Finland’s Vaisala to equip Kuwait airport with observation system
Kuwait City, Kuwait -- The Directorate General of Civil Aviation (DGCA) of Kuwait has inked a KD 6.7 million ($21.7...
Business
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".
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.
Company News
Investcorp sells stake in Safari
Business
Latest News
Mubadala commits $1bn Blue Owl
Business
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...
Arts & Culture
ADNOC Drilling to pay $358m dividend
The company's H1 revenue increased by 13% to $1.4 billion.
Business
Borouge signs supply pact with NPCC
Borouge will also supply critical materials for UAE energy projects.
Business
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Geostrategy
Saudi Arabia unveils roadmap to achieve 10-billion tree target
Riyadh, Saudi Arabia -- Saudi Arabia has unveiled an ambitious roadmap to achieve its monumental goal of planting 10 billion...
- The roadmap outlines a plan for Saudi Arabia's various habitat zones to achieve maximum vegetation coverage.
- By 2030, the initiative aims to plant over 600 million trees, rehabilitating approximately 3.8 million hectares of land.
Business
Al Etihad Payments partners with NIPL to develop UAE Domestic Card Scheme
ABU DHABI, UAE – Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), and...
- To be launched in early 2024, the card scheme will aim to facilitate the growth of e-commerce and digital transactions in the UAE.
- It will bolster financial inclusion, support the nation’s digitization, increase alternative payment options and enhance the UAE’s competitiveness.
Economy
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...
- The UAE cabinet also announced the formation of the Financial Stability Board, led by Sheikh Mansour bin Zayed Al Nahyan, to fortify financial stability.
- This government also announced establishment of the Emirates Pharmaceutical Corporation to serve as the official regulatory body for medical and pharmaceutical products.