Mubadala Energy makes gas discovery
This is the company's second successful well in the Andaman area.
Business
Business
Rulebook to ease access to UAE central bank’s reference system
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) has launched the Rulebook, a dedicated platform on its...
- Rulebook is a dedicated platform on its website that hosts the CBUAE’s regulations, standards, guidelines, relevant laws and other regulatory publications.
- The new Rulebook provides financial sector stakeholders with further access to the CBUAE’s regulatory publications from any device, in Arabic and English.
Business
Three UAE lenders among top five GCC banks
Both countries attract a high level of foreign investment, which provides capital for their banking sectors. The UAE is the...
- In 2022, the UAE's banking sector had assets of over $1.5 trillion, and Saudi Arabia's banking sector had assets of over $1 trillion.
- The UAE and Saudi Arabia dominate the Gulf Cooperation Council banking sector as both have large and growing domestic markets.
Business
NEOM and Volocopter conduct successful flight trials of air taxis
Riyadh, Saudi Arabia -- NEOM and Volocopter have announced a series of successful flight trials of electric vertical vehicles (eVTOL),...
- The project is the result of an 18-month partnership between NEOM, the General Civil Aviation Authority (GCAA), and Volocopter.
- The flight trials mark the first ever testing of an electric and zero-emission urban air mobility (UAM) system in Kingdom's futuristic city.
Business
Sanad expands MRO services
Signs agreement with GE Aerospace and Safran Aircraft.
- With this agreement, Sanad becomes the first certified LEAP MRO service provider in the SAMENA region, supporting the global LEAP MRO supply chain from its facility in Abu Dhabi.
- LEAP-1A and LEAP-1B engines are effectively designed to meet the challenge of decarbonizing air transport with enhanced performance in terms of improved fuel consumption.
Geostrategy
Riyadh faces Rome and Busan in race to host World Expo 2030
Paris. France -- The candidature of Saudi Arabia (for Riyadh), South Korea (Busan) and Italy (Rome) for World Expo 2030...
- At the 172nd General Assembly of the BIE, Member States were presented with the findings of Enquiry Missions carried out by the BIE to assess the candidature projects for Expo2030.
- Riyadh's bid for Expo between 1 October 2030 and 31 March 2031 is under the theme “The Era of Change: Together for a Foresighted Tomorrow”.
Economy
Remittances to MENA may rise by 1.7% after drop in 2022: World Bank
Dubai, UAE -- Remittance flows to the Middle East and North Africa (MENA) are expected to increase marginally in 2023...
- The remittances are likely to increase by 1.7 percent in 2023 and by 1.8 percent the following year, the World Bank said in its Migration and Development report.
- The 3.8 percent drop in the flows in 2022 was driven mainly by a drop in flows to Egypt and downturns in flows to Algeria and Jordan.
Business
ADIB, ADIO to fund businesses
ADIB will facilitate the opening of Shariah-compliant bank accounts.
- This strategic move ensures that businesses have access to banking solutions that align with Islamic principles, ADIB said in a statement.
- ADIB will also provide financing options based on collateral in the form of on-ground operating assets such as real estate, equipment, and machinery, the bank said.
Business
PIF to set up pharma firm Lifera
Lifera is a development and manufacturing company.
- Lifera will primarily focus on producing life-saving and essential pharmaceutical products, including insulins, vaccines, plasma therapeutics.
- PIF has also invested in the National Unified Procurement Company (Nupco), a prominent provider of medical procurement, storage, and distribution services for medicines.
Business
Combined profit of capital market institutions in Saudi Arabia falls
RIYADH, SAUDI ARABIA - The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million...
- The combined profit of capital market institutions in KSA was S$381 million in Q1 2022.
- Revenues fell 2 percent to US$730 million in Q1 2023 from $744 million in Q1 2022.
Business
Mubadala investee firms sign pact
The partnership involves Tata Power Renewables, Princeton Digital.
- Under the agreement, PDG and Tata Power Renewables have co-invested in a captive power plant that will supply electricity to PDG’s MU1 data center in Airoli, Mumbai.
- First power from the solar plant, located in the Nanded district in the Indian state of Maharashtra, will be generated in June 2023.
Company News
Latest News
Mwani Qatar posts 39% increase in transshipment containers
Doha, Qatar -- The Qatar Ports Management Company (Mwani Qatar) announced a 39 percent increase in transshipment containers in October,...
Business
Agreements worth $3.54bn inked at Global Health Exhibition
Riyadh, Saudi Arabia -- A total of 138 agreements, MoUs and deals worth more than SAR 13.3 billion ($3.54 billion)...
Business
Second quarter foreign investments in Saudi Arabia hit $666bn
Riyadh, Saudi Arabia -- Foreign investments in Saudi Arabia increased 4 percent year-on-year (YoY) to SAR 2.50 trillion ($666. 39...
Business
Most Read
Business
Dubai records realty deals worth $116 billion in nine months
Dubai, UAE -- Dubai recorded 116,116 real estate transactions worth AED 429.67 billion ($116.98 billion) during the first nine months...
- The transactions marked a 36.7 percent in value and 33.8 percent in the number of transactions compared to the same period in 2022.
- A total of 81,669 investors registered 109,186 real estate investments worth AED 278.7 billion, a growth of 50.3 percent in value.
Business
Firms listed on Qatar Stock Exchange post 9M profit of $10.27bn
Doha, Qatar -- Companies listed on the Qatar Stock Exchange have reported a net profit of QR 37.42 billion ($10.27...
- According to figures published on QSE website on Tuesday, Industrials declined by 40.90 period with QR 7.005 billion in net profit to top the declining sectors.
- Net profit of Insurance was the highest with QR 853.744 million, a rise by 334.92 percent, followed by Telecoms which achieved an increase of 26.42 percent.
Business
Bupa Arabia’s 9M 2023 up 27%
The third quarter net profit fell 23% compared to the Q3 2022.
- Compared to the second quarter of 2023, the insurer's Q3 2023 declined 25.9 percent from SAR 371.35 million.
- Insurance service result grew 41.02 percent year-on-year (YoY), or by SAR 232.01 million, driven by higher insurance revenue.