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 --Â Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
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.
Arts & Culture
Dubai World Cup: 129 horses compete for $30.5m prize money
Dubai, UAE -- The 27th Dubai World Cup, which begins on Saturday at the Meydan Racecourse, will see a total...
- The World Cup, which begins on Saturday at Meydan Racecourse, will see horses from 13 countries in the contest.
- The Meydan Racecourse, in partnership with leading auction house Goffs, hosted the second Dubai Breeze-Up Sale on 21 March.
Business
UAE’s Al Ansari raises size of IPO retail tranche to 7.5%
The UAE-based exchange house said the number of ordinary shares has been increased from 37.50 million to 56.25 million. But...
- Based on the previously announced price range of AED 1.00 to AED 1.03 per share, the size of the retail tranche will now be between AED56.3 million and AED57.9 million.
- Al Ansari is Dubai's first IPO this year. The company expects to list and start trading on the Dubai Financial Market in April.
Geostrategy
Saudi on track to achieve UN sustainable goals by 2030: Minister
Dubai, UAE -- Saudi Arabia has said that the kingdom is on track to achieve the United Nations Sustainable Development...
- Deputy Minister for Water Abdulaziz Al-Shaibani told UN Water Conference that the kingdom has restructured the water sector and developed the National Water Strategy.
- The kingdom has allocated $80 billion for water projects in the coming years as part of its efforts to achieve universal and equitable access to safe and affordable drinking water.
Business
UAE bodies sign MoU to establish general framework for IPOs
Dubai, UAE -- The Securities and Commodities Authority (SCA) and the Abu Dhabi IPO Fund (ADIPOF) have signed a Memorandum...
- The MoU was signed by Securities and Commodities Authority and the Abu Dhabi IPO Fund.
- The MoU aims to increase the number of IPOs, support local financial markets, and promote the country's economic stability.
Business
Presight to list on 27 Mar
Presight IPO received $496 million. It was oversubscribed 136 times.
- Presight offered 1.35 billion shares, equivalent to 24.24 per cent of the company’s paid-up capital.
- Presight reported a 35 percent rise in net profit for 2022 to reach $147 million, while its revenue increased by 63 percent to reach $265 million.
Business
SATORP 2022 net profit $2.39bn
Improved refining, petrochemicals margins behind profit rise.
- The company’s revenue increased by 84 percent to 76.84 billion riyals in 2022, compared to 41.71 billion riyals the previous year.
- Total share holders’ equity reached 14.47 billion compared to 4.3 billion in 2021, the bourse statement said.
Business
Mubadala-Ares joint venture to invest $1bn in credit secondaries
The venture is an extension of Ares’ credit and secondaries platforms, which respectively had approximately $214 billion and $22 billion...
- The JV seeks to capitalize on the anticipated growth and demand from general and limited partners for customized liquidity solutions for credit secondaries asset class.
- Dave Schwartz will serve as partner and head of the credit secondaries strategy and a member of the Ares secondaries executive committee.
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
Chimera launches Lunate
Business
Latest News
World’s biggest sustainable farm in Saudi enters Guinness Records
Riyadh, Saudi Arabia – A farm in Saudi Arabia has entered the Guinness World Records as the world's largest sustainable...
Business
Dollar sukuk activity for 2023 on course to outpace 2022: Fitch
Dubai, UAE:Â US dollar sukuk issuance for 2023 is on course to outpace 2022 due to funding needs and diversification strategies,...
Business
US to place second aircraft carrier in Mediterranean: White House
Washington, United States -- The second American aircraft carrier, the Dwight Eisenhower, will be placed in the Mediterranean Sea, coordinator...
Geostrategy
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Business
Jarir’s 9M profit down marginally
The fall was attributed to an increase in non-operating expenses.
- The third-quarter net profit rose by 8 percent to SAR 296.3 million, from SAR 273.72 million in Q3 2022, driven by a 4.8 percent rise YoY in sales.
- Total shareholders’ equity, no minority interest, stood at SAR 1.79 billion as of Sept. 30, 2023, down from SAR 1.80 billion a year earlier.
Business
Aramco looks to invest in Shangong Yulong Petrochemical
Dhahran, Saudi Arabia -- Aramco has signed an MoU that paves the way for Aramco's potential acquisition of a 10...
- Aramco signed an MoU with Nanshan Group, Shandong Energy Group, and Shandong Yulong Petrochemical to pave way for the acquisition.
- Shandong Yulong is presently in the final stages of constructing a significant refining and petrochemical complex with the capacity to process approximately 400,000 barrels per day
Business
MENA awards $101 billion construction projects in first half
Dubai, UAE -- Despite global economic uncertainties, the construction industry in the Middle East and North Africa (MENA) awarded a...
- The lion's share of these projects, approximately 67 percent, hailed from Saudi Arabia, contributing $44 billion, and the United Arab Emirates (UAE), accounting for $23 billion.
- The collective estimated value of the project pipeline in the MENA region surpassed $3 trillion, with Egypt, Saudi Arabia, and the UAE owning more than 60 percent of it.