Institutional investors purchase $1.9bn in UAE stocks during 2023
Abu Dhabi, UAE -- Institutional investors boosted their acquisition of domestic stocks in 2023, purchasing nearly AED 7 billion ($1.9...
Business
Israeli forces detain 4,695 Palestinians in West Bank since Oct 7
The Palestinian Prisoners Society (PPS) and the Detainees and Ex-Detainees Affairs Authority say the tally includes the Palestinians detained at...
Geostrategy
Business
4 bids for Al Ajban power project
There will be a process to select the best proposal.
- Al Ajban Solar PV is EWEC’s third world-leading solar power project.
- Abu Dhabi is home to world’s three largest single-site solar power plants.
Business
Arada H1 sales $1.15bn
The company witnessed a 186 percent increase in sales.
- In total, Arada sold 1,616 homes at its communities during the first half, a 23 percent increase on the same period in 2022.
- Arada’s best-performing community in terms of sales was Masaar, the forested megaproject based in the up-and-coming Suyoh district of Sharjah.
Economy
Kuwait 2023-24 draft budget estimates $22.2 billion deficit
Lower oil prices and volumes attributed to the estimated deficit, according to a newspaper report. MP Osama Al-Zaid said the...
- Al-Zaid said non-oil revenues were estimated at 2.2 billion dinars, an increase of 10 percent over the previous budget.
- He said these were only estimates, not real deficit, and Kuwait "will be able to avoid it by maximizing state revenues, controlling expenditures, and preventing financial waste".
Business
South Korean blockchain firm NEOPLY to set up global HQ in Abu Dhabi
Abu Dhabi, UAE -- NEOPLY, a South Korean blockchain technology company, will establish its global headquarters in Abu Dhabi, the...
- NEOPLY provides a decentralized finance (DeFi) platform and a variety of services based on blockchain technology.
- NEOPLY’s H-Lab will work with ADGM to support its development of a sound and progressive regulatory framework for DeFi.
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).
- AÂ 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.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Institutional investors purchase $1.9bn in UAE stocks during 2023
Abu Dhabi, UAE -- Institutional investors boosted their acquisition of domestic stocks in 2023, purchasing nearly AED 7 billion ($1.9...
Business
Company News
DEWA okays H1 dividend of $843m
Business
Latest News
Invest AD to launch debt fund
Business
Yansab 9M net loss $134 million
Business
DP World, TPA ink pact
Business
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...
Geostrategy
Most Read
Business
Zain posts highest-ever quarterly revenue
Tower infrastructure sale among factors responsible for the performance.
- The Q3 report also reveals a net profit of SAR 285 million, showcasing a growth of 234 percent compared to the corresponding period in 2022.
- The company said it has not only experienced growth in 5G revenue but also witnessed increased demand for consumer services.
Business
IHC 9M net profit $4.13bn
The Group's third-quarter revenues grew by 9.5 percent.
- In Q3 2023, IHC grew its total assets by 3.3 percent and reduced total liabilities by 1.3 percent (compared to December 2022).
- The Group intends to remain focused on optimizing its balance sheet and improving shareholder returns, IHC said in a statement.
Business
Amanat net profit up 73%
The company posted a 44 percent growth in revenues for 9M-period.
- Revenu growth was driven by strong performance at the Education platform up more than two times, boosted by contribution from the recently acquired Human Development Company.
- Amanat reported an increase in EBITDA by 65 percent year-on-year to AED173.7 million in 9M 2023, on track to significantly exceed the AED188 million recorded in full year 2022.