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
Riyad Bank H1 profit up 27%
The rise attributed to increase in total operating income.
- However, this was partially offset by a drop in gains on disposal of non-trading investments, net fee and commission income, and dividend income.
- The three-month net profit jumped 23 percent to SAR 1.98 billion from SAR 1.61 billion in Q2 2022.
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.
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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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Thuraya, nybl sign MoU
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,...
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...
Business
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Business
MIS net profit $7.1m in 9M 2023
Riyadh, Saudi Arabia -- Al Moammar Information Systems Co. (MIS) recorded a net profit of SAR 26.7 million ($7.1 million) in the...
- The lower profit was attributed to an increase in impairment loss on contract assets and trade receivables during the quarter, Argaam reported.
- In Q3 2023, the company swung to a net loss of SAR 69.4 million against a net profit of SAR 25 million in Q3 2022.
Business
Emirates Group H1 net profit $2.7bn
The profit was 138% higher than the $1.2 billion in H1 2022.
- Group revenue was AED67.3 billion ($18.3 billion) for the first six months of 2023-24, up 20 percent from AED56.3 billion ($15.3 billion) last year.
- Overall profit for dnata is AED709 million ($193 million), compared to the same period last year's AED236 million ($64 million).
Geostrategy
GCC hails progress on implementation of unified tourist visa
Muscat -– In a significant stride towards enhanced regional cooperation, the Gulf Cooperation Council (GCC) has announced progress on the...
- GCC Secretary General announces progress on unified tourist visa at 40th Interior Ministers meeting.
- The initiative aims to enhance regional tourism and facilitate easier travel within the GCC.