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
SABIC announces 16% H2 cash dividend
The dividend of $1.27 billion is payable on Mar 4, 2024.
Business
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.
Business
SIRC, Tadweer sign MoU on waste management and recycling
Riyadh, Saudi Arabia--The Saudi Investment Recycling Company (SIRC) has signed a joint memorandum of understanding with the Abu Dhabi Waste...
- They will explore joint options for adopting technology and ideal recycling solutions, activating operational activities in the waste sector.
- Through this and other MoU, SIRC Group seeks to activate the circular economy initiative to achieve the goals and programs of the Kingdom's Vision 2030.
Business
ADNOC Distribution 2022 net profit $748m
The EBITDA grew by 15 percent to reach AED3.52 billion.
- Total fuel volumes continued to increase during the year, recording an 8 percent year-on-year growth through 2022 – with commercial fuel volumes up by 19 percent.
- The Company’s Board of Directors has recommended distributing a cash dividend of AED1.285 billion (10.285 fils per share), for the second half of 2022.
Economy
Saudi Industrial Production Index rises by 7.3 percent in Dec 2022
Riyadh, Saudi Arabia-- Saudi Arabia's industrial production index (IPI) for December 2022 witnessed a 7.3 percent increase compared to the...
- A surge in mining, quarrying, and manufacturing activity helped the growth in IPI.
- Manufacturing activity also increased by 18.5 percent in December 2022 compared to the same period last year.
Business
$580m investment, 2 tech skills academies pledged at LEAP 23
Riyadh, Saudi Arabia--Investment and funding programs worth $580 million were announced on the third day of LEAP 23 Tech Conference,...
- WIRPO which specializes in technology services and consulting subsequently announced $110 million investment to expand the service of their cloud studios.
- Damac Company announced the expansion of its investments in the Kingdom's big data centers with a total capacity of more than 55 Mega Watts.
Business
Dana Gas 2022 net profit $182m
The rise in adjusted net profit driven by high energy prices.
- Excluding other income and impairments, the company reported an adjusted net profit of $196 million as compared to $128 million in 2021, an increase of 53 percent.
- The increase in revenues is due to higher realized prices and production output in the Kurdistan Region of Iraq.
Business
Saudi Arabia center, Yokogawa to advance 4IR in kingdom’s industry
Riyadh, Saudi Arabia--The Center for the Fourth Industrial Revolution in Saudi Arabia (C4IR KSA), affiliated with the World Economic Forum...
- Signed on the sidelines of LEAP 23, the MoU aims to develop frameworks and policies for the governance of the fourth industrial revolution technologies in the industrial sector.
- The two sides undertake to supervise the pilot studies of the projects and assess the participation of other entities in the kingdom.
Business
Etihad Cargo, Astral sign MoU
They will share up to 50 percent of all available capacity on flights.
- Via Etihad Cargo’s Abu Dhabi hub, the carrier’s global network will offer connectivity to destinations around the world.
- Etihad Cargo will utilize its road feeder service network to transport cargo arriving in Abu Dhabi from Nairobi to destinations throughout the UAE.
Business
Merak launches credit fund
The $53-million direct lending fund is Shariah compliant.
- The fund is Merak's first credit fund under the Capital Market Authority new regulation for direct financing investment funds.
- The fund aims to underwrite loans between 5 to 20 million SAR, targeting a portfolio of 20 borrowers, Merak said.
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
Company News
SABIC-Sinopec China plant opens
Business
Latest News
Borouge to pay $650m H1 dividend
Business
Crypto industry grapples with FTX fallout as boss goes on trial
London, United Kingdom -- The collapse of cryptocurrency platform FTX, whose disgraced former boss goes on trial this week, sparked shock...
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...
Business
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...
Geostrategy
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Business
Saudi Central Bank’s assets drop $6.39 billion in August
Riyadh, Saudi Arabia -- Assets held by the Saudi Central Bank (SAMA) declined by SAR 24 billion ($6.39 billion) month-on-month...
- When compared to August 2022, SAMA’s assets fell by around SAR 229.2 billion, according to data released by SAMA, Argaam reported.
- SAMA’s investments in foreign securities, which represent nearly 56 percent of its total assets, shrank by 12 percent year-on-year (YoY) to around SAR 986.2 billion last month.
Business
EDGE acquires 50% stake in SIATT
SIATT is Brazilian smart weapons and high-tech systems specialist.
- The acquisition follows a cooperation agreement signed by both companies in Rio de Janeiro in April this year.
- SIATT specialises in the integration of systems with high technological content, which provides solutions to the demands of the defense and aerospace sectors.
Market Report
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...
- The AMF said that the UAE markets achieved monthly market gains of over US$6.2 billion.
- The fund said the market capitalization of the Saudi Financial Market reached US$2.97 trillion.