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DAE net profit up 36.2%

Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.

Borouge 2024 net profit $1.24bn

The company said it will maintain a $1.3bn dividend for 2025.

ADQ, Orion to establish JV

The partners commit to deploying $1.2bn in the next four years.

Alpha Dhabi acquires interest in NCTH

The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.

Meraas awards construction contract

The $272m contract has been awarded for Bluewaters Bay.

  • Meta sued over scam crypto ads

    The ads were for schemes apparently hailed by prominent figures.

    Australia's consumer protection commission said it had started legal proceedings against Meta platforms for breach of consumer or securities laws

    Meta vowed to defend itself, saying in a statement that it sought to stop scam ads by using technology to detect and block them

  • GCC looks to ease fiscal burden with privatization

    The privatization move will also help the regional governments in maintaining better economic growth, increasing private participation and attracting foreign...

    Planning, executing, and concluding are the three primary stages of privatization

    The privatization process in Kuwait will expand to 38 government institutions and activities

  • P&O Ferries suspends passenger and freight ships, denies bankruptcy

    DP World-owned P&O Ferries on Thursday suspended its passenger and freight ships but denied the group was heading into bankruptcy....

    P&O Ferries operates four routes serving Britain, France, Ireland and the Netherlands.

    The company is badly hit by fallout from COVID-19 lockdowns and travel restrictions over the last two years.

  • Emirates Steel exports up 50 percent

    The firm's capacity is enough to meet the domestic market's demand.

    The countries where Emirates Steel exports its products increased to 56 in 2021 in comparison to just 38 in 2019.

    Emirate Steel's expansion strategy is aligned with the National Strategy for Industry and Advanced Technology' Operation 300bn.

  • Al Hamra to launch $270m project

    The villa project is located within the Al Hamra Village residential community.

    This idyllic island community project offers views of the turquoise Arabian Gulf and the lagoon.

    Falcon Island is set to be completed within two years of its launch, which will be implemented in phases.

  • KSA is Austria’s main trading partner in Gulf: Official

    The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to...

    The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to almost SAR 3.3 billion in 2020.

    An Austrian delegation of companies specialized in various economic, industrial, agricultural, tourist and other sectors visited the Asharqia Chamber.

  • GCC retail electronics set for boost as buyers return

    The retail electronics sector has proliferated in GCC countries, with demand rising not only due to the urge to own...

    In 2020, the global consumer electronics market was expected to generate revenues of $1.4 bn, with a CAGR of 4.6%

    The retail electronics market reached over $1 bn globally in 2022, and is expected to grow by 1.82% annually

  • Binance awarded specialist license by Dubai’s Virtual Asset Regulatory Authority

    Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and...

    Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and services to pre-qualified investors

    The VARA issued Virtual Asset Exchange License ensures Binance will be able to operate its regional business from Dubai in the newly announced regulatory ecosystem

  • NDMC of Saudi Arabia closes $2.75bn worth March sukuk

    Saudi Arabia’s National Debt Management Center has closed the March 2022 issuance of Saudi riyal-denominated sukuk, valued at SR10.3 billion...

    The issuance is divided into two tranches of SR3.5 billion and SR6.8 billion each

    The first issuance matures in 2030 while the second one will mature in 2034

  • Fintech opens center in Riyadh

    It is a first-of-its-kind center in King Abdullah Financial District.

    This follows an increased number of fintech companies in the region

    Saudi had witnessed a massive jump in venture capital investments in the fintech sector