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
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.
Infographics
10,000 deaths raise specter of genocide in Gaza
Some world leaders like Turkey's President Erdogan use the term genocide to describe Israeli actions in Gaza. Israel has also...
- The President of Turkey, Recep Tayyip Erdoğan, has used the term "genocide" to describe Israeli actions in Gaza.
- Pronouncements of several Israeli politicians, who openly called for extermination of Palestinians, have added to the fears of a genocide in Gaza.
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
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
Aramco, Intel to set up Saudi Arabia’s first open RAN center
Riyadh, Saudi Arabia -- Aramco Digital Co. and Intel have unveiled plans to establish Saudi Arabia’s first open radio access...
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
Most Read
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.
Geostrategy
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...
- This pivotal agreement includes a nationwide ceasefire, initiatives to enhance living standards, and steps towards resuming a comprehensive political process under UN's guidance.
- The Qatari Ministry of Foreign Affairs expressed hope for the roadmap's imminent signing, contributing to a comprehensive political solution to the Yemeni crisis.
Business
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...
- Khor Customs Centre and Deira Port successfully prevented an attempt to smuggle 243 kilograms of narcotics into the country.
- An advanced container X-ray inspection device, supporting increased inspection operations, is operational at te Hamriyah Port Customs Centre.