NEOM launches ‘Topian’ to ensure climate-proof agriculture in Saudi
NEOM, Saudi Arabia: NEOM, a mega-city project in Saudi Arabia characterized by futuristic urban planning and advanced technologies, Sunday announced the...
Business
Real estate deals in Bahrain decline marginally in third quarter: CBRE
Manama, Bahrain - Real estate transactions in Bahrain recorded a marginal 2.5 percent decline in Q3 2023, totaling 5,145 compared to the...
Business
Saudi ministry signs investment MoU with Spain’s Orbas
Riyadh, Saudi Arabia-- Saudi Arabia's Ministry of Municipal, Rural Affairs and Housing has signed an MoU with the Spanish company...
- The MoU aims to raise the level of coordination in endeavors that support and promote the development, marketing and implementation of investments.
- The Ministries of Municipal and Rural Affairs and Housing and Investment will work to support the investing company in exploring opportunities.
Business
NBQ 2022 net profit $99m
Umm al Qaiwain, UAE-- National Bank of Umm Al Qaiwain (NBQ) has reported a net profit of AED364.52 million ($99...
- Total assets were at AED 13.605 billion, up 3.5 percent compared to December 2021, with a deposits-to-advances ratio of 126 percent.
- The bank has maintained high liquidity with a stable resources-to-advances ratio of 159.21 percent as of 31 Dec 2022.
Business
DIB raises $1bn from sukuk
It had raised $750m through the sale of its debut sukuk in Nov 2022.
- The sukuk was oversubscribed three times, largest issuance by a Middle East financial institution in the international capital markets since June 2021.
- It is also the largest-ever sustainable issuance by a Middle East Financial Institution.
Business
UAE-France-India trilateral cooperation discussed at Paris meet
Paris, UAE--The second technical UAE-France-India trilateral initiative has taken place in Paris during the visit of a UAE delegation from...
- UAE delegation was led by Assistant Foreign Minister for Economic and Trade Affaiirs Saeed Mubarak Al Hajeri.
- The meeting discussed the adoption of the UFI trilateral cooperation roadmap.
Business
ADNOC Drilling 2022 net profit $802m
Full year earnings before EBITDA were $1.23 billion.
- ADNOC Drilling’s revenue for the year increased to US$2.67 billion, up 18 percent compared to 2021.
- The company said it achieved record revenue ($733 million), EBITDA and net profit ($234 million) during the fourth quarter of 2022.
Videos
MENA startups raise $103 million in Jan
Startups in the Middle East and North Africa raised $3.94 billion in 2022, a 24 percent increase in investment value...
- In the first half of 2022, startups in the Middle East raised around $1.8 billion, according to a MAGNiTT report.
- The fintech sector remained the most capital attracting sector last year, raising nearly $1.7 billion.
Business
Major firms to attend ‘Invest in Saudi Arabia’ forum in Kuwait
Riyadh, Saudi Arabia--The Invest in Saudi Arabia forum, which will be held on Monday in Kuwait, will see the participation...
- Saudi Arabia's Minister of Investment Khalid bin Abdulaziz Al-Falih will be visiting Kuwait to attend the forum.
- The forum includes dialogue sessions on promising investment sectors between the two countries, review the most prominent developments in the business environment in the kingdom.
Business
Amid record turnout, deals worth $9 billion made at LEAP23
Riyadh, Saudi Arabia–- Investments, launches and announcements valued at more than $9 billion were made at the 2nd edition of...
- A record 300,000 people from more than 100 countries visited the event, making it the largest global gathering for technology and digitization developments in terms of turnout.
- LEAP’s organizers announced that next year’s edition will be held from March 4-7. About 1000 international investors were hosted this year.
Business
Multiply Group 2022 net profit
Growth in profits driven by investments and rise in operating portfolio.
- The Group said that most of its subsidiaries showed growth in operating profits in 2022.
- It deployed more than AED12 billion in 2022, making investments in high-growth industries such as energy.
Business
ADEO signs $121m green finance agreements with Angola
Abu Dhabi, UAE--- The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), signed...
- The financing is provided in cooperation with Standard Chartered Bank.
- One relates to the acquisition of an analytical platform, main data center, backup data center and national cloud platform to strengthen the Angolan IT sector.
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NEOM launches ‘Topian’ to ensure climate-proof agriculture in Saudi
NEOM, Saudi Arabia: NEOM, a mega-city project in Saudi Arabia characterized by futuristic urban planning and advanced technologies, Sunday announced the...
Business
Company News
Borouge to pay $650m H1 dividend
Business
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EGA H1 net profit $533 million
Business
UAE markets top Arab stock exchanges in trading, says AMF
ABU DHABI, UAE - The financial markets of the United Arab Emirates topped the Arab stock exchanges during last week's...
Market Report
Aramco likely to acquire equity in China’s Shenghong Petrochemical
Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate...
Business
Saudi EXIM Bank, Trafigura sign pact
The bank will extend three-year credit facility of $500 million.
Business
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Business
AMEA reaches financial closure on PV plant
The $86m project will be AMEA's first operational asset in Tunisia.
- The solar plant is being implemented by Kairouan Solar Plant, a project company registered in Tunisia and wholly owned by AMEA Power.
- The project is being financed by IFC, a member of the World Bank Group, and the African Development Bank (AfDB).
Economy
Non-oil sector to drive UAE economic growth to 3% in 2023: S&P
S&P analysts anticipate continued growth within the UAE's robust tourism sector. The country's ability to host major international events is...
- Analysts expect the UAE banking sector to remain robust, with profitability improving beyond pre-pandemic levels due to rising interest rates.
- Banking sector's profitability is expected to improve and exceed pre-pandemic levels due to rising interest rates and technological advancements.
Business
Iraq’s oil revenues hit nearly $9bn in Aug: Ministry of Oil
Baghdad, Iraq -- Iraq's oil revenues in August hit nearly $9 billion, according to the data issued by the Iraqi...
- The $8.99 billion revenue came from crude oil exports of more than 106 million barrels, the country's Ministry of Oil said in a statement, according to the Iraqi News Agency.
- The total quantities of crude oil exported for August from the oil fields in central and southern Iraq amounted to 105.236 million barrels.