Aramco to acquire 40% stake in GO
Gas & Oil is one of the largest retail and storage firms in Pakistan.
Business
NDMC secures syndicated international loan worth $11bn
Riyadh, Saudi Arabia -- The National Debt Management Center (NDMC) completed the arrangement of a syndicated international loan worth $11...
Business
Business
Saudi Arabia, Italy sign MoU to set up reinsurance framework
Rome, Italy-- The Saudi Export-Import Bank has signed a memorandum of understanding with the Italian Export Credit Agency (SACE) which...
- The MoU was signed by EXIM Bank CEO Eng. Saad bin Abdul Aziz Alkhalb and Italian Credit Export Agency CEO Alessandra Ricci at her agency’s headquarters in Rome.
- The MoU is expected to boost cooperation in the areas of professional development, transfer of knowledge of best practices in export credit,
Business
Emirates NBD’s 2022 net profit $3.53 bn
The rise was driven by strong regional economic growth.
- The bank's Q4 profit was particularly strong, at AED 3.9 billion, up 94 percent year-on-year.
- The bank also proposed a 20 percent increase in the cash dividend to 60 fils per share.
Business
Emirates Islamic 2022 net profit $337m
The profit was driven by funded and non-funded income.
- The bank also reported a 36 percent increase in operating profit and a 15 percent increase in total assets to AED 75 billion.
- The bank's total income went up 33 percent year-on-year driven by higher funded income and non-funded income.
Business
FAB 2022 net profit $3.64 bn
The total income was up 10 percent year on year.
- The fourth quarter 2022 net profit was AED2.5 billion, compared to AED2.9 billion in the previous quarter.
- The total income reached AED23.9 billion, up 10 percent yoy, driven by 23 percent growth in net interest income.
Economy
New UAE commercial agency law will help in improving business environment
ABU DHABI, UAE - The UAE is determined to foster the attractiveness and competitiveness of the business environment in order...
- The UAE aims to offer a legislative framework to enable companies to promote the new economic model, particularly the commercial agencies sector.
- With innovative projects and crucial commercial activities, this sector significantly contributed to the country's development during the past several years.
Business
Over 4,200 new companies set up base at RAKEZ in 2022
Ras Al Khaimah, UAE-- Ras Al Khaimah Economic Zone (RAKEZ) welcomed over 4,200 new companies to its business community in...
- The economic zone recorded a 206 percent growth in new general trading companies, with 413 licenses issued.
- Companies operating from RAKEZ also witnessed exponential growth in 2022, with 160 companies expanding their operations in various sectors.
Geostrategy
Sheikh Mohamed, Pakistan PM call for boosting bilateral ties
Rahim Yar Khan, Pakistan---UAE President Sheikh Mohamed bin Zayed Al Nahyan and Pakistan Prime Minister Shehbaz Sharif reviewed the ties...
- Mohamed bin Zayed arrived in the Pakistani city of Rahim Yar Khan during his visit to country that is battling major foreign exchange crisis.
- The UAE on Jan 12 agreed to roll over $2 billion owed by Pakistan and provide the country with an extra loan of $1 billion.
Business
Saudi National Housing signs 22 MoUs to boost local real estate sector
Riyadh, Saudi Arabia---Saudi Arabia's National Housing Company signed 22 MoUs worth nearly 4 billion riyals ($1.06 billion) on the sidelines...
- The MoUs worth nearly 4 billion riyals ($1.06 billion) were signed on the sidelines of the launch of the materials platform, Mawadat, at the Future of Real Estate Forum.
- The electronic platform facilitates the process of direct linking between real estate developers and contractors with factories and suppliers of building materials.
Business
UAE’s largest bank issues $600 million bond, second in 2023
Abu Dhabi, UAE---The First Abu Dhabi Bank, UAE’s largest bank, has issued a 5.25-year $600 million bond at US Treasury,...
- This marks FAB’s second dollar issuance in a space of 10 days following the $500 million RegS five-year Sukuk issued on 9 January 2023.
- The bond received orders of $1.75 billion, meaning it was oversubscribed three times with 76 percent of the issue placed with high-quality investors outside the MENA region.
Business
AD Ports, Tosyali sign MoU
They will collaborate in shipping, logistics and ports services.
- Potential joint investment in new port facilities to support Tosyali's export operations is part of the MoU.
- Tosyalı is one of Türkiye’s largest private steel producers, which has operations in three continents.
Aramco to acquire 40% stake in GO
Gas & Oil is one of the largest retail and storage firms in Pakistan.
Business
Company News
SAMI launches radio systems line
Business
Latest News
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...
Business
Masdar, PLN NP sign expansion pact
They will develop Phase II of Indonesia's Cirata project by up to 500MW
Business
NEOM inks deal with Marriott International
Under the deal, two luxury hotels will be built in Trojena.
Business
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Business
Al Akaria signs $610m infra contracts
The Public Investment Fund is a related party to the contracts.
- The contracts pertain to development of the main infrastructure networks and bridges for the Qiddiya project.
- The contracts also include the design, construction, testing and commissioning of a sewage treatment plant.
Business
Investcorp portfolio firm listed
The firm, PT Multitrend Indo, was listed on the Indonesian stock exchange.
- This is Investcorp's first IPO on the Indonesian stock exchange and the 26th IPO in the Firm's 40-year history.
- Investcorp currently has five offices spread across Asia with over US$1.2 billion invested in 40 portfolio companies.
Business
Alpha Dhabi acquires stake in Metito
With this deal, Alpha Dhabi marks entry into water and wastewater domain.
- The acquisition sees Alpha Dhabi purchasing the majority stake from selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.
- The Ghandour family, Metito's founding shareholders, will retain their leadership roles.