Decree issued to form Board of Dubai Corporation for Ambulance Services
Dubai, UAE -- Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum Monday issued a decree for the formation of the...
Business
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
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.
Business
Almarai profit rises 27% in H1
The higher earnings were driven by an increase in revenue.
- The first-half results were also lifted by Almarai’s full acquisition of International Dairy and Juice Limited (IDJ) despite higher finance costs.
- The company’s Q2 2023 net profit rose 7 percent to SAR557.1 million, compared to SAR520.36 million in the year-earlier period.
Business
Herald, SAIF Zone sign agreement
Herald aims to expand its presence in the region.
- Under the new deal, Herald Holdings has secured 173,000 square feet (sq.ft) on lease in SAIF Zone to construct a logistics facility.
- The facility will offer comprehensive warehousing services and seamless cargo transportation by air, land, and sea.
Business
Dubai records $3.72 billion in weeklong real estate transactions
Dubai, UAE -- A total of 3,626 real estate transactions worth over AED 13.7 billion ($3.72 billion) were conducted during...
- The DLD report showed that 618 plots were sold for AED 6.19 billion, while 2,410 apartments and villas were purchased for AED 5.63 billion.
- The top three transactions were three lands in Al Goze Second sold for AED 68.12 million, AED 67.92 million, and AED 67.56 million.
Business
ACWA Power awards contract for $677m Saudi desalination project
Riyadh, Saudi Arabia: Saudi energy and water desalination developer ACWA Power, along with Haji Abdullah Alireza & Co (HAACO) and Al...
- The engineering, procurement and construction (EPC) contract was signed with a consortium of Power China, SEPCOIII, and WETICO.
- ACWA Power currently operates the Rabigh 3 IWP in the same area, the first desalination plant of its size in the private sector.
Business
Four Gulf sovereign wealth funds among world’s top ten
Abu Dhabi Investment Authority ($853 billion) and Kuwait Investment Authority ($803 billion) ranked fourth and fifth respectively, while Saudi Arabia's...
- PIFs assets reached SAR 2.635 trillion $700 billion in June, increasing by $50 billion, compared to $650 billion in April.
- With assets of over $475 billion, Qatar Investment Authority ranked 10th, according to SWF Institute data.
Business
Dubai records $980m in real estate transactions: Land Department
DUBAI, UAE -- Dubai real estate market recorded deals worth AED 3.6 billion on Thursday, Dubai Land Department data shows....
- The deals included 712 sales transactions worth AED3.38 billion, in addition to 112 mortgage deals of AED200.32 million, and 22 gift deals amounting to AED41.39 million.
- The mortgages included 99 villas and apartments worth AED184.19 million and 13 land plots valued at AED16.14 million.
Business
Qatar, India trade increases to $17.2 billion in 2021-2022
Dubai, UAE -- Trade volume between Qatar and India increased by about 33 percent during 2021 and 2022, reaching $17.2...
- Qatar's undersecretary for Commerce Affairs at the Ministry of Commerce and Industry Saleh bin Majed Al Khulaifi said India is Qatar's second largest trading partner.
- The India-Arab Partnership Conference was organized for the first time in 2008 to increase trade exchange between Arab countries and India.
Business
Deals worth $613m signed Saudi-Turkish Business Forum launch
Dubai, UAE -- Deals worth SAR 2.3 billion ($613 million) were signed between Saudi Arabian and Turkish companies on the...
- The deals have been signed for real estate development, construction, engineering consultancy and a number of other investment sectors.
- The Saudi-Turkish Business Forum was launched in Istanbul in presence of Saudi and Turkey's ministers.
Business
Ethmar net profit up $114m
The company's net profit in H1 2022 was only $6.5 million.
- The increase reflects the continuous efforts of EIH to diversify its revenue sources, the company said.
- The total assets of EIH have also increased significantly, from AED77.7 million at the end of 2022 to over AED2.23 billion at the end of the first half of 2023.
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Decree issued to form Board of Dubai Corporation for Ambulance Services
Dubai, UAE -- Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum Monday issued a decree for the formation of the...
Business
Company News
Thuraya, nybl sign MoU
Business
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DEWA okays H1 dividend of $843m
Business
ADNOC Distribution Q3 net profit $227m
The EBITDA increased by 28% YoY to $303 million in the third quarter.
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...
Business
Emirates Group H1 net profit $2.7bn
The profit was 138% higher than the $1.2 billion in H1 2022.
Business
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Business
Dana Gas 9M net profit $126m
Profitability dropped 22% due to lower realized prices.
- The decline in profitability was also due to additional discounts on condensate sales in the Kurdistan Region of Iraq (KRI).
- The Company’s revenue for the first nine months of the year decreased 21 percent to AED 1,195 million ($326mm).
Business
Amlak Q3 net profit AED $73m
Amlak's total income for the third quarter decreased by 19%.
- Revenues from financing business decreased by 10 percent to AED 90 million during Q3 2023 as compared to AED 100 million in Q3 2022.
- The company recorded a net gain of AED 174 million on debt settlement arrangements and was able to reduce its debt burden by AED 531 million.
Business
Rabigh 9M net loss $879m
The firm said unfavorable market conditions affected margins.
- In addition, Petro Rabigh complex was partially shut down for scheduled turnaround of its Phase II units starting Dec. 1, 2022, to Jan. 23, 2023, according to Argaam.
- The company narrowed Q3 2023 loss to SAR 1.14 billion from SAR 1.41 billion a year earlier, mainly due to improved refined products margin