Rights group slams Meta for silencing pro-Palestinian voices
"Meta's censorship of content in support of Palestine adds insult to injury at a time of unspeakable atrocities and repression...
Geostrategy
Business
Saudi Arabia strengthens ties with Estonia, Denmark in digital government
Riyadh, Saudi Arabia -- Saudi Arabia will be enhancing partnerships in the digital sector with Estonia and Denmark, according to...
- Despite its small size, the 21-year-old digital transformation in Estonia has made it a model for other nations looking to digitalize their economies and governmental institutions.
- Governor of DGA Ahmed Mohammed Al-Suwayan led a delegation of Saudi officials who held several meetings with their counterparts in Estonia and Denmark.
Business
Salik Q1 net profit $74.89m
Salik recorded the highest level of quarterly revenue-generating trips.
- The company achieved net profit of AED275 million during the quarter, with a net profit margin of 52.9 percent, the company said.
- Toll usage revenue, which contributed 87 percent to total revenue, increased 7.9 percent year-on-year.
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.
Company News
Latest News
Ducab bags 30 major contracts
Business
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...
Geostrategy
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...
Business
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Business
DEWA okays H1 dividend of $843m
The company had reported a net profit of $540 million for Q2.
- The Board of Directors of DEWA authorized the payment of H1 2023 dividend on 10th August 2023.
- On 26th October 2023, the dividend will be paid to all shareholders via Dubai CSD.
Business
Saudi Electricity Company signs $3 billion financing agreement
Riyadh, Saudi Arabia -- The Saudi Electricity Company (SEC) announced today signing a $3 billion (SAR 11.25 billion) international syndicated...
- The financing agreement has a tenure of five years and requires no guarantees from the SEC.
- Participating banks include Dubai Islamic Bank, Kuwait Finance House, Mashreq Bank and Saudi National Bank.
Business
Saudi exports, services grow by 135% in Q2: Economy Minister at FII7
Riyadh, Saudi Arabia -- Saudi Arabia's Minister of Economy and Planning, Faisal F Alibrahim said Tuesday the Kingdom saw a...
- Speaking at the seventh Future Investment Initiative forum in Riyadh, Alibrahim said Saudi Arabia is seeing a diverse range of sectors fueling non-oil activity growth.
- He said the Kingdom provided one of the most investment-friendly environments in the form of cost-effective and clean energy, legislations and manpower.