE’s first driverless vehicle

Dubai, UAE - Dubai South and Evocargo will launch UAE’s first autonomous vehicle trials for cargo at the master development’s...
  • The trials will see EVO.1, Evocargo’s unmanned electric logistics vehicle, navigate Dubai South’s Logistics District from December until February 2023.
  • Perfecting electric and driverless truck technology for the region will help it further reduce its carbon footprint and reinforce the city’s green credentials.

UAE Financial Restructuring Committee, World Bank discuss bankruptcy law

ABU DHABI, UAE - Members of the Consultative Council of UAE's Financial Restructuring Committee (FRC) has met with experts from...
  • The meeting was held virtually and sought to discuss the latest updates on amendments to the bankruptcy law.
  • The meeting discussed the proposed amendments to the bankruptcy law in terms of public policy.

Batelco net profit up 9 percent

Batelco said steady revenue growth led to this rise in profit.
  • Batelco has announced net profit of BD15.7 million ($41.6 million) for Q3 2021
  • This is a 9 percent increase from BD14.4 million ($38.2 million) for the corresponding quarter of 2020

New leaks rock Facebook

Internal documents seem to support the accusations.
  • Facebook held back from doing all it could to stop users from being radicalized, say recent leaks
  • It is also accused of not doing enough to stop US election misinformation from flooding the social network

$2bn Arada project in new phase

Arada has launched the second residential phase of Masaar.
  • The new phase is called Kaya and is located within the Al Suyoh district of Sharjah
  • The new phase is said to containing 421 townhouses and villas

DEWA, Ireland explore digital technology cooperation

DEWA CEO Saeed Mohammed Al Tayer and Ireland’s Minister of State for Trade Promotion, Digital and Company Regulation at the...
  • This was part of the Irish commercial delegation visit to the Water, Energy, Technology, and Environment Exhibition (WETEX)
  • The two parties discussed enhancing cooperation, exchange of experience between DEWA and Irish companies

DEWA gets $10.9bn via IPWP model

DEWA used the IPWP model in a number of its key projects.
  • One of the model’s key features includes the implementation of the directives of the leadership
  • It also includes adopting a successful partnership model on sound commercial foundations

Bahrain Bourse taps Oxford Business Group for ESG reports

OBG research is expected to analyze the steps that publicly listed companies are taking to adopt and fully embrace ESG...

Fans to return in small numbers to UAE leg of Indian Premier League

The Board of Control for Cricket in India, in a statement on its website, has confirmed the earlier reports, which...
  • The first of the 13 remaining IPL matches is scheduled to be played this Saturday
  • Tickets are expected to go on sale from Thursday on platforms including the official IPL website

Equinox and NEOM announce Equinox Resort Treyam in Magna

New York, US -- Luxury hospitality group Equinox Hotels has announced plans for the opening of Equinox Resort Treyam, one...

Company News

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ADNOC Drilling to pay $358m dividend

This brings the total dividend for 2023 to $717 million.

Women returners to MENA workforce can contribute $385bn to GDP

Doha, Qatar -- Women returning to the workforce following a career break have the potential to contribute nearly $385bn to...

CI Capital 2023 revenue $134m

The firm’s performance was fueled by strong growth.

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Yanbu NPC loss $129m

The company had reported net profit of $110 million in 2022.
  • Against the revenue/sales of SAR 7.02 billion in 2022, the company posted revenue/sales of SAR 4.53 billion in 2023, down 35 percent.
  • In a Tadawul disclosure, the company attributed the loss to lower average sales prices for all products compared to the previous period.

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.

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.