MENA Brief | June 19: GCC central banks hold interest rates steady, Diriyah House launched in London
As most currencies in the region are pegged to the US dollar, monetary policy follows the decisions taken in Washington,...Business Economy Geostrategy
Abu Dhabi state oil firm makes US$18.7 billion bid for Australia’s Santos
Sydney, Australia - Abu Dhabi's state-owned oil company is leading a takeover bid for Australian energy group Santos, valuing it...Business
SEC reports $1.55bn Q3 profit
The company attributes the growth to surge in demand.Operating revenues went up to $15.19 billion, marking a 2.2% increase compared to the same period in the previous year
The company attributed the revenue growth primarily to a surge in demand for electrical energy during the summer season
UAE a key market for our businesses due to its location: French official
Dubai, UAE-- The UAE is a key market for French businesses due to its strategic location as a hub and...The French official said that his country's exports to the UAE exceed $5.13 billion, while UAE imports from France exceed $2.67 billion
He said French exhibitors are looking to establish new partnerships, sign agreements, with specialized entities in the field of food industries
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.
