ADIB, Aldar close $272m financing deal
Aldar's total ESG financing facilities reach $1.30 billion.
Business
ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant
The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...
Business
Geostrategy
Saudi Arabia and Iran invited to Moscow-led defense bloc’s military drills
Moscow, Russia -- Collective Security Treaty Organization (CSTO) member states have invited observers from Saudi Arabia, Iran, China and Mongolia...
- China and Mongolia are the other two countries invited to monitor the Combat Brotherhood-2023 drills in Belarus, CSTO Joint Staff Chief Colonel General Anatoly Sidorov said.
- Combat Brotherhood, a joint operational and strategic exercise, will be held in Belarus on September 1-6.
Business
SAMI launches radio systems line
PIF-owned SAMI will be partnering with the Ministry of Defense.
- SAMI CEO Waleed Abdulmajeed Abu Khalid underlined the partnership in strengthening relationships with L3Harris, the world's leading defense company.
- In June, SAMI signed an agreement with Safran Helicopter Engines for engine maintenance and repair.
Business
$202m contract signed for Jeddah project
The contract involves MEP works for Al Muhammadiyah Hospital.
- The contract was signed between Zamil Air Conditioning and Refrigeration Services Co. Ltd. and Al Muhammadiyah Hospital for Healthcare Co.
- Sulaiman Al Habib plans to finance the project from its own resources and Shariah-compliant long-term bank loans.
Business
PIF-backed oil driller ADES International Holding announces IPO
Riyadh, Saudi Arabia -- ADES International Holding, an oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, PIF,...
- The offer will comprise 338.7m shares-- 101.62m by ADES Investment Holding, PIF and Zamil Investment, and 237.10m new shares.
- The price range will be announced September 18 and the final offer price will be announced after a book-building process.
Geostrategy
BRICS to coordinate approaches with new members within UN, G20: Lavrov
The BRICS summit, which held in Johannesburg from Aug 22-24 agreed to admit Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and...
- Lavrov said BRICS leaders deal with real issues while Western politicians and reporters "tend to mostly wag their tongues".
- The expanded BRICS’ positions in the Group of Twenty will strengthen because both Saudi Arabia and Argentina are its members, he said.
Geostrategy
Iran readies to finalize document on wider cooperation with Oman
Tehran, Iran -- Iran has expressed its readiness to finalize the provisions of a strategic document on comprehensive cooperation with...
- Iran's foreign minister Amir Abdollahian also appreciated the efforts by the Sultan of Oman and talked about Iran’s stances on the trend of talks aimed at lifting the sanctions.
- Abdollahian appreciated Qatar for its role in the release of Iranian assets blocked in foreign countries.
Business
Iran world’s eighth largest steel producer in first half of 2023
Tehran, Iran -- Iran became the eighth largest steel supplier in the world in the first half of 2023 as...
- Iran was the world’s seventh largest steel producer in June with an output of 3.2 million mt, up 17.4 percent from June 2022, the report added.
- For years, Iran had been ranked 10th globally in the list of top steel-producing countries.
Business
Market capital in Arab bourses $4.5 trillion, says Arab Monetary Fund
Kuwait City, Kuwait -- The Arab Monetary Fund has said that the market capital in Arab bourses reached US$4.5 trillion...
- The fund's weekly report said the market capital of BouKuwait amounted to US$137.5 billion, that of the Abu Dhabi stock exchange reached approximately US$777 billion.
- The capital market of the Saudi stock exchange reached some US$ 3 trillion and the Qatari bourse US$170 billion.
Business
Gazprom delivers 41.5m cu.m of gas to Europe per day through Ukraine
Moscow, Russia -- The volume of Russian gas supplies to Europe through Ukraine is 41.5 million cubic meters per day,...
- The gas is supplied via Sudzha gas pumping station in an amount approved by Ukraine, a Gazprom spokesman said.
- The transit line through Ukraine remains the only route for Russian gas supplies to western and central European countries.
Business
Dubai records realty deals worth $6.28 bn during week ending 25 Aug
Dubai, UAE -- A total of 3,229 real estate transactions worth over AED 23.1 billion ($6.28 billion) were conducted during...
- The DLD report showed that 183 plots were sold for AED 1.33 billion, while 2,361 apartments and villas were purchased for AED 5.77 billion.
- The top three apartment and villa transfers included three in Palm Jumeirah sold for AED 65 million, AED 57 million, and AED 54 million.
ADIB, Aldar close $272m financing deal
Aldar's total ESG financing facilities reach $1.30 billion.
Business
Company News
IHC 9M net profit $4.13bn
Business
Amanat net profit up 73%
Business
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10,000 deaths raise specter of genocide in Gaza
Infographics
PIF seeks to increase stake in Egypt’s e-Finance by 2 percent
Riyadh, Saudi Arabia -- Ibrahim Sarhan, the Chairman and Managing Director of e-Finance for Digital & Financial Investments based in...
Business
EDGE bags $1.1bn UAE defense ministry munitions contract
Dubai, UAE -- EDGE, one of the world's leading advanced technology and defense groups, announced that it bagged an AED...
Business
Emirates, Safran sign pacts worth $1.2bn
Latest generation Safran Seats for new Emirates Airbus fleet part of the deal.
Business
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Business
US$3.2bn worth deals signed on first two days of Dubai Airshow 2023
DUBAI, UAE – Tawazun Council announced the signing of 11 deals, worth US$1.8 billion (AED 6.9 billion), with local and...
- The biggest contract- worth US$898 million was awarded to a company to procure an air defense system.
- The second largest local contract, worth US$200 million was signed for aircraft maintenance services.
Business
ADNOC Gas net income $3.37bn
The company's third-quarter revenue grew by 8% to $5.80 billion.
- Net income for the quarter increased by 13 percent quarter-on-quarter (Q-o-Q) to $1.116 billion.
- ADNOC Gas expects to pay its inaugural interim cash dividend of $1.625 billion with payments commencing on 14 December 2023.
Geostrategy
Qatar, UAE condemn Israeli attack on Gaza committee building
Doha, Qatar -- Qatar has strongly condemned the Israeli shelling of the Qatar Committee for the Reconstruction of Gaza's headquarters,...
- The incident, viewed as an extension of the occupation's pattern of targeting civilians and civilian infrastructure, has sparked international outrage, Qatar said.
- The United Arab Emirates (UAE) joined Qatar in denouncing the attack and emphasized the immediate need for a ceasefire.