Saudi Arabia raises US$11bn syndicated loan to fund deficit
RIYADH, SAUDI ARABIA - Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget...
Business
Business
UAE ratifies $3.26bn loan for Sheikh Zayed Housing Program
The UAE has approved a $3.26 billion housing loan budget for Sheikh Zayed Housing Program in a cabinet meeting on...
- "The aim is to fulfil accumulated and expected requests and reduce the waiting period during the coming years", said Sheikh Mohammed bin Rashid
- He said the cabinet also approved the establishment of the Emirates Council for Balanced Development to develop plans, implement projects and build government-private partnerships
Business
EGA of UAE posts record net profit of $1.5bn for 2021
Emirates Global Aluminium, or EGA, has posted a 1,140 percent jump in net profit to $1.5 billion for 2021.
- The company's record earnings were attributed to a strong global aluminum market after economies recovered from COVID-19, as well as higher production, sales, and prices
- “These record results show that our preparations for the next stage of our corporate journey are nearing completion,” Abdulnasser bin Kalban, CEO of EGA said
Business
Saudi Exports organizes Commercial Mission for 30 businesses to Oman
Saudi Exports Development Authority (SAUDI EXPORTS) today organized a commercial mission for over 30 Saudi senior manufacturers and exporters in...
- The mission, which targets 70 Omani companies, follows the two countries’ signing of memorandum of understating worth $30 billion for cooperation in various economic fields.
- Saudi non-oil exports to Oman reached $932 million till November 2021---food sector SAR 884 million, petrochemicals SAR 709 million and the constructions sector SAR 529 million.
Business
Lucid Motors to manufacture electric vehicles in Saudi Arabia
Lucid Motors has leased a big plot of land for $30 million in King Abdullah Economic City Industrial Valley, in...
- The leasing of land aims “to construct and operate automotive manufacturing and assembly facility together with all ancillary services”
- Financial impact from the project will roll out on the company’s financial statements during the contract duration that will run from 2022 until 2047
Business
Al Arabia sets up e-commerce subsidiary
The subsidiary has a capital standing at SAR 50,000 and will offer multi-vendor business-to-consumer (B2C) products.
- The subsidiary has a capital standing at SAR 50,000 and will offer multi-vendor business-to-consumer (B2C) products
- Al Arabia will announce any material impact regarding setting up the new subsidiary once developed
Geostrategy
Saudi Deputy Defense Minister meets Abu Dhabi’s Crown Prince
Prince Khalid bin Salman conveyed the greetings of the Custodian of King Salman bin Abdulaziz Al Saud.
- Prince Khalid bin Salman conveyed the greetings of the Custodian of King Salman bin Abdulaziz Al Saud
- The two kingdoms discussed strategic cooperation and the developments in the regional and international arena
Economy
Makkah governor launches $4bn projects in the region
The new initiatives are expected to support environmental and water sustainability in accordance with the Saudi Vision 2030.
- The total cost of the 72 projects is said to be more than SAR15 billion ($4 billion)
- They are said to spread across several sectors, including water and the environment
Economy
Jordan, Saudi Arabia talk ways to raise trade exchange
According to a Jordanian Trade Ministry statement, the two countries discussed preparations for holding the 17th session of the Joint...
- According to a Jordanian Trade Ministry statement, the two countries discussed preparations for holding the 17th session of the Joint Commercial Committee meetings
- The meetings will tackle many topics aimed at increasing the volume of joint trade exchange and economic cooperation
Business
UAE, Egypt sign reinsurance pact to bolster trade, economic cooperation
The agreement between the two state-owned firms will bolster the strong trade and economic cooperation, in addition to boosting export...
- The agreement between the two state-owned firms will bolster the strong trade and economic cooperation, in addition to boosting export relations
- The broad range of trade credit insurance amongst these two entities will mitigate risks they might encounter due to various political and commercial reasons
Business
Dubai Maritime City launches $38m infrastructure project
Dubai Maritime City (DMC), DP World’s purpose-built maritime hub, announced the launch of a major project worth AED140 million ($38.1...
- The project is part of ongoing efforts to boost Dubai’s economy and enhance the efficiency of the logistics sector
- It includes developing networks for deep sewage, stormwater, fire, irrigation, potable water
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Saudi Arabia raises US$11bn syndicated loan to fund deficit
RIYADH, SAUDI ARABIA - Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget...
Business
Company News
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Multiply Group buys 80% of IEH
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Arada awards two contracts
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Anaam to raise US$42m
Business
COP27: ACG to give $24bn for climate action by 2030
The fund will support the acceleration of the energy transition, the increased resilience of food, transport, water and urban systems,...
Geostrategy
AD Ports, IDB ink deal to enhance UAE-Iraq trade flows
Abu Dhabi, UAE - AD Ports Group and International Development Bank (IDB) have signed a deal to review opportunities for...
Business
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Business
Dana Gas net profit up 64%
The company reported net profit of $161m for 9M of 2022.
- In a bourse disclosure, the company said the gross revenue for the same period increase by 24 percent year on year to AED1.521 billion ($415 million).
- The gains in profit were driven by higher realized prices, “prudent cost control and strong operational performance in the Kurdistan Region of Iraq (KRI)”, the filing said.
Geostrategy
Biden’s upcoming foreign trip to focus on Climate, Ukraine, China
Biden's tour would include meetings of ASEAN and the Group of 20 industrialised nations in Cambodia and Indonesia.
- Biden's tour would include meetings of ASEAN and the Group of 20 industrialised nations in Cambodia and Indonesia
- The trip will begin two days after the US midterm elections which will determine whether Democrats keep their congressional majorities
Business
Villas, apartments form major chunk of $598m Dubai realty deals Tuesday
Dubai, UAE---Dubai real estate market recorded realty deals worth AED2.2 billion ($598 million) on Tuesday, according to the data by...
- The deals include 544 sales transactions worth AED1.64 billion, in addition to 78 mortgage deals of AED590.54 million.
- Residential properties in the UAE remain a top priority for international real estate investors.