SFD-financed Arkiz Agricultural Project in Mauritania inaugurated
Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...
Geostrategy
AlUla signs pact with Six Senses
Business
Mulk, Ajman Holding form JV
Business
UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
Economy
Business
UK launches first postal deliveries by drones
Royal Mail said the drone service expected to improve service levels and delivery times to Graemsay and Hoy, where weather...
- Royal Mail, which is partnering with Skyports Drone Services, said the use of drones would also improve safety by ensuring postal workers can deliver between ports without risks.
- The world's first drone delivery service was launched in Reykjavik in 2017, with people in the Icelandic capital able to receive goods direct at their doors via an AFV.
Business
SABIC AN profit slumps 71% in H1
The drop was even higher (79 percent) in the second quarter.
- The company attributed the H1 drop in profit to a decrease in average selling prices of company's products by 47 percent and a drop in sales volumes by 2 percent.
- The company's net profit dropped by 33.6 percent in Q2, from SAR 980.6 million in Q1 2023, as average selling prices fell by 18 percent.
Business
Aldar Properties Q2 net profit $353m
Aldar recorded AED 2.1 billion in net profits for the first half of 2023.
- It also achieved revenues of AED 6.3 billion dirhams, an increase of about 18 percent.
- Aldar reported a record development sale of AED 11.6 billion with 10 new project launches year-to-date.
Business
Aldar expands into Dubai, Bahrain
The company announces $95 million investment for expansion.
- This investment adds to the initial commitment of AED 1 billion announced last year, Aldar said in a statement.
- The acquisition of Kent College Dubai and Virginia International Private School will expand Aldar Education’s presence in the UAE, the company said.
Business
National Leasing’s profits hit $2.37m
A jump of 28 percent in net profit vis-a- -vis H1 2022.
- National Leasing Holding was established in 2003
- It was listed on QSE in 2003 with a capital of $135.9 million.
Business
PIF-owned SEVEN starts construction of $346m Almadinah project
Riyadh, Saudi Arabia – Saudi Entertainment Ventures (SEVEN), a wholly owned subsidiary of the Kingdom's sovereign wealth fund, the Public...
- The $346-million project, which is expected to be completed in 2025, is being developed by BUJV, a joint venture by AL BAWANI CO. LTD. and UrbaCon Trading & Contracting.
- SEVEN is investing more than SAR 50 billion to build 21 entertainment destinations which will provide unique and innovative world-class entertainment experiences.
Business
QGIRC net profit down
The first half 2023 profit of $9.64m was 25% less than that of H1 2022.
- Earnings per share (EPS) amounted to QR 0.040 as of 30th June 2023 versus Earnings per share (EPS) QR 0.054 for the same period in 2022.
- QGIRC has a network of branches located across Qatar and an overseas branch in the United Arab Emirates.
Business
Dubai Customs clears TIR carnet transactions worth US$38.7m
DUBAI, UAE - Dubai Customs has, to date, processed 214 customs transactions worth US$38.7 million (AED142.2 million) under cover of...
- Goods shipped under cover of the internationally accepted customs transit document do not require inspection at border crossings while in transit.
- It provides a financial guarantee to pay the suspended duties and taxes. The guarantee system is managed by the International Road Transport Union.
Business
ESG H1 net profit $162m
The net profit increased by 831 percent year on year.
- The revenue for H1 2023 experienced an 81 percent growth, amounting to AED 266 million, as opposed to AED 147 million in H1 2022.
- ESG's total assets surged by 93 percent in comparison to December 2022, culminating in a value of AED 2.2 billion by June end.
Business
Dubai records $2.88 billion in weeklong real estate transactions
Dubai, UAE -- A total of 3,252 real estate transactions worth over AED 10.6 billion ($2.88 billion) were conducted during...
- The DLD report showed that 319 plots were sold for AED 1.92 billion, while 2,137 apartments and villas were purchased for AED 5.75 billion.
- The total value of mortgaged properties for the week reached AED 2.53 billion. Meanwhile, 283 properties were granted between first-degree relatives worth AED 495 million.
SFD-financed Arkiz Agricultural Project in Mauritania inaugurated
Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...
Geostrategy
Company News
AlUla signs pact with Six Senses
Business
Mulk, Ajman Holding form JV
Business
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Borouge Q3 net profit up 22%
Business
Elm net profit up 43%
Business
Dubai Taxi to sell 624 million shares in IPO, plans to list on DFM
Dubai, UAE -- Dubai Taxi Company Monday announced its intention to proceed with an Initial Public Offering (IPO) and to...
Business
Request for qualification issued for 3700MW Saudi solar projects
Riyadh, Saudi Arabia -- The Saudi Power Procurement Company (SPPC) has released request for qualification (RFQ) for the fifth round...
Business
Wall Street, Hollywood billionaires plan $50m anti-Hamas campaign
Real-estate tycoon Barry Sternlicht has initiated this campaign and sought $1million donations from various affluent business figures, including David Geffen...
Geostrategy
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Geostrategy
ADNOC Drilling, Alpha Dhabi set up JV
The two companies will invest up to US$1.5 billion.
- ADNOC Drilling will own 51 percent of the JV with Alpha Dhabi holding 49 percent, bringing together a market-leading drilling and OFS expert.
- This will further develop and scale up ADNOC Drilling’s integrated drilling and oilfield services (OFS) offering and enhance operational efficiencies.
Business
Dubai’s weeklong real estate transactions exceed AED10.3bn
Dubai, UAE -- The total value of real estate transactions conducted in Dubai during the week ending 10 November 2023,...
- The DLD report showed that 1,782 sales transactions worth AED7.4 billion were conducted, with 396 plots sold for AED3.99 billion.
- The total value of mortgaged properties for the week reached AED1.86 billion. A total of142 properties were granted between first-degree relatives worth AED1 billion.
Business
Qatar records real estate contracts worth $60 million in five days
Doha, Qatar - The real estate market in Qatar witnessed a significant surge in trading activity as the Department of...
- The total value of sales contracts specifically for residential units during the same period amounted to above QR 705 million
- Sales were notably concentrated in key municipalities of Al Rayyan, Doha, Al Daayen, Umm Salal, Al Wakrah, Al Khor and Al Dakhira.