New UAE law allows employees merge work years for free
Abu, Dhabi, UAE -- A new UAE law contributes to enhancing insured Emiratis chance in obtaining a retirement pension by...
Business
Lootah Biofuels inks MoU
Business
ACWA Power 9M net profit up 22%
Business
SABIC 9M net loss $277m
Business
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
Business
ADNOC to acquire stake in Absheron field
TotalEnergies and SOCAR will hold 35% stake each in the field.
- Entering into a strategic partnership with SOCAR also elevates ADNOC’s long-standing partnership with TotalEnergies, who until now had held a 50% share alongside SOCAR in Absheron.
- The partnership will enable ADNOC to build a major footprint in a region with prolific natural resources and significant growth potential.
Business
Americana posts $144m H1 net profit
The company reported revenues of $1.24 billion for H1.
- In the second quarter of 2023, the company delivered 13.5 percent revenue growth compared to Q2 2022.
- Net profit (attributable to shareholders of the parent company) for Q2 2023 was US$86.6 million, an increase of 16.7 percent.
Business
Saudi Arabia extends voluntary 1mbpd oil cut to September
Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to...
- Saudi Press Agency, quoting an official source from the Kingdom's Ministry of Energy, said the country's production for September 2023 will be approximately 9mpbd.
- This cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024.
Business
SABIC H1 net profit slumps 87%
The second quarter net profit fell 85 percent on weaker demand.
- Year to date, SABIC's share in the results of non-integral joint ventures and associated companies decreased versus prior year.
- Compared to Q1 2023, net profit climbed 78.8 percent from SAR 660 million, due to the re-measurement gains in option rights related to joint venture agreements.
Business
DAE H1 profit up 13%
The company posted a 15% increase in revenue to $670 million.
- The company acquired seven aircraft (two owned and five managed), while 16 aircraft were sold (10 owned and six managed), it added.
- A total of 64 lease agreements, extensions and amendments were signed -- 48 owned and 16 managed -- while its customers were spread across 60 countries.
Business
Global outstanding sukuk cross $800bn for first time: Fitch Ratings
Sovereigns were the key issuers. Fitch said the pricing of most sukuk and comparable bonds continued to be similar and...
- Most Fitch-rated sukuk are senior unsecured obligations of the issuer and rank equally with other senior unsecured obligations, including bonds.
- Most Fitch-rated sukuk continued to be investment-grade at 79%, with 12.6% of issuers having a Positive Outlook, and 77.5% having a Stable Outlook in Q2.
Business
Mubadala invests in Aligned
Mubadala will become a minority partner with this investment.
- Aligned offers both Scale Data Centers (colocation) and Build-to-Scale (build-to-suit) solutions to support global hyperscale and enterprise customers.
- The investment is part of Mubadala’s expanding global digital infrastructure portfolio headed by its Executive Director, Mounir Barakat.
Business
Arabian Drilling H1 profit up 36%
The company has approved a cash dividend of SAR225 million.
- In a Tadawul disclosure, the company said that is second-quarter net profit climbed 22.8 percent to SAR 140 million from SAR 114 million in Q2 2022.
- The increase was mainly due to the additional revenue from the two new offshore rigs (AD110 and AD120) that started in December 2022.
Business
e& H1 net profit $1.27bn
The company's second quarter net profit increased 4% year on year.
- In a statement, the company said its consolidated EBITDA reached AED 12.8 billion, resulting in an EBITDA margin of 48 percent.
- In the UAE, etisalat by e& recorded 13.9 million subscribers, an increase of 5.1 percent compared to the same period of last year.
Business
PIF-funded Nesma & Partners to acquire services provider Kent
Dubai, UAE -- Nesma & Partners, a contracting company funded by Saudi sovereign wealth fund, the Public Invesment Fund, has...
- The acquisition is expected to close by the end of the calendar year, subject to regulatory approvals and satisfaction of customary closing conditions.
- Nesma & Partners and Kent began collaborating in June 2022 to exploit their respective strengths when they established a Joint Venture, NesmaKent, as EPC Champion for Saudi Aramco.
Most Read
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
New UAE law allows employees merge work years for free
Abu, Dhabi, UAE -- A new UAE law contributes to enhancing insured Emiratis chance in obtaining a retirement pension by...
Business
Company News
Lootah Biofuels inks MoU
Business
ACWA Power 9M net profit up 22%
Business
SABIC 9M net loss $277m
Business
Latest News
e& net profit up 20% in Q3
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...
Business
ADNOC Gas net income $3.37bn
The company's third-quarter revenue grew by 8% to $5.80 billion.
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
Most Read
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...
- COP28 has been strategically organized around four overarching themes: Technology and Innovation; Inclusion; Frontline Communities; and Finance, writes Pedro Gomez of WEF.
- COP28's Trade Day will explore the potential of trade to reduce emissions across the value chain and promote markets for climate-friendly products.
Business
Emirates to build advanced $950m engineering facility at DWC
Dubai, UAE -- Emirates has unveiled a plans to build a $950 million cutting-edge engineering facility at Dubai World Central...
- Spanning 1 million square meters, the engineering complex is set to become the most extensive and advanced facility of its kind operated by any airline globally.
- Tailored to meet the evolving needs of Emirates' aircraft fleet through the 2040s, the facility is expected to provide support for the airline's operations.
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.