Saudi Industrial Production Index increases by 3.4 percent in Nov 2024
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 3.4 percent in November 2024, compared to Nov...
Business
UAE aviation sector’s 2024 milestone: 1 million air traffic movements
Abu Dhabi, UAE -- The United Arab Emirates (UAE) achieved a milestone in the aviation industry as it surpassed 1...
Business
Business
$37.30 million Saadiyat Island penthouse sets new Abu Dhabi record
Abu Dhabi, UAE -- A three-bedroom penthouse at Nobu Residences on Saadiyat Island was sold for a record AED137 million...
- Aldar said the sale represents the highest price per square meter achieved in the emirate, at more than AED96,000 per sqm.
- The record sale of the Nobu Residences Abu Dhabi penthouse follows a recently sold four-bed duplex sky villa at the same development for AED130 million.
Business
ADNOC and SEFE sign agreement
ADNOC will supply 1 million mtpa of LNG to SEFE Singapore.
- The LNG will primarily be sourced from ADNOC’s lower-carbon Ruwais LNG project, currently under development in Al Ruwais Industrial City, Abu Dhabi.
- This is the second long-term LNG supply agreement from the Ruwais LNG project, following the 15-year agreement with China’s ENN Natural Gas in Dec 2023.
Business
50% of firms attracted to Dubai by DIC in 2023 Asian and Australian
Dubai, UAE -- Nearly 50 percent of the Multinational Corporations (MNCs) that opened businesses in Dubai during 2023 are based...
- Latin America and Europe, and the Middle East and Eurasia, accounted for 23.5 percent each of the total number of MNCs attracted during 2023.
- Companies from Africa represented 3 percent of the total number of corporations attracted by the chamber.
Business
ROSHN and Saudi cybersecurity organization partner on tech advancement
Riyadh, Saudi Arabia -- ROSHN Group, the PIF-owned giga-project and real estate developer, has signed a memorandum of understanding (MoU)...
- Both parties will develop joint initiatives aimed at enhancing the abilities of the Saudi IT and cybersecurity sectors.
- ROSHN will look to explore the use of drone technologies in its operations, and also participate in SAFSCP’s Bug Rewards Platform (Bug Bounty)
Business
SAIC net profit $39 million
The company's Board announces a dividend of $11.79 million.
- The company's fourth-quarter net profit increased 89.6 percent year-on-year (YoY) to SAR 38 million, from SAR 19.85 million in 2022.
- In a Tadawul filing, the company attributed the rise in net profit to sale of shares in associated companies and the sale of financial assets at fair value through profit or loss.
Business
UAE launches digital public consultation on tax implementation
Abu Dhabi, UAE -- UAE's Ministry of Finance (MoF) Friday launched digital public consultation to gather feedback from relevant stakeholders...
- The consultation will be open from 15th March 2024 to 10th April 2024, and accessible via the Ministry’s website or the UAE’s Government Portal.
- To familiarize stakeholders with the rules and to ensure informed feedback is received, the Ministry has issued a Global Minimum Tax briefing document alongside the consultation.
Business
Gulf Cooperation Council’s first UAE Bond ETF launched by Lunate Capital
Abu Dhabi, UAE -- The launch of Gulf Cooperation Council's first UAE bond Exchange Traded Fund (ETF), which will list...
- The Chimera JP Morgan UAE Bond UCITS ETF will track the performance of the JP Morgan MECI UAE Investment Grade Custom Index.
- The ETF will hold Investment Grade sovereign, quasi-sovereign and corporate bond issues with at least $500 million in face amount outstanding.
Business
Majid Al Futtaim net profit is $735m
The Group reported a 12% increase in EBITDA to $1.25 billion.
- MAF – Properties recorded a 20 percent YoY increase in revenue to AED 6.9 billion and 21 percent increase in EBITDA to AED 3.6 billion.
- The Group's net debt increased to AED 15 billion, primarily due to investments in working capital.
Business
Land transport of goods leads Saudi commercial registrations in Q4
Riyadh, Saudi Arabia -- Saudi Arabia witnessed a surge in commercial registrations across various business sectors in the last quarter...
- The resorts activity saw a significant 51 percent annual increase, reaching 3.37 million records by Q4 2023.
- Boutique hotels witnessed a surge of 74.4Â percent, with commercial records reaching 1.91 million by Q4 2023.
Business
Walaa posts $39m net profit
The insurance provider had suffered a loss of $18.15m in 2022.
- Walaa attributed the increase in net profit to insurance revenue of SAR 28.12 million in 2023 compared to a loss of SAR 119.9 million in 2022.
- In Q4 2023, the company recorded a net profit of SAR 45.3 million, against a net loss of SAR 11.41 million in the same quarter of previous year.
Saudi Industrial Production Index increases by 3.4 percent in Nov 2024
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 3.4 percent in November 2024, compared to Nov...
Business
Company News
Masdar acquires Saeta Yield
Business
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US considering Google breakup following monopoly ruling
The US Department of Justice (DOJ) made recommendations for Google’s search engine business practices on Tuesday, according to US media....
Business
ADNOC L&S to pay $136.5m dividend
This is equivalent to 6.78 fils per share, the company said.
Business
Oil prices at risk of further increases due to potential energy disruptions
Crude oil prices soared nearly 9% last week, marking the biggest weekly gain since March 2023, following a significant escalation...
Economy
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Economy
Crude could spike by US$20 on Iran oil shock
Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to...
- ...if Iranian production sees a hit resulting from Israeli retaliation, said Goldman Sachs
- Iran produces almost four million barrels of oil per day, an estimated 4% of the world’s supply.
Business
MGX participation confirmed in OpenAI’s US$6.6bn in new funding, valuing it at US$157bn
OpenAI has finalized a deal to receive US$6.6 billion in new funding from investors who valued the company at US$157...
- Backers expect OpenAI’s chatbot to become much more widely used and haul in huge profits
- MGX is targeting some of the world's biggest scale global technology investments
Business
Waldorf Astoria to open in Madinah by 2028
With more than 300 luxury rooms, three dining concepts, and various facilities, the hotel will merge global luxury with Madinah’s...
- Set to open in 2028, Waldorf Astoria Al Madinah will be located near the Prophet’s Mosque
- The new project will be a symbol of the Kingdom's aspirations