Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
Business
Southern Cement H1 profit $40mn
Profit fell 42 percent compared to H1 2021.
- In comparison to 2021, the profit declined by 42 percent, when it was $68.4 million.
- The company’s net profit in second quarter 2022 dropped 30 percent to $16.22 million
Geostrategy
Dubai Customs thwart marijuana smuggling bid at international airport
Dubai Customs authorities seized 3.7kg of marijuana at Dubai International Airport terminal 1. An African passenger was trying to smuggle...
- An African passenger was trying to smuggle the drugs by stashing it inside cylindrical vehicle air filters.
- The goods were analyzed through the narcotics detector, which revealed it to be marijuana.
Business
Dubai realty market records deals worth $653 million on Tuesday
Dubai real estate market recorded 436 sales transactions worth AED971.4 million ($264 million), in addition to 101 mortgage deals of...
- The sales included 360 villas and apartments worth AED738.88 million, and 76 land plots worth AED232.51 million.
- The emirate's real estate market record realty transactions worth over AED1.6 billion on Monday.
Business
Three day Ajman Dates festival concludes, promotes palm plantation
The seventh edition of three-day Liwa Ajman Dates and Honey Festival at the Emirates Hospitality Center in Ajman, concluded. Organized...
- The event acted as a platform for promotion of palm plantation, and production of dates, honey and fruits.
- People visited the festival in huge numbers, which included many events aimed at reviving the cultural Emirati heritage
Economy
WUWM Abu Dhabi 2022 to discuss global food chain
The World Union of Wholesale Markets (WUWM) Conference 2022, which will be held in the Middle East for the first...
- The World Union of Wholesale Markets (WUWM) Conference 2022 will be held in the Middle East for the first time
- As the world’s largest network of wholesale markets, WUWM represents the industry’s most significant suppliers of fresh food
Arts & Culture
Sharjah festival to screen films from 43 countries
Films for children and youth from France, the United Kingdom and Saudi Arabia have topped the official selection list of...
- A total of 100 movies have been chosen for screening this year, with 29 animation feature films, compared to 17 from last year.
- With 12 films each, the UK leads in the child and youth-made category, while films from Saudi Arabia make up the bulk of the short films from the GCC.
Economy
Jordan forms a PPP council to boost mining sector
Jordan's Minister of Energy and Mineral Resources on Tuesday announced the formation of a Public-Private Partnership (PPP) council for mining,...
- This Public-Private Partnership is part of the plan for implementation of the economic modernization vision
- The minister said that there is a need for establishing a research center for mining and metallurgy as part of the vision
Business
Yahsat H1 revenue $206m
This is the company's highest ever first-half revenue.
- The high revenue is due to a double-digit growth in Managed Solutions and Mobility Solutions.
- The Adjusted EBITDA increased by 5.3 percent year-on-year to AED448 million ($122 million), delivering a robust margin of 59.3 percent.
Business
ADNOC Drilling H1 profit $379mn
The firm's revenue increased 13 percent to US$1.27 billion
- ADNOC Drilling revenue increased 13 percent to US$1.27 billion compared to the same period last year
- First half EBITDA was $580 million, up 16 percent year-on-year, with a market-leading margin of 45.7 percent
Geostrategy
Jordan, Yemen foreign ministers discuss ties, regional issues
Safadi said Jordan welcomes the announcement of extending the cease-fire in Yemen for two months.
- Safadi said Jordan welcomes the announcement of extending the cease-fire in Yemen for two months
- The ministers stressed efforts to reach a political solution to end the Yemeni crisis and restore stability in the embattled country
Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
Company News
Latest News
India Jewelry Exposition Center launches in Dubai
DUBAI, UAE - The Gem and Jewelry Export Promotion Council (GJEPC) has launched a first-of-its-kind India Jewelry Exposition Center (IJEX)...
Business
WEF meet to shed light on global economic transformation
Geneva, Switzerland - The 14th World Economic Forum (WEF) Annual Meeting of the New Champions is scheduled to take place...
Economy
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Geostrategy
UN says over 700,000 displaced within Sudan since beginning of conflict
Heavy fighting in Sudan has displaced 700,000 people within the country since the middle of April, the United Nations said,...
- Even before the beginning of the fighting, 3.7 million people were registered as internally displaced in Sudan.
- Another 150,000 people have fled Sudan since the beginning of the conflict, as per numbers released by the UN refugee agency.
Business
Fertiglobe Q1 net profit $135m
The company posted Q1 revenue of US$694 million.
- Fertiglobe reported free cash flow of $271 million in the first quarter.
- The firm continues to have a strong order book for the coming months.
Geostrategy
ADFD finances US$30m sustainable water project in Mauritania
ABU DHABI, UAE -Â Abu Dhabi Fund for Development (ADFD) has signed an agreement with the government of Mauritania to...
- The total value of the project, financed by several Arab and international financing institutions, is US$320 million.
- The main objective of the project is to provide potable water to around 92 cities and villages in Mauritania.