Saudi Arabia at 16 position in Lloyd’s List 2023 rankings
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition...
Business
Business
Dubai to have a ‘crypto asset and blockchain hub’
Dubai World Trade Center Free Zone and CoinMENA have tied up to develop a “crypto asset and blockchain hub" in...
- The memorandum of understanding was signed by the DWTC and CoinMENA’s subsidiary
- The agreement will likewise see CoinMENA’s UAE headquarters relocate to the DWTC Free Zone
Economy
Bahrain national-origin exports grow to $3.12bn in Q3 2021
Bahrain’s imports grew 16 percent, but its export of national origin ballooned 76 percent in the third quarter of 2021.
- The value of exports of national origin increased by 76 percent to BD1.174 billion ($3.12 billion) during Q3 2021
- It was BD669 million ($1.78 billion) for the same quarter of the previous year
Business
Yansab of Saudi Arabia posts 8% drop in net profit to $47.7m
Yanbu National Petrochemical Co (Yansab), of Saudi Arabia, has revealed that its net profit declined 8 percent to $47.7 million...
- The drop in net profit was due to lower production and sales because of the temporary shutdown of its plants
- The result missed most analyst estimates. Riyadh-based Al Rajhi Capital had estimated 476 million riyals
Business
Mubadala Capital leads Huboo Fulfilment’s $82m funding round
Mubadala Capital led a Series B funding round in Huboo Fulfilment, the UK-based logistics start-up, closing at $82 million in...
- Huboo said in a statement it plans to roll out their first Spanish fulfillment centre in Madrid having already opened its first mainland European base in Eindhoven
- The round led by Mubadala Capital was joined by existing investors including Stride, Ada Ventures, Hearst Ventures, Episode 1 and Maersk Growth
Infographics
Nobel Prize eludes the Arab world
Egypt and Algeria have the largest number of Nobel winners in the Arab world, while Saudi Arabia, Qatar and the...
- Saudi Arabia, Qatar, and the United Arab Emirates are yet to produce a winner of the Nobel Prize
- Palestine, Lebanon, Tunsia, Yemen, Morocco, and Iraq have seen at least one resident awarded the prize
Business
Foreign investment in Egypt’s oil sector drops 26% to $5.4bn
Foreign investment in the oil sector of Egypt has dropped 26.02 percent to $5.4 billion in the current financial years,...
- The coronavirus crisis led to a slowdown in investments from international oil companies worldwide,”
- Egypt's oil sector had received more than $7 billion in investments a year earlier
Business
Sabic leads low-carbon plan
Sabic, WEF, and global companies will formalize the plan.
- The agreement will look to formalize the low-carbon emitting technologies or LCET initiative into a standalone entity by 2023
- As a result, LCET members will share early-stage risks and co-invest in developing and upscaling low-emission technologies
Business
ADNOC Distribution opens two stations in Sharjah
The openings support the company’s commitment to delivering on its promise to provide greater fuel retailer convenience to customers and...
- The openings support the company’s commitment to delivering on its promise to provide greater fuel retailer convenience to customers and neighborhoods
- The fuel-only Al Talaa offers fast and efficient refueling for customers, while the Al Madean station provides the full fuel and retail offering with an onsite ADNOC Oasis store
Business
Response Plus Holding of UAE posts net profit of $10.9m
Response Plus Holding, the UAE healthcare investment and management firm, has posted a net profit of $10.9 million during the...
- Its revenue for the nine-month period climbed to 197.7 million dirhams from 2.1 million dirhams last year
- As a result of revenue growth and improved margins, gross profit reached 60.1 million dirhams
Business
Oman and Lebanon explore new trade avenues
Businessmen and stakeholders from Oman and Lebanon have discussed investment and trade exchange.
- The discussions took place during the Omani-Lebanese Business Forum organized by the Oman Chamber of Commerce and Industry
- The forum was organized on the sidelines of an official visit by a Lebanese business delegation to Oman
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Company News
Sulaiman Group’s profit soars
Business
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Union Properties’ profit rises
Business
Saudi Tourism Authority organizes promotional tour in GCC countries
The tour came within the framework of the kingdom’s efforts to promote tourism destinations, attract tourists from the region and...
Economy
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Economy
UAE GDP grows 18.8% at current prices in 2021, says federal body
The centre’s data showed that non-oil GDP at constant prices grew by 5.8 percent to $0.33 trillion in 2021, compared...
- The centre’s data showed that non-oil GDP at constant prices grew by 5.8 percent to $0.33 trillion in 2021, compared to around $0.27 trillion in 2020
- According to the FCSC, the contribution of extractive industries, such as crude oil and natural gas, to GDP at fixed prices fell from 28.7 percent in 2020 to 27.4 percent in 2021
Business
Air passengers number up, reveals global aviation meet in Dubai
Some of the greatest minds in the aviation industry took to the stage at this year’s Global Aviation Conference in...
- Air passenger numbers are expected to exceed 80 percent of pre-pandemic levels this year.
- The surge would be driven by strong pent-up demand, eased travel restrictions, and growing employment rates.
Business
Saudi China’s largest oil supplier in Q1 despite Beijing’s Russia imports
Riyadh, Saudi Arabia - Saudi Arabia topped the list of oil suppliers to China for the first time in four...
- Saudi’s oil exports rebounded last month to 8.475 million tons, or 1.99 million barrels per day (bpd).
- The Kingdom remained the biggest supplier to China this year, shipping 58.31 million tons of oil till Aug.