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
UAE central bank cash deposits up by 10.2% in Oct to $187 billion
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...
Business
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.
Geostrategy
Syrian President receives invitation to Arab summit in Saudi Arabia
The pan-Arab body had suspended Damascus in November 2011 over its crackdown on protests, which began earlier that year and...
- On Sunday, the Arab League welcomed back Syria's government, securing Assad's return to the Arab fold after years of isolation.
- The invitation comes a day after Riyadh and Damascus announced that work would resume at their respective diplomatic missions in Syria and Saudi Arabia.
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.
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
Company News
Ducab bags 30 major contracts
Business
Latest News
Geopolitical conflicts pose biggest risk to global economy: Ajay Banga
The World Bank President expressed deep concern over the widening wealth gap, while calling for more action on gender equality...
Business
DEWA okays H1 dividend of $843m
The company had reported a net profit of $540 million for Q2.
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...
Business
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Business
Al Seer Marine, L3Harris renew pact
They have partnered with each other for the past six years.
- Al Seer Marine said the renewal of this new agreement will capitalize on L3Harris' extensive international experience in the design and deployment of uncrewed platforms.
- It will also enhance Al Seer Marine's ability to continue manufacturing and delivering Unmanned Surface Vessels (USV) across various markets in the Gulf Cooperation Council region.
Business
Modon attracts new investments via partnerships with China, Japan
Riyadh, Saudi Arabia -- The Saudi Authority for Industrial Cities and Technology Zones (Modon) has attracted new investments by partnering...
- The agreements are in line with the objectives of the logistics hub master plan launched by Crown Prince Mohammed bin Salman bin Abdulaziz in August 2023.
- The master plan stipulates logistics centers in 17 industrial cities affiliated with Modon, including 11 internal distribution centers.
Business
Invest AD to launch debt fund
Invest AD Blackstone Debt Fund is an SCA-regulated fund.
- The fund will offer local feeder access to Blackstone’s US and European private credit strategies.
- The feeder brings Blackstone’s institutional-caliber credit platform to qualified non-US investors, primarily in the UAE.