WEF flags geoeconomic confrontation as top global risk for 2026
Experts warn economic warfare, misinformation and unchecked AI could amplify global shocks as cooperation weakens across political and trade blocs.
Geostrategy
Trump trade war pushes firms to consider stockpiling
Even if they don't all acknowledge it so openly, firms in many different sectors are stockpiling their products in the United...
Business
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.
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.
WEF flags geoeconomic confrontation as top global risk for 2026
Experts warn economic warfare, misinformation and unchecked AI could amplify global shocks as cooperation weakens across political and trade blocs.
Geostrategy
Company News
ESG buys majority stake in UIG
Business
Latest News
Dubai’s family businesses get practical guidance with new toolkits
Dubai, UAE -- Three toolkits have been developed for family-owned businesses, which make up approximately 90 percent of the UAE’s...
Business
TDRA inks pact with PCFC’s Dubai Maritime Authority
DUBAI, UAE - The Telecommunications and Digital Government Regulatory Authority (TDRA) has signed a Memorandum of Understanding (MoU) with the...
Business
Saudi Arabia to launch 35 renewable energy projects in 2024: Minister
Riyadh, Saudi Arabia -- Saudi Ministry of Industry and Mineral Resources is set to launch nearly 35 renewable energy projects...
Business
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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...
- This figure reflects a total purchase of AED 302.7 billion compared to total sales of approximately AED 295.8 billion.
- Institutional investors dominated the UAE equity market in 2023, capturing nearly 78 percent of total trading activity.
Business
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...
- The Assistant Commander-in-Chief for Excellence and Pioneering Affairs of Dubai Police will serve as the Vice Chairman of the Board.
- These representatives will be named by the respective heads of these entities. The Board also includes the CEO of Dubai Corporation for Ambulance Services.
Economy
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...
- The index monitors the economies of 169 countries to measure their progress in ICT services through two main pillars ‘universal connectivity’ and ‘meaningful connectivity.
- It reflects the robust and developed digital infrastructure, with an increase of 99 percent of Internet penetration rate in Saudi Arabia.