Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Business
ADNOC announces second discovery of natural gas resources
Abu Dhabi National Oil Company (ADNOC) today announced a second discovery of natural gas resources in the first exploration well...
- The reservoir was struck in in the first exploration well in Abu Dhabi's Offshore Block 2 Exploration Concession, operated by Eni.
- The discovery from a new deeper reservoir indicates between 1 – 1.5 trillion standard cubic feet (TSCF) of raw gas in place.
Business
Alpha Dhabi reports net profit of US$2.2bn in H1 2022
Alpha Dhabi Holding has announced its financial results for the half-year ended June 30. The company reported net profit of...
- Alpha Dhabi reports net profit of US$2.2 billion in H1 2022 ending June 30, up from US$ 453 million in the corresponding period last year
- The firm is also starting to see the benefits of its expansion outside the UAE with overseas revenue accounting for US$ 572 million
Business
DFM H1 profit up up 63 percent
The second quarter profit increased by 134 percent.
- The net profit of the second quarter of 2022 increased by 134 percent to AED35.9 million compared to Q2- 2021's level of AED15.3 million.
- The Company's total consolidated revenue reached AED163.8 million in H1-2022 compared to AED136.6 million during H1-2021.
Business
GCC countries review cybersecurity policies in virtual meeting
The countries discussed working papers on global best practices on a number of issues related to the work of the...
- The countries discussed working papers on global best practices on a number of issues related to the work of the committee
- Saudi Arabia was represented by its National Cybersecurity Authority (NCA), a competent authority for cybersecurity in the Kingdom
Geostrategy
Macron welcomes Saudi Crown Prince, two discuss energy supply
French President Emmanuel Macron on Thursday warmly welcomed Saudi Arabia's Crown Prince Mohammed bin Salman for talks in Paris, with...
- Crown Prince and the French President held an expanded meeting in the presence of the delegations of the two countries, according to Saudi Press Agency
- For western countries desperate to find new sources of energy, the 36-year-old de-facto leader of the world's biggest oil producer has become an essential figure.
Geostrategy
Saudi Crown Prince ends Europe trip with deals, MoUs
Strategic partnership remains in focus as Mohammed bin Salman leaves France after heading a wide-ranging talks along with French President...
- Strategic partnership remains in focus as Mohammed bin Salman left France today after heading a wide-ranging talks along with French President Emmanuel Macron
- Earlier, a delegation of senior Saudi ministers held separate talks with their French counterparts at at the Elysée Palace
Economy
US Department of State releases 2022 Investment Climate Statements
The US Department of State released on Thursday the 2022 Investment Climate Statements, which help US companies make informed business...
- These help US companies make informed business decisions by providing up-to-date information on the investment climates of more than 160 countries.
- The statements also assess how governments uphold international labor standards and combat corruption among other considerations.
Geostrategy
UAE, Kenya to begin negotiations on free trade agreement
UAE and Kenya announced their intention to begin talks for a Comprehensive Economic Partnership Agreement (CEPA) between the two countries...
- UAE and Kenya announce their intention to begin talks for a Comprehensive Economic Partnership Agreement
- If inked, the CEPA pact will be the first free trade deal between UAE and an African nation
Business
Aldar Properties profit up 44 percent
Net Profit of Aldar in Q2 2022 amounted to $229 million.
- Aldar's group sales rose to a record level of AED 5.33 billion ($1.45bn) for H1 2022.
- Sales surge was driven by strong domestic and international demand for existing inventory.
Business
ADNOC eyes stake in key Egypt firm
ADNOC Distribution will acquire 50 percent stake in TotalEnergies Egypt.
- ADNOC Distribution said it will acquire a 50 percent stake in TotalEnergies Egypt for about US$186 million
- The acquisition will also see the refurbishment of several service stations to full ADNOC branding
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Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Company News
DIEZ posts 42% revenue jump
Business
Latest News
EU unveils plans to scale up net-zero technology
BRUSSELS, BELGIUM- The European Commission proposed the Net-Zero Industry Act to scale up manufacturing of clean technologies in the EU...
Science
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....
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...
Business
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Geostrategy
UAE minister meets UN Secretary-General on global climate action
NEW YORK, US - Minister of Industry and Advanced Technology and COP28 President-Designate Dr. Sultan bin Ahmed Al Jaber met...
- The minister outlined the UAE’s key COP28 priorities across mitigation, adaptation, loss and damage, climate finance and process innovation.
- The UAE and UN discussed the urgent need to close the financing gap and to keep alive the goal of limiting global warming to 1.5ºC.
Business
Mohamed bin Zayed issues law to establish Abu Dhabi Transport Company
ABU DHABI, UAE - In his capacity as the Ruler of Abu Dhabi, President Sheikh Mohamed bin Zayed Al Nahyan...
- An affiliate of the Supreme Council for Financial and Economic Affairs, the company will support the emirate’s integrated transport ecosystem.
- It will develop transport systems, and contributing to effective and sustainable transport services for citizens and residents.
Business
Saudi Arabia meet discusses upcoming GCC-UK free trade negotiations
Riyadh, Saudi Arabia -- A meeting was held in Riyadh Thursday to prepare for holding the third round of free...
- The negotiations are scheduled to take place from March 12 to March 16, 2023, at the GCC General Secretariat headquarters in Riyadh.
- The meeting was attended by the heads of negotiating technical teams, directors of departments, and coordinators of technical teams.