Saudi Arabia to launch 35 renewable energy projects in 2024: Minister
Riyadh, Saudi Arabia -- Saudi Ministry of Industry and Mineral Resources is set to launch nearly 35 renewable energy projects...
Business
Regional players welcome ceasefire and political process in Yemen
Riyad, Saudi Arabia -- Key regional players have welcomed the agreement – involving a comprehensive set of measures aimed at...
Geostrategy
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.Â
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.
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. Â
- 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:Â 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.
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Saudi Arabia to launch 35 renewable energy projects in 2024: Minister
Riyadh, Saudi Arabia -- Saudi Ministry of Industry and Mineral Resources is set to launch nearly 35 renewable energy projects...
Business
Company News
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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,...
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.