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ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

Etihad Q1 profit $187 million

This is a 30% YoY increase over Q1 2025.

Yalla Group Q1 revenue $83m

Net income rose to $36.4 million, a 17% YoY increase.

Qatar Airways annual profit $2bn

This was a record 28% jump in annual net profit.

Masdar issues $1bn bond

Its green bond program hits $2.75 billion.

DEWA commissions 200MW second unit in Al Maktoum Solar Park

Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned the 200MW second unit of the parabolic basin complex in...
  • It is set to provide clean energy for approximately 320,000 residences and reduce carbon emissions by 1.6 million tons annually.
  • This phase uses the Independent Power Producer (IPP) model with investments of up to AED 15.78 billion ($4.30bn).

Saudi Arabia, Pakistan ink pact on digital transformation, innovation

RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia signed a memorandum of understanding (MoU) with Pakistan here on Sunday...
  • Under the terms of the MoU, Saudi Arabia and Pakistan will strengthen their SME and start-up ecosystems.
  • They will cooperate on policies, regulations and legislation in the digitization and electronic manufacturing sectors.

ROSHN group opens sale for SEDRA phase 3 units in Riyadh

RIYADH, SAUDI ARABIA - ROSHN Group, one of the Public Investment Fund (PIF) subsidiaries, announced on Sunday the opening of...
  • SEDRA phase three will add 3,438 more houses to ROSHN’s first integrated development; 1,904 units are for sale in this initial sales tranche.
  • SEDRA 3 offers prospective residents eight options of floor plans and eleven facades, in single- or multi-family configurations,

ADB capital reforms unlock $100bn to support Asia and the Pacific region

MANILA, PHILIPPINES - The Asian Development Bank (ADB) approved capital management reforms that unlock US$100 billion in new funding capacity...
  • The expansion of available funds will be further leveraged by mobilizing private and domestic capital required to tackle the climate crisis.
  • The reforms also create a Countercyclical Lending Buffer to support ADB developing member countries facing unexpected crises.

Saudi Arabia launches program to document football clubs’ chants

Riyadh, Saudi Arabia - The Saudi Commission launched Wednesday "Saudi Football Trouq", a unique initiative that is dedicated to the...
  • Through "Saudi Football Trouq", the commission will create an integrated archive that includes club chants.
  • This endeavor is driven by the commission's commitment to preserving the Kingdom's diverse musical and artistic heritage.

China grants Approved Destination Status to Saudi Arabia

RIYADH, SAUDI ARABIA – China on Tuesday granted Approved Destination Status (ADS) to the Gulf Kingdom.The bilateral agreement, signed on...
  • The bilateral pact allows Chinese citizens to travel to Saudi Arabia in group tours in addition to facilitating greater ease of access.
  • ADS will drive greater connectivity between Saudi Arabia and China and unlock new opportunities across the tourism ecosystem.

Central Bank of Bahrain treasury bills oversubscribed by 149 percent

MANAMA, BAHRAIN - This week’s BD 70 million (US$186 issue of Government Treasury Bills has been oversubscribed by 149 percent.The...
  • The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain.
  • The issue date of these bills is September 27 2023 and the maturity date is December 27 2023.

IsDBI, BIBF join hands to enhance global Islamic finance expertise

MANAMA, BAHRAIN - The Bahrain Institute of Banking and Finance (BIBF) and the Islamic Development Bank Institute (IsDBI) have decided...
  • The programs cater to professionals from financial institutions, regulatory bodies, supervisory authorities and legal experts.
  • This partnership between IsDBI, BIBF focuses on elevating the industry, forging international connections, and nurturing talent on a global scale.

Arab countries account for 60 percent of global Islamic financial industry, says AMF

ABU DHABI, UAE –  Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman...
  • Setting accounting standards for Islamic finance institutions helps support the growth of the industry.
  • Maintaining the Islamic financial industry's achievements requires focusing on capacity building.

Qatar launches ‘Istamer’ platform to employ retirees in private sector

DOHA, QATAR -  The Ministry of Labor (MoL) launched the "Istamer" digital platform, which deals with employing Qatari retirees wishing...
  • The platform’s purpose is to aid retired persons keen on re-entering the workforce find jobs in private institutions aligned with their expertize.
  • The platform streamlines the entire recruitment process, from application submission to interviews and final job offers, which is all conducted online.

Fourth Industrial Revolution centers announced for Riyadh, Muscat, Pretoria

Davos, Switzerland -- The World Economic Forum (WEF) has announced signing agreements for three new Centers for the Fourth Industrial...

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Binaa Al Bahrain aims to create expansive mixed-use projects

ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...

UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023

ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...

Real estate transactions worth over US$74m take place in Qatar in week

DOHA, QATAR  - The volume of real estate trading in the country in sales contracts at the Department of Real...

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Boursa Kuwait posts $51m net profit

Operating profit for 2023 was recorded at US$59 million.
  • Total operating revenues of US$99 million were recorded for 2023.
  • Consolidated assets came in at approximately US$386 million in 2023.

e& 2023 net profit is US$2.8bn

e& said the net profit is a growth of 3 percent year-over-year.
  • Consolidated revenues reached US$14.6 billion which is a growth of 8.3 percent year-over-year.
  • Consolidated EBITDA rose by 3.7 percent year-over-year at constant exchange rates, to US$7.1 billion.

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...
  • Non-oil exports (including re-exports) decreased by 1.2 percent, compared to Q4 2022, decreasing to SAR 71.1 billion from SAR 71.9 billion in Q4 2022.
  • In Q4 2023, exports to China amounted to SAR 50.2 billion (16.9 percent of total exports), making this country the main destination for the Kingdom’s exports.