Aramco, Intel to set up Saudi Arabia’s first open RAN center
Riyadh, Saudi Arabia -- Aramco Digital Co. and Intel have unveiled plans to establish Saudi Arabia’s first open radio access...
Business
Hamriyah, Deira ports report $3.30bn in customs declaration
Dubai, UAE -- Hamriyah and Deira ports have reported 62,454 customs declarations, totaling AED 12.133 billion ($3.30 billion), with 19...
Business
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.
Business
Saudi cinema sector grows by 28 percent by second quarter end
Dubai, UAE -- Saudi Arabia's film production sector grew by 28 percent by the end of the second quarter of...
- The highest regions in terms of records are Riyadh with 953 records, Makkah Al-Mukarramah (501), Eastern (155), Madinah (51) and Qassim with 22 records.
- In 2022, more than 14 million cinema tickets were sold, up from 13 million in 2021, according to data from the General Authority for Audiovisual Media.
Business
Maaden acquires 9.9% stake in Ivanhoe
It also completes conditions for a joint venture.
- There is no change in the associated costs related to the event, Maaden noted.
- Maaden has posted a net profit of SAR 419.4 million ($111 million) for the first quarter of 2023.
Business
ADIB raises $750 million in dollar-denominated tier-one sukuk
Dubai, UAE -- Abu Dhabi Islamic Bank (ADIB) has raised $750 million in the world’s first dollar denominated additional tier-one...
- ADIB priced the perpetual non-call, five and half-year sukuk at a profit rate of 7.25 percent per annum payable semi-annually.
- The final order exceeds $7 billion more than nine times over-subscribed and final pricing 62.5 bps tighter than the initial pricing thoughts.
Business
Invictus plans $272m expansion
The company will invest through acquisitions and JVs.
- Abu-Dhabi Securities Exchange-listed Invictus is a prominent trader with growing business in the African markets.
- Invictus recently reported completing over one million metric tons of agro-commodity exports to Egypt during 2023.
Business
Taaleem nine-month revenue up 30.3%
The revenue for the period ended May 2023 reached $193m.
- Taaleem's net profit grew marginally by 1 percent YoY to reach 28.2 percent, while the like-for-like net profit margin saw a 2.4 percent YoY improvement.
- The growth in net profit is primarily attributed to the operational efficiency and increasing enrollment in the company's Premium schools portfolio.
Business
ADGM adopts Abu Dhabi onshore hotel and tourism legislation
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM) has issued the ADGM Hotel and Tourism Regulations 2023 (Tourism Regulations),...
- The onshore tourism legislation includes the regulations and rules concerning hotels and tourism sectors administered by the Department of Culture and Tourism (DCT).
- ADGM’s Registration Authority retains the right to issue commercial licenses to hotels and tourism establishments operating within its jurisdiction.
Economy
Cash-strapped Pakistan gets $2 billion deposit from Saudi Arabia
The economy has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt, while months of...
- It brings state foreign reserves to a total of $6.5 billion, an almost 50 percent increase compared to last week's account balance.
- Years of financial mismanagement have pushed Pakistan's economy to the limit, exacerbated by the Covid pandemic, a global energy crisis and record floods.
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Aramco, Intel to set up Saudi Arabia’s first open RAN center
Riyadh, Saudi Arabia -- Aramco Digital Co. and Intel have unveiled plans to establish Saudi Arabia’s first open radio access...
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