Qatar records real estate transactions worth $400 million in Nov
Doha, Qatar -- Qatar reported a total of 321 real estate transactions worth QR 1.46 billion ($400 million) in November...
Business
PureHealth offer price $0.89 per share
The IPO witnesses demand of over AED 265bn ($72.15bn).
Business
Business
October 2022 OPEC+ oil pact will stay the course, says Saudi energy minister
Riyadh, Saudi Arabia -- As uncertainty in the global economy is limiting clarity about the outlook for oil markets, the...
- Prince Salman said that sticking to the October agreement is the "sensible and only course of action” for OPEC and its allies.
- He said Saudi Arabia has proactively embarked on expanding our capacity to 13.3 million barrels a day by 2027.
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.
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Qatar records real estate transactions worth $400 million in Nov
Doha, Qatar -- Qatar reported a total of 321 real estate transactions worth QR 1.46 billion ($400 million) in November...
Business
Company News
Latest News
Minimum pension for Saudi social security beneficiaries up 20%
Riyadh, Saudi Arabia -- Saudi Arabia's King Salman bin Abdulaziz Al Saud Sunday issued directives on raising the basic minimum...
Economy
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
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Economy
Middle East economic growth to fall in 2023, says World Bank
WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall...
- The region’s gross domestic product is expected to fall to 1.9 percent in 2023 from 6 percent in 2022, due to oil production cuts.
- The decline in growth this year is expected to be more pronounced in the oil exporting countries of the Gulf Cooperation Council.
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.