ExxonMobil expects global oil demand near current levels in 2050
New York, United States - Global oil demand is unlikely to fall by 2050 despite progress on renewable energy, the US...Business
Boeing suspends 777X flight tests after part failure, its latest quality control issue
New York, United States - Boeing has suspended flight testing of its new 777X wide-body jet after identifying the failure of...Business
Are neobanks challenging traditional players in UAE?
While the digital revolution continues to unfold, the core of customer trust and regulatory frameworks stays unshaken, shaping the future...While the digital revolution continues to unfold, the core of customer trust and regulatory frameworks stays unshaken, shaping the future of banking in the region, says a report.
In the UAE, neobanks struggle with funding over trust issues in the absence of deposit insurance, while the CBUAE supports their growth, ensuring traditional banking stability.
UAE Islamic Treasury Sukuks auction is a tremendous success
ABU DHABI, UAE - The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration...The fifth auction of the UAE T-Sukuks program witnessed strong demand through with bids received worth US$1.57 billion.
The success is reflected in the market-driven prices, which was achieved by a spread of 4 to 11 bps over US Treasuries with similar maturities.
SPCC signs two solar power purchase pacts with 1500MW capacity
Riyadh, Saudi Arabia - In a step towards bolstering Saudi Arabia's renewable energy initiatives, the Saudi Power Procurement Company (SPPC)...These projects are part of Round 4 of the National Renewable Energy Program (NREP), which aligns with Vision 2030's goals of optimizing the energy mix.
The first agreement comprises Masdar as the Managing Member, EDF Renouvelables as the Technical Member, and Nesma Company Ltd as the Consortium member.
IPOs in MENA raise US$5.8bn in first nine months of 2023
ABU DHABI, UAE - A recent report revealed that 29 initial public offerings (IPOs) were recorded in the Middle East...The report indicated that the MENA region witnessed six IPOs during the third quarter of this year with proceeds of US$523 million.
The report described plans to list shares for IPO in the fourth quarter of 2023 and early 2024 as still promising.
Contracts worth $2.93bn signed at Taif Investment Forum
Taif, Saudi Arabia -- Several investment contracts for projects in Taif Governorate, worth over SAR11 billion ($2.93 billion), have been...The contracts stipulate, among others, the establishment of the first phase of the space science fiction city Mars War, at a value of SAR 5 billion.
Also included is the establishment of an emergency information center, together with China Mobile company, at a value of SAR2 billion.
Record number of patent applications filed globally in 2022, says WIPO
GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an...China, the US, Japan, Republic of Korea and Germany were the countries with the highest numbers of patent filings in 2022.
innovators from around the world submitted 3.46 million patent applications in 2022, marking a third consecutive year of growth.
AD Ports Group acquires 10 offshore vessels for $200 million
Abu Dhabi, UAE -- AD Ports Group (ADPORTS) has purchased 10 offshore vessels for $200 million that will bolster offshore...The investment in the diversified fleet with an average age of around nine years is significantly less than the industry average.
All ten vessels are expected to be delivered in Q4 2023, with financial consolidation taking place from Q1 2024 onwards.
Fertiglobe Q3 revenue of $525m
The firm recently launched steps to optimize its cost structure.In the third quarter, nitrogen prices reflected tighter market balances due to record low inventory levels.
In the medium to longer term, the nitrogen outlook is favorable, with limited supply additions over the next several years.
Aramco profits down
The oil giant posted a 23% drop in profits for Q3 to US$32.58bn.The drop from $42.43 billion last year to $32.58 billion "principally reflects the impact of lower crude oil prices and volumes sold", the firm said
It follows a drop in net profit for Aramco, one of the world's richest companies, of 19.25 percent in the first quarter and 38 percent in the second quarter compared to 2022
UBS posts bigger loss
Last year, the bank took over its Swiss rival Credit Suisse.Switzerland's largest bank UBS was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under
UBS said that the third quarter included integration-related expenses of $2 billion, adding that "we have now stabilized Credit Suisse and continued to grow our franchise"
