Top diplomats of some OIC countries arrive in Russia, to discuss Gaza
MOSCOW, RUSSIA – The foreign ministers of Saudi Arabia, Jordan, Egypt, Indonesia, Palestine and the Secretary General of the Organization...
Geostrategy
Saudi EXIM Bank, Obeikan AGC ink pact
Obeikan AGC Glass will have an export credit insurance policy.
Business
IHC buys 54% stake in Emircom
Business
ADNOC Distribution to pay $349m
Business
ADC sets price for IPO
Business
Business
UAE’s Dragon Oil announces first oil find in Egypt’s Gulf of Suez
The discovery is one of the largest in the area in the past 20 years, and the field could contain...
- The discovery is one of the largest in the area in the past 20 years, and the field could contain around 100 million barrels in reserves
- The announcement was made on the sidelines of the ongoing Egypt Petroleum Show (EGYPS) 2022
Business
Air Arabia profits up 476%
Its profit stood at AED720 million ($196.05 million) in 2021.
- The Sharjah-based carrier said its profit stood at AED720 million ($196.05 million) over the previous year
- This was compared to a net loss of AED192 million ($52.28 million) registered for the full year 2020
Business
Zain Group to sell tower infrastructure
PIF-led consortium to buy 80 percent stake in 8,069 towers.
- PIF will acquire a 60 percent stake, Sultan Holding Company acquiring 10 percent and Prince Saud bin Fahd bin Abdulaziz acquiring 10 percent.
- Zain KSA will own the remaining 20 percent stake, with the PIF having a call option to buy this remaining 20 percent for a specified amount.
Elm to list on TASI
The final offer price was set at SR128 ($34.1) per share, the top end of an indicative range.
- The listing comes amid a boom in the Saudi initial public offering market in a bid to enhance liquidity.
- Owned by the Public Investment Fund, the company had earlier raised $820 mil in proceeds from an IPO.
Economy
Saudi inflation hovers at 1.2% despite spike in food prices
In spite of an increase in transport and food costs, inflation in Saudi hovered at 1.2 percent in January, according...
- GASTAT said the 1.2 percent growth in the general consumer price index, or CPI, “resulted from higher prices of transport and food and beverages prices
- In the food and beverages group – which has a 19 percent weighting in the general CPI — growth in food prices accelerated to 2.1 percent from 1.1 percent in December
Business
Intel to acquire Tower Semiconductor
The acquisition for around $5.4bn part of Intel's IDM 2.0 strategy.
- As a key part of its IDM 2.0 strategy, Intel established Intel Foundry Services (IFS) in March 2021 to help meet the growing global demand.
- Tower operates a geographically complementary foundry presence with facilities in the U.S. and Asia.
Business
Trade between Brazil and Arab countries grew by 44 percent in 2021
Trade between Brazil and Arab countries grew by 44 percent during 2021, with food exports alone reaching an estimating $14...
- Food exports alone reached an estimating $14 billion, said Tamer Mansour, CEO of the Brazilian Chamber of Commerce.
- January reports revealed that trading between Brazil and Arab countries could increase further, by 2 to 4 percent in 2022, he added.
Business
Construction of $834m steel casting plant in Saudi to begin this year
A metal casting and forging plant will be built by South Korea’s Doosan Heavy Industries and Construction at the cost...
- The plant will be constructed at the King Salman Global Maritime Industries Complex by South Korea’s Doosan Heavy Industries.
- The plant orders in Saudi Arabia and the Gulf Cooperation Council are expected to grow around 2 trillion won per year in 2028.
Business
Amanat Holdings income leaps up
Amanat Holdings has posted a huge jump in its income for the year ended December 31, 2021 to AED367 million...
- Amanat has recommended the highest dividend payout to date of AED150 million, for which the Board of Directors will be seeking shareholders' approval
- The company reported a record net profit of AED280.8 million, a twenty-eight fold increase from the AED10.1 million reported in FY-2020
Business
Investcorp acquires 64 industrial properties in US for US $640 million
The properties grow Investcorp’s US industrial real estate holdings to approximately $3.5 billion across approximately 32 million square feet comprised...
- The properties grow Investcorp’s US industrial real estate holdings to approximately $3.5 billion across 32 million square feet comprised of more than 425 buildings
- The latest acquisitions provide Investcorp with Class B+/B industrial warehouses that are 95 percent leased
Top diplomats of some OIC countries arrive in Russia, to discuss Gaza
MOSCOW, RUSSIA – The foreign ministers of Saudi Arabia, Jordan, Egypt, Indonesia, Palestine and the Secretary General of the Organization...
Geostrategy
Company News
Latest News
IHC buys 54% stake in Emircom
Business
ADNOC Distribution to pay $349m
Business
Middle East’s sports path to boosting tourism
The Arabian Gulf countries have hosted some of the biggest sporting events during the past decade. The World Cup is...
Videos
SCC approves proposals on Council’s establishment law
SHARJAH, UAE - The Sharjah Consultative Council (SCC) approved several proposals submitted by the council's members on the Consultative Council...
Geostrategy
‘UAE to reveal implementation map of Net Zero 2050 at COP27’
Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri said the UAE’s participation in the 27th session of...
Science
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Geostrategy
‘Five including four police officers killed in Iran’
Four Iranian police officers and one "terrorist" have been killed in separate incidents in the strife-torn country, state media and...
- Iran has been rocked by over seven weeks of nationwide protests over the death of 22-year-old Kurdish Iranian woman Mahsa Amini.
- Amid the wider unrest, clashes have rocked Sistan-Baluchistan province, which borders Pakistan and Afghanistan.
Business
World Cup: Saudia to operate 780 flights to ferry fans to Doha
Riyadh, Saudi Arabia---Saudi Arabian Airlines (SAUDIA) has announced it will allocate 780 scheduled, additional and shuttle flights connecting Riyadh, Jeddah,...
- To cash in on the expected rush of fans, both UAE and Saudi Arabia have announced multiple-entry visas for fans.
- Qatar has also reopened the mothballed Doha International Airport to cater to the additional flights.
Geostrategy
COP27 summit opens as world races against climate clock
Just in the past few months, climate-induced catastrophes have killed thousands, displaced millions and cost billions in damages across the...
- The COP27 summit will focus like never before on money. Developing nations have "high expectations" for the creation of a dedicated funding facility to cover "loss and damage"
- The most conspicuous no-show will be China's Xi Jinping, whose leadership was renewed last month at a Communist Party Congress.