ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant
The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...
Business
ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
Business
UAE issues decision on conditions of exemption from corporate tax
Abu Dhabi, UAE -- The UAE Ministry of Finance has issued a decision on conditions under which a "person may...
- The decision clarifies rules to ensure that businesses remain eligible for tax exemption if they fail to meet the relevant exemption conditions under certain circumstances.
- Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, said the decision was important to ensure a transparent and efficient tax system.
Business
Beyon Q1 net profit $47.7m
Revenues for the first quarter increased by 5 percent over Q1 2022.
- Revenues for Q1 2023 are BD103.5 million ($274.5 million) compared to BD98.5 million in Q1 2022.
- Operating profit for the first quarter of 2023 increased by 15 percent to BD25.5 million from BD22.1 million in Q1 2022.
Zain posts Q1 revenue of $639m
The company also posted its highest-ever quarterly profit.
- The company achieved net profit of SAR 563 million in Q1 2023, a growth of 595 percent compared to Q1 2022.
- Zain attributed the record profit to its "financial performance and the gains achieved through the sale and leaseback of Zain KSA’s 3600 towers.
Business
UAE among top three countries with high crypto use or ownership
According to Statista's Global Consumer Survey, countries in Africa, Asia, and South America have higher crypto adoption rates than Western...
- The global crypto market revenue is expected to double this year to almost $38 billion, following a challenging year in 2022.
- The crypto adoption rate in Germany, the United Kingdom, France, and Italy is even lower, at 12 percent and 11 percent.
Business
Yahsat posts record Q1 revenue
Net income increased by 35 percent during the quarter.
- In a statement, the company said the growth in revenue was primarily driven by the Managed Solutions segment,
- Infrastructure, the Group’s largest business segment, reported AED220 million [$60 million] in revenue for the period.
Geostrategy
TRENDS poll: Saudi-Iranian thaw raises stability hopes
A majority of the people who voted in a TRENDS poll see the China-brokered deal between the two countries as...
- Fifty-nine percent of the voters said the agreement would improve the situation, while 24 percent voted 'no'. The rest are not sure if the deal will be positive for the region.
- The majority of the voters were in the 20-29 age group (41.3 percent), followed by 30-39 years (37.3 percent), 40-49 years (13.5 percent) and the rest were 50 and above.
Business
Invictus Q1 revenue up 31%
The company posted its highest-ever quarterly sales.
- The company's earnings in Africa region reached AED1.7 billion and in the Middle East AED489 million, reflecting a growth of 48.5 percent.
- A 39 percent increase in net profit to AED93 million was recorded in the first quarter, compared to the last quarter of 2022.
Business
Record surge in number of attendees at Arabian Travel Market 2023
Dubai, UAE -- More than 40,000 people – including 30,000 visitors – attended the 30th edition of Arabian Travel Market...
- More than 40,000 people – including 30,000 visitors – attended the 30th edition of the event, which concluded last week in Dubai.
- This not only represents a year-on-year increase of 29 percent in attendees compared to 2022, but it also represents a 5 percent increase over 2019.
Business
SAB Alawwal Q1 profit up 76%
The first quarter customer deposits increased by 17% on Q1 2022.
- The bank's total operating income grew by 60 percent to SAR 3.21 billion net customer advances by 8 percent to SAR 191 billion.
- Lubna S. Olayan, Chair of the Board of Directors of SAB Alawwal, said both Q1 profit and operating income were a record for the bank.
Business
Saudi Arabia’s real GDP grows by 3.9 percent in first quarter
Riyadh, Saudi Arabia -- The real GDP of Saudi Arabia grew by 3.9 percent in the first quarter of 2023,...
- The kingdom saw a 5.8 percent increase in non-oil activities and a 1.3 percent increase in oil activities over Q1 of 2022.
- Saudi Arabia’s economic growth is expected to accelerate by 3 percent in 2023 backed by a robust non-oil sector.
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ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant
The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...
Business
Company News
EDGE acquires 50% stake in SIATT
Business
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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...
Business
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...
Geostrategy
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Business
MAWANI and SGP sign $266m contract
They will establish a logistics zone in King Abdulaziz
- The zone will provide major logistics services, unique solutions, integrated services, and environmental systems, including warehouses and yards.
- It will also include a warehouse and re-export area to provide sorting, regional distribution, and value-added operations.
Business
Kadi Pay okayed for BNPL solutions
The company was approved by the Saudi Central Bank.
- With Kadi Pay, six authorized companies are now offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56.
- The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.
Business
Israel-Gaza conflict won’t impact Riyadh FII summit outcome: CEO
Riyadh, Saudi Arabia -- The tragic developments in Gaza won't have a huge impact on the overall outcome of the...
- Richard Attias. brushed aside the fears of slowdown in investment in the region due to the ongoing Israel-Palestinian conflict.
- He said that most investors take a long-term view, so the ongoing war won't have big impact on the overall investment climate.