Saudi Arabia’s oil exports fall by $13 billion in fourth quarter of 2023
In December, oil exports fell by SAR 13.5 billion or 15.8% to SAR 72 billion ($19 billion) from SAR 85.5...
Business
‘Israeli army tortures and rapes Palestinian girls’
The experts have expressed concern that an unknown number of Palestinian women and children, including girls, have reportedly gone missing...
Geostrategy
Economy
Krush Brands first firm to join UAE’s NextGen FDI initiative
Krush Brands, a food technology and multi-kitchen food service company, became the first business to join the UAE’s NextGen FDI...
- Krush Brands will relocate its global headquarters to the UAE to triple its growth by creating 700 jobs within two years and moving its technology arm from Europe.
- The NextGenFDI initiative complements other initiatives, such as the National Programme for Coders, which offers golden visas to 100,000 coders.
Business
Ghitha Q2 profit $21.95 million
The profit surged by 471% compared to Q1 2021
- The firm’s revenue reached AED576 million, a growth of 276 percent, soaring up from AED153 million in Q1-2021.
- The company's total assets crossed AED4.1 billion for the first half of 2022, compared with AED1.4 billion for the year ending 2021.
Fertiglobe revenue up 105%
The EBITDA grew 155 percent to $770 million in Q2 2022
- The EBITDA grew 155 percent to $770 million compared to Q2 2021
- Free cash flow rose to $789 million in Q2 2022 from $328 million in Q2 2021
Business
Aramco buys Valvoline’s petro unit
The Saudi oil giant acquired the company for $2.65bn.
- With the acquisition, Aramco deepens a bet on the long-term demand for petrochemicals
- The oil giant has been expanding its presence in the sector, known as downstream, and bought petrochemical maker Saudi Basic Industries Corp in 2020
Business
e& HI profit up 2.5%
The company’s consolidated revenues reached AED 26.3bn.
- The company’s consolidated revenues reached AED 26.3 billion, an increase of 3.8 percent over the corresponding period last year at constant exchange rates
- Consolidated EBITDA remained steady in reporting currency at AED 13.4 billion, while it increased by 4.1 percent in constant currency, resulting in an EBITDA margin of 51 percent
Business
Chimera Capital unveils new ETF
The Income Share Class B fund will be listed on ADX.
- The fund is a physical, in-kind, liquid and fully fungible exchange-traded fund (ETF), and will track the performance of Türkiye-listed, Shariah-compliant securities
- The index is provided by S&P Dow Jones Indices and tracks the performance of the most liquid Shariah-complaint stocks listed on the Borsa Istanbul
Economy
UAE plays pivotal role in securing global energy supplies: OPEC Secretary-General
Al Ghais said an action plan will be developed in consultation with the OPEC member states and technical committees, in...
- Al Ghais said an action plan will be developed in consultation with the OPEC member states and technical committees, in line with OPEC's long-term strategy
- He said that December 2022 will mark six years since the conclusion of the OPEC+ agreement, of which the UAE is a pivotal part
Business
Swvl drops plan to buy Zeelo
The agreement was broken off due to a market downturn.
- The $100 million acquisition plan has been terminated because of a market downturn
- Swvl has recently announced a 30 percent reduction in headcount as part of plans to achieve profitability by 2023
Infographics
Dubai most transparent Arab real estate market
The emirate was ranked 31st in the world on the Global Real Estate Transparency Index 2022, which is based on...
- The 2022 edition includes 254 individual indicators to assess market transparency across 94 countries and territories and 156 cities globally.
- JLL said it is an essential guide for companies operating in foreign markets.
Economy
Panel to steer development of digital ecosystem in UAE formed
The United Arab Emirates has formed a committee that aims to supervise and guide the development of the digital ecosystem...
- The committee will also enhance readiness, competitiveness, flexibility and digital alignment between projects and digital systems in federal government agencies.
- Ohood Khalfan Al Roumi, Minister of State for Government Development and The Future, will chair the committee.
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Saudi Arabia’s oil exports fall by $13 billion in fourth quarter of 2023
In December, oil exports fell by SAR 13.5 billion or 15.8% to SAR 72 billion ($19 billion) from SAR 85.5...
Business
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Infographics
SEWA discusses water desalination technologies for sustainability
SHARJAH, UAE - Sharjah Electricity, Water and Gas Authority (SEWA) participated in a discussion on modern and innovative technologies in...
Science
China third-largest investor in UAE, its top trading partner
The mutual investments between the two countries are witnessing continuous growth in various economic and commercial sectors, most notably real...
Business
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Business
JCC discusses trade, commerce in economic summit in France
AMMAN, JORDAN - The Jordan Chamber of Commerce (JCC) took part in the fourth Arab-French Economic Summit 2023 in Paris....
- Jordan Chamber of Commerce spoke of closer ties with trade and commercial bodies in the European Union member states.
- Topics like environment and water, industry, modern construction projects, food, nutrition, healthcare, banking, medicine, funds, climate were discussed.
Business
UAE issues license for electric vertical takeoff and landing aircraft
DUBAI, UAE - The UAE Regulations Lab has issued a license for an electric cargo aircraft to promote eco-friendly transportation...
- The license aims at reducing carbon emissions by encouraging the adoption of clean energy and leveraging technology.
- It also aims at using innovation to redefine the logistics sector's future and its impact on the environment and climate.
Business
etisalat by e& announces first 5G satellite communications in UAE
ABU DHABI, UAE - etisalat by e& announced on Saturday the implementation of the Eutelsat Quantum satellite solution, becoming the...
- etisalat became the first telecommunications company in UAE to expand 5G network capabilities over a software-defined satellite.
- This deployment was a result of rigorous testing with customers for over a year to rapidly scale up the 5G mobile network deployment.