e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle.The sukuk are offered to qualified investors...
Business
Science
UAE ministry launches Green Business Toolkit 2.0 at COP27
The Ministry of Climate Change and Environment (MOCCAE) introduced the second edition of the UAE Green Business Toolkit in partnership...
- The move aligns with the UAE’s pathway to net-zero and supports sustainable economic development.
- The UAE Green Business Toolkit 2.0 seeks to benefit from the business sector's increasing awareness about the importance of achieving net-zero.
Business
GE, IRENA sign pact at COP27 to support energy security
SHARM EL SHEIKH, EGYPT - GE (NYSE:GE) signed a framework agreement with the International Renewable Energy Agency (IRENA) to support...
- GE, IRENA agreed to cooperate across several aspects including decarbonisation, thought leadership, adoption and sustainable use of renewable energy.
- GE and IRENA will explore how to jointly support decarbonisation efforts in critical markets and sectors.
Economy
TotalEnergies CEO heckled by climate activists at COP27
Sharm el Sheikh, Egypt—French giant TotalEnergies' chief executive was confronted by climate activists Friday at the COP27 summit in Egypt, where...
- The company's Chief Executive Patrick Pouyanne was confronted by a number of activists, forcing him to briefly take cover in the Guinean pavilion
- Global Witness estimates that the number of lobbyists at this year's climate summit has increased by 25 percent compared to last year's gathering in Glasgow
Geostrategy
Bahrainis vote to elect members to Council of Representatives
People are choosing their candidates for the 40-member Council of Representatives, one of the two chambers of the bicameral parliament.
- People are choosing their candidates for the 40-member Council of Representatives, one of the two chambers of the bicameral parliament
- Those living abroad or visiting foreign countries had an advance polling on Tuesday in the 37 voting centers set up in diplomatic missions across the world
Business
PIF to sell Tadawul stake
It will sell 10% of its stake, amounting to 12m shares.
- According to a bourse filing, PIF, which has over $600 billion in assets, is selling 12 million shares in Tadawul Group
- The fund has hired both HSBC Saudi Arabia and Morgan Stanley Saudi Arabia to act as joint global coordinators, as well as Al Rajhi Capital to act as joint book-runner
Business
Gulf Arab’s first casino being opened at Ras Al Khaimah resort
The casino would mark a watershed moment for the Gulf region.
- The casino would mark a watershed moment for the Gulf region
- The region has traditionally imposed stricter Islamic rules than other parts of the Middle East
Economy
UAE launches National Net Zero by 2050 Pathway
The pathway, unveiled at COP27, sets the timeframe and identifies the mechanisms of implementing the UAE Net Zero by 2050...
- The pathway, unveiled at COP27, sets the timeframe and identifies the mechanisms of implementing the UAE Net Zero by 2050 Strategic Initiative, introduced in October 2021
- The UAE will adopt several measures to mitigate climate change such as increasing the share of clean energy in its energy mix and scaling up the use of clean electricity
Geostrategy
Tel Aviv-Doha World Cup flights draws criticism from Qatari activists
While Qatar's Gulf neighbours Bahrain and the United Arab Emirates established relations with Israel through agreements mediated by the United...
- The protest led by Qatar Youth Against Normalization was small but noticeable in a state where citizens very rarely speak out against authorities
- Qatar has stated that normalisation with Israel is contingent to the establishment of a Palestinian state
Economy
Companies have 50 days to achieve Emiratisation targets: Ministry
Dubai, UAE--- UAE's Ministry of Human Resources and Emiratisation (MoHRE) has said it was keen to support and empower private...
- Ministry of Human Resources and Emiratisation has said it was keen to support and empower private sector companies in the country and help them achieve their targets.
- Companies with 50 or more employees are targeted to raise their Emiratisation rate by 2 percent of their overall skilled jobs.
Business
FTX goes bankrupt in US
The Cryptocurrency platform chief executive quits.
- FTX Group announced in a statement that it filed for Chapter 11 bankruptcy proceedings.
- Chapter 11 is a US mechanism allowing a company to restructure its debts under court supervision while continuing to operate.
e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
Company News
Sukoon Insurance sets up OIWSS
Business
Latest News
RCU inks pact with Artefact, Dassault Systèmes for AI, digital solutions
ALULA, SAUDI ARABIA – The Royal Commission for AlUla (RCU) has reinforced its commitment to technology innovation and cutting-edge digital...
Business
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Business
Aramco, ENOWA ink pact
The firms will jointly establish an e-fuel demonstration plant.
- The e-fuel technology has the potential to reduce CO2 emissions by over 70 percent on a complete life cycle basis.
- The integrated facility will generate 12 tons of synthetic methanol per day from green hydrogen and CO2, using proprietary technologies.
Business
RSG, KHC set up joint venture
The JV will develop and own the Four Seasons Resort Red Sea.
- The anticipated luxury resort is situated on Shura Island, the main hub for Red Sea destinations.
- It will offer 149 rooms and suites, plus 31 residential properties, as well as six restaurants and lounge outlets.
Business
KEZAD Group signs lease agreement with Advanced Petro Services
ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi (KEZAD) Group, the integrated trade, logistics, and industrial hub of Abu...
- KEZAD’s industrial ecosystem is equipped with state-of-the-art infrastructure which perfectly supports Advanced Petro Services’ 24,000 sqm facility.
- The CEO of KEZAD Group said APS is well-positioned to make a significant impact in the broader Abu Dhabi industrial landscape.