Saudi investors witness 40% fall in US equities trading in Q3 2023
Riyadh, Saudi Arabia -- In the third quarter of 2023, Saudi investors engaged in sell and buy transactions on US...
Business
Arab meet calls for more investments in renewable energy
Speaking at the 12th Arab Energy Conference organized by the Organization of Arab Petroleum Exporting Countries (OAPEC), Qatar's Energy Minister...
Geostrategy
Business
SEC 2022 net profit $4 billion
The Saudi utility company will pay $774m cash dividend.
- The company said its total shareholders' equity increased by 2.2 percent to SAR 257.1 billion, from SAR 251.6 billion in 2021.
- The company, which is the Middle East's biggest utility company, said its revenue increased by nearly four percent to SAR 72 billion in 2022.
Business
TECOM to pay $54m cash dividend
The company paid a total of AED400m for H2
- The approved dividend is in line with the Group’s previously announced dividend policy of distributing AED800 million annually.
- The Group reported a revenue of AED1.97 billion, its highest in 22 years, and a 28 percent rise in net profit.
Business
Saudi PIF launches three initiatives to spur private sector growth
Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has announced three key initiatives aimed...
- Local Content Growth Program, called MUSAHAMA, seeks to increase the share of local content spend in PIF's domestic portfolio to 60 percent by the end of 2025.
- The Private Sector Hub initiatve is a dedicated channel that is now live and will share supplier and investment opportunities with the private sector.
Business
Bahri posts $277m net profit
The profit increased by more than 440 percent compared to 2021.
- The company attributed the increase in net profit to the increase in revenues—which rose by more than 60 percent to SAR 8.58 billion.
- In the oil transportation sector, Bahri's revenues have increased by SAR 2.01 billion, the company said in a bourse filing.
Business
Mashreq facilitated $15.5bn in sustainable finance since 2021: Official
Dubai, UAE -- Mashreq Bank, the oldest privately-owned bank in the UAE, has facilitated $15.5 billion in sustainable finance, Joe...
- The finance was facilitated between Jan 2021 and Dec 2022 in addition to wastewater treatment projects worth $1.36 billion.
- Mashreq has said it aims to increase the amount of sustainable finance that it facilitates to reach $30 billion by 2030.
Infographics
UAE, Qatar least corrupt Arab nations
The 2022 Corruption Perception Index says corruption is undermining democratic processes and fueling violence in the Middle East and North...
- The CPI ranks180 countries and territories around the world by their perceived levels of public sector corruption on a scale of 0 (highly corrupt) to 100 (very clean).
- With a score of 90 and 87 respectively, Denmark and Finland top the CPI, while Somalia and Syria hit rock bottom with a score of 13 and 12 respectively.
Business
Borouge to pay huge dividend
The company has paid a total of $975m in dividends for 2022.
- The final dividend will be distributed to shareholders in April 2023, and the company has committed to paying $1.3 billion in dividends for 2023.
- Borouge reported an increase of 8.2 percent in revenues to $6.7 billion and net profit for the year was $1.4 billion in 2022.
Business
Containers handled by Saudi ports increase by 7.76 percent in Feb 2023
Dubai, UAE -- Saudi ports handled 7.76 percent more containers in Feb 2023, compared to the same period last year,...
- Saudi ports received 100,903 passengers, an increase of 61.16 percent over the corresponding month in 2022, which recorded 62,611 passengers.
- Incoming containers increased by 5.95 percent to reach 193,937 containers compared to 183,051 containers in Feb 2022.
Business
Middle East fragrances market to hit $4.41 billion by 2027
Dubai, UAE -- The Middle East fragrances market is expected to reach $4.41 billion in 2027, from $2.85 billion in 2019,...
- Online sales market is expected to expand in the near future due to rapid growth in online and mobile user customer bases in emerging markets.
- Over the past couple of years, however, the traditional mass market fragrance business has witnessed a decline in its sales as customers seek more upmarket brands.
Business
OPEC Fund to provide $40m loan for Vietnam SME financing needs
Vienna, Austria -- The OPEC Fund for International Development (OFID) will provide a $40 million loan to Vietnam Maritime Commercial...
- The loan will support at least 80 local businesses, providing financing to meet critical needs to grow their businesses.
- Vietnam has more than 500,000 private firms, and more than 95 percent of these are micro and small enterprises,
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Saudi investors witness 40% fall in US equities trading in Q3 2023
Riyadh, Saudi Arabia -- In the third quarter of 2023, Saudi investors engaged in sell and buy transactions on US...
Business
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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...
Business
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...
Geostrategy
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...
Business
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Arts & Culture
Norwegian playwright Jon Fosse wins Nobel literature prize
Sometimes compared to Samuel Beckett, another Nobel-winning playwright, Fosse's work is minimalistic, relying on simple language which delivers its message...
- Fosse's writing is defined more by form than content, where what is not said is often more revealing than what is.
- Fosse's oeuvre, written in Nynorsk -- a written form of Norwegian used by 10 percent of the population -- spans a variety of genres.
Business
EWEC, Masdar sign purchase pact
Power to be purchased generated from UAE's Wind Programme.
- This strategic agreement will see EWEC procuring power from the UAE's utility-scale wind programme for the first time.
- Located at Sila, Sir Bani Yas Island and Delma Island, the wind power farms have a generation capacity of up to 99 megawatts.
Business
ADNOC to deploy UAE-made drones
ADNOC's partnership with EDGE Group aimed at cutting emissions.
- EDGE’s autonomous systems arm, ADASI, will repurpose its existing UAVs for ADNOC to deploy in its operations, to minimize emissions and enhance environmental performance.
- ADNOC has allocated an initial $15 billion (AED55 billion) to lower-carbon solutions, new energies and decarbonization technologies.