TDRA inks pact with PCFC’s Dubai Maritime Authority
DUBAI, UAE - The Telecommunications and Digital Government Regulatory Authority (TDRA) has signed a Memorandum of Understanding (MoU) with the...
Business
Saudi Arabia jumps to second rank in ICT index among G20 nations
Riyadh, Saudi Arabia -- Saudi Arabia jumped 10 ranks to second place among the G20 countries according to International Telecommunication...
Economy
Business
Turkey, UAE sign agreements worth over $50bn
Earlier this year, the two countries signed a Comprehensive Economic Partnership Agreement with the aim of boosting trade to $40...
- The non-oil intra-trade between the two nations amounts to over US$103 billion from 2013 to 2022.
- This includes imports valued at US$56 billion, exports exceeding US$35 billion, and re-exports totaling over US$12 billion.
Business
Almarai trust certificates raise $750m
The dollar-denominated certificates have annual return of 5.23%.
- Almarai told Tadawul in a statement that the certificates will be listed on the Irish Stock Exchange under Euronext Dublin.
- The certificates were issued under the $200 million Trust Certificate Issuance Program updated by the company on July 14.Â
Business
ADIA acquires hotel portfolio
The portfolio comprises 27 hotels across Japan.
- The portfolio was acquired from Daiwa House Industry for $900 million and comprises a total of 7,124 hotel rooms.
- The acquisition was made along with a consortium led by Singapore-based private equity real estate firm, SC Capital Partners and Goldman Sachs Asset Management.
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.
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TDRA inks pact with PCFC’s Dubai Maritime Authority
DUBAI, UAE - The Telecommunications and Digital Government Regulatory Authority (TDRA) has signed a Memorandum of Understanding (MoU) with the...
Business
Company News
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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
Burgan Bank Sells 52% stake
The stake in its Turkish subsidiary BBT was sold to Rawabi Holding.
Business
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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.
Business
ADNOC Distribution Q3 net profit $227m
The EBITDA increased by 28% YoY to $303 million in the third quarter.
- ADNOC Distribution witnessed a healthy 21 percent Y-o-Y increase and a 5 percent quarter-on-quarter (Q-o-Q) growth in total fuel volumes.
- It anticipates paying a minimum of $350 million (AED1.285 billion), or 10.285 fils per share, as the second six-month dividend of 2023 in April 2024.