Saudi fund assets dip slightly in Q3 but subscribers surge
Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased...
Business
Business
Tabreed Q1 net profit $64.37m
Tabreed's total connected capacity rose to 1.276 million RT.
- Its revenue increased by 10 percent year-on-year to AED464 million from AED420 million in Q1 2022.
- The company's profit from operation increased by 12 percent to AED172 million compared to AED154 million in Q1 2022.
Business
Dubai records $2.55 billion in weeklong real estate transactions
Dubai, UAE -- A total of 3,112 real estate and property transactions, valued at AED 9.4 billion ($2.55 billion), were...
- The DLD weekly real estate report noted that 170 plots were sold for AED 1.89 billion, while 2,261 apartments and villas were sold for AED 5.34 billion.
- The top three transactions were a land in Al Safouh Second, sold for AED300 million, followed by a land in Saih Shuaib 4.
Geostrategy
UAE President, Macron hold talks to strengthen strategic partnership
Dubai, UAE -- UAE President Sheikh Mohamed bin Zayed Al Nahyan has discussed the longstanding strategic partnership between the UAE...
- They also explored opportunities to further expand bilateral cooperation across various sectors, WAM reported.
- Their talks also covered other fields central to both countries’ sustainable development ambitions, including investment, the economy, food security, and advanced technology.
Business
Arabian Cement Q1 net profit $13.11m
The net profit increased by 17 percent in Q1 compared to Q1 2022,
- The revenue for the first quarter reached SAR240.1 million, less 7.4 percent from SAR259.3 million during the same period last year.
- The company attributed the rise in net profit to an increase in the average selling price, decrease in cost of sales and decrease in selling and distribution expenses.
Business
Aramco’s plans to produce blue hydrogen ‘remain unchanged’
Dhahran, Saudi Arabia -- The Saudi Arabian Oil Company (Saudi Aramco) denied reports that its plans for blue hydrogen were...
- The energy giant denied reports that it has temporarily suspended plans to produce blue hydrogen.
- It targets to produce up to 11 million tons of blue ammonia, a carrier of blue hydrogen, by 2030.
Economy
Saudi Industrial Production Index up 4.1 percent in March
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 4.1 percent in March 2023, compared to the...
- The kingdom's General Authority for Statistics (GASTAT) said the IPI rose to 134.8 points in March, according to the base year 2010, compared to 129.5 points in March 2022.
- The index of the mining and quarrying activity increased by 1.6 percent and the sub-index of the manufacturing activity increased by 10.5 percent over previous year.
Business
stc Q1 revenue $4.84 billion
This is the company's highest-ever quarterly revenue.
- The company will distribute a total of SAR1.99 billion in cash dividends to the shareholders for the first quarter of 2023.
- The company's net profits reached SAR 3.10 billion, an increase of 2.44 percent over the first quarter of 2022.
Business
Savola Group net profit up 45%
The company posted a net profit of $104 million for the quarter.
- The net profit was up despite higher operating expenses, higher net finance cost and higher zakat and income tax expenses.
- Revenues increased in the Retail, Food Processing and Frozen Food segments by 11 percent, 2 percent and 15 percent, respectively.
Business
Petro Rabigh Q1 loss $257m
The company attributed the loss to 'unfavorable market conditions'.
- Compared to the last quarter of 2022, however, the company reported a 46.77 percent fall in net losses from SAR 1.81 billion in Q4 2022 to SAR946 million in Q1 2023.
- The accumulated losses as of Mar 31, 2023, amounted to SAR 2.66 billion, representing 15.96 percent of the company's share capital of SAR16.71 billion.
Business
Inter-Arab investments low, need favorable conditions to grow: Hanafi
Dubai, UAE -- The UAE had become a center for foreign investments, leading Arab, regional and global rankings in attracting...
- UAE had become a center for foreign investments, leading Arab, regional and global rankings in attracting investments.
- A rise in the volume of investments entering Arab countries would be accompanied by an increase in inter-Arab investments.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Saudi fund assets dip slightly in Q3 but subscribers surge
Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased...
Business
Company News
Latest News
EDGE acquires 50% stake in SIATT
Business
Most Read
Business
Mobily 9M 2023 profit up 41%
Revenues for the period grew by 7.5 percent year-on-year.
- Higher top line pushed gross profit up 3.4 percent YoY to SAR 7.1 billion. Operating profit jumped 31.6 percent YoY to SAR 1.97 billion.
- Reflecting the increase in interest rate, finance charges for the current period increased by 22 percent YoY to SAR 510 million.
Business
Emaar EC and Orascom to develop tourism destination
Dubai, UAE -- Emaar, The Economic City, the master-developer of King Abdullah Economic City (KAEC), has signed a strategic agreement...
- Orascom will be the main investor to develop a world-class mix-use tourism city across a mega-parcel of 9.5 million square meters.
- The project will feature a marina, a fully-fledged downtown along with resorts, high-end residential developments.
Geostrategy
Mahmoud Abbas turns down call from Joe Biden: Israeli radio
Tel Aviv, Israel -- Palestinian President Mahmoud Abbas declined to take a telephone call from US President Joe Biden during...
- Representatives from the Biden administration tried to set up a phone conversation between the two leaders on October 18, but Abbas turned the request down.
- state-run Kan Radio, however, clarified that the sides nevertheless remain in contact. Biden intended to hold phone conversations with Egyptian President Abdel Fattah El-and Abbas.