Borouge proposes share buyback
The company had posted a 24% YoY increase in net profit to $1.24bn.
Business
Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
Business
Business
Total of 52 MoUs signed in Saudi-Korean Investment Forum
RIYADH, SAUDI ARABIA – A total of 52 memorandums of understanding (MoUs) were signed at the Saudi-Korean Investment Forum here....
- The private sector inked 48 MoUs in sectors ranging from transportation, tourism, energy, technology, infrastructure and cybersecurity.
- The pacts aim to enhance investments between Saudi Arabia and South Korea which reflect the efforts towards collaboration between the two nations.
Business
Nedaa, Dubai Customs ink MoU
MoU to enhance digital solutions for efficiency.
- The MoU will help to integrate efforts and exchange experiences to improve the level of services provided to various groups and segments of society.
- The two parties will focus on developing an operational mechanism aimed at ensuring a reliable and effective communication network for Dubai Customs,
Business
Nearly 5,000 member companies join Sharjah Chamber in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has logged an impressive surge in new memberships this...
- The Chamber’s main branch and its other branches in Al Dhaid, Khor Fakkan, Dibba Al-Hisn, and Kalba now boast 45,373 active members.
- The total export and re-export values of the members of the Sharjah Chamber reached US$4.6 billion through the third quarter of the current year.
Business
Dubai’s top 10 land deals in 2023 is worth US$2.3bn
DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since...
- The recovery in land sales reflects developers’ efforts to acquire the best plots for launching real estate and commercial projects.
- Several sale deals in Dubai focus on investors’ desire to buy land for investment purposes and get high returns as prices continue to rise.
Business
EasyLease Q3 revenue $57.66m
It's net profit was AED 26.5 million ($7.21m) in Q3 2023.
- it's net profit was AED 26.5 million ($7.21m) in Q3 2023, compared to AED 32.73 million ($8.91m) YoY over Q3 2022.
- Cost-effectiveness, exceptional maneuverability and expedited travel, are driving the popularity of two-wheelers in the UAE.
Business
Mawani, SGP ink US$266m pact
The aim is to establish multiple logistics zones in the Kingdom.
- The objective is to establish logistics zones that will enhance efficiency of the sector, improve service quality and generate additional job opportunities.
- This initiative is expected to strengthen the role of the logistics sector in supporting the national economy.
Geostrategy
Ground operation likely in Gaza Strip, says Israeli envoy to Russia
MOSCOW, RUSSIA - The probability that the Israel Defense Forces (IDF) will launch a ground operation against Palestinian group Hamas...
- Israel announced a total blockade of the Gaza Strip.
- Israeli forces have been bombarding the area.
Business
Air Arabia launches non-stop flights between UAE’s Sharjah, Egypt’s Giza
SHARJAH/ ABU DHABI, UAE - Air Arabia announced the launch of a new route operating between Sharjah and Giza city...
- The non-stop flights will connect Sharjah International Airport with Giza and will have a frequency of five weekly flights.
- British Airways announced that it will launch daily flights from London to Abu Dhabi next year.
Business
PIF announces pricing of inaugural $3.5bn global sukuk issue
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) on Thursday successfully priced its first dollar-denominated Shariah-compliant trust certificates (sukuk).The...
- The issuance will be listed on the London Stock Exchange’s International Securities Market (ISM).
- The sukuk issuance was more than seven times oversubscribed, with orders exceeding $25 billion,
Geostrategy
Russia ready to discuss Turkey’s idea about guarantors for Israel, Palestine, says Lavrov
PYONGYANG, NORTH KOREA - Russia is ready to discuss and consider Turkey’s initiative to establish a guarantor system in the...
- According to the Russian foreign minister, the initiative is driven by the intention to de-escalate things and bring the situation back to normal.
- He said that the Turkish initiative is rooted in the desire to ensure a balance of interests, rather than favoring one party.
Borouge proposes share buyback
The company had posted a 24% YoY increase in net profit to $1.24bn.
Business
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e& 2023 net profit is US$2.8bn
Business
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stc 2023 revenues is $19.28bn
Business
Mubadala to anchor US-based Blue Opal’s second venture capital fund
MIC will be an anchor investor in their second venture capital fund.
Business
Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...
Business
Potential investors value Telegram at $30bn, says co-founder Pavel Durov
MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social...
Business
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Business
EIC to pay $22m dividend
The company's board had decided 15% cash dividend for H2 2023.
- The company had reported a 113 percent increase in net profit to SAR 201 million in 2023, compared to 94 million a year ago.
- The increase in net profit was attributed to an increase in sales from SR 1.066 billion to SR 1.559 billion
Business
UAE, NeoNautica collaborate to develop Blue Pass platform
DUBAI, UAE – The Ministry of Energy and Infrastructure has signed a collaboration agreement with NeoNautica, a company specialized in...
- This will help enhance the competitiveness of the national maritime sector, promote its attractiveness to international investors.
- This strategic expansion aims to position the UAE as the premier logistical partner for global trade and further consolidate its leadership in the lindustry.
Business
DMCC registers 2,692 new companies in 2023, its second-best year on record
Dubai, UAE -- A total of 2,692 new companies joined Dubai Multi Commodities Centre (DMCC) last year, bringing the total...
- The launch of new industry ecosystems, the expanded service offerings and the physical growth of the Uptown Dubai district boosted the performance.
- DMCC said it accounted for 11 percent of Dubai’s total FDI inflows and cemented its status as a global hub for trade in commodities like diamonds and precious stones.