INSEAD Day 4 - 728x90

Samsung biggest chip investor

The tech giant invested nearly $59.2bn in 2025.

flynas to set up new hub

Five destinations in first phase of operations.

AD Ports Group acquires CLI

CLI is Brazilian agri-bulk terminal operator.

$1.59bn Makkah project awarded

A consortium will develop two districts in the Holy City.

2PointZero posts profit surge

Growth driven by merger consolidation.

SABIC announces 16% H2 cash dividend

The dividend of $1.27 billion is payable on Mar 4, 2024.

Business

NEOM launches ‘Topian’ to ensure climate-proof agriculture in Saudi

NEOM, Saudi Arabia: NEOM, a mega-city project in Saudi Arabia characterized by futuristic urban planning and advanced technologies, Sunday announced the...

Business
Business

Abu Dhabi real estate transactions reach $21.12 billion in 2022

The emirate’s Department of Municipalities and Transport (DMT) said a total of 19,033 transactions were recorded during the year---9,010 sales...
  • Yas Island topped the list with transactions worth AED4.2 billion, followed by Al Reem Island (AED3.4 billion) and Saadiyat Island (AED3.1 billion).
  • These zones will be open to foreign investors, providing them with an extended range of investment opportunities.
Business

QFCA, AmCham Qatar sign MoU to boost bilateral trade

Doha, Qatar-- Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), and the...
  • Under the MoU, both parties will work to promote QFC as a financial and business platform for foreign financial investments.
  • They will also provide necessary support and facilities to American companies interested in doing business in Qatar.
Business

Aramco completes acquisition of Valvoline’s products business

Dubai, UAE-- Saudi energy giant Aramco has completed the acquisition of US motor and oil maker Valvoline's global products business...
  • The acquisition will help Aramco to enter the integrated, branded lubricants players
  • Valvoline Global Operations will continue to be headquartered in Lexington, Kentucky
Business

Green energy meets 80 percent of Abu Dhabi demand: EWEC

Abu Dhabi, UAE--- Emirates Water and Electricity Company (EWEC) has, for the first time, met 80 percent of total power...
  • EWEC supplied approximately 6.2 gigawatts (GW) of the total 7.7GW system power demand.
  • By 2030, EWEC aims to raise Abu Dhabi’s solar power generation to approximately 7GW and produce more than 90 percent of its water using reverse osmosis.
Business

ACWA signs $8.5 bn financing agreements with NEOM green project

Dubai, UAE--Saudi Arabian utility developer ACWA Power said Wednesday it has signed financing agreements for a total investment of $8.5...
  • NEOM Green Hydrogen Project is a joint venture between ACWA Power, Air Products and NEOM Company, with ACWA Power holding a 33.3 percent equity stake.
  • The total financing consists of $5.85 billion senior debt and $475 million of mezzanine debt facilities.
Business

Dubai records over $843 million in realty transactions

Dubai, UAE-- Dubai real estate market recorded deals worth AED3.1 billion ($843 million) on Wednesday, according to Dubai Land Department....
  • The deals included 598 sales transactions worth AED1.55 billion, in addition to 68 mortgage deals of AED1.48 billion on Thursday.
  • The sales included 547 villas and apartments worth AED1.13 billion, and 51 land plots worth AED421.05 million.
Business

Masdar to invest $1.2 billion in British battery strorage tech

Dubai, UAE—UAE’s renewable energy company Masdar will invest 1 billion pounds ($1.20 billion) in British battery storage technology, Reuters said....
  • Masdar bought UK-based battery company Arlington Energy last year.
  • In January this year, Masdar signed agreements with three Angola, Uganda and Zambia to develop renewable energy projects with a combined capacity of up to 5 gigawatts (GW).
Business

Iraq, OPEC’s second largest producer, imports oil products

Dubai, UAE-- Iraq has imported oil derivatives - gasoline, kerosene and gas oil - worth more than $5 billion in...
  • Iraq produces 4.58 million barrels per day and aspires to reach production of 6 million barrels by 2025
  • The total imported quantities of oil derivatives for 2022 increased by 60.43 percent compared to 2021
Geostrategy

US federal agencies given 30-day deadline to enforce TikTok ban

Office of Management and Budget director Shalanda Young in a memorandum called on government agencies within 30 days to "remove...
  • The ban does not apply to businesses in the United States not associated with the federal government, or to the millions of private citizens who use the hugely popular app.
  • However, a recently introduced bill in Congress would "effectively ban TikTok" in this country, according to the American Civil Liberties Union (ACLU).
Business

SABIC 2022 profit down 28%

The firms said margins will continue to be under pressure in H1.
  • The net profit of SABIC, which is one of the largest petrochemical companies in the world, after taxes was 16.5 billion riyals ($4.4 billion).
  • In a statement, SABIC said that its fourth quarter 2022 net income was 290 million riyals, 84 percent lower compared to Q4 2021.

SABIC announces 16% H2 cash dividend

The dividend of $1.27 billion is payable on Mar 4, 2024.
Business

Company News

Latest News

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...
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...
Business

Saudi Cruise signs pacts with leading firms

The agreements are aimed at boosting investment in Aroya Cruise.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

South Korean firms eyeing expansion in UAE’s oil and gas sector

Abu Dhabi, UAE -- Top executives from South Korean companies have affirmed that numerous firms are actively looking to expand...
  • Top executives told WAM that UAE has made significant strides in energy transformation in recent years and continues its relentless efforts to address the climate change fallout.
  • Kyle Moon, Deputy General Manager of Daeha company said ADIPEC enhances collaboration opportunities among policymakers and decision-makers.
Business

Central Bank of Oman foreign assets up by 27% by July end

Muscat, Oman -- Foreign assets at the Central Bank of Oman (CBO) grew by 27.4 percent to RO 6.855 billion...
  • Initial data issued by the NCSI showed that local liquidity stood at RO 21.362 billion, an increase of 4.9 percent compared to the corresponding period in 2022.
  • Total loans and financing in commercial banks and Islamic windows grew by 8.7 percent by the end of July 2023 to RO 30.272 billion, compared to RO 27.860 billion.
Business

Ducab bags 30 major contracts

The contracts were secured in the oil, gas and petrochemical sector.
  • The company said it had produced and supplied more than 10 billion meters of cable products in 2023 alone.
  • The company will be showcasing its advanced range of PetroBICC cables at ADIPEC.