GCC banks to maintain resilience in 2024, says S&P Global
Abu Dhabi, UAE--Despite geopolitical uncertainties and potential economic headwinds, S&P Global expects GCC banks to maintain their well-capitalised, profitable, and...Business
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...Business Economy Energy Geostrategy
Tibbiyah closes IPO at $22 million
Fully owned by Al Faisaliah Group, Tibbiyah is a leading healthcare provider in Saudi Arabia and the region.The retail offering was 12.63 times covered after allocating one million shares to individual investors
The share offer price was set at Saudi Riyal 82 ($22), Aldukheil Financial Group said in the statement
UAE to buy 12 Chinese fighter jets to bolster defense
The United Arab Emirates said Wednesday it plans to buy a dozen Chinese L15 aircraft, as it seeks to bolster...In December, the UAE threatened to scrap its mega-purchase of US F-35 fighter jets, protesting stringent conditions amid Washington's concerns over China
The value of the deal was not disclosed
Israel Diamond Exchange in Dubai
The exchange is based in Dubai Multi Commodities Centre.Dubai Multi Commodities Centre said the office is set to increase the ease of doing business for Israeli diamond companies.
The opening comes a day after DMCC announced that the UAE has become the world’s largest rough diamond trade hub.
Heathrow airport blames big loss in 2021 on UK Covid curbs
London's Heathrow airport announced Wednesday it narrowed annual losses only slightly in 2021 despite the reopening of global air travel,...The airport, one of the world's busiest hubs, had already suffered a £2 billion loss in 2020 as the pandemic grounded flights worldwide.
The UK aviation sector had strongly criticized the British government over its long-lasting travel curbs that especially hit the tourism industry.
ADNOC L&S and AG&P sign storage pact
ADNOC L&S' LNG Carrier Ish will be used as a Floating Storage Facility.Under the agreement terms, starting Q3 2022, AG&P will use the carrier for the first LNG Import Terminal in the Philippines at Ilijan in Batangas Bay (PHLNG).
The vessel is part of a fleet of eight LNG vessels operated by ADNOC L&S and is currently under contract to ADNOC LNG, a subsidiary of ADNOC.
Iraq to team up with Halliburton and Aramco to explore oil
Iraq is looking to partner with Halliburton Co. and Aramco to tap into oil and gas reserves in the Western...The Iraqi ministry is finalizing the commercial terms of work
The country is also discussing with Aramco the possibility of funding and developing a natural gas field, also known as Akkas
Al-Dawaa raises $27bn in IPO
Al-Dawaa, Saudi pharmacy chain, has raised $27 billion in equity from institutional investors after its first sale of shares to...With the order book 53.8 times oversubscribed, the final offer price has been set at SR73 per share, according to a bourse filing
Individual subscriptions will be invited between Feb. 27 and March 1, offering a maximum of 2.55 million shares
Palestine exports rose 23% y-o-y in December
The rise in exports was 7 percent when compared to November of the same year.Exports to Israel increased in December by 12 percent compared to November
Exports to other countries decreased by 19 percent during the same period
QAIA saw passenger traffic grow 161% in January
Passenger and aircraft movement and air cargo traffic at QAIA remained far lower than pre-pandemic levels.Aircraft movements grew to 4,630 in January, 127.2 percent up from the same period last year
Air freight traffic also reached 4,048 tons in January, 13.6 percent up from the same period in 2021
US restricts import of Afghan cultural items to prevent ‘pillage’
The decree implemented on an "emergency" basis took effect on Friday based on a 'request' of a former government of...US has imposed restriction on importing ceramics, paintings, glass, ivory, ancient textiles, tiles and wood pieces from Afghanistan
This regulation on import could be troublesome for collectors or curators who already have items on their way to the US
