Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...Business Economy
ArcelorMittal 2022 profit $9.3bn
Profit was affected as demand for steel fell and production hit.ArcelorMittal took a $1 billion hit after suspending production at its Ukrainian factory in Kryvyi Rig.
The conflict "resulted in low levels of production, sales and income and created significant uncertainty about the timing and ability" of operations.
Saudi Industrial Production Index rises by 7.3 percent in Dec 2022
Riyadh, Saudi Arabia-- Saudi Arabia's industrial production index (IPI) for December 2022 witnessed a 7.3 percent increase compared to the...A surge in mining, quarrying, and manufacturing activity helped the growth in IPI.
Manufacturing activity also increased by 18.5 percent in December 2022 compared to the same period last year.
Inma Holding’s profit spikes
Its net profit jumped 61.7%, touching $2.69m in 2022.Its earnings per share (EPS) amounted to QR 0.173 as of December 31, 2022 versus EPS of QR 0.107 for the same period in 2021
Its board of directors has recommended to distribute cash dividends 5% of the capital to shareholders, equivalent to 5 dirhams per share
QIMC profit rises by 9.8%
Its profit rose to $42m during 2022 as against $38m in 2021.Its earnings per share amounted to QR 0.32 as of December 31, 2022 versus earnings per share QR 0.29 for the same period in 2021
The net profit of the Doha Insurance surged 39.35% during 2022 to reach $28 million
Unicorns benefit as KSA, UAE diversify investments
The two Gulf countries expect new strategy to result in a rapid economic transformation and offer new revenue stream, allowing...The two Gulf countries expect new strategy to result in a rapid economic transformation and offer new revenue stream, allowing them to cut down reliance on crude oil income
The first Arab company to be dubbed a "unicorn" in the Arab world was Emirati "Souq.com," which received $300 million in funding in February 2016
$580m investment, 2 tech skills academies pledged at LEAP 23
Riyadh, Saudi Arabia--Investment and funding programs worth $580 million were announced on the third day of LEAP 23 Tech Conference,...WIRPO which specializes in technology services and consulting subsequently announced $110 million investment to expand the service of their cloud studios.
Damac Company announced the expansion of its investments in the Kingdom's big data centers with a total capacity of more than 55 Mega Watts.
Istanbul exchange to shut for five days, first time in 24 years
Istanbul, Turkey---The Istanbul stock exchange announced on Wednesday that it would close for five days in response to this week's deadly...The last time it suspended trading was after a 1999 quake which killed more than 17,000 people.
The exchange cited an "increase in volatility and extraordinary price movements after the earthquake disaster" in its decision.
Equinor posts record profit
Output slipped by 2% to 2.04 million barrels per day of oil equivalent.Net profit more than tripled to $28.7 billion, boosted mainly by skyrocketing gas prices.
Equinor said it plans to invest $10-11 billion in 2023 and increase its oil and gas production by three percent.
Dana Gas 2022 net profit $182m
The rise in adjusted net profit driven by high energy prices.Excluding other income and impairments, the company reported an adjusted net profit of $196 million as compared to $128 million in 2021, an increase of 53 percent.
The increase in revenues is due to higher realized prices and production output in the Kurdistan Region of Iraq.
dans, MBRSC ink MoU for Aerospace Communications, Navigation and Surveillance Infrastructure
dans is the sole air navigation service providerfor four airports, including Dubai Airport, the world's top airport for international travellers.dans is the sole air navigation service providerfor four airports, including Dubai Airport, the world's top airport for international travellers
MBRSC is the government organisation behind space satellite projects like the Emirates Mars Mission, Emirates Lunar Mission and the UAE astronaut programme
