Saudi Arabia’s merchandise imports rise 8 percent to $19.34bn in Jan
Riyadh, Saudi Arabia -- Saudi Arabia’s merchandise imports increased 8 percent year-on-year (YoY) to SAR 72.6 billion ($19.34 billion) in...
Business
Request for qualification issued for 3700MW Saudi solar projects
Riyadh, Saudi Arabia -- The Saudi Power Procurement Company (SPPC) has released request for qualification (RFQ) for the fifth round...
- The request for qualification has been released for the fifth round of solar projects under the National Renewable Energy Program.
- The combined capacity of Round 5 projects is approximately 3700 MW. These include the 2000 MW Al Sadawi IPP to be located in the Eastern province.
Geostrategy
Wall Street, Hollywood billionaires plan $50m anti-Hamas campaign
Real-estate tycoon Barry Sternlicht has initiated this campaign and sought $1million donations from various affluent business figures, including David Geffen...
- News website Semafor reported that Sternlicht expressed concern about the potential shift in public opinion against Israel due to the portrayal of Palestinian civilian suffering.
- The funds will be used for a media blitz to define Hamas as an enemy not only of Israel but also of the United States, the report said.
Business
Burgan Bank Sells 52% stake
The stake in its Turkish subsidiary BBT was sold to Rawabi Holding.
- While the sale represents a majority ownership transfer, Burgan Bank will retain operational control over BBT.
- The move is strategically poised to fortify the bank's capital structure and shield against the impact of fluctuating Turkish lira exchange rate.
Geostrategy
ADNOC Drilling, Alpha Dhabi set up JV
The two companies will invest up to US$1.5 billion.
- ADNOC Drilling will own 51 percent of the JV with Alpha Dhabi holding 49 percent, bringing together a market-leading drilling and OFS expert.
- This will further develop and scale up ADNOC Drilling’s integrated drilling and oilfield services (OFS) offering and enhance operational efficiencies.
Business
Dubai’s weeklong real estate transactions exceed AED10.3bn
Dubai, UAE -- The total value of real estate transactions conducted in Dubai during the week ending 10 November 2023,...
- The DLD report showed that 1,782 sales transactions worth AED7.4 billion were conducted, with 396 plots sold for AED3.99 billion.
- The total value of mortgaged properties for the week reached AED1.86 billion. A total of142 properties were granted between first-degree relatives worth AED1 billion.
Business
Qatar records real estate contracts worth $60 million in five days
Doha, Qatar - The real estate market in Qatar witnessed a significant surge in trading activity as the Department of...
- The total value of sales contracts specifically for residential units during the same period amounted to above QR 705 million
- Sales were notably concentrated in key municipalities of Al Rayyan, Doha, Al Daayen, Umm Salal, Al Wakrah, Al Khor and Al Dakhira.
Business
ADNOC Distribution Q3 net profit $227m
The EBITDA increased by 28% YoY to $303 million in the third quarter.
- ADNOC Distribution witnessed a healthy 21 percent Y-o-Y increase and a 5 percent quarter-on-quarter (Q-o-Q) growth in total fuel volumes.
- It anticipates paying a minimum of $350 million (AED1.285 billion), or 10.285 fils per share, as the second six-month dividend of 2023 in April 2024.
Business
MIS net profit $7.1m in 9M 2023
Riyadh, Saudi Arabia -- Al Moammar Information Systems Co. (MIS) recorded a net profit of SAR 26.7 million ($7.1 million) in the...
- The lower profit was attributed to an increase in impairment loss on contract assets and trade receivables during the quarter, Argaam reported.
- In Q3 2023, the company swung to a net loss of SAR 69.4 million against a net profit of SAR 25 million in Q3 2022.
Business
Emirates Group H1 net profit $2.7bn
The profit was 138% higher than the $1.2 billion in H1 2022.
- Group revenue was AED67.3 billion ($18.3 billion) for the first six months of 2023-24, up 20 percent from AED56.3 billion ($15.3 billion) last year.
- Overall profit for dnata is AED709 million ($193 million), compared to the same period last year's AED236 million ($64 million).
Geostrategy
GCC hails progress on implementation of unified tourist visa
Muscat -– In a significant stride towards enhanced regional cooperation, the Gulf Cooperation Council (GCC) has announced progress on the...
- GCC Secretary General announces progress on unified tourist visa at 40th Interior Ministers meeting.
- The initiative aims to enhance regional tourism and facilitate easier travel within the GCC.
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Saudi Arabia’s merchandise imports rise 8 percent to $19.34bn in Jan
Riyadh, Saudi Arabia -- Saudi Arabia’s merchandise imports increased 8 percent year-on-year (YoY) to SAR 72.6 billion ($19.34 billion) in...
Company News
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Decree issued to form Board of Dubai Corporation for Ambulance Services
Dubai, UAE -- Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum Monday issued a decree for the formation of the...
Business
Saudi Arabia jumps to second rank in ICT index among G20 nations
Riyadh, Saudi Arabia -- Saudi Arabia jumped 10 ranks to second place among the G20 countries according to International Telecommunication...
Economy
Regional players welcome ceasefire and political process in Yemen
Riyad, Saudi Arabia -- Key regional players have welcomed the agreement – involving a comprehensive set of measures aimed at...
Geostrategy
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Geostrategy
Israeli forces detain 4,695 Palestinians in West Bank since Oct 7
The Palestinian Prisoners Society (PPS) and the Detainees and Ex-Detainees Affairs Authority say the tally includes the Palestinians detained at...
- The statement said Israeli forces continue to carry out widespread acts of abuse, brutal assaults, on-field interrogations, and threats against detainees and their families.
- Since Oct 7, West Bank Palestinians have witnessed growing settler violence and the displacement of small herding villages on land coveted by Israel.
Geostrategy
SFD-financed Arkiz Agricultural Project in Mauritania inaugurated
Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...
- The project will improve the efficiency of Mauritania's water, irrigation and drainage facilities, while delivering agricultural equipment and potable water to farmers.
- Since 1979, the fund has contributed toward 20 development projects in Mauritania, at a value of over $665 million.
Business
$661m plot of land among weeklong real estate deals in Dubai
The emirate recorded a total of 3,785 real estate transactions worth AED 16.6bn ($4.51 billion) during the week ending 22...
- The sum of the amount of mortgaged properties for the week was 2.29bn, with the highest being a land in Al Safouh Second, mortgaged for AED 509.2 million.
- A total of 216 plots were sold for AED 4.91bn 2,729 apartments and villas were sold for AED 7.49bn. A total of 257 properties were granted between first-degree relatives.