The DCO Council announces multilateral initiatives to bridge digital divide
Manama, Bahrain - The Digital Cooperation Organization (DCO), a global intergovernmental organization dedicated to fostering digital prosperity for all by...Business Tech & Media
IMF says Red Sea shipping down one-third due to Houthi attacks
"Container shipping... has declined by almost 30 percent," said Jihad Azour, director of the IMF's Middle East and Central Asia...Business Geostrategy
DFM posts net profit of AED 38.1 mn in the first nine months of 2021
The Company’s total revenue reached AED 183.1 million in this timeframe compared to AED 271 million during the corresponding period...DFM's expenses decreased 4 percent to AED 145 million by the end of September
The company has waived the minimum trading commission from September 1
ADIO and Etisalat to facilitate digital economy access for firms in Abu Dhabi
Abu Dhabi Investment Office (ADIO) and Etisalat will work together to unlock opportunities for businesses in Abu Dhabi by introducing...ADIO’s $545-million Innovation Programme provides incentives to businesses in high-growth areas to expand in Abu Dhabi.
Etisalat Digital’s FutureNow program invites innovative technology companies to accelerate their businesses in the UAE.
Eni of Italy discovers three new oil and gas wells in Egypt
Eni of Italy has discovered three new oil and gas wells in Egypt, according to the Egyptian Ministry of Petroleum.Oil, gas, and condensate (a mix of light liquid hydrocarbons) were found in the Meleiha concession area, and oil in the southwest Meleiha zone
The MWD-21 well, which has already been linked to production, also yielded a stable rate of 2,500 bpd
Saudi Investment Bank records 9% rise in net profit to $206.7m
The Saudi Investment Bank (SAIB) has recorded a 9 percent rise in net profit to $206.7 million in the first...The bank attributed the profit rise to a decline of 11.6 percent year-on-year (YoY) in total operating expenses amid lower salaries and employee-related expenses.
Total shareholders' equity, excluding minority interests, reached SR14.69 million during the first nine months of 2021
44 MNCs decide to set up regional HQs in Riyadh
Pepsico, Deloite, Siemens, Haliburton, KPMG, PwC, Novartis and OYO are among the companies that will establish their regional headquarters in...The licenses were issued at the 5th edition of the Future Investment Initiative under the Regional Headquarters program.
The direct and indirect benefits from the presence of companies (in Saudi Arabia) will amount up to $45 billion, says minister.
Sharjah Economic Development Department processes 14,210 licenses during Q3
Sharjah Economic Development Department (SEDD) has processed 14,210 licenses submitted through its smart applications on its website as well as...The majority of the licenses processed belonged to the commercial sector, followed by professional.
The growth of business licenses confirms the strength of the local economy, Sultan Abdullah bin Hadda Al Suwaidi.
Advanced Petro Co. of KSA posts nearly 40% jump in net profit
Advanced Petrochemical Company of Saudi has posted nearly 40 percent increase in net profit to $58 million for the third...“Net profit increased by 39 percent compared to Q3 2020 mainly due to the increase in polypropylene sales”
Sales revenue for the current quarter surged by 47.7 percent to 805 million riyals, while total comprehensive income grew from 286 million riyals to 356 million riyals
Singapore-based Near acquires minority stake in MEmob+
Near will work with MEmob+ to continue its global expansion with a push into the Middle East and Africa.Near will work with MEmob+ to continue its global expansion with a push into the Middle East and Africa
The companies will look to accelerate the adoption of cutting-edge technologies to support the performance of businesses everywhere
Network International of UAE posts 19% jump in revenue
Network International, the UAE-based payment solutions firm, has posted a 19 percent jump in revenue in the third quarter, increasing...Merchant solutions revenue was up by 38 percent, the company said in its Q3 2021 trading update
The company said that its entry into the Saudi Arabian Market was also on track, with the expectation of launching in the kingdom in early 2022
Fertiglobe completes IPO on Abu Dhabi Securities Exchange
The initial public offering (IPO), which raised over $795 million, experienced strong demand from local and international investors, with orders...Fertiglobe’s shares will begin trading at AED2.55, implying a market capitalisation for the Company of $5.8 billion
The company is the world's largest seaborne exporter of urea and ammonia and the largest nitrogen fertiliser producer in the MENA region
