Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
Business
Abu Dhabi Chamber to launch new digital platform
Abu Dhabi Chamber of Commerce and Industry (ADCCI) will launch a new platform for Abu Dhabi's business community in order...
- The Business Matchmaking Platform, which is currently going through the development phase, will enhance the experience of Abu Dhabi’s business community
- Members of Abu Dhabi Chamber will also be able to have a comprehensive overview of upcoming events and register for them, as well as access the latest data and insights
Geostrategy
Arab world rallies around Saudi Arabia over oil cut decision
Rallying behind Saudi Arabia, several Arab states have voiced their support for Saudi Arabia in the face of harsh criticism...
- The UAE said that the OPEC+ decision was vote-based collective
- Toeing the UAE’s line, Bahrain has expressed solidarity with Saudi Arabia, rejecting statements pushing towards politicizing OPEC+ decision on oil production cuts
Economy
Visa-free travel between UAE, Japan starting Nov 1
Holders of UAE passports can stay in Japan for up to 30 days during each visit for the purpose of...
- Holders of UAE passports can stay in Japan for up to 30 days during each visit for the purpose of tourism or work
- The UAE is Japan's tenth largest trading partner in the world and is home to more than 340 Japanese companies operating in various sectors
Geostrategy
UAE, Chile ink pact to exchange knowledge on energy sector
UAE's Ministry of Energy and Infrastructure signed a Memorandum of Understanding with its counterpart in Chile to exchange knowledge and...
- Under the agreement UAE and Chile will exchange information, knowledge and expertise, hold high-level meetings to discuss issues.
- The two sides will organise relevant academic research and enhance their cooperation in clean and renewable energy.
Business
ADQ submits shareholding offer to ADA
ADQ aims to establish a diversified aviation services and MRO business.
- The combined group would have assets of approximately AED 9.4 billion ($2.6 billion) with an extensive portfolio of aircraft, MRO centers and hangars.
- Following completion, ADQ would own approximately 59 percent of the entire issued share capital of ADA.
Geostrategy
UAE calls Borrell’s ‘jungle’ remark as ‘racist and disappointing’
"Borrell’s remarks are a disappointing development that comes at a time when all parties are aware of the importance of...
- Borrell said in a speech in Bruges, Belgium that “Europe is a garden, but most of the rest of the world is a jungle, and the jungle could invade the garden”.
- The UAE asked the Office of the High Representative to "provide a written explanation of the High Representative’s hurtful and discriminatory comments".
Business
World Cup boom pushes some Qatar residents out of homes
More than one million football fans are expected to descend on the capital Doha during the November-December tournament, putting a...
- Most fans will be staying in hotels, apartments, cruise ships and desert camps booked through the official World Cup portal.
- To ease the crunch, FIFA recently released thousands of hotel rooms it had reserved, which experts have said could push World Cup prices down.
Economy
Saudi to target 11 decisions for Emiratisation program by 2022 end
Riyadh, Saudi Arabia---Saudi Arabia will target 11 new decisions for Emiratisation program in project management, procurement, food and drug sectors...
- New Emiratisation decisions will be targeted in project management, procurement, food and drug sectors.
- Emiratisation has cut unemployment rate of Saudis to 9.7 percent and increased the rate of economic participation of women by 35.6 percent.
Business
Al Seer signs JV
The agreement was signed with Damen Shipyards and DTec Industries.
- They will implement their success formulas to ventures and local partnerships to sell, build and maintain high-quality, innovative, and cost-effective marine vessels.
- The Joint Venture between the companies will combine the best maritime talent in the industry and help position the UAE as the industry centre of excellence.
Geostrategy
UAE contributes $25 million toward Al Makassed Hospital in East Jerusalem
Abu Dhabi, UAE---The United Arab Emirates will contribute $25 million toward Al Makassed Hospital in East Jerusalem in collaboration with...
- At Al Makassed Hospital , it is expected that more than 130,000 people will benefit from its health services.
- Sultan Mohammed Al Shamsi, Assistant Minister of Foreign Affairs, said the agreement reflected UAE's historic commitment to Palestinians.
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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
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FAB H1 2023 net profit $2.2bn
Business
SALIC buys 10.7% stake in BRF
Business
ADNOC L&S buys VLCC
Business
Middle East conflict alters regional energy dynamics
Chevron's Tamar gas field halt, rising global oil prices, and jeopardized gas supplies to Egypt and Jordan underscore the impact...
Business
NMDC, AD Ports Group ink MoU
The firms will continue to work closely on future global projects.
Business
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Business
Saudia records 50 percent growth in operations during Umrah season
JEDDAH, SAUDI ARABIA - From the start of the month of Muharram until the end of Rabi' Al-Awwal, Saudia Airlines...
- Its commitment to operate during the Umrah season for the year 1445 Hijri aligns with Saudia’s dedication to contribute to the Saudi Vision 2030 goals.
- Saudia planned to provide additional charter flights during the current Umrah season, aiming to transport more than 100,000 Umrah performers through new stations.
Business
stc Group posts 9-month revenue
stc's revenue was $14.5 billion in January-September 2023.
- Gross Profit for the period of 2023 reached US$7.7 billion (SAR28,875 million) with an increase of 1.8 percent compared to the same period last year.
- Earnings before Interest, taxes, zakat, depreciation and amortization for the period reached $5 billion with a decrease of 2.35 percent compared to Jan-Sept 2023.
Geostrategy
Over 8,000 Palestinian fatalities, including 2,062 women, says UN report
UNITED NATIONS – More than 8,000 Palestinian fatalities were reported as of October 29, 2023, including 2,062 women, 3,324 children,...
- Significant damage has been inflicted on critical infrastructure, affecting people's ability to maintain basic living standards, the report said.
- At least 45 percent of Gaza's housing units have been destroyed or damaged, with 16,441 units destroyed, 11,340 severely damaged and uninhabitable.