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Alpha Dhabi H1 profit $1.79bn

Adjusted EBITDA rises to $2.36bn.

Borouge Q2 net profit $193m

The H1 revenue stood at $2.72 billion.

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

Kuwait aims to be the hub for electric carmakers in Middle East

    • Kuwait Ports Authority noted that electric carmakers do not use local distributors or dealers

    • The design and construction tendering process will be during the 2021-2022 fiscal

    Kuwait is looking to emerge as the hub for the manufacture of electric cars in the Middle East. In this direction, Kuwait Ports Authority (KPA) has approved a proposal to build the Middle East’s first city to serve electric vehicle manufacturers, the authority said in a statement on Sunday.

    The statement does not make clear where the project, called EV City, will be located.

    The design and construction tendering process will be during the 2021-2022 fiscal year, said KPA General Manager Yousef Al-Abdullah Al-Sabah.

    KPA noted that electric carmakers do not use local distributors or dealers and sell their vehicles directly to consumers, adding that it was common for ports to provide certain infrastructure to manufacturers.

    “KPA is able to provide all port and logistics services to the biggest global companies manufacturing electric cars,” Sabah said, adding that the project was in line with Kuwait’s Vision 2035 economic diversification plan.

    The Public Investment Fund, the sovereign wealth fund of Saudi Arabia, has made huge gains after it invested more than $1 billion in electric carmaker Lucid in 2018.

    Lucid Group listed last month after a merger with a blank check company, Churchill Capital Corp IV, in February in a deal that gave the combined company a pro-forma equity value of $24 billion. PIF owns 62.7 percent of Lucid.