Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
Geostrategy
UAE central bank cash deposits up by 10.2% in Oct to $187 billion
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...
Business
Business
Saudi Arabia’s exports to Turkey hit $13.93 billion in three years
Riyadh, Saudi Arabia -- Saudi Arabia’s exports to Turkey during the past three years amounted to SAR 52.280 billion ($13.93 billion),...
- Saudi exports largely comprised plastics, metal products, organic chemical products, steel, precious metals and stones.
- A total of 1,140 companies Saudi companies have invested in several sectors in Turkey, with investments surpassing $18 billion.
Business
Dubai issues law to regulate urban planning for sustainable development
Dubai, UAE -- Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum has issued a law (No. 16 of 2023) to...
- The law seeks to create an integrated and effective urban planning system that promotes investment, sustainable development, prosperity, and an improved quality of life.
- To oversee the implementation of this law, a 'Supreme Committee for Urban Planning' will be formed, comprising representatives from authorities responsible for urban planning.
Business
QatarEnergy 2022 net profit $42.46bn
QE is working to increase LNG production capacity by 64%.
- The company's bumper profits sprang from an increased demand for liquefied natural gas (LNG) spurred by Russia's invasion of Ukraine.
- Nearly 40 percent of all LNG in the international market will come from QatarEnergy by 2029
Geostrategy
Energy security and supplies dominate Qatar Emir-Japan PM talks
Kishida and Qatar's Emir Sheikh Tamim bin Hamad Al-Thani discussed "developments related to energy security and supplies," the Qatari leader said...
- The Doha visit comes as Japanese companies are negotiating new long-term LNG supply contracts with Qatar, according to Bloomberg.
- Japan's LNG importers have not signed a contract with Qatar since 2014, and that Qatari LNG deliveries to Tokyo dropped by more than 60 percent last year.
Business
Masdar City to have Middle East’s first high-speed hydrogen refueling station
Abu Dhabi, UAE -- Abu Dhabi National Oil Company (ADNOC) has commenced the construction of the Middle East's inaugural high-speed...
- The station, situated in Masdar City and spearheaded by ADNOC, will utilize an electrolyser powered by clean grid electricity to produce clean hydrogen from water.
- Upon completion later this year, ADNOC Distribution will assume operational responsibilities for the refueling station in Masdar City.
Business
ACWA to get land for Egypt wind project
The Saudi energy developer will be allocated 3,000 sq km of land.
- Once operational, the wind farm is expected to produce approximately 50,000 gigawatt-hours of clean energy annually.
- It will provide electricity to around 11 million households and significantly reduce carbon emissions by 25.5 million tons per year.
Business
Aramco, TotalEnergies achieve plastic-waste oil to polymer conversion
Riyadh, Saudi Arabia -- Aramco, TotalEnergies and SABIC have completed for the first time in the Middle East and North...
- The plastic pyrolysis oil, also called plastic waste derived oil (PDO), was processed at the SATORP refinery jointly owned by Aramco and TotalEnergies, in Jubail, Saudi Arabia.
- The process allows the use of non-sorted plastics, which can be difficult to recycle mechanically, and consequently contributes to solving the challenge of end-of-life plastics.
Business
Jarir Marketing H1 net profit down 4.4%
The company's sales increased by 19.92 percent.
- The gross profit fell by 1.8% due to discounts to promote sales, and due to the change in the sales mix towards the relatively less profitable sections.
- The fall in net profit for H1 was also attributed to an increase in selling and marketing expenses to promote sales.
Business
Almarai to offer trust certificates
The issuance will be made under a $200m program.
- The company has mandated Citigroup, Dubai Islamic Bank, HSBC, J.P. Morgan and Standard Chartered Bank as joint lead managers.
- The issuance value will be determined later based on market conditions at that time, Almarai said.
Economy
Qatar wealthiest Arab nation, Somalia poorest
The Arab world is one of the most unequal regions in the world, with top 10 earners controlling more than...
- The bottom 50 percent of earners in the Arab world control less than 12 percent of national income.
- Political instability in some Arab countries, such as Yemen (the second poorest) has led to economic hardship.
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
Geostrategy
Company News
Thuraya, nybl sign MoU
Business
DEWA okays H1 dividend of $843m
Business
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Invest AD to launch debt fund
Business
Zain posts highest-ever quarterly revenue
Tower infrastructure sale among factors responsible for the performance.
Business
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Business
Amanat net profit up 73%
The company posted a 44 percent growth in revenues for 9M-period.
- Revenu growth was driven by strong performance at the Education platform up more than two times, boosted by contribution from the recently acquired Human Development Company.
- Amanat reported an increase in EBITDA by 65 percent year-on-year to AED173.7 million in 9M 2023, on track to significantly exceed the AED188 million recorded in full year 2022.
Business
SPCC signs two solar power purchase pacts with 1500MW capacity
Riyadh, Saudi Arabia - In a step towards bolstering Saudi Arabia's renewable energy initiatives, the Saudi Power Procurement Company (SPPC)...
- These projects are part of Round 4 of the National Renewable Energy Program (NREP), which aligns with Vision 2030's goals of optimizing the energy mix.
- The first agreement comprises Masdar as the Managing Member, EDF Renouvelables as the Technical Member, and Nesma Company Ltd as the Consortium member.
Business
Contracts worth $2.93bn signed at Taif Investment Forum
Taif, Saudi Arabia -- Several investment contracts for projects in Taif Governorate, worth over SAR11 billion ($2.93 billion), have been...
- The contracts stipulate, among others, the establishment of the first phase of the space science fiction city Mars War, at a value of SAR 5 billion.
- Also included is the establishment of an emergency information center, together with China Mobile company, at a value of SAR2 billion.