Saudi Arabia’s holdings of US Treasuries up $399 million in Oct 2023
Riyadh, Saudi Arabia -- Saudi Arabia’s holdings of US Treasuries reached $117.5 billion in October 2023, up $399 million month-on-month...
Business
DIFC Innovation Hub 2023 graduates raise $600 million in funding
Dubai, UAE -- More than 200 start-ups graduating from the programs of DIFC Innovation Hub in 2023 have collectively raised...
Business
Business
East Pipes net profit $26.63m
The company had posted a loss of 3.2 million riyals the previous year.
- The growth in net profit was driven by a 141 percent year-on-year (YoY) surge in revenue to SAR 1.4 billion.
- The company's board also announced that SAR31.50 million in dividends was distributed to the company's shareholders.
Business
Transporters in UAE asked to register in e-tracking system by Oct 30
Abu Dhabi, UAE -- UAE's Federal Authority for Identity, Citizenship, Customs & Port Security has asked transporters in the Emirates...
- Those who fail to register by this date will be fined AED1,000 for the first month, and AED100 for each subsequent month, with a maximum of AED5,000.
- The registration in the system shall be carried out by the target groups, through the license holder or his legal representative.
Geostrategy
EU backs WTO deal banning harmful fisheries subsidies
Brussels, Belgium -- The European Union approved a historic agreement banning harmful fisheries subsidies on Thursday, joining a small group...
- Canada and the United Arab Emirates accepted the World Trade Organization (WTO) agreement earlier this month, following the United States in April.
- The agreement bans subsidies for illegal, unreported and unregulated fishing, with a two-year exemption for developing countries within their exclusive economic zones.
Business
Saudi PIF forms $3 billion company for investments in Iraq: CEO
Muteb Alshathri, acting CEO PIF, told the Saudi-Iraqi Coordination Council in the kingdom that the Saudi-Iraqi Investment Company will invest...
- Iraq's oil minister told the Council that Aramco will invest and develop the Akkas gas field in Anbar province, which could produce 400 mcfm per day.
- The five companies announced last year will invest up to $24 billion in opportunities across various key sectors in each market.
Business
ADNOC L&S IPO: Offer price AED2.01 per share, raises $769m
Abu Dhabi, UAE -- Abu Dhabi National Oil Company (ADNOC) on Wednesday announced that the final offer price for the...
- This implies a market capitalization of AED 14.9 billion ($4.05 billion) of ADNOC L&S at the time of admission.
- ADNOC said the IPO witnessed overwhelming demand from UAE retail investors and professional investors, amounting to $125 billion.
Arts & Culture
AlUla’s Jabal Ikmah listed on UNESCO’s Memory of the World Register
AlUla, Saudi Arabia -- The United Nations Educational, Scientific and Cultural Organization (UNESCO) listed AlUla's Jabal Ikmah in its Memory...
- Jabal Ikmah is one of the most prominent historic sites in AlUla and is designated as one of the largest open-air libraries in the Arabian Peninsula.
- It includes hundreds of carved inscriptions and stone carvings along the mountain made in different eras and civilizations, some thousands of years ago.
Business
Mega production facility hastens Neom green hydrogen goals
Neom, Saudi Arabia -- Saudi Arabia's futuristic city NEOM says it has outlined a clear path towards the at-scale production...
- The NEOM Green Hydrogen Company (NGHC) facility being built in Oxagon is set to be the world’s largest commercial-scale green hydrogen production facility in the world.
- Once operational in 2026, it will produce 600 tons of green hydrogen per day, which will be available for global export, saving as much as 5 million tons of CO2 emissions.
Business
Dubai records realty deals worth $1.38 billion in two days
Dubai, UAE -- Dubai's real estate market recorded real estate deals worth AED 5.1 billion ($1.38 billion) on Tuesday and...
- A total of 500 sales transactions worth AED1.21 billion were recorded on Wednesday, in addition to 103 mortgage deals totaling AED267.86 million.
- On Tuesday, the market recorded 612 sales transactions worth AED2.51 billion, in addition to 126 mortgage deals of AED 613.53 million.
Geostrategy
UAE joins $275m global effort toward Romania’s clean energy goals
Abu Dhabi, UAE -- The UAE has joined global partners such as the US, Japan, and South Korea to commit...
- This is the first major nuclear energy initiative to be supported under the Partnership for Accelerating Clean Energy (PACE).
- PACE aims to catalyze $100 billion in financing, investment, and other support to deploy 100GW of clean energy capacity by 2035.
Business
AD Ports, Vale to build low-carbon mega hubs for steel industry
Abu Dhabi, UAE -- AD Ports Group and Brazil's Vale, the world's largest producer of iron ore and nickel, sign...
- The agreement will see an allocation of land and related services from KEZAD for the Mega Hub, in addition to the development of a handling facility at Khalifa Port.
- The agreement also includes a maritime collaboration to explore opportunities related to the management and operation of very large ore carriers.
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Saudi Arabia’s holdings of US Treasuries up $399 million in Oct 2023
Riyadh, Saudi Arabia -- Saudi Arabia’s holdings of US Treasuries reached $117.5 billion in October 2023, up $399 million month-on-month...
Business
Company News
Latest News
EWEC, Masdar sign purchase pact
Business
ADNOC to deploy UAE-made drones
Business
ADNOC signs pacts with 30 firms
Business
Qatar records real estate sales contracts worth $84m in five days
Doha, Qatar -- Qatar recorded real estate trading volume in sales contracts worth QR 308 million ($84.59 million) for the...
Business
PIF to reveal complementary auto projects soon, says top official
Riyadh, Saudi Arabia -- The Public Investment Fund will soon announce complementary projects for the automobile industry, mainly batteries, said...
Business
ASPACE to set up Saudi’s first satellite manufacturing unit
Riyadh, Saudi Arabia -- Saudi Arabia announced Thursday the completion of SAR 1 billion investment procedures by ASPACE, a Hong...
Business
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Geostrategy
FII7 concludes, WAVE launched on Day 3 to boost ocean regeneration
Riyadh, Saudi Arabia -- The seventh Future Investment Initiative Institute forum, which concluded in Riyadh on Thursday, saw the attendance...
- WAVE will serve as a platform, connecting diverse stakeholders across geographies, industries, and sectors, to amplify their collective efforts.
- It will launch a set of programs to raise awareness, establish a digital information hub, accelerate innovations, support scientific efforts.
Geostrategy
Dubai among top 25 global cities for third consecutive year
Dubai, UAE -- Dubai has retained its leading position in the MENA region on Kearney's Global Cities Index, ranking 23rd...
- Average GCI scores have remained steady following several years of decline, with cities in the Middle East and Africa improving markedly.
- Riyadh, Muscat and Doha improving their overall rankings by nine, eight, and seven, respectively.
Business
UAE banks’ investments hit record high in Aug to reach $159bn
Abu Dhabi, UAE -- UAE banks' investments surpassed AED 580 billion, hitting a record high in August 2023, according to...
- Banks investments also increased by AED 58 billion or 11 percent year-to-date compared to AED 527.4 billion at the end of 2022.
- Bonds held until maturity accounted for the largest share of bank investments at 47 percent, reaching AED 276 billion at the end of August 2023.