Hamriyah, Deira ports report $3.30bn in customs declaration
Dubai, UAE -- Hamriyah and Deira ports have reported 62,454 customs declarations, totaling AED 12.133 billion ($3.30 billion), with 19...
Business
Geostrategy
Energy minister leads UAE delegation to development road conference in Iraq
ABU DHABI, UAE - Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei headed the UAE delegation to the...
- The one-day conference brought together transport ministers and officials from the Gulf Cooperation Council, Iran, Turkey, Syria and Jordan.
- The huge infrastructure project will link southern Iraq to the border with Turkey from where it will connect to rail and road networks in Europe.
Business
Bupa Arabia Q1 net profit $50.28m
Compared to the last quarter of 2022, net profit fell by 1.4 percent
- Net investment income rose by 24.2 percent year on year and net other revenue doubled YoY.
- Other operating expenses rose 20.4 percent YoY and gross written premiums increased 28.1 percent YoY.
Business
Dubai records weeklong real estate transactions worth $3.02 billion
Dubai, UAE -- A total of 3,321 real estate transactions worth AED11.1 billion ($3.02 billion) were conducted in Dubai during...
- The DLD report showed that 220 plots were sold for AED 2.54 billion, 2,398 apartments and villas were sold for AED 5.85 billion.
- Wadi Al Safa 3 recorded the most transactions for this week by 61 sales transactions worth AED 728.44 million.
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 CO2Â emissions.
Hamriyah, Deira ports report $3.30bn in customs declaration
Dubai, UAE -- Hamriyah and Deira ports have reported 62,454 customs declarations, totaling AED 12.133 billion ($3.30 billion), with 19...
Business
Company News
Latest News
eXtra net profit down 17%
Business
Bupa Arabia’s 9M 2023 up 27%
The third quarter net profit fell 23% compared to the Q3 2022.
Business
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
Mulk, Ajman Holding form JV
Collaboration in the T10 Cricket League key element of the JV.
- The joint venture will also promote the Alubond range of products, Mulk International’s premier brand and the world’s largest metal composite panel manufacturer.
- Mulk International, has production facilities of Alubond and operations in Asia, Europe, Africa and the Middle East with a sales network of more than 100 countries.Â
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.