ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
Business
Business
‘Exhibitions important platform to market Jordanian products’
At least 11 Jordanian food processing companies took part in the SIAL Paris 2022 trade show, the Jordan Exporters Association...
- Representatives of the Jordanian companies described their participation in SIAL Paris 2022 as successful and important.
- The event helped in promoting the Kingdom's products and opening new markets for Jordanian goods.
Science
Shamma bint Sultan calls for collaboration on climate change
Executive Director of the UAE Independent Climate Change Accelerators (UICCA) Sheikha Shamma bint Sultan bin Khalifa Al Nahyan highlighted the...
- Sheikha Shamma made the comments at the keynote address at the inaugural London Climate Technology Show.
- She called for greater innovation and collaboration between nations to identify and execute solutions that would drive positive impact.
Business
ADX records 16.9% surge in FADX 15 during first three quarters of 2022
The traded values (short and long trades) on the exchange reached $177 billion compared with $134 billion during the same...
- The traded values reached $177 billion compared with $134 billion during the same period last year
- The growth was driven by a rising number of institutional and individual investors on the exchange
Business
ACWA Power to start Oman project
It will build the $7bn project with Oman and a US firm.
- The three companies signed a joint development agreement for the multibillion-dollar facility in May this year
- The project is expected to replicate processes put in place for a similar hydrogen and ammonia facility being developed in the $500 billion futuristic city NEOM
Geostrategy
Saudi energy minister holds talks with counterparts in India
Prince Abdulaziz is also the Chairman of the Ministerial Committee for Economy and Investment in the Saudi-Indian Strategic Partnership Council.
- Prince Abdulaziz is also the Chairman of the Ministerial Committee for Economy and Investment in the Saudi-Indian Strategic Partnership Council
- Saudi minister said the visit will further enhance the strategic partnership between the two countries and enable them to explore further opportunities for cooperation
Business
UAE signs deals worth US$70m to produce medical equipment
The UAE has signed agreements to the tune of $70.8 million with medical companies to manufacture medical equipment at home.
- PureHealth will work with Abu Dhabi Medical Devices Company (ADMD) to establish a medical supplies production line in Abu Dhabi
- Borouge will provide raw materials while Abu Dhabi Ports Group will provide industrial land for the production of medical syringes, administration devices
Business
NMDC records 40% profit jump
Its profit shot up to $191m in first nine months of 2022.
- The Group’s revenue increased by 12.9 percent to $1.63 billion from January to the end of September 2022, compared to $1.46 billion in the same period last year
- Its business continued to grow and expand , with significant progress made in major strategic projects such as the Hail and Ghasha field works
Business
Bayanat AI IPO tranche oversubscribed
The offering saw significant demand and commitment from IHC.
- The subscription period ends on 25 October 2022 while the listing of shares and trading on ADX is anticipated on 31 October 2022.
- Dubai Islamic Bank is the Lead Manager, and First Abu Dhabi Bank is acting as the Lead Receiving Bank. International Securities are the Lead Placement Agent on the IPO.
Business
Dubai records $2.17 billion in weekly real estate transactions
Dubai, UAE---A total of 2,703 real estate transactions worth AED8 billion ($2.17 billion) were conducted during the week ending 21...
- A total of 147 plots were sold for AED1.12 billion, and 2,023 apartments and villas were purchased for AED4.79 billion.
- The top transactions were a land Fourth sold for AED85 million in Al Thanayah, and another sold for AED63 million in Island 2.
Business
Arada closes $100m tap on its Sukuk
Its existing Sukuk valued $350m was issued in June.
- The tap was priced at 99 cents on the dollar, with an investor yield of 8.386 percent.
- Arada said the tap witnessed demand from the global finance markets, with a lead order of US$185 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
Company News
Air Arabia Q2 profit $125m
Business
Latest News
Empower H1 2023 revenue at $333m
Business
Record number of patent applications filed globally in 2022, says WIPO
GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an...
Business
Expat remittances in Saudi Arabia fall to $2.6bn in September
RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9...
Economy
Qatar’s business conditions continue to improve in October
DOHA, QATAR – Qatar's non-energy private sector continued to experience improving business conditions at the start of the final quarter of...
Business
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Geostrategy
Arab ministers meet in Jordan, seek resolution to Gaza conflict
AMMAN, JORDAN – Foreign ministers from key Arab nations – including Saudi Arabia, the United Arab Emirates, Egypt, Qatar, and...
- The summit with Arab diplomats reinforced their collective call for an end to the aggression against Gaza.
- It emphasized the international community's role in stopping military operations and the bloodshed of civilians.
Science
AI to contribute in enhancing low-emissions development
BONN, GERMANY - Artificial intelligence (AI) can make substantial contributions to climate-resilient and low-emissions development. UN Climate Change’s Initiative on...
- UN Climate Change’s Initiative on Artificial Intelligence for Climate Action explores the role of AI as a tool for climate action in developing countries.
- It aims to deliver results both on policy and implementation, under the first joint work program of UN Climate Change’s Technology Mechanism.
Science
Global energy meet discusses way forward to net-zero emissions
VIENNA, AUSTRIA – High-level representatives from the member states of the United Nations Industrial Development Organization (UNIDO), international organizations, experts...
- The two-day forum showcased innovative technologies and transformative solutions to accelerate low-emission, climate-resilient development.
- The international event aimed to foster new partnerships to scale up investments and technology transfer to developing countries.