Borouge proposes share buyback
The company had posted a 24% YoY increase in net profit to $1.24bn.
Business
Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
Business
Economy
Qatar urges separating politics from the oil and gas trade
Qatar energy minister also called on governments and multilateral institutions to condemn sabotage and military attacks on energy infrastructure or...
- Qatar energy minister also called on governments and multilateral institutions to condemn sabotage and military attacks on energy infrastructure or electricity networks
- He also sought transition to low-carbon energy through a realistic mix of energy sources, including hydrocarbons, renewable energy, biofuels, nuclear power and hydrogen
Business
IHC scales up IT business, makes deals worth US$272m
International Holding Company (IHC) has scaled up its IT business, making deals to the tune of $272 million in the...
- It is part of the company's long-term strategy to grow its capacity in the tech industry across different sectors
- Technology mergers and acquisitions in 2021 increased by 71 percent from 2020 levels, with dealmaking totalling US$1.1 trillion
Business
DEWA to pay one-time cash dividend
It received a dividend of $553m from its subsidiary, EMPOWER.
- DEWA intends to seek approval to make a one-time special dividend payment to its shareholders
- Its CEO said that the company will continue to look for ways to optimize total returns for our shareholders
Business
Sharjah Islamic Bank’s profit rises 24%
Operating profit before provisions rose by 12%.
- Operating profit rose by 11.9 percent, amounting to $198 million for the 3rd quarter of 2022, compared to $178 million
- The bank recorded impairment provisions of $44 million, compared to $53 million during the last period
Analysis
UAE-UK partnership may unlock potential of clean hydrogen, boost economy, create 200,000 new jobs
The latest WGEO study is part of "our efforts to support the Dubai Clean Energy Strategy 2050 and the Dubai...
- By 2050, hydrogen is estimated to deliver more than $8.7bn annually to the UAE economy and $14.8bn GVA to the UK, says the latest WGEO report
- A UAE-UK collaboration -- involving policy, innovation, trade, and investment - has potential to create over 100,000 new jobs in each country, it adds
Economy
UAE-Egypt trade touches $67 billion in the last 22 years
The economic ties between the UAE and Egypt were strengthened this year by the signing of the Industrial Partnership for...
- The UAE is Egypt’s second leading trade partner in the region while Egypt is the fifth leading trade partner of the UAE in terms of non-oil trade
- The UAE is also the largest international investor in Egypt, with cumulative investments worth over $15 billion
Business
ADCB Q3 net profit at US$432m
The diversification of revenue streams boosted the bank's profitability.
- The bank reported a non-interest income of US$259 million (AED 952 million).
- ADCB said its operating income surged by 21 percent to reach US$955 million (AED 3.510 billion).
Infographics
UAE, Saudi pension systems improve performance on 2022 Mercer CFA Index
The 2022 Mercer CFA Institute Global Pension Index compares 44 retirement income systems against more than 50 indicators and benchmarks.
- The CFA Institute said the index highlights both the considerable diversity and the positive features present in many systems.
- The study also confirms that no pension system is perfect and that every system has shortcomings.
Business
Empower to sell 10% stake, list on DFM
Empower will make 1 bn shares, each valued AED0.10, available in IPO.
- The company said that all shares to be offered represent the sale of existing shares held in aggregate by DEWA and Emirates Power.
- The subscription period will open on 31 October 2022 and is expected to close on 7 November 2022 for the UAE Retail Investors and on 8 November 2022 for Qualified Investors.
Economy
Oman’s CPI inflation rate rises 2.4 percent in September
MUSCAT, OMAN - The inflation rate of Consumer Price Index in Oman reached 2.4 percent during September 2022. A monthly...
- The report noted prices of education group increased by 5.1 percent.
- The prices of health group and food group surged by 3.5 percent and 5 percent respectively.
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Borouge proposes share buyback
The company had posted a 24% YoY increase in net profit to $1.24bn.
Business
Company News
Sukoon Insurance sets up OIWSS
Business
Latest News
Caspian Sea water levels hit 30-year low
Geostrategy
BCCI yet to hear officially about Saudi interest for stakes in IPL
NEW DELHI, INDIA - Recent reports of Saudi Arabia expressing an interest in buying a stake in the Indian Premier League...
Business
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...
Economy
Most Read
Business
Al Ansari 9M profit US$105m
The operating income of the group rose to US$234 million.
- Al Ansari received shareholders’ approval for the proposed interim dividend payment of $81 million.
- The second payment of the dividend of an equivalent amount will be disbursed in April 2024.
Economy
Saudi Arabia’s Industrial Production Index falls 11.2% in September
RIYADH, SAUDI ARABIA – The Kingdom of Saudi Arabia’s Industrial Production Index (IPI) fell by 11.2 percent year-on-year (YoY) in...
- The IPI measures the relative change and reflects the production quantities of materials and goods.
- Data issued by the General Authority for Statistics showed that Saudi IPI fell to 122.99 points in September.
Business
Dubai Investments acquires 7.68% more stake in Monument Bank
Dubai, UAE - Dubai Investments, the leading investment company listed on the Dubai Financial Market (DFM), acquired additional 7.68 percent...
- This increases the Group’s holding in the Bank from 9.25 to 16.93 percent, although the investment is subject to necessary regulatory approvals
- The Monument Bank is a UK Based Digital Bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority