Saudi investors witness 40% fall in US equities trading in Q3 2023
Riyadh, Saudi Arabia -- In the third quarter of 2023, Saudi investors engaged in sell and buy transactions on US...
Business
Arab meet calls for more investments in renewable energy
Speaking at the 12th Arab Energy Conference organized by the Organization of Arab Petroleum Exporting Countries (OAPEC), Qatar's Energy Minister...
Geostrategy
Business
MODON to build and operate 14 warehouses in Jeddah
Riyadh, Saudi Arabia--The Saudi Authority for Industrial Property and Technology Zones (MODON) signed yesterday a partnership agreement to establish, develop...
- The warehouses will be built in the First Industrial City in Jeddah.
- The warehouses are expected to provide fast and temporary logistical solutions to support industrialists and entrepreneurs.
Business
Diriyah signs JV agreement
It was signed with Integrated Telecom Company and TAWAL.
- The 15-year design, build and operate contract covers open-access services for visitors, tenants, and residents of Diriyah.
- In addition, more than 80 telecommunication towers are expected to be erected over the next three years.
Business
Dubai energy demand grew by 5.5 percent in 2022: DEWA CEO
Dubai, UAE– Dubai witnessed a 5.5 percent increase in energy demand in 2002, from 50,402 GWh to 53,180 GWh, said...
- DEWA provides electricity and water services to 3.514 million people living in Dubai and the Emirate’s active daytime population of over 4.7 million.
- These numbers are expected to grow to 5.8 million and 7.8 million, respectively by 2040.
Geostrategy
Channel opened for UAE residents who stayed outside for 6 months
Abu Dhabi, UAE-- The Federal Authority for Identity, Citizenship, Customs and Ports Security (ICP) announced that it has added to...
- This service does not apply to residents who hold golden residence permits.
- The eligible people need to submit a copy of their Emirates ID and a copy of the passport.
Business
Dubai records over $571 million in real estate transactions
Dubai, UAE -- Dubai real estate market recorded deals worth AED2.1 billion on Tuesday, Dubai Land Department said. The deals...
- The deals included 471 sales transactions worth AED1.87 billion, in addition 70 mortgage deals of AED122.36 million.
- The sales included 451 villas and apartments worth AED1.56 billion, and 20 land plots worth AED316.57 million.
ADCB 2022 net profit $1.75 bn
The bank’s net profit for Q4 2022 was up 23%.
- The bank's net interest income was to the tune of AED 10.194 billion, an increase of 15 percent compared to 2021.
- The Board has recommended a dividend of AED 0.55 per share, equivalent to 60 percent of net profit.
Business
World’s largest wealth fund lost record $164 billion in 2022
"2022 was a truly dramatic year in the world. It affected financial markets and hence it also affects our global...
- The fund has shares in more than 9,000 companies in nearly 70 countries, including Apple, Microsoft and Alphabet, the parent company of Google.
- At the end of 2022, the value of the fund, which is financed by taxes paid by the nation's oil and gas industry, still amounted to a whopping 12.43 trillion kroner.
Business
Strong demand seen for first 2023 auction of UAE treasury bonds
Abu Dhabi, UAE-- The first auction of the UAE treasury bond program in 2023 has been oversubscribed by 6.2 times,...
- In 2022, the Ministry of Finance, the issuer, had issued bonds totaling AED 9 billion across tenors of two years, three years and five years.
- The auction has been oversubscribed by 6.2 times, receiving bids worth $1.76 billion.
Business
Adani firm gains 5.26% after UAE’s IHC announces $400m investment
IHC announced it would be investing $400m into Adani Enterprise's $2.5 billion Further Public Offering. IHC said in a statement...
- This is the second investment deal International Holding Company has completed with India's Adani Group after last year's Dh7.3 billion ($2 billion) investment.
- Media reports said the FPO so far received 3 percent subscription amid the rout Adani Group has been facing since a report by US investment group Hindenburg Research.
Business
Aramco signs 100 pacts at iktva forum, launches digital company
Riyadh, Saudi Arabia--Aramco has signed more than 100 agreements and Memorandums of Understanding valued at around $7.2 billion to help...
- The agreements were signed with Zoom, Taulia Inc, DHL, Ministry of Investment of Saudi Arabia, Accenture, Hassana Investment Company and Achilles among others.
- The iktva program has achieved 63 percent local content in 2022, up from 35 percent in 2015, when iktva was launched.
Saudi investors witness 40% fall in US equities trading in Q3 2023
Riyadh, Saudi Arabia -- In the third quarter of 2023, Saudi investors engaged in sell and buy transactions on US...
Business
Company News
EGA H1 net profit $533 million
Business
Latest News
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.