Saudi Arabia’s East-West pipeline shutdown puts 4% of global oil supplies at risk
Oman, meanwhile, postpones meeting with Gulf states and Iran on possible Strait of Hormuz agreements, Foreign Minister Badr Albusaidi said,...
Geostrategy
IRGC targets US sea drone as Hormuz traffic falls to single digits
The claim came a day after Iran said it had captured an unmanned US submarine drone, while the US military...
Geostrategy
Business
Emaar to pay $2.39bn dividend
The company had posted $19bn in property sales for 2024.
- Emaar’s revenue backlog from property sales exceeded AED110 billion (US$30 billion), supporting future revenue generation.
- Total revenue for 2024 reached AED35.5 billion ($9.6 billion), marking a 33 percent year-over-year increase.
Business
Aramco acquires stake in BHIG
The 50% equity interest in BHIG is Aramco-APQ joint venture.
- The agreement brings together experts in their respective fields to provide the Jubail Industrial City area with hydrogen, including lower-carbon hydrogen, at scale.
- BHIG is expected to commence commercial operations to produce blue hydrogen in coordination with Aramco's carbon capture and storage (CCS) activities in Jubail.
Business
ADNOC L&S okays $273m dividend
The final dividend of $136.5m will be paid on April 3.
- ADNOC L&S delivered exceptional financial growth, driven by strong market demand, strategic acquisitions, and operational efficiency, the company said.Â
- Revenue increased 29 percent year-on-year to over $3.5 billion (AED13 billion), while net profit rose 22 percent to $756 million (AED2.7 billion).
Business
DEWA okays $843m in H2 2024 dividend
DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.
- It reported consolidated full-year revenue of AED 30.98 billion and EBITDA of AED 15.73 billion for 2024.
- It said the consolidated annual revenue grew by 6.17 percent, primarily driven by rising demand for electricity, water, and cooling services.
Business
ADQ and US equity firm ECP to invest $25bn in data center energy projects
Dubai, UAE --Â Abu Dhabi sovereign wealth fund ADQ has partnered with the American private equity firm Energy Capital Partners...
- Though the partnership’s primary focus will be the USA, a portion of the capital may also be allocated towards opportunities in selected other international markets.
- Â The combined initial capital contribution from the partners is expected to amount to $5 billion.
Business
Dar Alarkan 2024 profit up 32%
The company's net profit increased by 81.5 percent in Q4 2024.
- Argaam reported that the company's revenue increased by 38.9 percent year-on-year (YoY) to SAR 3.75 billion in 2024 driven by higher real estate sales and rental income.
- The company attributed the increase to stronger sales revenue, supported by higher property sales, along with growth in rental income.
Geostrategy
How do GCC-Arab leaders look at the region’s future?
The bigger your vision, the bigger your achievement will be. Will you stumble on the way? Perhaps, but we cannot...
- Together we will continue building a better country, fulfilling our dream of prosperity, says Saudi Crown Prince Mohammed bin Salman.
- It is vital that the next generation looks for careers in the industries of the future, so is developing the capabilities and opportunities of our youth, says Sarah Al-Amiri
Geostrategy
Ukraine to propose sky, sea truce at US talks in Saudi: official
The talks on Tuesday will be the first Ukraine-US meeting since a White House blow-up between Zelensky and US President...
- In Jeddah, the port city close to Islam's holiest sites in Makkah and Madinah, dozens of Ukrainian and Saudi flags flew on a main roundabout near the airport and on thoroughfares.
- US Middle East envoy Steve Witkoff said Washington wanted to use the talks "to get down a framework for a peace agreement and an initial ceasefire as well".
Economy
UAE’s real GDP increases by 3.8% during first nine months of 2024
Dubai, UAE -- The UAE’s real GDP increased by 3.8 percent during the first nine months of 2024 compared to...
- This growth was driven by a strong expansion in non-oil sectors, which grew by 4.5 percent to AED 987 billion.
- The contribution of non-oil activities to real GDP reached 74.6 percent, highlighting the increasing role of these sectors in supporting economic growth.
Science
Japan puts world’s most accurate clock on sale for $3.3 million
The "Aether clock OC 020" is so precise that it would take 10 billion years for it to deviate by...
- Shimadzu is aiming to sell 10 of its clocks over the next three years and hopes its customers will use them to advance scientific research.
- Known as a "strontium optical lattice clock", it is 100 times more accurate than caesium atomic clocks, the current standard for defining seconds.
Saudi Arabia’s East-West pipeline shutdown puts 4% of global oil supplies at risk
Oman, meanwhile, postpones meeting with Gulf states and Iran on possible Strait of Hormuz agreements, Foreign Minister Badr Albusaidi said,...
Geostrategy
Company News
Bank of Sharjah profit up 39%
Business
Latest News
US pounds Iran as regional conflict reignites after attacks on American forces
Iranian authorities reported strikes in several southern provinces, including Hormozgan, Khuzestan, Bushehr and Fars, while residents reported explosions on the...
Geostrategy
Saudi mega-projects could generate 35% of power needs through on-site renewables
A BCG report says rooftop solar and decentralized renewable systems can lower electricity costs, reduce emissions and help developers meet...
Research
Big Tech faces AI spending test as earnings season gathers pace
The Magnificent Seven’s 5.7% fall last week shows that investors are no longer rewarding headline beats alone, they want proof...
Analysis
Most Read
Geostrategy
Meta ‘ignored’ teen safety warnings to boost Instagram profits
Lawyers for Tennessee said Meta researchers repeatedly warned company executives that some teenagers were using Instagram compulsively, contributing to eating...
- State lawyers cited internal documents saying notifications and infinite scroll conflicted with user well-being but claimed Meta never warned the public.
- Meta argued it has invested in safety tools and that protecting teenagers online requires parents, teachers and technology companies alike.
Geostrategy
Trump says US and Iran engaged in ‘friendly’ talks after strikes pause
Iran responded by warning the United States against targeting its commercial shipping and oil tankers, saying any such move would...
- Saudi Aramco reportedly suspended operations at the Abqaiq oil processing and stabilisation facility after a Houthi drone attack on Monday.
- Pakistan condemned the drone attacks on Saudi Arabia, calling them a grave threat to regional peace and reaffirming its support for the kingdom's sovereignty.
Business
UAE investors drive half of Sharjah property trade in first half
Dubai, UAE -- UAE investors accounted for more than half of Sharjah's real estate trading value in the first half...
- Women increased their presence across ownership and transaction activity, with younger investors recording particularly strong participation levels.
- Official report attributes investment growth to supportive legislation, urban development and expanding portfolio of quality real estate projects.