SCCI and Oman Chamber aim to boost investment cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed ways...Business
Bezos sells $2bn Amazon shares
He reportedly intends to sell, next July, 50 million shares of the group.Company News Business Markets
DFSA signs agreement with Bangladesh SEC
DUBAI, UAE - The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the Bangladesh Securities...The MoU was signed by Chief Executive of the DFSA Ian Johnston and Chairman of the BSEC Professor Shibli Rubayat Ul Islam Friday in Dubai.
The agreement provides a framework for facilitating cross-border collaboration between the two bodies on supervision and enforcement actions.
GCC’s two biggest trade allies are Asians
As the US is apparently pulling away from the Middle East, the cooperation between the Gulf and Asian regions is...Experts believe the US is pulling back from the Middle East and shifting its attention and resources to the "priority theatre" of the Indo-Pacific.
But as the world recovers from the Covid-19 pandemic, the GCC countries are expected to play a more significant role in the ongoing Asianization of the global economy.
ExxonMobil Q3 net surges to US$19.7bn
Hike in profit was due to high oil, natural gas prices.The US oil giant became the latest petroleum heavyweight to report stunning third-quarter figures, with year-on-year profits nearly tripling.
The results show how the surge in crude prices in the aftermath of Russia's invasion of Ukraine has boosted oil company profits.
QGIRCO posts Q3 net profit of US$1.1m
Firm's Q3, 2022 profit fell compared to Q3 in 2021.The company's data indicated that the earnings per share amounted to $.01 in the third quarter of this year,
The company's earnings per share was $.02 for the same period last year.
OMV Q3 net profit at $3.28bn amid high energy prices
Revenue doubled year-on-year to US$17.1 billion.OMV has worked closely with Russian giant Gazprom until the invasion of Ukraine.
Following European sanctions on Moscow, OMV froze its investments in Russia.
Amanat Holdings buys 60% stake in HDC for US$58m
HDC provides special education and care services in S Arabia.HDC has a presence across six provinces of Saudi Arabia and caters to over 3,000 beneficiaries.
It has a network of nine schools, 22 daycare centers and specialized rehabilitation medical clinics.
Borouge Q3 profit $308m, paid $325m dividend in October
The company reported a 13.5% increase in revenue to $5.13 billion for 9M.Overall production capacity grew by 7.9 percent year-on-year as the ramp-up of the PP5 plant was completed.
Adjusted EBITDA for the nine months declined by 3.6 percent to $2.10 billion due to globally elevated logistics and material costs, Borouge said.
Ma’aden among top 3 buyers of carbon credits
Saudi Arabian Mining Company (Ma’aden) is one of the largest purchasers of carbon credits from the first MENA Voluntary Carbon...The auction offered high-quality CORSIA-compliant and Verra-registered carbon credits, with 15 Saudi and regional entities participating in the sale.
The carbon auction is the largest in the world.
PIF to deploy spending to develop innovative sectors in kingdom
Riyadh, Saudi Arabia--Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has launched a program that will leverage its...The Local Content Growth Program will targets Fund’s goal of increasing to 60 percent its contribution and the contribution of its affiliates towards the Saudi economy by 2025.
The Program also includes a Local Content Policy, in which PIF’s portfolio companies will encourage and support local products and services.
Volkswagen profits slip by 26 percent in third quarter
Bottomline took a hit from Russia production haltThe company halted exports to Russia after the invasion of Ukraine and closed its local production sites
The car manufacturer made a net profit of 2.13 billion euros ($2.12 billion) in July to September
