Finland’s Vaisala to equip Kuwait airport with observation system
Kuwait City, Kuwait -- The Directorate General of Civil Aviation (DGCA) of Kuwait has inked a KD 6.7 million ($21.7...
Business
Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...
Economy
Geostrategy
US federal agencies given 30-day deadline to enforce TikTok ban
Office of Management and Budget director Shalanda Young in a memorandum called on government agencies within 30 days to "remove...
- The ban does not apply to businesses in the United States not associated with the federal government, or to the millions of private citizens who use the hugely popular app.
- However, a recently introduced bill in Congress would "effectively ban TikTok" in this country, according to the American Civil Liberties Union (ACLU).
Business
SABIC 2022 profit down 28%
The firms said margins will continue to be under pressure in H1.
- The net profit of SABIC, which is one of the largest petrochemical companies in the world, after taxes was 16.5 billion riyals ($4.4 billion).
- In a statement, SABIC said that its fourth quarter 2022 net income was 290 million riyals, 84 percent lower compared to Q4 2021.
Business
Edmond de Rothschild to open advisory office in Dubai
Dubai, UAE -Edmond de Rothschild Group has announced the opening of an advisory office, Edmond de Rothschild (Middle East), at...
- The Group has obtained an advisory license from the Dubai Financial Services Authority, which regulates services in DIFC
- Ali Raza Syed, Senior Executive Officer of Edmond de Rothschild (Middle East), will be leading the local office in DIFC
Infographics
Slower GCC growth expected in 2023
The region's biggest economy, Saudi Arabia, was projected to accelerate to 8.3 percent in 2022 before moderating to 3.7 percent...
- Maroun Kairouz, Director for the Middle East and North Africa (MENA) at the World Economic Forum says GCC countries would be the least affected by the recession.
- Easing of pandemic restrictions, and positive developments in the hydrocarbon market drove strong recoveries in 2021 and 2022 across the GCC, World Bank says.
Business
Military, security sector free zone set up in Tawazun Park
Abu Dhabi, UAE---Tawazun Council, the defense and security acquisitions authority for the UAE armed forces and Abu Dhabi police, has...
- The 2.8-square-kilometer zone has been established to commence operations related to defense and security industries and associated activities.
- Tawazun Industrial Park is a regional center for defense and security industries.
Business
SABIC Agri profit $2.7 bn
The net profit for the year nearly doubled compared to 2021.
- The company's sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
- The increase in net profit was due to an increase in average selling prices of company's products, increase in quantities sold of company products.
Business
ADNOC Gas increases IPO size to $2.5 billion on high investor demand
ADNOC Gas said that ADNOC will now offer 3.83 billion shares, equivalent to approximately 5 percent of ADNOC's total issued...
- Khaled Al Zaabi, Group CFO of ADNOC, said the IPO of ADNOC Gas is set to be the largest-ever market debut on the Abu Dhabi Exchange to date.
- The subscription period for the offering is unchanged and will continue until March 1, as part of a UAE public offering to individuals and other investors in the UAE.
Videos
Excess, storage issues behind food waste in GCC
Globally, around 14 percent of food produced is lost between harvest and retail, while an estimated 17 percent of total...
- When food is lost or wasted, all the resources that were used to produce this food - including water, land, energy, labor and capital - go to waste.
- The UN says the disposal of food loss and waste in landfills, leads to greenhouse gas emissions, contributing to climate change.
Business
Dubai records 35 percent rise in public transport use in 2022: RTA
Dubai, UAE--Dubai has recorded a 35 percent increase in the number of people using public transport like metro, tram, buses,...
- About 1.7 million people rode public transport, shared mobility and taxis daily in 2022 compared to 1.3 million riders in 2021.
- Dubai Metro achieved the largest percentage of the public transport, shared transport and taxis ridership of 36 percent in 2022.
Business
Qatar Central Bank issues $274 million treasury bills for a week
Doha, Qatar-- Qatar Central Bank (QCB) issued treasury bills worth QR 1 billion ($274 million) for a one-week term in...
- Treasury bills are issued through auction for banks operating in Qatar to control liquidity rates and money supplies in the market.
- In November last year, the bank issued Treasury Bills and Sukuk for periods of one week, one month, three, six and nine months worth $1.6 billion.
Finland’s Vaisala to equip Kuwait airport with observation system
Kuwait City, Kuwait -- The Directorate General of Civil Aviation (DGCA) of Kuwait has inked a KD 6.7 million ($21.7...
Business
Company News
ADCB prices $650m green bond
Business
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Mubadala, Petrobras sign MoU
Business
ADNOC to deploy UAE-made drones
ADNOC's partnership with EDGE Group aimed at cutting emissions.
Business
Value of Dubai realty deals up 40 percent in third quarter 2023
Dubai, UAE -- The value of real estate deals in Dubai increased by 40 percent to reach AED 97.55 billion...
Business
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Business
QatarEnergy awarded new Egypt offshore exploration block
Doha, Qatar -- QatarEnergy has been awarded a new exploration block offshore Egypt as part of the 2022 EGAS International...
- The block EGY-MED-E8 (East Port Said) was awarded to a consortium comprising of QatarEnergy (33 percent), ENI (Operator, 34 percent) and BP (33 percent).
- Qatar has a total of four offshore exploration blocks, including interests in Red Sea Block 3 and Block 4.
Business
Baker Hughes bags 400m ADNOC award
Baker Huhges will supply all-electric compression systems.
- The systems are meant for liquefaction of natural gas, to be powered by clean energy, for ADNOC's low-carbon LNG asset in the Al Ruwais Industrial City, Al Dhafrah.
- The LNG trains will comprise energy-efficient Baker Hughes technology, including compressors, driven by 75 MW electric motors.
Business
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
The Kingdom's production in the coming months November and December will be approximately 9 million barrels per day, the country's...
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
- That decision riled the United States, which at the time accused Saudi Arabia, a security partner, of siding with Russia in the war in Ukraine.