Mideast ministers met with Joly, Trudeau in Ottawa to discuss Israel-Hamas war
OTTAWA, CANADA — A group of foreign ministers from the Palestinian Authority, Saudi Arabia and Turkey met Canadian Foreign Affairs...
Geostrategy
Dubai faces warehouse shortage, says new report
DUBAI, UAE — The supply of under construction warehouse stock in Dubai’s industrial market stands at 1.56 million square feet according...
Business
Business
Sanad and Thales sign MoU
The two companies will collaborate on aviation services.
- Knowledge exchange will be a key focus under the terms of the agreement, and Thales will serve as a partner in diversifying Sanad’s business portfolio towards industrial services.
- Sanad and Thales will work collaboratively on regional and international projects, wherein Sanad would lead on providing cutting-edge industrial systems.
Business
Jadwa of Saudi Arabia launches a $800m real estate fund
Jadwa Investment of Saudi Arabia has launched a new Shariah-compliant real estate fund to the tune of $800 million. The...
- The Riyadh-based company, which provides asset management and financial advisory, partnered with Tatweer Group, NUMU Holding Co. and Riyad Bank to launch this closed-ended fund
- The fund provides investors with a stable stream of income by investing in differentiated, income-generating properties in the Kingdom
Business
Sadara Chemical Co. posts SR3.1bn profit
Sadara Chemical Co., a joint venture between oil major Saudi Aramco and US Dow Chemical Co., has posted a net...
- On the back of higher selling prices, the giant JV, specialized in producing a wide range of specialty chemicals, erased losses of SR3.2 billion sustained a year earlier
- The 200-percent increase in profit was coupled with a rise in revenue of over 67 percent to as high as SR17.6 billion during the year
Business
Al-Dawaa starts trading on TASI
The pharmacy chain operator collected $500 million from shares buyers.
- The operator of one of Saudi largest pharmacy chains, Al-Dawaa offered 25.5 million shares in an initial public offering, representing 30 percent of capital.
- Al-Dawaa operates a network of pharmacies with over 800 outlets across 130 cities in Saudi Arabia. It posted a revenue of about 5 bn riyals ($1.3 bn) and profit of 246m
Business
Valor International partners with HFZA
The companies will expand regional operations, boost production capacity.
- Valor International FZC will invest another AED77 million to build a multifunctional mini refinery over 193,750 sq. ft leased from the free zone
- With the new expansion plans, the total value of Valor’s investments in the free zone will reach close to AED200 million
Business
Muscat raises foreign ownership in joint stock companies to 100%
The decision to raise the percentage of foreign investment in public companies is one of the most important steps to...
- The decision to raise the percentage of foreign investment in public companies is one of the most important steps to include the market in global emerging market indices
- Oman plans to list 35 state-owned companies in the next five years, with a focus on listing one or two firms from the oil sector during the current year
Geostrategy
Jordanian-Saudi joint military drill kicks off in KSA
The exercise aims to enhance joint cooperation, exchange expertise between the Saudi and Jordanian armed forces, the head of the...
- The exercise aims to enhance joint cooperation, exchange expertise between the Saudi and Jordanian armed forces, the head of the Jordanian delegation Colonel Khaled Shamaileh said
- Director of the exercise from the Saudi armed forces, Brigadier General Muqbel bin Mohammad Al-Harbi were provided field training to tackle weapons of mass destruction
Economy
Post-Covid retail outlook bright in GCC
Saudi Arabia and UAE, two biggest economies in the Gulf Cooperation Council region, rely heavily on retail industry.
- UAE and Saudi Arabia witnessed growth, albeit low, in the retail sector even during the pandemic.
- Professional services network Deloitte has said that 2022 offers an opportunity for the long-overdue retail reset.
Business
Jordan’s trade deficit with EU expands 12.9% to $3.77bn
Jordan’s trade balance deficit with the European Union countries expanded by 12.9% in 2021 compared to 2020.
- Total trade deficit reached about JD2.671 billion ($3.77 billion) in 2021
- The value of national exports to EU countries increased by 29.9 per cent during 2021
Business
Bahrain to keep managing air traffic over Gulf waters
Bahrain will keep managing air traffic in the airspace over international waters in the Arabian Gulf, extending from the borders...
- The Minister of Transportation and Telecommunications, Kamal bin Ahmed Mohammed announced this on Sunday
- Bahrain has successfully managed the ICAO mandate since 1959, providing air traffic control services garnering ICAO's approval
Mideast ministers met with Joly, Trudeau in Ottawa to discuss Israel-Hamas war
OTTAWA, CANADA — A group of foreign ministers from the Palestinian Authority, Saudi Arabia and Turkey met Canadian Foreign Affairs...
Geostrategy
Company News
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ADNOC awards $980m contract
Business
AD Ports Group records 77% growth in Q3
The company's EBITDA increased 52 percent YoY to $162 million.
Business
Saudi Crown Prince and PM arrives in Indonesia for G20 summit
Bali, Indonesia— Crown Prince and Prime Minister of Saudi Arabia, Mohammed bin Salman, has arrived in Indonesia to take part...
Geostrategy
European Film Festival commences at Haya Cultural Center in Amman
Amman, Jordan— Intended to open up a space for intercultural cooperation, the 34th edition of the European Film Festival (EUFF)...
Arts & Culture
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Geostrategy
UAE urges global efforts for trade at B20 Summit in Indonesia
BALI, INDONESIA - Speaking at the B20 Summit in Bali, Indonesia, Minister of State for Foreign Trade Dr. Thani bin...
- The UAE is working to help the global economy overcome current and future challenges.
- The economy of the future will be based on knowledge and innovation.
Economy
Bahrain made the highest rate hike in GCC region
Many Gulf states, including the region's two biggest economies, raised key interest rates earlier this month after the US Fed...
- The Fed raised the rate by three-quarters of a percentage point for the fourth straight time.
- The impact of higher interest rates among Gulf oil exporters in 2022 has so far been limited.
Business
Emaar 9M revenue at US$5.1bn
Robust property sales helped firm enhance revenue.
- Emaar said that EBITDA in 9M 2022 increased by 47 percent to US$ 2.3 billion
- The property giant said net profit in 9M 2022 increased by 124 percent to US$ 1.6billion.