GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...Business Economy
Arab Bank for Economic Development in Africa expects financing to touch US$2.5bn
Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion...Business
US curbs on Iran’s oil exports may hit global portfolios
The US tightening sanctions on Iranian oil could have a negative impact on individual and institutional investment portfolios by disrupting...The potential US sanctions on Iran's crude oil exports, due to its support for Hamas, could directly impact global portfolios, especially those with energy sector assets.
Potential restrictions on Iran will present both challenges and opportunities for energy stocks, possibly prompting central banks to raise rates amid inflation concerns.
Investors eye gold as safe haven amid Gaza tensions
The ongoing Gaza conflict has driven gold prices over $2,000/oz, highlighting the deep connection between geopolitical tensions and global financial...The ongoing Gaza conflict has driven gold prices over $2,000/oz, highlighting the deep connection between geopolitical tensions and global financial market reactions.
The 'political reversal' scenario for the present Middle East developments involves potential involvement of Lebanon and Syria, while the 'oil crisis' scenario involves Iran.
Maaden posts net loss in Q3
Sales revenue was US$1.6 billion (SAR 6.22 billion) in Q3 2023.Maaden posted a net profit of US560 million (SAR 2.1 billion) in Q3 2022.
Maaden posted net earnings of $183 million for the first nine months of 2023.
NMDC, AD Ports Group ink MoU
The firms will continue to work closely on future global projects.The agreement is in line with the objectives of UAE’s national strategy for industry and advanced technology.
The MoU will help the two firms to work together to strengthen the global maritime industry and support the economic growth of the UAE.
BP rebounds with $4.9bn Q3 profit
The oil giant had posted a net loss of $2.2bn the previous year.However, underlying replacement cost profit excluding exceptional items more than halved to $3.3 billion.
"This has been a solid quarter supported by strong underlying operational performance demonstrating our continued focus on delivery," said BP's official
Dubai records realty deals worth $116 billion in nine months
Dubai, UAE -- Dubai recorded 116,116 real estate transactions worth AED 429.67 billion ($116.98 billion) during the first nine months...The transactions marked a 36.7 percent in value and 33.8 percent in the number of transactions compared to the same period in 2022.
A total of 81,669 investors registered 109,186 real estate investments worth AED 278.7 billion, a growth of 50.3 percent in value.
Bilateral trade in 2023 to overtake 2022 figures, says Canada’s envoy to UAE
ABU DHABI, UAE - Trade between the two countries is on an upswing with volumes this year expected to surpass...Trade between the UAE and Canada, worth US$4.1 billion in 2022, surpassed the 2021 figure of US$3.4 billion (AED12.7 billion).
Bilateral trade to the tune of US$1.8 billion in H1 2023 (January to June) exceeded the US$1.7 billion worth of trade in H1 2022.
Firms listed on Qatar Stock Exchange post 9M profit of $10.27bn
Doha, Qatar -- Companies listed on the Qatar Stock Exchange have reported a net profit of QR 37.42 billion ($10.27...According to figures published on QSE website on Tuesday, Industrials declined by 40.90 period with QR 7.005 billion in net profit to top the declining sectors.
Net profit of Insurance was the highest with QR 853.744 million, a rise by 334.92 percent, followed by Telecoms which achieved an increase of 26.42 percent.
Foreign investments rise in NE China due to several projects
SHENYANG, CHINA – Investments in the country’s northeast have grown over the past years as several multinational corporations put in...Aramco and JV partners NORINCO Group and Panjin Xincheng Industrial Group have a mega Saudi-Chinese petrochemical project in Liaoning Province.
The project is a 300,000 barrels per day refinery and a petrochemical complex with an annual production capacity of 1.65 million metric tons.
Bupa Arabia’s 9M 2023 up 27%
The third quarter net profit fell 23% compared to the Q3 2022.Compared to the second quarter of 2023, the insurer's Q3 2023 declined 25.9 percent from SAR 371.35 million.
Insurance service result grew 41.02 percent year-on-year (YoY), or by SAR 232.01 million, driven by higher insurance revenue.
