Shipping giant Maersk’s profit sinks
The company warned of "uncertainty" due to Houthi attacks.Business
Dubai Land Department records $172bn in realty deals in 2023
Dubai, UAE -- The Dubai Land Department (DLD) records an all-time high of 1.6 million transactions worth AED 634 billion...Business
High oil prices keep MENA’s economic health intact
The average price of a barrel of Brent crude oil is expected to be $101 in 2022 and $84 in...The average price of a barrel of Brent crude oil is expected to be $101 in 2022 and $84 in 2023. However, Brent oil prices may fall to US$ 75/b by 2025 and US$ 70/b by 2027
Even if Brent crude oil prices drop to US$ 75/b, major oil exporters in the MENA regoin --mainly Saudi Arabia, Iraq, UAE, and Kuwait -- would be able to adapt well, says a report
Afghanistan to import petroleum products, wheat from Russia
Taliban officials have maintained that they are looking to strike trade deals with the international community, and have so far...Russia is hit hard by unprecedented Western sanctions over its invasion of Ukraine, causing Moscow to push exports to Asian countries.
The deal includes supplying Kabul with one million tons of gasoline, a million tons of diesel, 500,000 tons of liquefied petroleum gas.
$3 billion joint-venture railway to link Oman and UAE
The 303km railway, with passenger trains traveling up to 200kmper hour, will join up with the UAE's national network that...The railway will link Abu Dhabi with Oman's deep-sea Sohar port, which bills itself as a nexus of trade between Asia and Europe.
A multi-billion dollar railway linking the six Gulf Cooperation Council countries has languished since a feasibility study was approved in 2004.
EU proposes new sanctions on Russian exports
The EU's executive proposed a new round of sanctions on Moscow over its latest "escalation" in Ukraine, including an oil...As part of the new round of sanctions the commission is laying out a 'legal basis' for a price cap on Russian oil
It will also look to ban Russian exports worth $7 billion and tighten restrictions on goods flowing from the EU.
Musk seeks to lift regulator ‘muzzle’ on Tesla tweets
The SEC also charged Musk with fraud and ordered him to step down as chair of Tesla's board of directors,...The Securities and Exchange Commission reprimanded Musk after posting a tweet in 2018, in which he said he had acquired funding to take Tesla private
Musk, whose fortune is estimated by Forbes to be nearly $260 billion, is also locked in a lawsuit with Twitter over a potential acquisition of the micro-blogging platform
UAE, Japan sign comprehensive strategic partnership pact
Minister of Industry and Advanced Technology and UAE Special Envoy to Japan Dr. Sultan bin Ahmed Al Jaber and the...The UAE-Japan strategic partnership agreement aims to bolster relations between the two countries to advance their common interests.
The key areas of the partnership include diplomacy, enhancing international development, humanitarian aid efforts, business, trade, energy.
Abu Dhabi Exchange, MSX sign cooperation agreement
Abu Dhabi, UAE---The Abu Dhabi Securities Exchange (ADX) and the Muscat Securities Market (MSX) signed a memorandum of understanding (MOU)...The two sides will cooperate in a number of areas, including advisory services, training, development of systems, and promotion of integration.
It also provides a channel of direct communication between the two parties, for the exchange of legal and technical information, sustainability and ESG.
CMA clears three new IPOs for listings on Saudi bourses
The CMA has approved an application from Power and Water Utility Co. for Jubail and Yanbu to register and sell...IPOs in Saudi Arabia are on course for a record year, with the number of listings already exceeding last year
The main TASI index accounted for eight listings generating $4.4 billion, and the parallel Nomu market had nine listings worth $649 million
IHC buys 54% stake in Emircom
Firm buys stake for $68 million via its subsidiary IHC DigitalEmircom is the Middle East’s leading information and communications technology (ICT) provider.
This $68 million purchase comes as part of IHC’s strategy to grow its digital assets portfolio and expand into new growth areas.
ADNOC Distribution to pay $349m
This is the first payment of a full-year AED2.57 billion dividend.The second and final dividend for 2022 expected to be paid in April 2023, subject to the Board of Directors’ recommendation and shareholders’ approval.
The 2022 full-year dividend would offer a 4.9 percent annual dividend yield (based on a share price of AED4.21 as of 27th September 2022).
