ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
Business
Etihad unveils new A321LR aircraft
A321LR features First Suite - a private, enclosed space with a sliding door.
Business
Business
SALIC buys 9.2 percent stake in LT Foods
The deal follows the acquisition of 30% stake in Daawat
- The deal follows the acquisition of 30% stake in Daawat, an LT Foods subsidiary
- LT Foods delivers rice and rice-based food brands in more than 60 countries
Business
ENOC, IHI sign low-carbon ammonia and hydrogen supply chain agreement
Green ammonia, which can be achieved by combining and reacting green hydrogen and nitrogen at high temperatures and pressures, can...
- The produced fuel will be exported to Japan and supplied within the UAE and across the region for bunkering and other purposes.
- It aligns with Dubai’s Clean Energy Strategy 2050 and the UAE Energy Strategy 2050 to meet the country’s economic requirements, ENOC said.
Economy
Saudi Ports register 15% growth in October container activity
Container throughput the Kingdom's ports continued its upward year-on-year movement during October 2022, soaring to 694,517 twenty-foot equivalent unit at...
- Growth remained the dominant trend across most cargo categories.
- Optimizing operational efficiency and attracting big-ticket investments have remained a major focus for the Saudi Ports Authority.
Business
Air Arabia Q3 net profit $113m
The profit rose by 99 percent compared to Q3 2021.
- In the same period, the airline posted a turnover of AED1.6 billion, a 100 percent increase compared to the same quarter of last year.
- The Airline said that more than 3.9 million passengers flew with Air Arabia Group between July and September 2022 across the carrier’s six hubs.
Business
Private school operator Taaleem offers 25 percent stake in IPO
Taleem set the price range at AED2.95 ($0.80) and AED3 per share, implying a market capitalization at time of listing...
- The final offer price is expected to be announced on 18 Nov. 2022. Listing of the shares and trading on DFM is expected to begin 29 Nov. 2022.
- The company is seeking to raise total capital of $204 million from the IPO, whose net proceeds will be used to expand its premium K-12 segment, Taaleem said in a statement.
NEOM has a strict data and information security strategy: CEO
Eng. Al-Nasr called for developing new and innovative ways to confront escalation in cyber-attacks and address them quickly.
- Eng. Al-Nasr called for developing new and innovative ways to confront escalation in cyber-attacks and address them quickly
- He called for finding and providing technical security solutions that give access to the best possible safe environment for users of the futuristic city’s technologies
Business
Burjeel’s nine-month net profit $55.83m
The company's revenue grew 17.8 percent year on year.
- The company said the net profit increased mainly due to the Group’s service mix "delivering improved yield and utilization across the network".
- The company raised AED1.1 billion ($299.49 million) after offering a 11 percent stake in an IPO, which was oversubscribed 29 times to over AED32 billion.
Business
e& commits to net-zero operations by 2030
The global technology and investment conglomerate pledged to achieve net-zero for Scope 1 and 2 emissions.
- The global technology and investment conglomerate pledged to achieve net-zero for Scope 1 and 2 emissions
- It will focus on reducing its carbon footprint through improving energy efficiency and sourcing renewable energy among other initiatives
Economy
S&P says GCC economies to get a boost from Qatar World Cup
Dubai, UAE— The economies of the Gulf Cooperation Council will likely receive a boost from the FIFA 2022 World Cup,...
- Dubai, according to the report, would benefit the most outside Qatar because of its proximity, tourism industry, airline connections and multiple-entry tourist visa provisions
- According to S&P rating estimates, Qatar's real gross domestic product growth in 2022 will be 4.8 percent, a sharp increase from 2021
Business
Agthia’s profit rises by 14%
The food firm's revenue shot up to $260 million in Q3.
- Its net profit was up 14 percent to $11 million during Q3 of 2022
- Agthia lasty year also acquired Egypt’s meat producer Atyab as it seeks to expand in the country’s consumer packaged goods industry
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
Business
Company News
Mawani, SGP ink US$266m pact
Business
Latest News
Mideast ministers met with Joly, Trudeau in Ottawa to discuss Israel-Hamas war
OTTAWA, CANADA — A group of foreign ministers from the Palestinian Authority, Saudi Arabia and Turkey met Canadian Foreign Affairs...
Geostrategy
Israel must be held accountable for its actions, says Palestinian PM
DOHA, QATAR - Prime Minister of Palestine Mohammad Shtayyeh called for holding Israel accountable, imposing sanctions and not allowing it...
Geostrategy
Russia’s Putin offers assistance in Gaza Strip de-escalation
MOSCOW, RUSSIA - Russian President Vladimir Putin has offered assistance in helping to deescalate the tense situation in the Gaza...
Geostrategy
Most Read
Geostrategy
IMF, UAE, other countries meet on anti-money laundering, counter terrorism financing
ABU DHABI, UAE - International Monetary Fund (IMF), in collaboration with the UAE Executive Office of Anti-Money Laundering and Counter...
- Participants from 15 countries and organizations took part in the meeting.
- They agreed on strong collaboration among AML/CFT supervisory agencies.
Business
Dubai faces warehouse shortage, says new report
DUBAI, UAE — The supply of under construction warehouse stock in Dubai’s industrial market stands at 1.56 million square feet according...
- The report says that demand is outstripping supply and occupiers are faced with the prospect of leasing more secondary stock.
- Across the six primary submarkets tracked by Knight Frank in Abu Dhabi, rents have remained unchanged thus far during H2.
Geostrategy
Arab world to be center for global change in 2024, says Russian intelligence chief
MOSCOW, RUSSIA - The chief of Russia’s foreign intelligence service, or SVR, believes the Arab world will take center stage...
- The Russian official said that the change has manifested itself in strong, sovereign leaders coming to power in a number of Arab countries.
- The rapid growth of anti-US and, more broadly, anti-Western sentiment in the region is one of the outcomes of this change, he said.