King Abdulaziz International Airport top Saudi performer in November
Riyadh, Saudi Arabia -- King Abdulaziz International Airport in Jeddah, King Fahd International Airport, Abha International Airport, Al-Ahsa International Airport...
Business
GCC region’s non-hydrocarbon growth momentum strong: IMF
Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...
Business
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.
King Abdulaziz International Airport top Saudi performer in November
Riyadh, Saudi Arabia -- King Abdulaziz International Airport in Jeddah, King Fahd International Airport, Abha International Airport, Al-Ahsa International Airport...
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.