Oman’s revenues drop by 17 percent in nine months of 2023
Muscat, Oman -- Oman's revenues for the nine-month period of 2023 declined 17 percent to 9.8 billion riyals ($25.45 billion),...
Economy
Business
Mining, quarrying push Saudi Arabia’s IPI up 6.8% in Jan 2023
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index increased by 6.8 percent in Jan 2023, compared to Jan 2022,...
- The kingdom's General Authority for Statistics said the mining and quarrying activity increased by 3 percent year on year.
- The manufacturing activity increased by 19.2 percent, while the electricity and gas supply activity decreased by 3.4 percent.
Business
Saudi Arabia’s GDP grows 8.7 percent in 2022, reaches $1 trillion for first time
The growth rate is also the highest in the last decade, with crude oil and natural gas contributing 32.7%, government services 14.2%,...
- GASTAT said all economic activities achieved positive growth rates during 2022, with crude oil and natural gas contributing 32.7 percent.
- Non-oil activities increased by 5.4 percent during 2022, especially transport, storage and communications activities (9.1 percent).
Business
Al Ansari to sell 7.5m shares in Dubai’s first IPO for 2023
Dubai, UAE -- Al Ansari Financial Services, a remittance and foreign exchange services provider in the UAE, will be offering...
- The offering represents 10 percent of its total existing share capital. The size of the IPO could be amended any time before the pricing.
- The company expects to list and start trading on the Dubai Financial Market in April.
Geostrategy
Livelihoods destroyed as Lebanon fails to uphold right to electricity, says Human Rights Watch
Decades of unsustainable policies and fundamental neglect, capture of state resources by elites, alleged corruption, and vested interests cripple the...
- Lebanese people receive electricity for only one to three hours a day on average, while people who can afford it supplement that supply with private generators.
- The electricity crisis has exacerbated inequality in the country, severely limited people’s ability to realize their most basic rights and pushed them further into poverty.
Business
Ducab 2022 revenues up 19%
The company said the metal business alone grew by over 23 percent.
- The cable business increased by more than 9 percent during the same period, the company said.
- Ducab Group recently announced the opening of its new headquarters in the Indian city of Bengaluru.
Geostrategy
Francafrique a thing of past: Congo president gives Macron a reality check
Dubai, UAE – French President Emmanuel Macron faced embarrassing moments during a joint press conference with the Congolese President Felix...
- During a press conference, Macron lost cool, blaming Congo for its political crisis, but Tshishekedi reminds him of a former French minister's intrusive remarks.
- Congo has criticized France for its support to Rwanda which has been accused of supporting the Congolese rebel group M23 in the eastern part.
Business
Siemens bags long-term service contracts for Iraqi power plants
Abu Dhabi, UAE -- Siemens Energy has been awarded long-term service contracts for several Iraqi power plants to improve energy...
- These contracts represent the first portion of prioritized projects under the Iraq Energy Agenda – Wave II agreement, which was signed in Berlin in January 2023.
- As part of the prioritized packages, Siemens Energy signed three long term service contracts, for five years each, for the Al Sadr, Kirkuk, and Al Rasheed power stations.
Business
Jebel Ali Free Zone 2022 customer registrations highest in decade
Dubai, UAE -- DP World’s Jebel Ali Free Zone (Jafza) witnessed the highest customer registrations in a decade in 2022,...
- During the past 10 years, Jafza has seen a 13-fold increase in logistics customers, while the vehicle and transport segment saw a compound annual growth rate of 26 percent.
- The number of newly registered Chinese companies in Jafza saw a four-fold increase in 2022, indicating a post-pandemic, healthy demand from the Far East.
Business
ADIB to pay $462m cash dividend
The bank had posted a net profit of $985 million for 2022.
- This represents an increase from 31 fils per share in 2021 and constitutes 49.2 percent of the bank's net profit for the year.
- The bank posted a net profit of $985 million (AED3.62 billion) in 2022, a 55 percent increase from the previous year.
Business
Trafigura to receive $135m loan
The loan will support Trafigura's procurement from the UAE.
- ADEX contributed $125 million of the total facility to support Trafigura’s working capital needs, including exports of metals, minerals and refined hydrocarbons from the UAE.
- SMBC financed the remaining $10 million and undertook the facility agent and coordinator role.
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ADCB prices $650m green bond
Business
ADNOC to deploy UAE-made drones
ADNOC's partnership with EDGE Group aimed at cutting emissions.
Business
Value of Dubai realty deals up 40 percent in third quarter 2023
Dubai, UAE -- The value of real estate deals in Dubai increased by 40 percent to reach AED 97.55 billion...
Business
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Business
QatarEnergy awarded new Egypt offshore exploration block
Doha, Qatar -- QatarEnergy has been awarded a new exploration block offshore Egypt as part of the 2022 EGAS International...
- The block EGY-MED-E8 (East Port Said) was awarded to a consortium comprising of QatarEnergy (33 percent), ENI (Operator, 34 percent) and BP (33 percent).
- Qatar has a total of four offshore exploration blocks, including interests in Red Sea Block 3 and Block 4.
Business
Baker Hughes bags 400m ADNOC award
Baker Huhges will supply all-electric compression systems.
- The systems are meant for liquefaction of natural gas, to be powered by clean energy, for ADNOC's low-carbon LNG asset in the Al Ruwais Industrial City, Al Dhafrah.
- The LNG trains will comprise energy-efficient Baker Hughes technology, including compressors, driven by 75 MW electric motors.
Business
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
The Kingdom's production in the coming months November and December will be approximately 9 million barrels per day, the country's...
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
- That decision riled the United States, which at the time accused Saudi Arabia, a security partner, of siding with Russia in the war in Ukraine.