Makeen, Rolls-Royce forge partnership
They will manufacture, test, sell and service mtu engines in Saudi.
Business
QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.
Business
Business
Global construction industry projected to reach $12.9 trillion by 2028
Dubai, UAE -- The global construction industry is projected to reach a staggering $12.9 trillion by 2028, with a robust...
- The study says residential construction will continue to dominate, driven by rising per capita income and disposable income.
- The Asia Pacific region is poised to retain its leadership position, attributed to increasing urbanization and robust infrastructural development.
Business
ADGM’s Registration Authority fines KPMG Lower Gulf $30,000
Abu Dhabi, UAE -- The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has fined ADGM-registered audit firm, KPMG...
- ADGM audit regulatory framework requires audit reports to be issued and signed by ADGM Registered Audit Principals on behalf of an ADGM Registered Auditor.
- Prior to imposing the penalty, the RA had engaged in ongoing communication with KPMG over a period of several months, ADGM said.
Business
Viacom18 nets Indian cricket broadcast rights for $721 million
Media rights are a huge earner for the Board of Control for Cricket in India (BCCI), one of the richest...
- The agreement priced the average match nearly 13 percent higher than the $944 million rights deal for 2018-23 signed by Star, Disney's local subsidiary.
- Star had held the rights to broadcast international matches since 2012 and was also a bidder in Thursday's auction, along with Sony Sports.
Business
Saudi Arabia’s oil exports down 33.4 percent in second quarter
Riyadh, Saudi Arabia -- Saudi Arabia's oil exports fell by 33.4 percent to SAR 227.7 billion ($60.70 billion), from SAR...
- The value of exports amounted to SAR 291.6 billion in Q2 2023, down from SAR 427.8 billion in Q2 2022.
- The share of oil exports in total exports decreased from 79.9 percent in Q2 2022 to 78.1 percent in Q2 2023.
Business
Borouge to pay $650m H1 dividend
The interim dividend is equivalent to 7.9 fils per share.
- The interim dividend will be paid to shareholders who have purchased Borouge shares as of 7 September 2023.
- This represents the first part of the expected total FY 2023 dividend of $1.3 billion (AED4.8 billion), equivalent to 15.8 fils per share.
Business
EGA H1 net profit $533 million
The firm expects growth in primary production and recycling business.
- EGA announced H1 2023 adjusted EBITDA of AED4.2 billion ($1.1 billion). EGA’s aluminum segment adjusted EBITDA margin was 27 percent, leading global industry peers.
- EGA’s average realized London Metal Exchange price for its aluminum was $2,359 per ton compared to $3,063 per ton during H1 2022.
Geostrategy
EU diplomat’s threat to Russia medical supplies smacks of neo-Nazism: Official
Moscow, Russia -- Moscow considers threats by European Union High Representative for Foreign Affairs and Security Policy Josep Borrell to...
- Russian Foreign Ministry said that EU High Representative for Foreign Affairs and Security Policy Josep Borrell had threatened to take medical supplies away from the Russian people
- "EU restrictions are above all an instrument of intimidation and blackmail. We deem these new direct threats against Russians by Borrell unacceptable," a spokesperson said.
Business
UAE first half non-oil foreign trade hits all-time high of $337 billion
The results are buoyed by record non-oil exports, which reached AED 205 billion in H1 2023, an 11.9 percent growth...
- Imports increased to AED 693 billion, up 17.5 percent compared to the first half of 2022 and 2.6 percent more than the second half of 2022.
- China has retained its position as the UAE’s leading global trading partner, followed by India, the US and Saudi Arabia.
Business
Saudi Arabia’s imports from GCC countries fall by 19% in June
Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council (GCC) countries fell 19 percent year-on-year (YoY) to SAR...
- UAE accounted for 65.6 percent, or SAR 3.61 billion, of the total Saudi imports, down 13 percent YoY, Argaam reported.
- The Kingdom's imports from Qatar only registered a growth (of 49 percent) to SAR 48 million, from 32 million a year ago.
Business
Hotel revenues in Oman grow 27.8% to $318 million in July
Muscat, Oman -- The revenues of 3-5-star hotels in Oman reached RO 122.5 million ($318 million) at the end of...
- The total number of hotel guests grew by 25.8 percent to 1.09 million by the end of July 2023.
- Hotel occupancy posted a growth of 10.3 percent. The number of Omani guests reached 411,551.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Makeen, Rolls-Royce forge partnership
They will manufacture, test, sell and service mtu engines in Saudi.
Business
Company News
ADNOC Gas net income $3.37bn
Business
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Abu Dhabi’s financial sector surges 30% in Q2, non-oil growth 12%
Abu Dhabi, UAE -- The financial sector in the UAE has experienced a surge of 30 percent in the second...
Business
Villa, Maldini visit Jeddah to promote FIFA Club World Cup 2023
Jeddah, Saudi Arabia -- Football stars David Villa and Paolo Maldini visited Jeddah today to promote the 2023 FIFA Club...
Arts & Culture
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Business
JABEEN signs contracts with Retal, Abyatna
The firms will build primary and secondary infrastructure works.
- Under the contract, a total of 897 residential units will be built in the Jubail industrial city.
- The $319 million contract, which was awarded on Nov. 26, 2023, extends for 40 months, starting on the date of the land handover from JABEEN to Retal.
Business
Bank of Sharjah joint lead manager for $350m Ittihad sukuk
SHARJAH, UAE - Bank of Sharjah announced its selection as joint lead manager and bookrunner in the debut US$350 million...
- The Sukuk issuance was 1.7 times oversubscribed, with the orderbook reaching approximately US$600 million.
- “This demonstrates Ittihad’s solid business fundamentals and confirms its strong credit appetite,” CEO of Bank of Sharjah said.
Business
SEVEN to build $347m entertainment destination in Saudi Arabia’s Aseer
Riyadh, Saudi Arabia -- Saudi Entertainment Ventures (SEVEN), a PIF subsidiary, has announced the fifth entertainment destination in the Kingdom,...
- Designed by Gensler, a global architecture, design, and planning firm, the architecture was inspired by the ancient stone buildings of the area to highlight the identity of Aseer.
- SEVEN, a wholly owned subsidiary of the Public Investment Fund (PIF), has appointed Modern Building Leaders to undertake the construction works.