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
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.
Business
EGA posts $2 billion profit
The Aluminum producer claimed 2022 results as its strongest ever.
- EGA said the adjusted EBITDA for 2022 was up 37 percent to a record $3.4 billion, compared to $2.5 billion in 2021.
- The company paid shareholders E$1 billion in dividend --,an interim dividend of $600 million in July and further $400 million at the end of 2022.
Infographics
Fewer GCC women achieve leadership roles
Young women in the MENA region are more likely to be in the workforce, while the GCC countries — particularly...
- A PwC survey last year found that a large group of younger women are more likely to go to work and remain in employment to fulfil their ambitions in MENA region.
- Saudi Arabia has witnessed a 35.6 percent increase in the women's economic participation. Still, the gender gap in leadership roles is huge.
Business
Dubai Land Department launches new feature to streamline procedure
DUBAI, UAE - The Dubai Land Department (DLD) has launched the Instant Sale feature, which utilizes smart evaluation technology in...
- The aim of the new feature is to streamline procedures and improve the experience of DLD's customers.
- The feature requires all parties to be present at the real estate registration trustee office to sign contracts.
Business
Majid Al Futtaim profit down 2%
The Group reported a 12 percent increase in revenue.
- Majid Al Futtaim Properties' revenue increased by 43 percent to AED 5.8 billion, while EBITDA grew 16 percent to AED 3 billion.
- Majid Al Futtaim Retail reported a 7 percent increase in revenue to AED 28 billion in 2022, driven by renewed consumer confidence.
Business
stc to sell stake in CCC
stc had in Jan signed sale and purchase pact with solutions.
- The company did not disclose the value of the deal that is expected to be closed in the second quarter of 2023.
- stc revenue exceeded $17 billion for the first time ever in 2022, reaching 67.43 billion riyals ($17.97 billion).
Business
SLG to build $54m facility
The facility will be constructed at Dubai Industrial City.
- Spanning 1.37 million square feet, the manufacturing and warehouse facility is set to open in 2025.
- The new facility will meet the demands of B2B and B2C customers across the GCC, African market and Southeast Asia.
Videos
Tough laws, quotas may plug GCC gender gap
Despite being the most educated demographic, women in the region have the lowest employment rates. it is crucial to incorporate...
- Experts say that at this pace, it will take Middle East and North Africa region more than 142 years to bridge the gender gap.
- While more companies are paying closer attention to Diversity, Equity and Inclusion issues persist in the GCC region.
Economy
Saudi ranks first in technical, vocational education enrollment
Riyadh, Saudi Arabia-- Saudi Arabia ranked first globally on the Global Knowledge Index 2022 in the percentage of students enrolled...
- The Index is issued by Mohammed bin Rashid Al Maktoum Knowledge Foundation in collaboration with United Nations Development Program.
- It provides reliable data to help countries and decision makers to understand and face the real transformations and challenges.
Most Read
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
Company News
Latest News
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
Most Read
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.
Business
ACWA Power signs $911 million water purchase agreement with DEWA
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) Tuesday signed a 30-year water purchaser agreement worth SAR 3.42 billion...
- The project is part of DEWA’s efforts to increase its water desalination capacity to 730 MIGD by 2030, from 490 MIGD at present. Â
- This project is the largest of its kind in the world for water production based on Sea Water Reverse Osmosis (SWRO) technology using solar energy. Â