DEWA customers can make payments via Samsung Pay

SABIC Q1 profit down 90%

• The company said in a statement that its revenue for the first quarter reached SAR 39.69 billion ($10.58 billion), a decrease of 8 percent compared to the previous quarter.
• The Shareek program will play a key role in the company's next growth phase, said CEO Abdulrahman Al-Fageeh.

ahlibank Q1 profit $21.84m

• The customer deposits grew by 7.3 percent, reaching RO 2.33 billion during the first quarter, compared to the same period in 2022.
• Loans, advances, and financing expanded by 5.6 percent to RO 2.57 billion, while the bank's operating income increased by 4.6 percent to RO 23.3 million.

Aldar Q1 sales hit $1.22bn

• The company said its development revenue backlog also hit an all-time high of AED 18.8 billion, which "provides visibility over the next two to three years".
• It has also entered the Dubai real estate market through a joint venture with Dubai Holding, which will see the development of three new communities across 3.5 million sqm of land.

Iraq eyes deal on Kurdistan oil exports to Turkey within weeks

• Under the terms of an agreement, sales of Kurdish oil are to go through the Iraqi National Oil Company, and no longer exclusively through the authorities in Iraqi Kurdistan.
• Oil exports are a key source of revenue for both the federal and regional governments, and their management has long been a sensitive topic in relations.

EITC posts Q1 revenue at $936m

• The prepaid customer base of EITC increased to 6.7 million, driven by the continued attractiveness of Flexi plans and brisk tourism activity.
• EITC's commercial initiatives led to a 9.4 percent increase in mobile customers, with 8.2 million subscribers at the end of the quarter.

Dubai real estate market transactions reach $7.21bn in April

• The number of transactions grew by 17 percent to 8077 in April 2023, from 6898 transactions in April 2022.
• The value of the transactions witnessed a surge of 46 percent compared to the same month last year.

Bahrain central bank’s sukuk oversubscribed by 403 percent

• Subscriptions worth BD 104.778 million ($277 million) were received for the BD 26 million issue, which carries a maturity of 182 days.
• By March 23, the total outstanding value of government treasury bills reached BD2 billion ($5.3 billion).

Qatar’s Q1 private sector exports hit $2.49 billion, up 17.5%

• China was the top recipient of Qatari private sector exports amounting to QR 3.1 billion, a share of 34.1 percent.
• It is followed by India with almost QR 2.4 billion and a share of 26 percent, and Oman with about QR989 million, a share of 10.9 percent. 

Amarenco acquires Spectrum International

• Following the acquisition, Spectrum will be rebranded as Amarenco Jordan, becoming the main platform for Amarenco MENA in Jordan, with a target to own 200MW.
• The company develops, builds, and operates large and medium-scale solar projects, with more than a billion dollars of investments on average every year.