Economy
GCC states raise interest rates after Federal Reserve’s hike
Most of the GCC states have raised their key interest rates in the wake of the Federal Reserve's decision to...
- The impact of higher interest rates among Gulf oil exporters in 2022 has so far been limited
- The IMF said higher oil prices are likely to lead to fiscal surpluses and growing foreign reserves for Gulf economies, which will reduce the need for governments to borrow
Economy
UAE president, Biden meet virtually to discuss energy transition
The two leaders highlighted the just announced comprehensive UAE-US initiative to accelerate the energy transition.
- The two leaders highlighted the just announced comprehensive UAE-US initiative to accelerate the energy transition
- UAE president briefed Biden on the UAE’s funding and assistance for clean energy projects on six continents
Business
ADNOC and Siemens Energy to develop low-carbon energy certificates
Abu Dhabi, UAE---Abu Dhabi National Oil Company (ADNOC) and Siemens Energy AG today announced plans to pilot blockchain technology to...
- The the pilot will show how much CO2 was used to make products such as Murban crude, ammonia, and aviation fuels.
- This information will be automatically recorded onto a decentralized blockchain ledger.
Business
Americana to sell 30% stake in IPO
The company will list on ADX and Saudi Tadawul by Dec. 6.
- The company said it will sell 2.5 billion of its existing shares in the IPO, which expected to run from 14-21 Nov. for retail investors in the UAE and Saudi.
- The final offering prices will be determined after the book-building process.
Business
ADNOC Drilling awards $1.6 bn agreement
The award is aimed at upping lower-carbon-intensive production capacity.
- The award covers ADNOC’s onshore and offshore fields and will see an additional $750 million above guidance added to Oilfield Services (OFS) revenue, or $150 million per year.
- The contract award brings the total value of awards confirmed by ADNOC Drilling in 2022 to $8.85 billion.
Videos
Video: IMF echoes what TOP CEO Conference forecast about inflation in May 2022 – MENA growth may slow
Inflation has a significant cost-push pressure on cost of living and will impact the daily set of requirements of people...
- Inflation has a significant cost-push pressure on cost of living and will impact the daily set of requirements of people in the region, one of the experts had said at the event
- The MENA economies will continue to remain resilient this year, but double-digit inflation is expected to slow growth in 2023, the latest IMF report highlights
Economy
Saudi Arabia, Egypt discuss renewable energy cooperation
The two ministers also talked about the progress in the electrical interconnection efforts.
- The two ministers also talked about the progress in the electrical interconnection efforts
- They also discussed ways to improve cooperation between their specialized businesses
Business
Saudi Arabia and Finland to start air services and increase trade
Helsinki, Finland— Saudi Arabia and Finland have signed an agreement to regulate air transport and start air services between the...
- The memorandum aims to boost trade and raise the level of economic partnership between the two nations
- The agreement includes the organizational clauses related to transport rights, the plurality of designating national carriers, determining the number of regular flights
Business
e& posts 1.9% jump in profit
The telecom company's net profit vaulted to $680.5m in Q3.
- The telecom company said that its revenues surged to hit $3.54 billion
- Its subscribers in the UAE reached 13.3 million in Q3 2022, representing an increase of 11 percent over the same period last year
Business
40 Saudi, German companies discuss investment opportunities
The German delegation comprised companies working in the areas of water, training, education, infrastructure, industries, constructions and innovation.
- The German delegation comprised companies working in the areas of water, training, education, infrastructure, industries, constructions and innovation
- The two countries have an institutional base for their economic ties represented by the Saudi-German Joint Committee and the Saudi-German Business Council
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Company News
Latest News
48,616 firms register with Dubai Chamber of Commerce in January-September 2023
DUBAI, UAE – Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has...
Business
Saudi EXIM Bank, Obeikan AGC ink pact
Obeikan AGC Glass will have an export credit insurance policy.
Business
Dubai Customs logs 13% growth in transactions in first nine months of 2023
DUBAI, UAE – Dubai Customs has experienced a robust 13 percent increase with 21.6 million transactions during the first nine...
Economy
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Business
NBM’s board approves increasing Murabaha sukuk issue to $133m
RIYADH, SAUDI ARABIA - National Building and Marketing Co’s (NBM) board of directors approved an increase of Murabaha SAR-denominated sukuk...
- The move aims to boost the company's capital expansions and working capital, the company said in a statement.
- The sukuk issue was amended from a private placement to a public offering, the company said.
Geostrategy
Blinken calls on Israel to stop settler violence in West Bank: Report
Israeli settler violence has increased significantly since the outbreak of the ongoing Israeli genocide campaign in Gaza, rising from an...
- Blinken said there is urgent need for affirmative steps to de-escalate tensions in West Bank, which includes curbing settler violence
- Blinken’s comments came as Israeli occupation forces carried out raids in the occupied West Bank and continued its raids of several of Gaza’s major hospitals
Business
$5.8bn worth deals signed in first four days of Dubai Airshow 2023
DUBAI, UAE – Tawazun Council signed 16 deals, worth US$1.3 billion (AED 4.87 billion), with local and international companies on...
- The first day saw announcement of contracts worth US$1.2 billion and the second day US$1.8 billion
- The total value of contracts announced on third day stood at US$1.3 billion