Israeli forces detain 4,695 Palestinians in West Bank since Oct 7
The Palestinian Prisoners Society (PPS) and the Detainees and Ex-Detainees Affairs Authority say the tally includes the Palestinians detained at...
Geostrategy
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
Geostrategy
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.
Business
Tadawul-listed firms report 22% drop in first quarter net profit
Dubai, UAE -- A 22 percent drop in net profit was reported by Tadawul-listed companies in the first quarter of...
- Argaam reported the decline in net profit was due to a drop in Saudi Aramco’s first quarter earnings by more than 17 percent, as well as lower earnings of petrochemical companies.
- The first-quarter results included SAR 5.87 billion one-off gains generated by Kingdom Holding Company (KHC) from selling half of its stake in Four Seasons Holding.
Business
Kingdom Holding Q1 net profit down 97%
The firm's net profit in Q1 2022 was $1.57bn versus $46m in Q1 23.
- The company said the fall in net profit was mainly because of one-off gains accrued in the first quarter of 2022 due to the sale of its stake in Four Seasons Holding.
- The drop was also attributed to decrease in share of results from equity-accounted investees, decrease in hotels and other operating revenues.
Business
NDMC to invest $60m in ADNOC (L&S) IPO
The decision came a day after ADNOC raised the size of the offering.
- NDMC said doubling the investment in the IPO was part of its strategy to diversify its business and investments.
- ADNOC will now offer 1.40 billion ordinary shares, equivalent to 19 percent of the Company’s total issued share capital.
Business
UAE Corporate Tax: Ministry streamlines accounting standards, social security funds, tax exemptions
The latest decisions aim to enhance UAE's Corporate Tax regime's flexibility and support all business sectors, minimizing the compliance burden,...
- The decision on pension funds sets out further conditions for private regulated pension funds and social security funds in the UAE seeking exemption from corporate tax.
- The decision on accounting standards provides small and medium businesses that have revenues not exceeding AED50 million with the option of applying IFRS for SMEs.
Economy
Saudi energy minister warns oil short-sellers ahead of OPEC+ meet
Speaking on the sidelines of the Qatar Economic Forum, Saudi Arabia's Minister of Energy Prince Salman said OPEC+ pursued three...
- “I keep advising them that they will be ouching — they did ouch in April,” Prince Abdulaziz bin Salman said. “I would just tell them: Watch out!”
- Prince Salman said that a future source of energy cannot be tackled amid foggy vision. He had called OPEC+ to stick to its Oct 2022 agreement.
Business
ADNOC increases size of logistics unit’s IPO by 4% on high demand
Abu Dhabi, UAE --Abu Dhabi National Oil Company (ADNOC) Monday said it has increased by the number of shares offered...
- ADNOC will now offer 1.40 billion ordinary shares, equivalent to 19 percent of the Company’s total issued share capital.
- Previously, the company announced that it would offer 1.10 billion shares, representing 15 percent of its total issued share capital.
Business
East Pipes, Aramco sign $480m contract
The firm will manufacture pipes for the global energy giant.
- East Pipes said the financial impact of the 12-month contract will show in the second half of 2023 and the first quarter of 2024.
- On 14 May, the company signed a contract with Abdullah Ibrahim Al Sayegh & Sons, valued at SAR81 million, for supplying steel pipes to the firm.
Israeli forces detain 4,695 Palestinians in West Bank since Oct 7
The Palestinian Prisoners Society (PPS) and the Detainees and Ex-Detainees Affairs Authority say the tally includes the Palestinians detained at...
Geostrategy
Company News
eXtra net profit down 17%
Business
Latest News
Most Read
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.
Business
UAE, Saudi stock exchanges surpass Arab peers with $167bn in gains
Abu Dhabi, UAE -- The financial markets of the United Arab Emirates and Saudi Arabia topped the Arab stock exchanges...
- UAE achieved market gains of about $32.5 billion: $20.7 billion for the Abu Dhabi Securities Exchange (ADX) and $11.8 billion for the Dubai Financial Market (DFM).
- The Saudi Financial Market achieved market gains of about $134.1 billion with a rise in its market capitalization from $2.908 trillion to $3.04 trillion.
Geostrategy
Saudi Arabia selected as member of UN’s AI Advisory Body
New York, United States-- United Nations Secretary-General António Guterres Friday announced the selection of Saudi Arabia to the UN Advisory...
- UN Advisory Body on Artificial Intelligence (AI) consists of 39 members representing government and private and civil-society organizations.
- Shura Council member Dr. Latifa bint Mohammad Al-Abdulkareem will represent the Kingdom at the UN AI Advisory Body.