Chief Economists warn global growth under strain from trade policy shocks and AI disruption
The global economic outlook has worsened since the start of the year, as rising economic nationalism and tariff volatility fuel...
Economy
Business
Aramco signs $6bn purchase agreements with local suppliers
Dhahran, Saudi Arabia -- Energy giant Saudi Aramco Tuesday announced that it has signed 40 corporate purchase agreements worth $6...
- The new purchase agreements cover companies in multiple sectors and include the supply of a variety of products, including strategic goods.
- In the same context, Saudi Aramco signed two memorandums of understanding with strategic partners to cooperate in the field of localization and supply chain development.
Business
Mashreq closes $88m loan
The one-year syndicated term facility was closed for Agrobank.
- Mashreq acted as sole coordinator, initial mandated lead arranger, bookrunner, and facility agent for the deal.
- Marking a debut transaction for an Uzbekistan state-owned bank in the MENA region, the facility was oversubscribed by 75 percent.
Business
Maaden net profit falls 83%
The company's fourth-quarter net profit declined 12% YoY.
- The net profit decreased due to a decline in sales (by 27% YoY from SAR 40.27bn to 29.27bn) on the back of lower commodity market prices of all products except gold.
- Net profit was also impacted by higher finance cost due to increased borrowing rates and lower share of profit from joint ventures on the back of lower commodity market prices.
Business
SABIC AN profit falls 64%
The company had posted a profit of $2.67 billion in 2022.
- The company attributed the profit decline to lower revenue, which fell by 42 percent year-on-year (YoY) due to a 43 percent drop in average selling prices.
- The fourth-quarter net profit slumped 55 percent to SAR 977.91 million from SAR 2.16 billion in the prior-year period.
Geostrategy
Ghobash: WTO meet to make difference in people’s lives
Abu Dhabi, UAE -- The Abu Dhabi Session of the Parliamentary Conference on the World Trade Organization (PCWTO) was inaugurated...
- He added that implementing such agreements promotes hope globally that world nations are capable of going beyond geopolitical barriers to make a tangible impact
- The Abu Dhabi Session of the PCWTO saw the attendance of a number of ministers and nearly 300 parliamentarians.
Business
Dubai Customs records 44% increase in declarations in 2023
Dubai, UAE -– Customs declarations processed by the Inland Customs Centers Management of Dubai Customs increased by 44 percent, reaching...
- The cleared goods' total weight last year was 6 million tons, a 20 percent increase from 2022's 5 million tons.
- The Inland Customs Centers also processed 238,149 Vehicle Customs Cards (VCC), and the number of licensed companies operating in Ducamz reached 396.
Business
Jordan, Oman chambers eye enhancing trade ties, cooperation
AMMAN, JORDAN – Jordan Chamber of Commerce (JCC) and Oman Chamber of Commerce and Industry on Saturday discussed enhanced cooperation...
- Participants stressed the need to seize economic opportunities in Jordan and Oman. .
- The two sides agreed to forge robust commercial relations and remove hindrances.
Economy
Gulf economies to outpace global forecast for 2024: FAB report
Abu Dhabi, UAE -- The economies of the UAE and Gulf countries will outpace the global forecast for 2024, helped...
- FAB sees UAE’s GDP expanding 3.7% in 2023 and 4% in 2024, and the GCC’s by 3.4% in 2024, higher than the IMF’s global forecast of 3.1% and 2.1% for the United States.
- FAB’s outlook notes that the GCC region continues to be supported by strong growth in non-oil GDP, with 3.4 percent expected in the medium term.
Business
UAE, Kenya finalize Comprehensive Economic Partnership Agreement
Abu Dhabi, UAE -- The United Arab Emirates and Kenya have concluded negotiations on a Comprehensive Economic Partnership Agreement that...
- The CEPA will have significant positive impact on accelerating investment flows in high potential areas such as logistics, healthcare, travel and tourism.
- Foreign trade remains the cornerstone of the UAE’s economic agenda. In 2023, the UAE’s non-oil trade in goods reached an all-time high of $710 billion.
Business
Saudi Arabia’s PIF to acquire stake in Binladin Group: Report
Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) intends to acquire a stake in Saudi Binladin Group (SBG), Bloomberg...
- The PIF is considering acquiring part or all the 36 percent stake owned by the ministry of finance.
- The fund is working with Morgan Stanley on the potential deal to buy into SBG, Argaam reported, citing reports.
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Company News
PIF sets up sarcc company
Business
Latest News
SHUAA okays MCB tranches
The two tranches will be converted into equity at the earliest opportunity.
Business
Mubadala acquires stakes from GHH
It acquired an 80 percent stake in Global Medical Supply Chain.
Business
AD Ports Group secures $2.125 billion refinancing deal
The move aims to optimize financing costs.
Business
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Geostrategy
Coal use at record high in 2024, the world’s hottest year: IEA
Paris, France -- World coal use is set to reach an all-time high in 2024, the International Energy Agency said Wednesday,...
- China drives global coal demand to new heights, consuming 4.9B tons in 2024—over 30% more than the rest of the world.
- The IEA's "Coal 2024" report predicts the world will hit peak coal in 2027 after topping 8.77 billion tons this year.
Business
ADNOC Drilling closes JV
It is a JV between ADNOC Drilling, SLB and Patterson UTI.
- ADNOC Drilling holds a 55 percent majority equity stake, SLB, the world's largest oilfield services provider, holds a 30 percent equity stake and Patterson-UTI 15 percent.
- Turnwell announced the acceleration of its initial 144 unconventional wells earlier this year, following the successful operational startup.
Business
World’s rarest coffees to be auctioned for first time in Dubai
Dubai, UAE -- Coffee aficionados and industry leaders will converge in Dubai this February at World of Coffee (WOC) Dubai...
- Some of the rarest coffees in the world include Black Ivory from Thailand, which sells for approximately $1,500 per kg.
- The coffee industry has experienced a significant rise in value and demand, with coffee prices reaching a 47-year high.