New UAE law allows employees merge work years for free
Abu, Dhabi, UAE -- A new UAE law contributes to enhancing insured Emiratis chance in obtaining a retirement pension by...
Business
Institutional investors purchase $1.9bn in UAE stocks during 2023
Abu Dhabi, UAE -- Institutional investors boosted their acquisition of domestic stocks in 2023, purchasing nearly AED 7 billion ($1.9...
Business
Business
AMF, State Bank of Pakistan to enhance cross-border payments
Abu Dhabi, UAE -- The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) have signed an MoU...
- The partnership aims to create a framework for cooperation between AMF's Buna and Pakistan's Raast payment systems.
- This will eventually streamline cross-border remittances between the Arab region and Pakistan through official channels.
Business
SCC 9M net profit $73m
The company's revenues increased by 9 percent during this period.
- Gross income rose by 17.3 percent to SAR 435.30 million. Operating income increased by 11.8 percent to SAR 278.20 million.
- The surge in profits was primarily driven by higher sales revenue, resulting from increased total sales value and volumes, as well as other revenue streams.
Business
SAIC 9M net profit 38%
The third quarter net profit increased by 76 percent.
- This figure marks a leap from the SAR 80.4 million recorded in the same period the previous year.
- Revenues surged by 36.6Â percent, from SAR 91.49 million in 9M 2022 to SAR 124.97 million in 9M 2023.
Business
Alpha Dhabi 9M net profit $3.15bn
The net profit increased by a substantial 29 percent during this period.
- Alpha Dhabi's revenue also increase by 22 percent during this period, reaching AED 32.4 billion, compared to AED 26.6 billion in the previous year period.
- Alpha Dhabi's total assets reached AED 133.6 billion, with a cash position of AED 19.1 billion as of September 30, 2023.
Business
Lootah Biofuels inks MoU
The agreement is aimed at producing biofuel in Maldives.
- The deal was inked during the second day of the Dubai Business Forum, an influential global gathering of businesses and investors.
- The objective of the MoU is to reduce the impact of CO2 by replacing normal diesel with biodiesel.
Business
ACWA Power 9M net profit up 22%
The company said higher operating income was the main driver.
- The company said it recorded SAR 814 million in operating income—before impairment, loss and other expenses—in the third quarter of 2023.
- Operating income for the first nine months of 2023 reached SAR 2.10 billion, growing by 12.4 percent, compared to the same period last year.
Business
SABIC 9M net loss $277m
The company had posted a net profit of $4.32bn in 9M 2022.
- In the third quarter period, the petrochemicals giant swung to a net loss of SAR 2.9 billion, against a net profit of SAR 1.84 billion in Q3 2022, Argaam reported.
- SABIC cited stagnation in global demand for chemicals, which weighed on average selling prices, and led sales value to drop by SAR 7.3 billion year-on-year (YoY).
Business
Mwani Qatar posts 39% increase in transshipment containers
Doha, Qatar -- The Qatar Ports Management Company (Mwani Qatar) announced a 39 percent increase in transshipment containers in October,...
- Mwani Qatar data released Wednesday revealed an increase in building and construction materials shipments by 21 percent.
- Vehicles and equipment shipments on the other hand increased by 8 percent to reach 6,494 units.
Business
Agreements worth $3.54bn inked at Global Health Exhibition
Riyadh, Saudi Arabia -- A total of 138 agreements, MoUs and deals worth more than SAR 13.3 billion ($3.54 billion)...
- More than 300 local, regional and international companies from 29 countries presented the latest healthcare innovations and technologies at the event.
- The exhibition, in its sixth edition, offered health practitioners 30-credit-hour of Continuing Medical Education (CME) programs.
Business
Second quarter foreign investments in Saudi Arabia hit $666bn
Riyadh, Saudi Arabia -- Foreign investments in Saudi Arabia increased 4 percent year-on-year (YoY) to SAR 2.50 trillion ($666. 39...
- The foreign investment balance recorded an increase of 5 percent quarter-on-quarter, or nearly SAR 109.9 billion.
- Foreign direct investments (FDIs) represent 41 percent, or SAR 1.02 trillion, of total investments, Argaam reported.
New UAE law allows employees merge work years for free
Abu, Dhabi, UAE -- A new UAE law contributes to enhancing insured Emiratis chance in obtaining a retirement pension by...
Business
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ROSHN, Retal sign $99m deal
Business
Qatar records real estate transactions worth $400 million in Nov
Doha, Qatar -- Qatar reported a total of 321 real estate transactions worth QR 1.46 billion ($400 million) in November...
Business
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
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Business
SABIC announces 16% H2 cash dividend
The dividend of $1.27 billion is payable on Mar 4, 2024.
- SABIC has announced full-year dividend of SAR 10.2 billion or 34 percent (SAR 3.4 a share) of its current capital of SAR 30 billion.
- The company had posted a net loss of SAR 1.04 billion ($277 million) in the first nine months of 2023, against a net profit of SAR 16.24 billion a year earlier.
Business
PureHealth offer price $0.89 per share
The IPO witnesses demand of over AED 265bn ($72.15bn).
- The offering will generate gross proceeds of AED 3.62 billion for the company. On listing, the company’s market capitalization is expected to reach AED 36.2 billion.
- Listing and trading commencement of PureHealth’s shares on ADX are expected to take place on 20 December 2023.
Geostrategy
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...
- OAPEC Secretary General Eng. Jamal Issa Al Loughani emphasized the conference's focus on international energy market developments and their local and global implications.
- He called for a careful balance between emission reduction, energy availability and affordability, while underscoring challenges in building sustainable energy systems.