Trump’s tariffs shake up MENA economies, hitting allies, adversaries, oil trade and emerging industries: Report
Trump's sweeping tariffs are reshaping trade dynamics across MENA, impacting oil-exporting Gulf nations like Saudi Arabia, UAE and Qatar, according...
Economy
ADNOC Gas to pay $3.41bn dividend
It includes $1.7 billion scheduled for distribution in Q2 2025.
Business
Economy
Saudi crown prince unveils National Industrial Strategy
The strategy aims to diversify the kingdom's economy and increase GDP and non-oil exports by promoting industry and attracting investment.
- The strategy aims to diversify the kingdom's economy and increase GDP and non-oil exports by promoting industry and attracting investment
- The policy also intends to raise the number of factories in the kingdom from 10,640 at the moment to 36,000 by 2035
Business
Mubadala acquires stake in Skyborn
Skyborn Renewables is the world’s largest private offshore wind developer.
- The investment by Mubadala also includes the acquisition of a stake in GIP’s 50 percent interest in NY Bight Project called Bluepoint Wind.
- In April this year, Mubadala was part of a BlackRock Real Assets-led consortium which agreed to invest $525 million into the renewable energy arm of India’s Tata Power.
Business
Video: Transparency is hallmark of TOP CEO Awards as GCC winners get honored
From among a small pool of short-listed CEOs of listed firms, each winner was picked on the basis of growth,...
- For the process not only to be fair and trustworthy, but also to be seen as such, another layer of transparency and accountability was added by roping in iNseaD business school
- Global auditors were also brought in to ensure full transparency in the work
Business
Aramex acquires eCommerce enabler MyUS
The acquisition integrates MyUS into Aramex’s business.
- The acquisition paves the way for MyUS’s integration into Aramex’s business, operating as a business unit within the Company’s Courier business segment
- MyUS will retain its brand name and will be complementary to Shop & Ship, Aramex’s subscription based last mile e-Commerce solutions platform
Business
Sipchem posts jump in profit
It recorded a 37% increase in net profit to $800m.
- The company said in a bourse filing that it had recorded a profit of $533 million for the same period a year earlier
- Yet the petrochemical maker's stock declined 1.42 percent to touch $11 at the close of Tuesday
Economy
UAE gross banks’ assets up 0.9% to over $1tn by Aug end
The Money Supply aggregate M2 increased by 1.4 percent from $437 billion at July end to $443 billion at the...
- The Money Supply aggregate M2 increased by 1.4 percent from $437 billion at July end to $443 billion at the end of August
- The Money Supply aggregate M3 also rose by 2.4 percent from $535 billion at July end to $549 billion at August end
Economy
UAE to provide Ukraine with $100m in humanitarian aid
Minister of State for International Cooperation Reem bint Ebrahim Al Hashimy said the UAE's continued efforts to mitigate the humanitarian...
- Minister of State for International Cooperation Reem bint Ebrahim Al Hashimy said the UAE's continued efforts to mitigate the humanitarian impact of the Ukraine crisis
- Al Hashimy added that the UAE has provided similar aid in recent months to Ukrainian refugees in Poland and Moldova
Geostrategy
Abu Dhabi, Bangladesh to enhance trade, economic ties
The Abu Dhabi Department of Economic Development (ADDED), and Bangladesh Embassy in Abu Dhabi, have organized the Economic Cooperation Forum...
- Abu Dhabi and Bangladesh bilateral trade and mutual investments are on the rise.
- The Emirate and Bangladesh have organized the Economic Cooperation Forum to enhance mutual investment opportunities.
Business
Aldar, Abu Dhabi Residents Office to enhance Golden Visa services, offerings
Abu Dhabi, UAE-- The Abu Dhabi Residents Office, part of Abu Dhabi Department of Economic Development (ADDED), has signed a...
- They are working on developing a joint strategy to promote Abu Dhabi and its real estate projects besides identifying opportunities to support investors and talent.
- The Office will support clients of Aldar when applying for a Golden Visa upon purchasing a property valued at more than AED 2 million ($544, 506) from Aldar’s projects.
Geostrategy
Nord Stream probe tailored against Russia, says Kremlin
The Kremlin said that the investigation into the explosions that tore through the Nord Stream gas pipelines was being 'tailored'...
- Russia has accused Western countries of being behind the explosions of the pipelines.
- Russia had earlier expressed bewilderment over its exclusion from an investigation into the incident.
Trump’s tariffs shake up MENA economies, hitting allies, adversaries, oil trade and emerging industries: Report
Trump's sweeping tariffs are reshaping trade dynamics across MENA, impacting oil-exporting Gulf nations like Saudi Arabia, UAE and Qatar, according...
Economy
Company News
Air Arabia Q2 profit $125m
Business
Latest News
Empower H1 2023 revenue at $333m
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...
Business
UAE Islamic Treasury Sukuks auction is a tremendous success
ABU DHABI, UAE - The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration...
Business
IPOs in MENA raise US$5.8bn in first nine months of 2023
ABU DHABI, UAE - A recent report revealed that 29 initial public offerings (IPOs) were recorded in the Middle East...
Market Report
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Economy
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...
- On a month-on-month (MoM) basis, expat remittances in the Kingdom declined 8 percent, or US$229 million.
- Remittances by Saudi nationals to other countries also fell 11 percent YoY to US$1.2 billion in September.
Business
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...
- Output, new orders and employment all expanded in October, and the 12-month outlook remained upbeat.
- Profitability improved as firms raised their prices for goods and services at the fastest rate since February.
Business
FGCC Chambers to hold GCC-Egyptian Business Forum in Saudi Arabia
AL-KHOBAR, SAUDI ARABIA - The Federation of Egyptian Chambers of Commerce (FEDCOC) is scheduled to host the first Gulf-Egyptian Business...
- The forum will address the most important economic and commercial issues.
- Gulf and Egyptian officials and entrepreneurs are slated to attend the forum.