UAE central bank cash deposits up by 10.2% in Oct to $187 billion
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...
Business
Saudi fund assets dip slightly in Q3 but subscribers surge
Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased...
Business
Business
Saudi tourism magnets: Oasis, bustling cities
New tourism framework has been enacted, refining regulations and systems to lure investors, boost competitiveness, and elevate service quality in...
- Masmak Fortress in Riyadh, another major attraction, was once the home of the Saudi royal family. It is now a museum that tells the story of the founding of the Kingdom.
- The once-closed Kingdom has relaxed some of the country's social and religious laws, making it easier for tourists to visit.
Business
PIF, ADQ show highest improvement in GSWF sustainability rankings
PIF ranked seventh with a score of 92 (on the GSR score of 100), followed by Mubadala (88), among the...
- Global SWF said it observed a very significant increase in the overall score across funds from 59 percent in 2022 to 63 percent this year.
- PIF, Abu Dhabi’s Mubadala and ADQ, Qatar’s QIA, and Bahrain’s Mumtalakat have embraced the rating tool and taken the opportunity to improve practices.
Business
ADNOC Gas awards $1.34bn contracts
The contracts were awarded to Petrofac Emirates and a consortium.
- This expansion project, known as the sales gas pipeline network enhancement (ESTIDAMA) program, aims to extend ADNOC Gas' existing pipeline network.
- The ESTIDAMA program comprises multiple packages, with the first package awarded in 2021 for early modification works on existing pipelines, which were completed in 2023.
Infographics
Saudi tourism on growth path despite hiccups
Saudi Arabia is investing $500 billion in NEOM, a future city in the northwest, expected to be a hotspot for...
- The $500 billion development on the Red Sea coast, which will include luxury resorts, residential developments, and a nature reserve, is one of the key tourism projects.
- The Kingdom is also developing the UNESCO World Heritage Site of AlUla into a major tourist destination.
Iraq’s oil export revenues in June hit $7 billion, says SOMO
Baghdad, Iraq - Iraq's Ministry of Oil has said that the country's crude oil exports reached over 100 million barrels...
Business
DEWA develops gateway connecting terrestrial sensors to satellites
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) has developed an in-house, versatile gateway that can connect terrestrial sensors...
- The gateway was developed by DEWA's Research and Development (R&D) Centre as part of the Space-D program.
- The device complies with international IoT device security standards, including OT security, the statement reads.
Arts & Culture
Hajj pilgrims continue rituals on third day of Eid Al-Adha in Mina
Mina, Saudi Arabia – Pilgrims were continuing with their religious rites on Friday, the third day of Eid Al-Adha, participating...
- Upon completion of the stoning of satan ritual, the faithful were moving towards the Grand Holy Mosque for the farewell circumambulation.
- Bahrain’s Minister of Information, Ramzan bin Abdullah Al-Noaimi, has praised the successful execution of this year’s Hajj season.
Geostrategy
Arab world expresses outrage over Quran desecration in Sweden
Described as a "flagrant provocation to all Muslims," the incident has drawn outrage from the Council of Arab Interior Ministers,...
- The organizations emphasize the importance of respect for human rights and all religious beliefs.
- The UAE's Ministry of Foreign Affairs summons Swedish envoy to lodge protest and condemnation.
Business
Petrofac Emirates awarded $700m ADNOC Gas Procession EPC contract
Abu Dhabi, UAE - ADNOC Gas Procession, an ADNOC subsidiary, has awarded $700 million contract to Petrofac for Engineering, Procurement,...
- The contract was awarded to Petrofac Emirates and involves the construction of a new gas compressor plant, aimed at bolstering gas output from the Habshan Complex.
- The new plant, expected to play a pivotal role in increasing gas production, will consist of three gas compressor trains, as well as associated utilities and power systems.
Business
Kuwait and South Korea sign MoU to regulate airline operations
Kuwait -- Kuwait's General Administration of Civil Aviation (GACA) and the South Korean Ministry of Land, Infrastructure and Transport signed...
- The MoU amends the agreement signed between the two countries in 1981 will be in effect for five years with the possibility of renewal.
- It will also encourage international airlines to increase their flights to and from Kuwait International Airport and facilitate the movement of passengers and air cargo.
UAE central bank cash deposits up by 10.2% in Oct to $187 billion
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...
Business
Company News
Sipchem 9M net profit down 67%
Business
Latest News
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...
Business
Amid volatility, international reserves resilient: World Bank report
Washington, United States -- Central bank reserve management remained resilient during a historically volatile year, according to the fourth edition...
Economy
AMF, State Bank of Pakistan to enhance cross-border payments
Abu Dhabi, UAE -- The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) have signed an MoU...
Business
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Business
SAIC 9M net profit 38%
The third quarter net profit increased by 76 percent.
- This figure marks a leap from the SAR 80.4 million recorded in the same period the previous year.
- Revenues surged by 36.6 percent, from SAR 91.49 million in 9M 2022 to SAR 124.97 million in 9M 2023.
Business
Alpha Dhabi 9M net profit $3.15bn
The net profit increased by a substantial 29 percent during this period.
- Alpha Dhabi's revenue also increase by 22 percent during this period, reaching AED 32.4 billion, compared to AED 26.6 billion in the previous year period.
- Alpha Dhabi's total assets reached AED 133.6 billion, with a cash position of AED 19.1 billion as of September 30, 2023.
Business
Lootah Biofuels inks MoU
The agreement is aimed at producing biofuel in Maldives.
- The deal was inked during the second day of the Dubai Business Forum, an influential global gathering of businesses and investors.
- The objective of the MoU is to reduce the impact of CO2 by replacing normal diesel with biodiesel.