ADNOC Drilling approves $788m dividend
The final cash dividend of $394m for 2024 was approved at the AGM.
Business
Tech and sustainability drive Singapore’s smart tourism vision
To realize its vision for “smart tourism”, Singapore Tourism Board is leveraging cutting-edge technologies like artificial intelligence, data analytics, and...
Interview
Business
Mashreq posts net profit of US$708m
The embrace of digital services by it customers drove growth.
- Its operating income has increased by 24.3 percent over the previous year to $1.44 billion
- The operating profit at $871 million represents a 33.2 percent increase compared to the same period of 2021
Economy
‘World Cup is crucial — both economically and culturally — and Qatar is ready to prove itself’
Qatar is currently more like a workshop of preparation and equipping, in which Qataris and residents have engaged. Brotherly and...
- Qatar's GDP during the first half of this year increased by 4.3%, supported by a 7.3% growth rate of the non-oil sector
- The hike in energy prices turned a projected budget deficit at the beginning of the year into a surplus of about QAR 47.3bn in H1
Business
Al Seer Marine buys large crude carriers
The firm's total VLCC fleet value is now $245 million.
- VLCC Acrux (previously Elandra Everest) is the name of the third VLCC vessel Al Seer Marine has taken delivery of in October 2022.
- In addition to the three VLCCs, Al Seer Marine recently acquired two liquefied petroleum gas (LPG) tankers valued at US$70 million.
Economy
‘UAE government revenues rose by 26% in 2021’
ABU DHABI, UAE - In the UAE the revenues at the federal level increased by 26 percent from US$100 billion...
- Social contributions in the UAE also rose from US$3.5 billion (AED12.9 billion) in 2020 to $3.6 billion (AED13.5 billion) in 2021.
- The value of other revenues increased by 24 percent from $55.4 billion in 2020 to $68.5 billion in 2021.
Business
ADIB posts $272m net profit
The year-on-year growth in net profit was 53% for the first nine months of 2022.
- Revenue for the first nine months of 2022 improved 10 percent to AED4,516 million compared to AED4,093 million last year.
- This was driven by a 22 percent increase in fees and commissions and a 10 percent growth in funded income to AED2,802 million.
Business
Gulf war couldn’t have been won without Kingdom’s support, says Saudi Energy Minister
Saudi Arabia is engaged with many European governments with regards to the current energy crisis, says Prince Abdulaziz bin Salmanat...
- Saudi Arabia is engaged with many European governments with regards to the current energy crisis, says Prince Abdulaziz bin Salmanat at FII Forum in Riyadh
- Saudi Arabia has a lot to showcase in terms of Green initiatives at COP27, he said, adding that the Kingdom will announce several new projects in the field of energy
Business
SALIC, Minerva Foods buy Australian Lamb Company
ALC is one of the largest meat producers in Australia.
- The acquisition was done through Minerva Foods Australia, a joint venture established last year between SALIC and Minerva in Australia.
- ALC operates two processing facilities in Victoria State, with a capacity to process up to 3.78 million heads annually.
Geostrategy
Saudi Arabia key place for solutions to global supply chain issues, says investment minister Khalid Al Falih
Saudi Investment Minister was speaking at the Sixth Edition of the Future Investment Initiative, hailed as 'Davos in the Desert',...
- George Osborne, Former First Secretary of State, UK said the US and China need to find a way to work together in order to make the world a better place.
- Some rules and policies that came into existence post WW II are not fair to many Asian and African nations, said Senegal's president Macky Sall.
Geostrategy
GCC, S. Korea begin sixth round of talks on free trade agreement
SEOUL, SOUTH KOREA - The sixth round of revived negotiations between the Riyadh-based Gulf Cooperation Council (GCC) and the Republic...
- GCC and South Korea expressed readiness to advance discussions on a free trade agreement after a 13-year suspension.
- The agenda of the sixth round include trade in goods and services, investment, digital trade, and intellectual property rights.
Business
Doha Bank net profit climbs up 4.6 percent
It recorded the profit at $256m in the first nine months of 2022.
- According to data issued by the bank, published on Qatar Stock Exchange website today, earnings per share amounted to QR 0.30 in the period ending on Sept. 30, 2022
- Doha Bank was established in 1979, with a capital of $852 million
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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 approves $788m dividend
The final cash dividend of $394m for 2024 was approved at the AGM.
Business
Company News
stc Group begins work in Europe
Business
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Sukoon Insurance sets up OIWSS
Business
Saudi to host joint Arab-Islamic summit on Gaza crisis
Riyadh, Saudi Arabia - Saudi Foreign Ministry said on Saturday that the Kingdom will hold a joint Arab Islamic extraordinary...
Geostrategy
Saudi delegation takes part in Riyadh Expo 2030 symposium in Paris
PARIS, FRANCE - A high-level Saudi delegation attended the Riyadh Expo 2030 Symposium, on the outskirts here, hosted by the...
Business
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Business
DEWA Q3 2023 revenue $2.5bn
The revenue was driven by demand for electricity, water.
- For January-September 2023, DEWA’s consolidated revenue totalled US$6 billion with an operating profit of US$1.8 billion.
- By the end of Q3 2023, DEWA’s net cash from operating activities increased by a robust US$205 million to US$2.6 billion.
Economy
OFID’s US$25.5m loan to strengthen vocational education in Benin
VIENNA, AUSTRIA - The OPEC Fund for International Development (OFID) is extending a US$25.5 million loan to the Government of...
- The project includes the rehabilitation of school facilities and a quality enhancement of the technical vocational education program.
- It is aligned with a government program to tackle youth unemployment and reduce the size of the informal sector.
Business
Emaar 9M net profit $1.1bn
This is due to the successful launches of new projects.
- Emaar Development’s property sales increased by 25 percent, reaching US$7.9 billion in the first nine months of 2023.
- In the first nine months of 2023 (January to September), Emaar Development reported an EBITDA of US$1.2 billion.