e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
Business
Business
ADDED grants lease contract exemption for one year to 1,200 actiivities
A total of 1,200 economic activities have been granted one-year exemption from a lease contract for work premises as a...
- The economic activities included in this initiative represent 29.5 percent of total economic activities licensed and regulated by ADDED, which reached 4,062 by the end of 2021.
- ADDED said it has launched many initiatives to ensure ease of doing business, including slashing business set-up and renewal fees by over 94 percent.
Business
‘Jordan’s industries have potential to access Algerian market’
Jordan's industrial goods have a great opportunity to gain a foothold in the Algerian market, president of the Jordan and...
- Leather, textile, medical supplies, chemicals, food, agricultural and livestock industries can access the Algerian market
- There is a need for opening a direct maritime transport route between Jordan and Algeria
Economy
UAE to announce 3,000 housing loan beneficiaries during 2022
UAE will announce 3,000 beneficiaries of housing loans during 2022, taking 500 housing decisions per month that will announce the...
- The new policy includes 500 decisions worth AED400 million, according to Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure.
- A total of 500 decisions on housing loans will be taken per month.
Business
Tadawul launches single-stock futures trading
Tadawul has posted more than 30 trades in single-stock futures on its launch as Aramco and Saudi Telecom Co. led...
- Aramco futures logged a trading volume of 20 so far with a value of SR76,200 ($20,304), while stc posted 10 trades worth SR97,700
- The launch of single-stock futures as Tadawul’s second derivatives product — after launching index futures in 2020 — comes amid efforts to bolster liquidity
Business
Dragon Oil extends Turkmenistan contract for 10 more years
The Cheleken complex, located in the East Caspian Sea in Turkmenistan, is the main producing asset of Dragon Oil.
- The Cheleken complex, located in the East Caspian Sea in Turkmenistan, is the main producing asset of Dragon Oil
- Over the past decade, Dragon Oil has evolved from a single-origin oil and gas company operating in Turkmenistan only, to a global operator
Business
ADDED, GE Digital to fast-track digital shift in Abu Dhabi’s manufacturing sector
ADDED and GE Digital will collaborate to adopt circular economy strategies “to drive a more productive, competitive, advanced, and innovative...
- ADDED and GE Digital will collaborate to adopt circular economy strategies “to drive a more productive, competitive, advanced, and innovative sector.”
- The UAE’s manufacturing sector plays a pivotal role in the diversification of the national economy, with Abu Dhabi accounting for 40 percent of that
Business
Innovest of KSA exits Misk Tarout
The Saudi firm earned $8m in profit in the last three months.
- The Alkhobar-based real estate firm confirmed its profit from the exit process will be calculated in the company’s financial statements for the second quarter of 2022
- The exit will also enhance its direction in implementing targeted profitability and growth plans, CEO Essam Bukhamseen said
Economy
Jordan, Japan ink pact to build AI ecosystem in Jordan
The two parties agreed on the general framework of the project in addition to a draft record of discussions and...
- The two parties agreed on the general framework of the project in addition to a draft record of discussions and the structure of the initial implementation
- The pact is in line with the objectives of the Jordanian Artificial Intelligence Policy seeks to adapt, deal and harness AI to serve the Jordanian economy
Economy
Saudi Arabia, UAE try to ease inflation pain of citizens
"A generous royal order was issued approving the allocation of financial support in the amount of SAR 20 billion (around...
- Saudi Arabia is disbursing billions of dollars directly to citizens to ease the effects of inflation
- The UAE has doubled the budget for its social security programme to AED 28 billion after a rise in fuel prices
Infographics
High commodity prices to keep inflation up
IMF has said food prices accounted for about 60 percent of last year’s increase in headline inflation in the MENA...
- The war in Ukraine and related sanctions have triggered a sharp increase in commodity prices.
- After leaping to a peak of $130 per barrel following Russia’s invasion, oil prices are expected to settle at an annual average of around $107 in 2022.
e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
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UAE pledges full support to Jordan, condemns assault on its security
Abu Dhabi, UAE - The UAE has affirmed full support and solidarity with Jordan, stressing the importance of ensuring stability...
Geostrategy
DEWA wins top award by UK based institute
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) won the Best Creative Electricity and Water Solutions Brand by Global...
Arts & Culture
AD Ports signs pacts with Kyrgyzstan to promote trade with Central Asia
Abu Dhabi, UAE--- AD Ports Group has signed two major agreements with the Government of Kyrgyzstan to promote trade and...
Business
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Business
ADNOC Drilling to acquire rigs
The two offshore jack-up rigs will be bought for $200 million.
- Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 95 to 108 owned rigs, as of 30th September, 2022.
- This rig purchase adds to earlier deals for a total of nine rigs signed in 2022 and four rigs acquired in 2021.
Geostrategy
Governments of UAE, Egypt launch ‘Egypt Services Center’
ASWAN, EGYPT - The governments of the UAE and Egypt inaugurated the Egypt Services Center in the Aswan Governorate, which...
- The inauguration is part of the strategic partnership between the two countries in government modernization.
- The center will adopt a smart system to provide over 30 individual government services.
Business
Saudi PIF acquires 9.5% stake in offshore wind energy developer Skyborn
Dubai---Saudi Arabia's sovereign wealth fund, the Public Investment Fund, had acquired a 9.5 percent stake in Skyborn Renewables, an offshore...
- PIF said it is investing in Skyborn alongside Global Infrastructure Partners, , a US-based infrastructure investment fund.
- The Skyborn, which is based in Bremen, Germany, has a presence in 15 European and Asia Pacific markets.