Saudi EXIM Bank signs MoU with Credit Oman to boost bilateral exports
Copenhagen, Denmark -- The Saudi Export-Import Bank (Saudi EXIM) participated as a sponsor of the TXF Global 2025 conference held...
Business
Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
Business
Geostrategy
IMF chief says Israel-Hamas war ‘devastating’ Palestinian economy
"The Palestinian economy's dire outlook is worsening as the conflict persists," managing director Kristalina Georgieva told the World Governments Summit...
- In the war-ravaged coastal territory, economic activity dropped 80 percent from October through December compared with a year earlier, the IMF chief said.
- The IMF now sees the economies of the region expanding 2.9 percent this year, a decrease of half a percentage point from its October forecast.
Business
Jordan, Tunisia to enhance trade, investment relations
AMMAN, JORDAN - The Chairman of the Amman Chamber of Commerce Khalil Haj Tawfiq has called on Jordanian and Tunisian...
- The trade between the two nations has seen significant growth over the past two years, with a notable balance in exports and imports.
- Trade volume over the last 10 months reached US$30 million, equally distributed between Jordan and Tunisia.
Business
Aldar net profit $1.19bn
Expanded investment and record development sales boosted profit.
- Aldar reported the highest-ever quarterly development sales of AED 8.5 billion in Q4, with full-year sales hitting a record AED 27.9 billion.
- Development revenue backlog doubled to AED 36.8 billion, providing strong income visibility over the next two to three years, Aldar said.
Business
Etihad Atheeb 9M profit $47m
Higher revenues from various segments boosted profit.
- Allowance for impairment in trade receivables and finance charges (FCs) declined during the same period, Argaam reported.
- On a quarterly basis, the telecom operator's third quarter leapt from SAR 47.9 million in Q2 2023/24.
Business
Emaar 2023 revenue at $7.3bn
Emaar property sales rose to US$ 11 billion in 2023.
- Emaar also achieved 63 percent growth in EBITDA, reaching US$4.4 billion (AED 16 billion) during 2023 as compared to 2022.
- This performance was supported by growth in tourism, a continued upward trend in retail sales and a consistent increase in real estate demand.
Business
UAB net profit grows 65%
Total assets grew 25% in 2023 on strong growth in loans, advances.
- UAB’s financial performance was aided by significant progress across the core businesses with total operating income recording a 15 percent growth.
- Total assets grew 25 percent year-on-year in FY 2023 to AED17.6 billion, driven by the strong growth in loans, advances, and Islamic financing.
Business
Presight net profit $155m
The net profit grew by 5.1 percent to $155 million.
- The company said the financial results were underpinned by major domestic project deployments throughout the year and more so in the last quarter of the year.
- Presight listed on the Abu Dhabi Stock Exchange on March 27, 2023, with an offering, excluding its corner stone investor, that was oversubscribed 136 times.
Business
Dubai Land Department records $172bn in realty deals in 2023
Dubai, UAE -- The Dubai Land Department (DLD) records an all-time high of 1.6 million transactions worth AED 634 billion...
- Real estate investments' value grew by 55 percent during the same period, reaching approximately AED 412 billion.
- There were 157,798 investments attributed to 113,655 owners, including 71,002 new investors, indicating a 20 percent increase.
Business
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
- The company said it successfully delivered on the five-year target it communicated to the market during its first Capital Markets Day in May 2019.
- The company recommended a dividend of $350 million for the second half of 2023.
Geostrategy
Halting funding to UNRWA perils Middle East stability: Arab League
Cairo, Egypt -- The potential termination of the UN Relief and Works Agency for Palestine Refugees in the Near East...
- According to the Arab League secretary general, "the desire of some countries to exclude the role of UNRWA by suspending its funding is a moral, humanitarian and security mistake."
- He said this "dangerous trend" is consistent with the position of right-wing parties in Israel, which have always sought and are still seeking to limit UNRWA's activities.
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Saudi EXIM Bank signs MoU with Credit Oman to boost bilateral exports
Copenhagen, Denmark -- The Saudi Export-Import Bank (Saudi EXIM) participated as a sponsor of the TXF Global 2025 conference held...
Business
Company News
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Masdar acquires Saeta Yield
Business
ADNOC signs deal with PETRONAS
Under the agreement, ADNOC will supply 1m tons of LNG per year.
Business
Saudi Arabia partners with World Bank to launch global knowledge hub in Riyadh
According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and...
Business
Aramco-Horse Powertrain deal completed
An agreement for the purchase of 10% equity stake was signed in June 2024.
Business
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Business
Saudi Arabia sets Guinness record for largest food cluster
Riyadh, Saudi Arabia -- Saudi Arabia has set a Guinness World Record for the largest food cluster in the world...
- Jeddah Food Cluster, which spans over 11 million square meters, has set a new global benchmark.
- MODON announced ambitious plans for the cluster, targeting investments of up to SAR20 billion and creating 43,000 job opportunities by 2035.
Geostrategy
Riyadh tripartite meet pledges to implement Beijing Agreement
Riyadh, Saudi Arabia -- The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement...
- They also reaffirmed their continued endeavor to consolidate neighborly relations between their countries through adherence to the Charter of the United Nations.
- China has affirmed its readiness to continue to support and encourage the steps taken by Saudi Arabia and Iran to develop their relationship in various fields.
Geostrategy
End of a love affair: news media quit X over ‘disinformation’
Paris, France -- News outlets have begun quitting X, formerly Twitter, once a favorite of global media but now accused of...
- Sweden's newspaper of reference, the left-liberal Dagens Nyheter (DN), on Friday became third major media outlet to stop publishing its articles on X.
- "Since Elon Musk took over, the platform has increasingly merged with his and Donald Trump's political ambitions," said editor-in-chief Peter Wolodarski.