AD Ports launches UAE-Iraq integrated logistics service
Dubai, UAE -- AD Ports Group has launched an integrated logistics service linking the UAE's Khalifa Port with Iraq's Umm...
Business
Saudi Arabia rises to 13th in global competitiveness rankings
The Kingdom ranked 13th out of 70 economies assessed in the annual report, improving from 17th place a year earlier...
Economy
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.
Business
flydubai net profit $572m
This is the carrier's strongest-ever performance.
- The company's total annual revenue settled at AED11.2 billion ($3 billion) compared to AED9.1 billion ($2.5 billion) in 2022, an increase of 23 percent compared to 2022..
- flydubai carried 13.8 million passengers across its network, an increase of 31 percent compared to 2022. The carrier took delivery of 13 new aircraft and ended 2023.
Economy
WTO meet in UAE to discuss decentralization of global supply chains
WTO Director-General Ngozi Okonjo-Iweala. told WAM that many global private-sector investors are currently focused on the 'China+1' model, pairing China...
- To build resilience, the private sector has to consider investing in developing countries with the right investment environment as they reshape their supply chains.
- Around 164 nations and trading blocs will participate in the Ministerial Conference, the WTO's top decision-making body, in Abu Dhabi from 26-29 Feb.
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AD Ports launches UAE-Iraq integrated logistics service
Dubai, UAE -- AD Ports Group has launched an integrated logistics service linking the UAE's Khalifa Port with Iraq's Umm...
Business
Company News
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Israeli strikes on Lebanon kill dozens
The strikes hit multiple areas, including parts of Beirut, with emergency teams struggling to reach casualties amid heavy congestion. The...
Geostrategy
Masdar, TotalEnergies $2.2bn venture to push renewable energy growth in Asia
Dubai, UAE -- Masdar and TotalEnergies have signed a binding agreement to establish a $2.2 billion 50/50 joint venture aimed...
Business
Geopolitics, risk aversion and crypto: Why this time may be different
Bitcoin has already endured five consecutive months of declines since reaching an all-time high of $126,500 in October 2025. February...
Opinion
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National Bonds reports record 2025 results as funds exceed $4.9 billion
National Bonds said it posted its strongest annual performance in two decades, with bondholders’ funds surpassing $4.9 billion in 2025....
- The company has distributed more than $1.09 billion in profits and rewards since inception.
- National Bonds said it has helped create 232 millionaires through disciplined savings programs.
Geostrategy
Countdown begins for NASA’s historic Moon mission
If successful, Artemis II will carry four astronauts on a lunar flyby, testing critical systems needed for future missions that...
- The launch window opens April 1 at 6:24 pm local time, with backup opportunities available through April 6.
- The crew — including three Americans and one Canadian — is in quarantine ahead of the mission, which will mark several historic firsts.
AD Ports records $564 million 2025 net profit
The company said revenue grew 20 percent year-on-year to $5.65 billion, while net profit increased 16 percent, supported by strong...
- The company said its customer base grew by nearly 20 percent in 2025, while spending by its top 10 customers rose around 40 percent.
- AD Ports also said it would raise about $1.25 billion through an asset monetization programme.