7,000 digital marriage contracts delivered in Abu Dhabi since Oct
Abu Dhabi, UAE -- The Abu Dhabi Judicial Department has introduced a new service that allows marriage contracts to be...
Arts & Culture
Business
eXtra’s H1 2023 profit falls 35%
An increase in borrowing costs hurt the company in H1.
- The company's revenue increased slightly by 2.1 percent YoY, backed by the consumer finance segment revenues growth and retail segment’s sales mix enhancement, Argaam said.
- Gross profit increased by 7.3 percent YoY to SAR 655.9 million. Selling, general and administrative expenses (SG&A) slightly increased compared to H1 2022.
Business
East Pipes, Banque Saudi Fransi ink pact
Funds will be used to finance working capital for projects.
- The agreement is worth US$293 million (SAR 1.1 billion).
- A promissory note of $306 million was provided to guarantee the credit facility.
Business
QatarEnergy, ENOC sign supply pact
QE will supply up to 120m barrels of condensates to ENOC from Jul.
- The terms of the agreement allow parties to further increase the condensate volumes under the contract.
- The agreement was signed by Qatar Petroleum for the Sale of Petroleum Products Company Ltd. (QPSPP) and ENOC Supply and Trading, a subsidiary of ENOC.
Geostrategy
Saudi authorities foil bid to smuggle 209,000 meth pills in Jeddah
Jeddah, Saudi Arabia -- Saudi Arabia's General Directorate of Narcotics Control (GDNC) have arrested a citizen in Jeddah governorate for...
- Security authorities have requested all citizens and residents in the Kingdom to promptly report any information related to drug smuggling and trafficking.
- Saudi Arabia has seen an influx of the addictive amphetamine captagon flooding in from war-torn Syria and Lebanon.
Infographics
Engineering top course in Arab varsities
Arab universities are increasingly focusing on quality and research, and many of them are making efforts to internationalize their programs.
- Saudi Arabia and the UAE have invested heavily in their higher education systems, and they are now home to some of the most prestigious universities in the Arab world.
- Both Saudi Arabia and the UAE are also attracting top international talent to their universities, which has improved the quality of education.
Business
Dubai records $3.70 billion in weeklong real estate transactions
Dubai, UAE -- A total of 3,244 real estate transactions worth over AED 13.6 billion ($3.70 billion) were conducted during...
- The DLD report showed that 323 plots were sold for AED 3.33 billion, while 2,237 apartments and villas were purchased for AED 5.37 billion.
- A total of 196 properties were granted between first-degree relatives worth AED 2 billion.
Economy
Global food prices fall to lowest level in two years in June
Dubai, UAE -- The World Price Index of the Food and Agriculture Organization of the United Nations (FAO) fell last...
- The World Price Index drop was driven by the lower cost of sugar, vegetable oils, cereals and dairy products.
- The FAO Cereal Price Index fell 2.1 percent in June compared to the previous month, with prices of corn, barley, sorghum, wheat and rice declining.
Geostrategy
Kuwait has third largest millionaire population in world
Dubai, UAE -- Kuwait ranked third and Qatar 22nd on the list -- prepared by the World of Statistics --...
- About 15 percent of Kuwaitis were millionaires, after Hong Kong's 15.3 percent and Switzerland, which had the highest number of millionaires (15.5 percent) in the world.
- According to the World Wealth Report 2022, the average net worth of a millionaire in Kuwait is $2.9 million.
Business
Dubai logs over $871m in realty transactions on Thursday
DUBAI, UAE - Dubai's real estate market recorded 669 sales transactions worth US$792 million (AED2.91 billion) on Thursday, data released...
- DLD said 134 mortgage deals totaling US$73 million and 89 gift deals amounting to US$27 million.
- The sales included 567 villas and apartments worth US501 million and land plots worth US$294 million.
Economy
Qatar Central Bank’s foreign reserves up 14 percent in June
Doha, Qatar -- International reserves and foreign currency liquidity of Qatar Central Bank (QCB) rose to reach QR 240.742 billion...
- The official reserves consist of major components, which are foreign bonds and bills, cash balances with foreign banks and gold holdings.
- Qatar's gold reserves increased, as of the end of June 2023, by about QR 8.617 billion to reach QR 20.853 billion.
7,000 digital marriage contracts delivered in Abu Dhabi since Oct
Abu Dhabi, UAE -- The Abu Dhabi Judicial Department has introduced a new service that allows marriage contracts to be...
Arts & Culture
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10,000 deaths raise specter of genocide in Gaza
Some world leaders like Turkey's President Erdogan use the term genocide to describe Israeli actions in Gaza. Israel has also...
Infographics
First SAF-powered Emirates flights cleared for take-off from Dubai
Dubai, UAE -- The first Emirates flights operating with sustainable aviation fuel (SAF) provided by Shell Aviation have taken off...
Business
Over 60% of employment lost in Gaza since start of current conflict
Beirut, Lebanon -- At least 61 per cent of employment, equivalent to 182,000 jobs, has been lost in the Gaza...
Business
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Arts & Culture
200,000-year-old hand axe found in Saudi Arabia’s AlUla region
AlUla, Saudi Arabia -- The Royal Commission for AlUla (RCU) has announced that the archeological excavation teams at the Qurh...
- It is a strong tool, made of soft basalt stone 51.3 cm long, that could have been used for cutting or chopping. Studies are still conducted to identify the purpose of its use.
- The ancient tool was discovered by a team of archeologists from the heritage consultancy TEOS Heritage, which is exploring the area around Qurh, south of AlUla.
Business
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
Riyadh, Saudi Arabia -- Saudi Arabia has announced it will continue the voluntary cut of one million barrels per day,...
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
- That decision riled the United States, which at the time accused Saudi Arabia, a security partner, of siding with Russia in the war in Ukraine.
Business
American defense companies firm on attending Dubai Airshow
Washington DC, United States -- In spite of escalating instability in the Middle East, several American defense firms have reaffirmed...
- The Dubai Airshow, to be held at Maktoum International Airport in the United Arab Emirates, is a biennial event and ranks among the world's most significant aerospace exhibitions.
- L3Harris told Breaking Defense, "We're monitoring current events like all our industry peers and have not scaled back our planned attendance."