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
Alpha Dhabi posts $2.88bn profit
The net profit exceeded the Group's target of AED10 billion.
- Revenues hit AED 40.0 billion, which represents an increase of 114 percent
- The growth was driven primarily by strong contributions from the new acquisitions
Geostrategy
UN House to open in Doha during least developed countries’ summit
Doha, Qatar-- Qatar is preparing to inaugurate the UN House in Doha, on the sidelines of the fifth UN Conference...
- The house include offices for important international organizations, including the UN Children's Fund
- Since its accession to the UN, Qatar has been providing financial support to its affiliated bodies and entities
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
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Company News
ADCB prices $650m green bond
Business
Latest News
Mubadala, Petrobras sign MoU
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...
Business
Baker Hughes bags 400m ADNOC award
Baker Huhges will supply all-electric compression systems.
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...
Business
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Business
Saudi Cruise signs pacts with leading firms
The agreements are aimed at boosting investment in Aroya Cruise.
- It signed partnerships with the ICEway for IT services, SourceToad for software engineering and Otalio for property management systems on board ships
- In September 2023, Saudi Cruise announced cooperation with top-notch companies in the sector, MJM Marine and DE Wave for Aroya.
Business
ADNOC and Occidental to advance direct air capture project in UAE
Abu Dhabi, UAE -- ADNOC and international energy company, Occidental, announced today an agreement to undertake a joint preliminary engineering...
- They will undertake a joint preliminary engineering study for the construction of the first megaton-scale direct air capture (DAC) facility outside the United States.
- ADNOC said the study will assess the proposed one million tons per annum (mtpa) DAC facility to be connected to ADNOC’s carbon dioxide (CO2) infrastructure.
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.