Iran and Russia to sign new contracts to develop oil, gas fields
Tehran, Iran-- Iran and Russia have agreed to sign new contracts on developing oil and gas fields, according to the...
Economy
Economy
Jordan and Cyprus to deepen energy, trade, tourism ties
Amman, Jordan-- Jordan and Cyprus are looking to boost cooperation in energy, trade, industry and tourism sectors in order to...
- Jordan's king and Cyprus president met at Al Husseiniya Palace, and discussed enhancing cooperation in various fields
- The king underscored the need to strengthen bilateral relations and cooperation, especially in energy, trade, industry, tourism
Economy
Jordan sees surge of investments to US$844.8m in first half of 2023
Amman, Jordan--Jordan’s economy has seen a 47.6 percent increase in investments in the first half of 2023, according to data...
- According to data, Jordan's aggregate investments amounted to $844.8 million in the first six months of the year, up from $571 million
- The results come close on the heels of the government's initiative to set up a plan to lure new funding streams and boost current ones
Business
Inma Holding profit tumbles
Its net profit fell 53.8% in H1 of 2023 to US$0.92m.
- Its earnings per share(EPS) declined to reach QR 0.059 as of 30th June 2023 versus EPS QR 0.128 for the same period in 2023
- The company posted a 61.7% jump in net profit in 2022, reaching $2.69 million in comparison to a net profit of $1.67 million
Economy
UAE’s real estate market remains strong in the first half of 2023: CBRE
Dubai, UAE--The UAE's real estate market has recorded a strong performance across all sectors in the first half of the...
- According to the CBRE report, the sector has benefitted from an expansion in the country's non-oil economy
- The report added that industrial and logistics sector has seen relatively strong levels of activity during the period
Economy
In Asia expansion push, Masdar to develop 2GW clean energy in Malaysia
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) and Citaglobal Berhad have signed a memorandum of understanding (MoU) for developing...
- The two companies will join hands to build projects across the renewable energy mix in the picturesque Malaysian state of Pahang
- Masdar sees Southeast Asia as a key investment destination, where it has already built the region's biggest floating solar facility in Indonesia
Economy
Oman inflation spikes 2.8% in 2022, pushing up food prices
Muscat, Oman-- Oman's inflation rate increased by 2.8 percent in 2022 as the consumers price index (CPI) registered 109.7 points...
- Food and non-alcoholic beverages prices went up by 5.2 percent, and housing, water, electricity, gas and other fuels also rose 1.1 percent
- The steepest increase was in the prices of oil and gas products, registering a growth of 44.1 percent, with non-oil products rising 3.8 percent
Business
KPC posts bumper profits
The oil firm and its subsidiaries posted a net profit of US$8.4bn.
- The oil company's CEO Sheikh Nawaf Saud Al-Sabah said that the profits were the highest in the past ten years
- He added that results were driven by the country's success in running new projects that raised output of crude oil
Business
Boursa Kuwait profit declines
It fell to US$25.6 million in H1 of 2023, a 21.4 percent drop.
- The stock exchange in a statement said that lower trading activity was responsible for the decline in the net profit
- Its Chairman Hamad Al-Humaidhi said that the bourse showed "remarkable resilience in adapting to market fluctuations"
Business
Ooredoo posts 20% profit rise
The net profit surged to US$493 million in the first half of 2023.
- It attributed the results to strong revenue growth, free cash flow, increased customer base and a lower CAPEX spend
- The company's earnings per share amounted to QR 0.56 as of June 30, 2023 versus earnings per share (EPS) QR 0.47 last year
Economy
Fire at substation in Iraq sparks nationwide power outage
Baghdad, Iraq--A fire at an electricity substation in southern Iraq triggered a nationwide power outage Saturday, authorities said, just as demand peaks...
- In spite of the country's vast oil reserves, Iraq continues to suffer from frequent power outages with its power grid incapable of meeting peak demand
- The electricity ministry said in a statement that the power grid experienced a total shutdown due to a fire that affected a transmission substation
Company News
ADCB, EIH sign agreement
Business
Latest News
ADX signs MoU with SZSE
Business
Global air travel reaches 99% of 2019 levels: IATA
IATA’s Director-General Willie Walsh said that international travel is 5.5% below pre-pandemic levels, but that gap is narrowing fast. "And...
Business
UAE and India sign MoUs to deepen ties in renewable energy, healthcare
Abu Dhabi, UAE--The UAE Ministry of Investment has signed three memorandums of understanding (MoUs) with India, setting out frameworks for...
Business
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Business
Dubai’s RERA signs MoU with Zand Digital Bank
Dubai, UAE--The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), signed a memorandum of understanding...
- The bank has been authorized by DLD to oversee real estate development escrow accounts and offer associated services
- The chief aim of the escrow account is to streamline the construction process for off-plan units, safeguarding the interests of investors
Business
Aldar to invest US$272m in logistics
The developer will expand business in Dubai, Abu Dhabi.
- It will acquire assets and develop ready-to-lease and build-to-suit options in response to strong demand for grade A logistics facilities
- In Dubai, Aldar has bought 7 central logistics hubs and an adjacent plot, which will almost double the current gross leasable area of 19,000 sqm
Geostrategy
GCC head and EU top diplomat review relations in Riyadh
Riyadh, Saudi Arabia--Jasem Mohamed Al Budaiwi, Secretary General of the Gulf Cooperation Council (GCC), and Josep Borrell, High Representative of...
- The two discussed the latest developments in regional and international arenas, including the Israeli war on the Gaza Strip
- Al Budaiwi noted the importance of collaboration and unity in efforts to halt the continuous Israeli attacks against Gaza