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
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
Business
Struggling Lucid weighs down PIF’s robust US equities show
Dubai, UAE -- Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), reported 9.6 percent growth in its US equity holdings to...
- Lucid continued to drag down the fund’s US public holdings with q-o-q growth of 6.2 percent to US$9.47 billion – a level that was still 45.6 percent down on end-June 2022.
- The EV manufacturer has struggled with mounting losses and tightening cash reserves due to recession risks and a price war with its bigger rival Tesla.
Business
AD Ports Group Q2 net profit $84m
The Group posted 66% year-on-year revenue growth.
- Maritime, Digital, and Ports Clusters were the key growth drivers with 208 per cent, 26 per cent, and 22 per cent year-on-year, respectively.
- AD Ports Group Q2 2023 EBITDA rose by 29 per cent year-on-year to AED686 million, mainly driven by maritime, digital, and ports clusters as well as acquisitions.
Economy
Saudis, Emiratis gain wealth, but disparity remains
In 2022, 45 percent of adults in Saudi Arabia had a net worth of less than $10,000, against 43 percent...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.
Business
Riyad Capital okays 2.5% cash dividend
The SAR 0.25 per unit dividend will be paid to Riyad REIT Fund's unitholders.
- The distribution represents 2.19 percent of net asset value (NAV) as of June 30, 2023.
- Riyad REIT is a closed-ended Shariah-compliant real estate investment traded fund.
Videos
Five skills workers require in real estate
Saudi Arabia’s real estate sector is evolving with new regulations, creating fresh job opportunities. The latest initiatives seek to enhance...
- Saudi Real Estate General Authority introduces 12 new roles, including positions like real estate broker, advertiser, and property manager
- The initiatives are aimed at boosting the real estate sector's contribution to the Kingdom's GDP, enhancing the role of non-oil sectors
Business
Bahrain Central Bank’s Sukuk Al Salam oversubscribed 319%
Manama, Bahrain - The Central Bank of Bahrain (CBB) has said its monthly issue of the Sukuk Al-Salam Islamic securities...
- Subscriptions worth BD 137.151 million ($364m) were received for the BD 43 million ($114m) issue, which carries a maturity of 91 days.
- Expected return on the issue, which begins on August 16 and matures on November 15, is 6.25 percent, compared to 6.10 percent of the previous issue.
Business
Yalla Group H1 revenue $152m
The Group posted revenues of $79 million in the second quarter.
- The revenue grew by 2.9% compared to the first half of last year, while the net income in H1 2023 was recorded at AED176.9 million ($48.2m)
- Yalla displayed strong performance in the second quarter of the year where it posted revenues of AED291 million (around $79.2 million)
Business
APIC H1 net profit down 39%
Total revenues grew by 7.2% YoY to $590 million.
- Net profits attributed to APIC shareholders in the first half of 2023 reached $11.08 million.
- Total assets increased by 8.74 percent compared to 2022's closing and reached $756 million.
Business
Mawani adds 20 cargo services to Saudi Arabia’s ports in H1
Riyadh, Saudi Arabia -- The Saudi Ports Authority (Mawani) has added 20 cargo services to the ports of Jeddah, Dammam,...
- Transshipments gained 12.19 percent over the prior year’s volume of 1,391,221 TEUs to reach 1,560,790 TEUs in H1 2023.
- A total of 5,918 vessels called at Mawani’s ports during this year’s first half, up 10.68 percent year-on-year from 5,347 ships.
Business
ADEX and Egypt sign wheat, commodities financing agreement
Abu Dhabi, UAE -- Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has...
- The agreement entails a revolving financing program valued at S100 million, to be renewed annually over a five-year period, ultimately reaching a total of $500 million.
- The UAE’s support has contributed to the establishment of 25 silos in 17 governorates of Egypt, increasing wheat storage capacity by 1.5 million tons.
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
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10,000 deaths raise specter of genocide in Gaza
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GASCO 9M 2023 profit up 16%
Business
FMs from Palestinian Authority, Muslim nations to visit China
Officials will include the foreign ministers of the Palestinian Authority in the West Bank, Saudi Arabia, Jordan, Egypt and Indonesia,...
Geostrategy
Climate action slowed in 2022, severe weather events increased
Paris, France -- National climate policy action across the countries that produce nearly two-thirds of total greenhouse gas emissions only...
Geostrategy
EPI to make assembly parts for Raytheon
EPI is part of the Platforms Systems cluster within EDGE.
Business
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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...
- EDGE entity LAHAB DEFENCE SYSTEMS, the UAE’s sole munitions manufacturer, was awarded the contract.
- It includes the production and delivery of the MK 81, MK 82, MK 83, and MK 84 general-purpose aircraft munitions.
Business
Emirates, Safran sign pacts worth $1.2bn
Latest generation Safran Seats for new Emirates Airbus fleet part of the deal.
- The new seats will offer a host of enhancements that set a new standard for comfort, privacy and convenience.
- Safran Landing Systems will be supplying high performance wheels and carbon brakes for the Emirates A350 fleet.
Economy
Saudi inflation in Oct slightly down amid economic challenges
Riyadh, Saudi Arabia -- Saudi Arabia's consumer price index experienced a slight decrease in October, dropping to 1.6 percent from...
- The General Authority for Statistics reported that this decrease in inflation was primarily due to a 0.8 percent reduction in personal goods and services expenses.
- The prices for furnishings and household equipment saw a monthly decline of 0.3 percent, alongside a similar decrease in clothing and footwear expenses.