Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
Business
Business
Dana Gas 9M net profit $126m
Profitability dropped 22% due to lower realized prices.
- The decline in profitability was also due to additional discounts on condensate sales in the Kurdistan Region of Iraq (KRI).
- The Company’s revenue for the first nine months of the year decreased 21 percent to AED 1,195 million ($326mm).
Business
Amlak Q3 net profit AED $73m
Amlak's total income for the third quarter decreased by 19%.
- Revenues from financing business decreased by 10 percent to AED 90 million during Q3 2023 as compared to AED 100 million in Q3 2022.
- The company recorded a net gain of AED 174 million on debt settlement arrangements and was able to reduce its debt burden by AED 531 million.
Business
Rabigh 9M net loss $879m
The firm said unfavorable market conditions affected margins.
- In addition, Petro Rabigh complex was partially shut down for scheduled turnaround of its Phase II units starting Dec. 1, 2022, to Jan. 23, 2023, according to Argaam.
- The company narrowed Q3 2023 loss to SAR 1.14 billion from SAR 1.41 billion a year earlier, mainly due to improved refined products margin
Business
Zain posts highest-ever quarterly revenue
Tower infrastructure sale among factors responsible for the performance.
- The Q3 report also reveals a net profit of SAR 285 million, showcasing a growth of 234 percent compared to the corresponding period in 2022.
- The company said it has not only experienced growth in 5G revenue but also witnessed increased demand for consumer services.
Business
IHC 9M net profit $4.13bn
The Group's third-quarter revenues grew by 9.5 percent.
- In Q3 2023, IHC grew its total assets by 3.3 percent and reduced total liabilities by 1.3 percent (compared to December 2022).
- The Group intends to remain focused on optimizing its balance sheet and improving shareholder returns, IHC said in a statement.
Business
Amanat net profit up 73%
The company posted a 44 percent growth in revenues for 9M-period.
- Revenu growth was driven by strong performance at the Education platform up more than two times, boosted by contribution from the recently acquired Human Development Company.
- Amanat reported an increase in EBITDA by 65 percent year-on-year to AED173.7 million in 9M 2023, on track to significantly exceed the AED188 million recorded in full year 2022.
Business
SPCC signs two solar power purchase pacts with 1500MW capacity
Riyadh, Saudi Arabia - In a step towards bolstering Saudi Arabia's renewable energy initiatives, the Saudi Power Procurement Company (SPPC)...
- These projects are part of Round 4 of the National Renewable Energy Program (NREP), which aligns with Vision 2030's goals of optimizing the energy mix.
- The first agreement comprises Masdar as the Managing Member, EDF Renouvelables as the Technical Member, and Nesma Company Ltd as the Consortium member.
Business
Contracts worth $2.93bn signed at Taif Investment Forum
Taif, Saudi Arabia -- Several investment contracts for projects in Taif Governorate, worth over SAR11 billion ($2.93 billion), have been...
- The contracts stipulate, among others, the establishment of the first phase of the space science fiction city Mars War, at a value of SAR 5 billion.
- Also included is the establishment of an emergency information center, together with China Mobile company, at a value of SAR2 billion.
Business
AD Ports Group acquires 10 offshore vessels for $200 million
Abu Dhabi, UAE -- AD Ports Group (ADPORTS) has purchased 10 offshore vessels for $200 million that will bolster offshore...
- The investment in the diversified fleet with an average age of around nine years is significantly less than the industry average.
- All ten vessels are expected to be delivered in Q4 2023, with financial consolidation taking place from Q1 2024 onwards.
Business
Saudi Real Estate Market records transactions worth $14.92bn
Riyadh, Saudi Arabia -- More than 70,000 transactions worth SAR 56 billion ($14.92 billion) have been conducted on Saudi Arabia's...
- The traded real estate areas amounted to about 550 million square meters (sqm), Argaam reported. Real Estate Market provides its services around the clock.
- Launched two months ago, It allows easy buying and selling of properties, in addition to helping beneficiaries to leverage mortgage services electronically.
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Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Company News
Latest News
Hamriyah, Deira ports report $3.30bn in customs declaration
Dubai, UAE -- Hamriyah and Deira ports have reported 62,454 customs declarations, totaling AED 12.133 billion ($3.30 billion), with 19...
Business
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...
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)...
Geostrategy
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Economy
Russia won’t consider ratings while granting loans to countries
Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...
- Additionally, loans were not extended to countries with long-term creditworthiness ratings below B- from Fitch or Standard & Poor’s, or below B3 from Moody’s.
- Under the new decree, Russia will no longer adhere to international institutions' recommendations when extending loans to other countries.
Business
ESG buys majority stake in UIG
The move is likely to enhance ESG’s manpower portfolio.
- ESG is a global investment, engineering and construction services business and a subsidiary of International Holding Company.
- The strategic plan aims to deploy over 30,000 skilled professionals by the end of 2024, serving various sectors.
Geostrategy
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
- Prices are sitting at their lowest level in nearly six months despite the cartel's announcement in November to further cut output.
- Angola is far from the first small country to quit the cartel. Indonesia left in 2009, Qatar in 2019 and Ecuador in 2020.