Mubadala Energy makes gas discovery
This is the company's second successful well in the Andaman area.
Business
King Abdulaziz International Airport top Saudi performer in November
Riyadh, Saudi Arabia -- King Abdulaziz International Airport in Jeddah, King Fahd International Airport, Abha International Airport, Al-Ahsa International Airport...
Business
Business
Villas, apartments constitute bulk of $626m Dubai realty deals
Dubai, UAE -- Dubai real estate market recorded real estate deals valued at more than AED2.3 billion ($626 million) on...
- The deals included a total of 434 sales transactions worth AED1.83 billion, in addition to 86 mortgage deals of AED426.46 million, and 139 gift deals amounting to AED123.6 million.
- The sales included 395 villas and apartments worth AED944.57 million, and 37 land plots worth AED889.15 million.
Business
ADNIC to pay $62m dividend
At its Annual General Meeting, ADNIC okayed 40% dividend.
- The company’s gross written premiums increased by 20.1 percent to AED5.13 billion ($1.39 billion), compared to AED4.27 billion ($1.16 billion) for the same period in 2021.
- ADNIC's net underwriting income was AED490.9 million ($133 million), compared to AED491.9 million ($134 million) for the same period in 2021.
Business
Tabreed to pay record dividend
Dividend of 13.5 fils per share highest ever in company's history.
- The dividend marks an increase of 1.5 fils per share on the 12 fils per share equivalent paid to shareholders in 2022.
- Tabreed said it added nearly 55,000 refrigeration tons of new connections in the UAE and across the region.
Business
Bahrain central bank treasury bill issues’ value reaches $5.3 billion
Manama, Bahrain – The Central Bank of Bahrain (CBB) has issued treasury bills with a maturity period of 12 months....
- The issue date of the bills is 23 March 2023 and the maturity date is 21st March 2024.
- With this issue, the total outstanding value of government treasury bills reached BD2 billion ($5.3 billion).
Business
Emirates NBD arranges sukuk
The inaugural $600m sukuk saw orders of over $2.2 billion.
- The profit rate was tightened by 30 basis points to 5.85%, at a spread of 185 basis points over US treasuries due to the robust order book.
- Middle Eastern investors received 80 percent of the sukuk allocation, Emirates NBD said.
Infographics
UAE GDP growth likely to drop 0.9% in 2023
International Monetary Fund predicts economic growth in the Middle East and North Africa will fall to 3.2% this year from...
- The International Monetary Fund projects that global growth will fall to 2.9 percent in 2023 but rise to 3.1 percent in 2024.
- Global inflation is expected to fall to 6.6 percent in 2023 and 4.3 percent in 2024, still above pre-pandemic levels, the Jan 2023 forecast said.
Business
ACWA Power to invest $2.5bn in Uzbekistan green energy projects
Dubai, UAE -- Saudi ACWA Power has signed three power purchase agreements and investment agreements valued at $2.5 billion with...
- In August 2022, ACWA Power committed $10 billion of new investments in the next five years in addition to the already committed $5 billion.
- Uzbekistan’s aims to generate 35 percent of its electricity (15,000 MW) from renewable sources by 2030.
Business
24 firms join Dubai International Chamber’s Kazakh mission
Dubai, UAE -- A total of 24 companies headquartered in Dubai, representing 16 economic sectors, have attended a business forum...
- Astana in Kazakhstan was Dubai International Chambers' second destination under its New Horizons Mission to Central Asia.
- The Mission is aimed at driving the international expansion of Dubai businesses into new select markets.
Videos
Dubai’s tech sector gains greater popularity
Dubai boasts a thriving community of startup incubators and accelerators, as well as regulatory sandbox schemes for the development and...
- The city tops the list for foreign direct investment (FDI) and technology transfer in startups, AI and robotics sectors.
- UAE's strategic location between Asia, Africa, and Europe is one of the key reasons Dubai is a desirable destination for both tech startups and global tech giants.
Business
Arabian Drilling posts profit
The company posted a 23% increase in revenue.
- The capital expenditure rose materially by 606 percent with a total spending of SAR 1.7 billion.
- The company said the "strong cash position" achieved in 2022 was driven by the proceeds generated from the IPO of SAR 872 million
Mubadala Energy makes gas discovery
This is the company's second successful well in the Andaman area.
Business
Company News
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Qatar signs joint cooperation agreements with IMF on SDRs
Dubai, UAE - Qatar has signed two agreements with the International Monetary Fund (IMF) on its contributions towards IMF's poverty...
Geostrategy
Jarir’s 9M profit down marginally
The fall was attributed to an increase in non-operating expenses.
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...
Business
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Business
SIRC and Edama sign partnership
They will create a joint company to upgrade organic waste recycling.
- The joint project will help in meeting the challenge of sustainable waste management and contribute to creating a national circular economy.
- The project will provide a solution to the challenges faced by the Saudi Green Initiative (SGI) in its mission to plant 10 billion trees.
Business
Silal acquires stake in SAFCO
SAFCO Group is a food and beverage distributor in the UAE.
- Last year, Silal, in collaboration with Hoogendoorn, one of the world’s innovators in horticulture, launched the Digital Agronomy Service.
- The Service saw deployment of IoT sensors in 100 farms over the course of 2022.
Arts & Culture
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...
- The event is themed 'Traditional Najdi Architecture,' and will bring together expert designers, engineers, architects, and specialists in ancient architectural styles.
- The gathering will feature a display of valuable documents and books that shed light on Najdi architecture, history, society, and culture.