IHC posts net profit of US$8.97bn
Its revenue jumped to US$16.33 billion, a rise of 17.9 percent.
Business
Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...
Economy
Economy
Jordan’s industrial producer-price index shoots up 2.59% in Q1 of 2023
Amman, Jordan-- Jordan's industrial producer-price index, which generally reflects supply conditions across the economy, climbed up 2.59 percent in the...
- The Department of Statistics attributed the upward trend to a 1.63% jump in the transformative industries price index and a 23.65% rise in the extractive industries price index
- It said the monthly decrease resulted from an 8.86% fall in transformative industries, and an 11.57% drop in electricity, and at the same time extractive industries shot up by 3%
Business
Oman and Etihad Rail Company signs MoU with Vale, Brazilian mining firm
Dubai, UAE-- Oman and Etihad Rail Company, the operator of the UAE-Oman Rail Network, has signed a memorandum of understanding...
- The signing of the agreement between the two will explore the possibility of transportation of iron ore between the UAE and Oman, linking it up with Vale's unit in Sohar Port
- According to Suhail Mohammed al Mazrouei, UAE’s Minister of Energy and Infrastructure, the agreement is in line with the country's desire to set up partnerships with big companies
Business
Telecom Egypt sells 162 million shares
The government sold a 9.5% stake for US$121.6mn.
- The North African country desperately needs privatization in order to meet a series of foreign debt obligations over the next few months
- When the two-part sale is complete, it will bring down the Egyptian government's stake in Telecom Egypt down to 70 percent from 80 percent
Geostrategy
Indo-Pacific needs comprehensive economic prosperity
"The UAE shares a vision with the European Union to achieve comprehensive economic prosperity in the Indo-Pacific," adds Al Kaabi...
- UAE’s Minister of State Noura Al Kaabi emphasizes global cooperation and growth opportunities at EU's Indo-Pacific Forum
- UAE shares a vision with the European Union to achieve comprehensive economic prosperity in the Indo-Pacific, she adds
Economy
QC exhorts Vietnamese firms to benefit from ‘investment climate’ in Qatar
Doha, Qatar--Qatar Chamber (QC) has urged Vietnamese companies to benefit from the investment climate in Qatar and the investment incentives...
- The investment ties between the two countries particularly in healthcare and pharmaceuticals have witnessed significant growth in recent years
- Qatar Chamber urged companies from Vietnam to take advantage of the incentives, infrastructure, economic legislation in Qatar to grow their businesses
Economy
Qatar Chamber chairman calls for ‘unified’ Gulf policy on purchase of food, medicine
Muscat, Oman--Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim Al-Thani has called for a unified policy for purchase of food...
- The chairman was speaking at a meeting between GCC ministers of commerce and heads of unions and chambers of commerce and industry in Muscat
- He said the region has been coping with a number of challenges posed by the Covid-19 pandemic and the ongoing war between Russia and Ukraine
Business
IsDB signs financing agreements worth US$5.4bn with 24 member countries
Jeddah, Saudi Arabia--The Islamic Development Bank (IsDB) Group has signed 77 financing agreements worth $5.4 billion with 24 member countries...
- The 77 agreements look to develop projects in sectors such as health, agriculture, food security, transport, energy, education, and humanitarian relief
- President of the IsDB Group said the discussion with the member states covered a range of development issues and the future of the IsDB Group
Business
Iran’s trade with six Arab countries climbs up to US$35bn in 2022-2023
Tehran, Iran--Iran's trade with six Arab states has vaulted to $35.11 billion in the fiscal year of 2022-2023, according to...
- Iran traded 58.25 million tons of goods worth $35.11 billion with Iraq, Kuwait, Qatar, the UAE, Bahrain and Saudi Arabia during the fiscal 2022-2023
- The Islamic Republic's top business partner among the Arab countries was the UAE, trading 24.35 million tons of goods worth $24.16 billion
Business
EU’s imports in high-tech products worth $524bn in 2022
BRUSSELS, BELGIUM - The EU imported US$524 billion (€482 billion) worth of high-tech products from extra-EU countries in 2022 (+22...
- In 2022, over half of the EU’s high-tech imports from non-EU countries came from China (US$199 billion) and the United States (US$99 billion).
- The most significant category of high-tech products imported from non-EU countries was electronics-telecommunications (US$219 billion).
Geostrategy
Saudi Arabia and Iran discuss ‘opportunities to develop and strengthen’ ties
Riyadh, Saudi Arabia-- Saudi Arabia and Iran have discussed ways to strengthen the ties between the two countries in a...
- The Iranian minister described the expansion of the Saudi-Iranian relations as a "win-win" development
- The two ministers met in Jeddah on the sidelines of the Islamic Development Bank Group's conference
IHC posts net profit of US$8.97bn
Its revenue jumped to US$16.33 billion, a rise of 17.9 percent.
Business
Company News
Aramex Q3 net profit down
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Yahsat net profit up
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Agthia Group revenue soars
Business
Bahrain and Germany look to boost cooperation in health sector
Manama, Bahrain-- Bahrain and Germany have held discussions to boost ties in the health field as the two countries seek...
Business
EU clinches ‘historic’ deal on AI law after long negotiations
The EU's internal market commissioner, Thierry Breton. called the deal as historic, regulating artificial intelligence models such as ChatGPT. Negotiators...
Business
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Economy
Saudi Arabian GDP declines by 4.4 percent in Q3 2023
RIYADH, SAUDI ARABIA - Saudi Arabia’s real gross domestic product (GDP) fell by 4.4 percent year-on-year (YoY) in the third...
- The Kingdom’s GDP at constant prices reached US$191 billion (SAR 719.09 billion) in the third quarter of 2023,
- The real seasonally adjusted GDP eased 3.2 percent quarter-on-quarter (QoQ) in the three-month period.Â
Business
Iran-Russia trade surges 18 percent to US$1.7 billion in 2023
Tehran, Iran--Trade between Iran and Russia has climbed 18 percent to US$1.7 billion in the first eight months of 2023....
- Jumping more than 40 percent up, the weight of trade between Iran and Russia was 3,748 million tons from March to November
- Iran revealed that $616, 326 million worth of goods were exported to Russia, which shows 32% increase compared to the same period last year
COP28 UAE
Egypt to sign agreement on curbing methane emissions
Abu Dhabi, UAE--Egyptian Petroleum Minister Tarek el Molla announced an agreement on laying down a detailed road map for cutting...
- The agreement as per media reports will be signed by the the United States Trade and Development Agency (USTDA) within the framework of the COP28
- The minister said that Egypt supported green hydrogen projects in order to promote North African country's drive to become a green hydrogen regional center