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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.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

  • DEWA commissions 200MW second unit in Al Maktoum Solar Park

    Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned the 200MW second unit of the parabolic basin complex in...

    It is set to provide clean energy for approximately 320,000 residences and reduce carbon emissions by 1.6 million tons annually.

    This phase uses the Independent Power Producer (IPP) model with investments of up to AED 15.78 billion ($4.30bn).

  • SVC inks pact with IMPACT46

    SVC is a government investment firm established in 2018.

    IMPACT46's Fund III will invest in Saudi growth-stage companies and up to pre-IPO stage businesses.

    The fund will allocate capital to seed-stage startups and promising startups from the broader Middle East region.

  • Central Bank of Oman foreign assets up by 27% by July end

    Muscat, Oman -- Foreign assets at the Central Bank of Oman (CBO) grew by 27.4 percent to RO 6.855 billion...

    Initial data issued by the NCSI showed that local liquidity stood at RO 21.362 billion, an increase of 4.9 percent compared to the corresponding period in 2022.

    Total loans and financing in commercial banks and Islamic windows grew by 8.7 percent by the end of July 2023 to RO 30.272 billion, compared to RO 27.860 billion.

  • European telecom firms urge EU to make tech, streaming giants pay

    Telecoms giants say that they need more money to maintain and update the infrastructure to meet Europe's voracious data needs,...

    "Big tech companies pay today almost nothing for data transport in our networks, far from covering the costs needed to expand networks," a letter published by the European telecoms

    The CEOs said the European Union estimated that at least 174 billion euros ($183 billion) of new investment is needed by 2030 to meet connectivity targets.

  • Bahrain’s Treasury Bills oversubscribed by 270 percent

    MANAMA, BAHRAIN – This week’s US$186 million (BD 70 million) issue of Government Treasury Bills has been oversubscribed by 270...

    The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of Bahrain.

    The issue date of the Treasury Bills is October 4, 2023 and the maturity date is January 3, 2024.

  • RSI buys stake in First Fix

    The company acquires 51 percent stake in First Fix.

    The selling shareholders will receive a deferred sum of US$78.4 million upon the fulfilment of certain relevant conditions.

    Red Sea International will have the option to capitalize debt through the issuance of additional shares in First Fix.

  • Ducab bags 30 major contracts

    The contracts were secured in the oil, gas and petrochemical sector.

    The company said it had produced and supplied more than 10 billion meters of cable products in 2023 alone.

    The company will be showcasing its advanced range of PetroBICC cables at ADIPEC.

  • Global economic concerns hit GCC equity performance

    Influenced by global inflation concerns and high rates, Gulf markets faced second consecutive monthly dip in September. Only Dubai and...

    Gulf equity markets experienced a downturn for the second consecutive month in September 2023, reflecting global economic concerns

    While major indices like the MSCI World Index and the S&P 500 saw declines, only Dubai and Qatari markets managed to post gains

  • Abu Dhabi’s non-oil economy up by 12.3 percent in second quarter

    Statistical estimates published by the Statistical Centre Abu Dhabi said the construction sector grew by 19.1 percent in the second...

    The manufacturing activity grew by 7 percent compared to the same period last year, with the sector recording its highest quarterly value-added since 2014.

    Abu Dhabi's financial sector recorded a robust growth of nearly 30 percent, also its highest growth rate since 2014.

  • Saudi Arabia issues 162 licenses to companies relocating hqrs to the Kingdom

    Riyadh, Saudi Arabia - Saudi Arabia has so far issued 162 regional center licenses to the companies relocating their headquarters...

    The headquarters will operate in strict accordance with Saudi laws, providing crucial support, management, and strategic direction to their branches

    The Ministry of Investment has enacted a mechanism to offer premium residency status to executives working within these regional headquarters