AD Ports, RSPA to develop and operate terminal in Egypt’s Safaga Port
Cairo, Egypt -- AD Ports Group (AD Ports) has signed a concession agreement with the Red Sea Ports Authority (RSPA)...
Business
TDRA inks pact with PCFC’s Dubai Maritime Authority
DUBAI, UAE - The Telecommunications and Digital Government Regulatory Authority (TDRA) has signed a Memorandum of Understanding (MoU) with the...
Business
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.
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.
AD Ports, RSPA to develop and operate terminal in Egypt’s Safaga Port
Cairo, Egypt -- AD Ports Group (AD Ports) has signed a concession agreement with the Red Sea Ports Authority (RSPA)...
Business
Company News
Thuraya, nybl sign MoU
Business
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DEWA okays H1 dividend of $843m
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.