UAB concludes $200m term loan
Proceeds of the facility will be used for general corporate purposes.
Business
Aramco to acquire 40% stake in GO
Gas & Oil is one of the largest retail and storage firms in Pakistan.
Business
Business
PIF to invest $1.3 billion in four Saudi construction companies
Riyadh, Saudi Arabia--- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has announced an investment of $1.3 billion by...
- The companies are Nesma & Partners Contracting Company, ElSeif Engineering Contracting Company, AlBawani Holding Company, and Almabani General Contractors Company.
- The four companies have built a successful track record in executing and managing complex large-scale projects.
Infographics
Egypt ranks globally fifth in remittances
Although the remittances grew by an estimated 5 percent in 2022, they were lower than the 10.2 percent increase in...
- Remittances to low- and middle-income countries withstood global headwinds in 2022, growing an estimated 5 percent to $626 billion.
- The growth was, however, lower than the 10.2 percent increase in 2021, World Bank Migration and Development Brief said in a report in Nov 2022.
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.
UAB concludes $200m term loan
Proceeds of the facility will be used for general corporate purposes.
Business
Company News
Alahmadi joins SHUAA Board
Business
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SABIC-Sinopec China plant opens
Business
Ducab bags 30 major contracts
The contracts were secured in the oil, gas and petrochemical sector.
Business
Abu Dhabi’s non-oil economy up by 12.3 percent in second quarter
Statistical estimates published by the Statistical Centre Abu Dhabi said the construction sector grew by 19.1 percent in the second...
Economy
Saudi Arabia’s consumer spending up 8% to reach $30bn in Aug
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from...
Business
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Business
Expo 2023 building in Guinness World Records for largest green roof
Doha, Qatar -- The main building of Expo 2023 in Doha has made it to the Guinness World Records for...
- The roof of the building, implemented by Qatar's Public Works Authority (Ashghal), has an area of 4,031 square meters.
- The new global achievement is the sixth world record achieved by Qatar's Public Works Authority in the previous years.
Geostrategy
Yemen carrier suspends international flights from rebel-held Sanaa
Yemenia operates near-daily commercial flights to the Jordanian capital Amman -- its only direct international destination from Sanaa's Houthi-controlled airport...
- In a statement, the airline blamed the rebels for the move, accusing them of restricting access to company accounts in Sanaa banks since March -- a charge the Houthis have denied.
- Yemenia said it was barred from accessing more than $80 million in deposits, causing "severe damage to the company's activity".
Geostrategy
Qatar calls for subjecting Israel’s nuclear facilities to IAEA safeguards
Vienna, Austria -- Qatar Friday called for intensifying international efforts to subject all Israeli nuclear facilities to International Atomic Energy...
- Qatar said this demand was confirmed by international legitimacy resolutions half a century ago, including the resolutions of the United Nations General Assembly since 1974.
- Qatar said AEA's subjecting Israel to comprehensive safeguards regime is a prerequisite for establishing a nuclear-weapon-free zone in the Middle East.