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...
Geostrategy
Lootah Biofuels inks MoU
Business
ACWA Power 9M net profit up 22%
Business
Russia won’t consider ratings while granting loans to countries
Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...
Economy
Business
ADNIC net profit $55.64m
The company's insurance revenue reached $582 million.
- Its underwriting profitability was robust with a combined ratio of 87.60% and a net insurance service profit of AED178.1 million.
- Charalampos Mylonas, CEO of ADNIC, said the company was the first amongst our peers to implement IFRS 17 Insurance Contracts (IFRS 17) as of 1 Jan, 2023.
Geostrategy
BRICS will benefit greatly with UAE, Saudi Arabia as members: Expert
Dubai, UAE -- Granting the United Arab Emirates the status of a member of BRICS group (Brazil, Russia, India, China,...
- Mohamed Badine El Yattioui, an IR expert at the American University in UAE, said strong economies make UAE, Saudi Arabia ideal BRICS candidates.
- He said their entry into the grouping will push the western countries towards accepting a new world order.
Geostrategy
Oman fostering international cooperation with Iran’s participation: Minister
Tehran, Iran -- Oman has said it has been making efforts to facilitate regional and international cooperation by with the...
- Omani Foreign Minister Sayyid Badr Albusaidi referred to the recent talks between Iranian President Ebrahim Raisi and the Omani Sultan Haitham bin Tarik.
- Iran had said that it had been engaged in indirect negotiations with the United States through Oman, with nuclear issues, US sanctions and detainees on the agenda.
Business
Saudi Arabia’s real estate deals decline by 16 percent in 2022
Riyadh, Saudi Arabia -- The value of Saudi Arabia's real estate transactions declined 16 percent year-on-year (YoY), or SAR 36.2...
- The Ministry of Justice said that this is the firs decline in the value of real estate transactions in the past four years, according to Argaam.
- Riyadh witnessed the largest number of real estate deals at SAR 73.81 billion. It was followed by Jeddah with SAR 26.91 billion worth of deals.
Business
Dubai Chamber attracts 69 emerging technology firms in H1
Dubai, UAE -- Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers,...
- The chamber said that during the six-month period, the chamber successfully conducted a series of 12 roadshows across the Middle East, Africa, Asia, and Europe.
- As part of these roadshows, meetings were coordinated with 279 companies including multinationals, SMEs, startups and scale-ups to showcase the growth potential in Dubai.
Business
Dubai’s realty transactions exceed AED2bn Tuesday
Dubai, UAE -- Dubai's real estate market recorded real estate deals worth more than AED 2 billion ($544 million) on...
- The deals include 433 sales transactions worth AED1.7 billion, in addition to 90 mortgage deals totaling AED270.28 million, and 37 gift deals amounting to AED69.36 million.
- The sales included 405 villas and apartments worth AED954.83 million, and 28 land plots worth AED744.62 million.
Business
Eshraq Q2 profit $9.79m
The company had posted a loss of AED7 million in Q2 2022.
- The total operating income surged by 2,446.7 percent to AED44.31 million from a loss of AED1.89 million in Q2 2022.
- To date, Eshraq has sold seven land plots, representing total 27 percent of its existing land bank by book value for a total sale consideration of AED208 million.
Economy
Dubai Q1 GDP grows 2.8% on surge in transport, storage sectors
The transportation and storage sector was the biggest contributor to overall growth at 48 percent. This was followed by the...
- Dubai’s growth in Q1 2023 is significantly higher than that of some of the most developed countries in the world. OECD countries recorded seasonally adjusted growth of 1.6%.
- The accommodation and food services sector reported a 5.6 percent growth rate in the first quarter of 2023.
Business
Yahsat H1 net income up 5%
The company reported a revenue of $205m in H1 2023.
- Yahsat said it delivered revenue growth in infrastructure, the Group’s largest segment providing communications capacity to the UAE government.
- Mobility Solutions, the Thuraya business providing mobile satellite services using L-band spectrum, recorded 12 percent growth in the second quarter.
Geostrategy
Lebanon urges calm after Gulf states issue travel advisory
"The situation in Ain al-Helweh camp has now calmed down," Interior Minister Bassam Mawlawi said referring to south Lebanon's restive...
- Thirteen people were killed in several days of violence that erupted on July 29, pitting two groups of Palestinians against each other.
- Last week, Arab Gulf countries -- some of which have already banned their citizens from travelling to Lebanon -- issued warnings urging their nationals to exercise caution.
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...
Geostrategy
Company News
SAIC 9M net profit 38%
Business
Lootah Biofuels inks MoU
Business
ACWA Power 9M net profit up 22%
Business
Latest News
SABIC 9M net loss $277m
Business
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,...
Geostrategy
Global Media Congress opportunity for showcasing AI advances: Expert
Abu Dhabi, UAE -- Rapid advances in AI technologies have created a major challenge for the media sector: the difficulty...
Business
COP28 priorities: From climate action progress to energy transition
Dubai, UAE -- As world leaders and climate experts gear up for the COP28 climate summit scheduled to take place...
Business
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Business
Denmark, Netherlands top destinations for remote working: Report
Davos, Switzerland -- Denmark, the Netherlands, and Germany have emerged as the leading countries for remote working, offering the best...
- The Global Remote Work Index, which evaluates 108 countries, is a crucial tool for remote workers seeking the best destinations for their work.
- A WEF report, which surveyed over 800 companies employing more than 11 million workers, highlights remote working as a significant trend.
Business
ACWA Power, SEC sign PPAs
The agreements signed with SPPC are valued at $3.9 billion.
- The agreement, signed on November 13, pertains to the development, financing, construction, ownership, and operation of two expansive combined cycle gas turbines power plants.
- Named Taiba 1 and Qassim 1, these mega-projects are strategically situated in Madinah and Qassim, with a production capacity of 1,800 megawatts (MW) each.
Business
PIF to invest in Alkhorayef Petroleum, secure 25% shareholding
Riyadh, Saudi Arabia — The Public Investment Fund (PIF) has formally announced the signing of a share subscription agreement to...
- PIF secures a 25 percent shareholding in the oil and gas production optimization solutions provider, with Alkhorayef Group retaining the majority stake of 75 percent.
- Alkhorayef Petroleum specializes in artificial lift, wireline services and equipment, as well as early production facilities.