Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...
Economy
SABIC announces 16% H2 cash dividend
The dividend of $1.27 billion is payable on Mar 4, 2024.
Business
Business
Abu Dhabi to host world’s largest autonomous racing league from 2024
Abu Dhabi, UAE -- The United Arab Emirates capital, Abu Dhabi, will host the world's largest autonomous racing league, with...
- The first autonomous car race will take place at Yas Marina Circuit in the last quarter of 2024 as the first in a series of autonomous vehicle races.
- The league will feature the Dallara-built Super Formula cars, the usage of which has been enabled by Japan Racing Promotion (JRP).
Business
Presight IPO oversubscribed
The G24 data analytics firm received $496 million in its offering.
- Presight offered 1.35 billion shares, equivalent to 24.24% of its paid-up capital.
- The company is expected to begin trading on the Abu Dhabi Exchange on Mar 27, 2023.
Business
Dubai records weeklong real estate transactions worth $2.72 billion
Dubai, UAE -- A total of 3,903 real estate transactions worth AED 10 billion ($2.72 billion) were conducted during the...
- A total of 208 plots were sold for AED 1.12 billion, while 2,906 apartment and villa sales totaled AED 6.25 billion.
- The top three transactions were three lands in Al Jadaf sold for AED 38.5 million, AED 38.5 million, and AED 37 million respectively.
Geostrategy
UNSC unanimously adopts UAE, Japan resolutions on Afghanistan
NEW YORK, US - The United Nations Security Council Friday unanimously adopted two resolutions tabled by the UAE and Japan...
- The first resolution will extend the mandate of the United Nations Assistance Mission in Afghanistan for an additional 12 months.
- The second resolution requests that an independent assessment be carried out regarding the international approach to Afghanistan.
Business
NBF approves dividend for 2022
The profit of 6% of paid-up capital will be paid as bonus shares.
- The bank’s shareholders also approved the Chairman’s and Directors’ Reports, and the Internal Shari’ah Supervision Committee Report for NBF Islamic.
- The shareholders confirmed the appointment and remuneration of the bank’s external auditors, PricewaterhouseCoopers (PwC) for 2023.
Business
Saudi finance minister, National Bank head downplay risks to bank sector
"I think large banks are properly supervised and therefore the risk that some people see, I don't see," Finance Minister...
- "To me, the reaction of yesterday was possibly an overreaction simply because the market is very edgy," the minister told AFP in an interview.
- "It's panic, a little bit of panic. I believe completely unwarranted, whether it be for Credit Suisse or for the entire market," said Saudi National Bank chairman Ammar AlKhudairy.
Business
Qatar’s IPI up 3.5 percent in Jan, mining leads the growth
Doha, Qatar -- Qatar's Industrial Production Index (IPI) hit 103 points in Jan 2023, rising by 3.5 percent compared to...
- Issued by the Planning and Statistics Authority, the IPI is a short-term quantitative index that measures the growth of various industrial sectors in economy.
- The key performing sectors under the index were mining (82.46 percent), manufacturing (15.85 percent), electricity (1.16 percent) and water (0.53 percent).
Business
DP World 2022 revenue up 58%
The EBITDA increased by 31 percent to $5 billion.
- In a statement to WAM, DP World announced that revenue increased by AED23.31 billion in 2022, compared to 2021, supported by acquisitions and like-for-like revenue growth.
- It added that cash generated from operating activities increased by 20.6 percent to a record AED16.34 billion in 2022, compared to AED13.55 billion in 2021.
Business
TAQA to pay dividend
The company also announced new dividend policy for 2023-25
- Similar to the previous policy, TAQA will continue to pay the fixed dividends on a quarterly basis.
- The company expanded the size of its Board of Directors from nine to eleven and elected members for a three-year term.
Geostrategy
Xi’s offer to Saudi Crown Prince spurred Iran deal talks: Official
The initial conversation between Xi and Mohammed bin Salman took place during bilateral talks at a summit in Riyadh in...
- The agreement identifies a two-month window to formally resume diplomatic ties severed seven years ago.
- It also includes vows for each side to respect the other's sovereignty and not interfere in the other's "internal affairs".
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Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...
Economy
Company News
Mubadala commits $1bn Blue Owl
Business
Latest News
UAE approves $52 billion federal budget for 2024-26
UAE Vice President Sheikh Mohammed bin Rashid Al Maktoum, who chaired a meeting of the cabinet where the budget was...
Economy
EV infrastructure company launched
PIF will own 75% in the Electric Vehicle Infrastructure Company.
Business
Most Read
Business
Saudi Arabia Railways launches hydrogen train tests
Riyadh, Saudi Arabia -- Saudi Arabia Railways (SAR) has announced the launch of hydrogen train tests in the Kingdom, following...
- The tests were launched following the signing of an agreement with the French company Alstom.
- It will conduct operational tests and studies necessary to prepare this type of train to fit the Kingdom's environment.
Geostrategy
MOCCAE and Tadweer sign MoU to launch ‘Waste to Zero’ initiative
Abu Dhabi, UAE -- UAE's Ministry of Climate Change and Environment (MOCCAE) and Abu Dhabi Waste Management Company (Tadweer) have...
- The initiative is part of the Year of Sustainability and UAE's preparations for hosting the Conference of the Parties COP28.
- The initiative aims to strengthen the UAE's role in leading global action and contribute to international efforts to achieve the 43% emission reduction target by 2030.
Business
Saudi Arabia’s cement sales fall by 8.5 percent in September
Riyadh, Saudi Arabia -- The aggregate sales of 17 Saudi cement producers decreased by 8.5 percent to 4.1 million tons...
- Locally, eight market players reported better sales, led by Al-Safwa Cement Co. with a 20 percent year-on-year (YoY) surge.
- Six companies exported 183,000 tons of cement in September. Saudi Cement led the way with around 128,000 tons of exports.