IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...Business Economy Tech & Media
Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...Business Energy Geostrategy
Global outstanding sukuk cross $800bn for first time: Fitch Ratings
Sovereigns were the key issuers. Fitch said the pricing of most sukuk and comparable bonds continued to be similar and...Most Fitch-rated sukuk are senior unsecured obligations of the issuer and rank equally with other senior unsecured obligations, including bonds.
Most Fitch-rated sukuk continued to be investment-grade at 79%, with 12.6% of issuers having a Positive Outlook, and 77.5% having a Stable Outlook in Q2.
GCC power and water projects benefit from lower risks, government support: Report
LONDON —Strategically important power and water projects controlled by GCC governments or government-related entities (GRE), are benefitting from the support...GCC governments play multiple roles, including offtakers, gas suppliers, grid operators, and land lessors
Robust contractual provisions include 20- to 30-year fuel supply and offtake agreements with fixed prices.
Mubadala invests in Aligned
Mubadala will become a minority partner with this investment.Aligned offers both Scale Data Centers (colocation) and Build-to-Scale (build-to-suit) solutions to support global hyperscale and enterprise customers.
The investment is part of Mubadala’s expanding global digital infrastructure portfolio headed by its Executive Director, Mounir Barakat.
TECOM Group profit soars 13%
Its net profit vaulted to US$132 million in the first half of 2023.The company also recorded a 6 percent year-on-year (YoY) increase in revenue to $285 million
EBITDA increased by 14% YoY to $225 million, mainly driven by improved revenue quality
Arabian Drilling H1 profit up 36%
The company has approved a cash dividend of SAR225 million.In a Tadawul disclosure, the company said that is second-quarter net profit climbed 22.8 percent to SAR 140 million from SAR 114 million in Q2 2022.
The increase was mainly due to the additional revenue from the two new offshore rigs (AD110 and AD120) that started in December 2022.
Dubai leads as GCC real estate transactions soar in H1
Gulf real estate hit $90.7 billion in the first half of 2023, a 9.9% rise y-o-y, as Dubai led the...Gulf real estate hit $90.7 billion in the first half of 2023, a 9.9% rise y-o-y, as Dubai leads the market with a 57 percent increase, fueled by demand for luxury properties
Residential prices in Dubai surge 11.7% in the Q2 of 2023, while Abu Dhabi's growth stays muted. Dubai's rents jump 32.6% y-o-y, while other markets see slight rise
China’s restriction on exports of key metals comes in effect
China accounts for 94 percent of the world's production of gallium -- used in integrated circuits, LEDs and photovoltaic panels...From Tuesday, Chinese companies seeking to export gallium or germanium will need to obtain a license from the Chinese government.
China, which seeks to become self-sufficient in semiconductor design, says those measures are aimed at maintaining US supremacy in the field.
Meta to seek user permission for targeted advertisement
European regulators in January had dismissed the previous legal basis -- "legitimate interest" -- Meta had used to justify gathering...It said the changes were to address "evolving and emerging regulatory requirements" amid a bruising tussle with the Irish Data Protection Commission.
Currently, users joining Facebook and Instagram by default have that permission turned on, feeding their data to Meta so it can generate billions of dollars.
e& H1 net profit $1.27bn
The company's second quarter net profit increased 4% year on year.In a statement, the company said its consolidated EBITDA reached AED 12.8 billion, resulting in an EBITDA margin of 48 percent.
In the UAE, etisalat by e& recorded 13.9 million subscribers, an increase of 5.1 percent compared to the same period of last year.
Saudi Arabia funds construction of library in Bosnia and Herzegovina
SARAJEVO, BOSNIA AND HERZEGOVINA - Saudi Fund for Development (SFD) Board of Directors Chairman Ahmed Al-Khateeb, laid the foundation stone...The funding for construction and equipping of the library has been through a US$22 million grant provided by the Saudi Fund for Development.
The new library will act as a central hub to connect the university’s 28 sub-libraries and will contribute towards enhancing its educational capabilities.
