ADNOC’s listed companies post over $2.3 billion net profit in first quarter
Abu Dhabi, UAE -- ADNOC Group's publicly traded portfolio companies combined to deliver over $2.3 billion (AED8.4 billion) in first...
Business
Business
DFSA signs agreement with Bangladesh SEC
DUBAI, UAE - The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the Bangladesh Securities...
- The MoU was signed by Chief Executive of the DFSA Ian Johnston and Chairman of the BSEC Professor Shibli Rubayat Ul Islam Friday in Dubai.
- The agreement provides a framework for facilitating cross-border collaboration between the two bodies on supervision and enforcement actions.
Videos
GCC’s two biggest trade allies are Asians
As the US is apparently pulling away from the Middle East, the cooperation between the Gulf and Asian regions is...
- Experts believe the US is pulling back from the Middle East and shifting its attention and resources to the "priority theatre" of the Indo-Pacific.
- But as the world recovers from the Covid-19 pandemic, the GCC countries are expected to play a more significant role in the ongoing Asianization of the global economy.
Business
QGIRCO posts Q3 net profit of US$1.1m
Firm's Q3, 2022 profit fell compared to Q3 in 2021.
- The company's data indicated that the earnings per share amounted to $.01 in the third quarter of this year,
- The company's earnings per share was $.02 for the same period last year.
Business
Amanat Holdings buys 60% stake in HDC for US$58m
HDC provides special education and care services in S Arabia.
- HDC has a presence across six provinces of Saudi Arabia and caters to over 3,000 beneficiaries.
- It has a network of nine schools, 22 daycare centers and specialized rehabilitation medical clinics.
Arts & Culture
Saudi culture ministry provides training in UNESCO program
Under its recently announced Experts Program, the Saudi Ministry of Culture has provided an intensive leadership training course for Man...
- MAB is an intergovernmental scientific program that seeks to enhance the relationship between people and their environments through natural and social sciences.
- Delivered in partnership with the UNESCO Regional Bureau for Science in the Arab States, the course brought together 17 local and international participants.
Business
Borouge Q3 profit $308m, paid $325m dividend in October
The company reported a 13.5% increase in revenue to $5.13 billion for 9M.
- Overall production capacity grew by 7.9 percent year-on-year as the ramp-up of the PP5 plant was completed.
- Adjusted EBITDA for the nine months declined by 3.6 percent to $2.10 billion due to globally elevated logistics and material costs, Borouge said.
Business
Ma’aden among top 3 buyers of carbon credits
Saudi Arabian Mining Company (Ma’aden) is one of the largest purchasers of carbon credits from the first MENA Voluntary Carbon...
- The auction offered high-quality CORSIA-compliant and Verra-registered carbon credits, with 15 Saudi and regional entities participating in the sale.
- The carbon auction is the largest in the world.
Economy
PIF to deploy spending to develop innovative sectors in kingdom
Riyadh, Saudi Arabia--Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has launched a program that will leverage its...
- The Local Content Growth Program will targets Fund’s goal of increasing to 60 percent its contribution and the contribution of its affiliates towards the Saudi economy by 2025.
- The Program also includes a Local Content Policy, in which PIF’s portfolio companies will encourage and support local products and services.
Business
Multiply Group reports $2bn in net profit for Q3 2022
The Group's Q3 2022 figures showed revenue of $29 million and gross margin of $38 million.
- The Group's Q3 2022 figures showed revenue of $29 million and gross margin of $38 million
- The quarter saw continued sustainable growth across the Group's subsidiaries which grew by 67% in revenue and profitability
Economy
Egyptian pound plummets after 2% interest rate hike
The CBE attributed its decision to elevated global and domestic prices that are expected to keep headline inflation.
- The CBE attributed its decision to elevated global and domestic prices that are expected to keep headline inflation
- The decision aims to uphold the CBE’s mandate of ensuring price stability in the local market over the medium term
ADNOC’s listed companies post over $2.3 billion net profit in first quarter
Abu Dhabi, UAE -- ADNOC Group's publicly traded portfolio companies combined to deliver over $2.3 billion (AED8.4 billion) in first...
Business
Company News
ADNOC L&S boosts barge fleet
Business
Latest News
ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy
RIYADH, SAUDI ARABIA – ACWA Power Co said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
Business
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
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Geostrategy
Israel police claim Hamas was not aware of a music festival on October 7
DUBAI - An investigation carried out by Israeli police has concluded that Hamas, involved in the October 7 attack, had...
- The police probe revealed that an Israeli military helicopter arrived at the scene and opened heavy fire.
- The development comes as Israel revised the official death toll of the October 7 attacks, lowering the figure to around 1,200 people.
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