7,000 digital marriage contracts delivered in Abu Dhabi since Oct
Abu Dhabi, UAE -- The Abu Dhabi Judicial Department has introduced a new service that allows marriage contracts to be...
Arts & Culture
Business
SABIC Agri to pay $378m H1 dividends
The SAR 3 per share dividend will be paid on 31 July.
- The company had reported a net profit of 10 billion Saudi riyals ($2.7 billion) for the full-year 2022, which is nearly 92 percent more than the 5.36 billion riyals in 2021.
- The sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
Business
TAQA Arabia’s shares listed on EGX
More than 1.35 billion shares of the energy distribution firm were listed.
- The shares, at a nominal value of Egyptian Pound 0.50 apiece, will be listed in Egypt Listed Securities.
- From Sunday, TAQA Arabia’s shares shall be added to EGX database under the ticker symbol TAQA.CA, and it will be allocated in the utilities sector.
Business
Workshops on suspicious transactions in gold, precious stone sector in UAE
ABU DHABI, UAE - UAE Ministry of Economy organized two workshops, in Arabic and English, to promote the awareness of...
- The workshops made the traders and business owners aware of the necessity of reporting suspicious transactions to the Financial Intelligence Unit.
- This will contribute to enhance the competitiveness of the gold sector and its development in line with international best practices.
Geostrategy
Saudi Arabia rises three ranks in education impact on UN SDGs
Riyadh, Saudi Arabia -- Saudi Arabia has advanced three ranks in the Times Higher Education Impact Rankings in 2023, with...
- The number of Saudi universities was 22 in 2022 within the international ranking, which sorts universities that impact achieving the United Nations Sustainable Development Goals.
- The 17 goals adopted by all United Nations member states in 2015 aim to end poverty, protect the planet, and ensure prosperity for all by 2030.
Economy
UAE economy to grow 4.2% in 2023, says Arab Monetary Fund
Abu Dhabi, UAE -- The UAE's economic growth is expected to remain robust, averaging 4.6 percent from 2022 to 2024,...
- The AMF's "Arab Economic Outlook Report" forecasts a 4.2 growth rate in 2023, accompanied by a decline in the consumer price index to 2.9 percent in 2023 and 2.57 percent in 2024.
- With stable oil and gas prices and lower prices for basic goods, such as agricultural products, the report projected a 3.4 percent growth for Arab economies.
Economy
Saudi-Russian discord clouds OPEC+ output policy meeting
Analysts are now divided over whether Saudi Arabia and Russia will keep the group on course with its current output...
- Oil producers are grappling with falling prices and high market volatility amid the Russian invasion of Ukraine, which has upended economies worldwide.
- In April, countries were caught off guard when several OPEC+ members agreed to voluntarily cut production by more than one million barrels per day.
Business
Thales launches initiative to promote UAE-made products, expertise
Dubai, UAE -- French multinational aerospace and defense technologies company Thales has launched 'Go to UAE' initiative with the support...
- Launched on day two of the Make it in the Emirates Forum, the initiative is being carried out in collaboration with Tawazun Council.
- The initiative will help UAE suppliers benefit from this program by integrating with opportunities across Thales Global Supply Chain.
Business
PIF to acquire stake in Tamimi Market
The Saudi wealth fund will acquire a 30% stake in the gorcery chain.
- PIF owns several strategic investments in the consumer goods and retail sector, such as Noon.com, an online Middle East shopping platform.
- Tamimi Market Company has a track record over a period of more than 40 years in Saudi Arabia, with over 100 stores and five distribution centers.
Business
First Abu Dhabi Bank prices $600 million five-year green bond
Dubai, UAE -- First Abu Dhabi Bank (FAB) has raised $600 million from an offering of a five-year bond, which...
- The green bond was upsized to $600 million from the initial $500 million after the orderbook was oversubscribed 2.8 times.
- A substantial 85 percent of the allocation went to international investors, the highest achieved by a MENA issuer in 2023.
Business
Dubai’s main investment arm ICD posts record $9.8bn in net profit for Q1
Dubai, UAE -- The Investment Corporation of Dubai (ICD) has posted a net profit of AED 36.1 billion ($9.8 billion)...
- Revenues increased by 58 percent to AED 267.4 billion due to a significant surge in travel and tourism activities reflected in the transportation and Other segment.
- Banking and financial services, the largest contributor this year, generated AED 15.3 billion of net profit.
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7,000 digital marriage contracts delivered in Abu Dhabi since Oct
Abu Dhabi, UAE -- The Abu Dhabi Judicial Department has introduced a new service that allows marriage contracts to be...
Arts & Culture
Company News
Silal acquires stake in SAFCO
Business
Latest News
Saudi Arabia’s Q3 real GDP falls by 4.5% on decreased oil activities
Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) decreased by 4.5 percent in the third quarter of...
Economy
Chinese BYD posts record Q3 profit
The third-quarter profit of $1.42bn is its highest-ever single-quarter earnings.
Business
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Business
Borouge Q3 net profit up 22%
The rise in net profit was driven by 16% increase in sales.
- The company has committed a dividend of $1.3 billion (15.9 fils per share) for the 2023 financial year, which equates to a 6.3 percent current dividend yield.
- Third-quarter revenue increased 6 percent quarter-on-quarter, reaching $1.5 billion, and declined 11 percent year-on-year. On a year-on-year basis, net profit declined by 9 percent
Business
Elm net profit up 43%
The profit growth was driven by 27% revenue increase.
- The rise in revenue resulted from a surge in digital business revenue by 42.70 percent.
- The third-quarter net profit grew 22.2 percent to SAR 334 million, from SAR 273.36 million in Q3 2022.
Business
Sulaiman Al Habib 9M profit $405m
The Group reported a nearly 16% year-on-year rise in revenues.
- The higher revenues were driven the hospital and pharmacy segments, due to the increase in the number of patients and inpatients occupancy.
- In Q3 2023, the net profit climbed 30 percent to SAR 544.8 million from SAR 420.6 million in Q3 2022.