GCC region’s non-hydrocarbon growth momentum strong: IMF
Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...
Business
Business
Aramco JV HAPCO breaks ground
The complex is expected to be operational by 2026.
- On March 27, Aramco also announced it had signed definitive agreements to acquire a 10 percent interest in Shenzhen-listed Rongsheng Petrochemical for $3.6 billion.
- Combined, the partnership with Rongsheng and the HAPCO joint venture would see Aramco supply a total of 690,000 bpd of crude to high chemical conversion assets in China.
Business
ADNOC makes logistics push
Contract worth $2.6bn with ADNOC Offshore part of the launch.
- ADNOC said the platform is one of the largest turnkey offshore logistics offerings in the world that enables coordinated end-to-end management of logistics.
- The agreement runs for five years, with the option of a five-year extension, and includes the provision of port services, warehouse operations.
Videos
UAE and Saudi to lead GCC e-commerce boom
The UAE is likely to remain the top e-commerce market in the GCC in 2023 but Saudi represents the largest...
- E-commerce in the GCC, according to a recent research report, has expanded by 22 percent over the previous two years.
- Over 46 percent of online buyers in Saudi Arabia and the UAE planning to continue relying on online retail stores rather than visiting shopping malls.
Economy
Bahrain posts highest real GDP growth in nearly a decade
The kingdom witnessed 6.2 percent non-oil real GDP growth, the highest since 2012 and higher than the 5 percent annual...
- The kingdom also reported a drop in deficit to GDP to -1.1 percent, a drop in debt to GDP to 100 percent and a primary surplus of 3.3 percent.
- The Economic Recovery Plan is one of Bahrain’s biggest programs, with over $30 billion catalyzed for investment and reforms made to improve ease of doing business.
Business
Borouge supplies ‘made in UAE’ materials worth $32m in MENA
Abu Dhabi, UAE -- Borouge is supplying sustainable “Made in UAE” polyethylene materials worth AED120 million ($32 million) that are...
- Borouge’s contribution to these mega projects is driven by collaboration with the local manufacturing companies.
- The pipes used in these projects were made from various grades of Borouge BorSafe™ PE100 polyethylene materials.
Business
Savola to pay $93m in dividends
The date of distribution will be announced later.
- The General Assembly date will be set after securing the formal approvals from the relevant authorities.
- The Group reported a net profit of 742.80 million riyals for 2022, a 234.75 percent rise over 221.90 million in 2021.
Business
Al Rajhi to issue sukuk
The sukuk terms will be determined as per market conditions.
- The bank said the offer will meet the bank’s financial and strategic objectives in accordance with its Sustainable Finance Framework.
- The bank issued its Saudi riyal-denominated Tier 1 sukuk valued at SAR 6.5 billion ($1.7 billion) in January last year.
Business
ADNOC signs ammonia pact
It will explore low-carbon ammonia value chain in Germany.
- The primary focus of the agreement will be the production and transportation of low-carbon ammonia and its application as a fuel in energy generation.
- Ammonia, a compound of nitrogen and hydrogen, can be used as a low-carbon fuel across a wide range of industrial applications, including transportation.
Business
Qatar Chamber forms committee to address gold sector issues
Doha, Qatar -- Qatar Chamber has established a committee for gold and jewelry to address issues facing this sector and...
- The committee will also work to develop the sector as one of the country's important sectors besides resolving its issues.
- It also agreed that the gold sector shall be divided into three subsectors: the gold trade, the jewelry trade and the gold and jewelry factories.
Economy
IMF chief: another ‘challenging year’ ahead, risks to financial stability up
Even with a better outlook for 2024, global growth will remain well below its historic average of 3.8 percent, she...
- Policymakers have acted decisively in response to financial stability risks, and advanced economy central banks have enhanced the provision of U.S. dollar liquidity, she said.
- IMF research shows that productivity-enhancing reforms in China could lift real GDP by as much as 2.5 percent by 2027, and by around 18 percent by 2037.
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GCC region’s non-hydrocarbon growth momentum strong: IMF
Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...
Business
Company News
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SIRC and Edama sign partnership
They will create a joint company to upgrade organic waste recycling.
Business
Saudi Arabia to host inaugural Traditional Architecture Gathering
Diriyah, Saudi Arabia -- Diriyah Gate Development Authority (DGDA) Tuesday announced the inaugural edition of the 'Traditional Architecture Gathering' to...
Arts & Culture
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Business
Borouge signs supply pact with NPCC
Borouge will also supply critical materials for UAE energy projects.
- Borouge and NPCC have previously partnered to provide steel pipe coating solutions for over 15,000 kilometers of pipelines in various local infrastructure projects.
- Borouge will supply materials for ADNOC Gas’ sales gas pipeline network enhancement (ESTIDAMA) program and Maximizing Ethane Recovery and Monetization (MERAM) project.
Economy
Oxford Economics predicts 4.4% GDP growth for UAE in 2024
Abu Dhabi, UAE -- Oxford Economics, an independent economic advisory firm, has predicted that the UAE economy will grow by...
- Scott Livermore, Chief Economist, Oxford Economics Middle East, predicted a 4.2 percent growth in non-oil GDP this year, driven by diversification strategies.
- He also expected continued growth in the realty market and a strong recovery in travel and tourism, with Dubai surpassing pre-pandemic visitor levels by the first half of 2023.
Geostrategy
Saudi Arabia unveils roadmap to achieve 10-billion tree target
Riyadh, Saudi Arabia -- Saudi Arabia has unveiled an ambitious roadmap to achieve its monumental goal of planting 10 billion...
- The roadmap outlines a plan for Saudi Arabia's various habitat zones to achieve maximum vegetation coverage.
- By 2030, the initiative aims to plant over 600 million trees, rehabilitating approximately 3.8 million hectares of land.