Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...Business Economy Energy Geostrategy
QNB net profits up 8% in 2023
The QNB Group posted a net profit of $4.25 billion.Company News Business
Saudi British Bank posts 157% jump in net profit to $750m
The Saudi British Bank (SABB) has posted a 157 percent increase in net profit to $750 million for the first...“We are investing considerably across the business front-to-back, to ensure that we remain relevant and can create a sustainable banking organization”
The chairman reiterated the bank’s efforts to support Saudi’s Vision 2030 plan and unlock the opportunities brought by the economic transformation plans
ADNEC launches expansion plans in Abu Dhabi, London
The Abu Dhabi National Exhibitions Company (ADNEC) has announced plans to expand its facilities and infrastructure in Abu Dhabi and...Building the largest exhibition hall in the Middle East and North Africa region is part of the expansion plans.
The company said the expansion plans boost its competitiveness and ability to attract and hold major international events.
UAE and Blue Origin to explore space economy and space tourism opportunities
The UAE will explore investment opportunities in the space economy and space tourism services besides other related ventures with Blue...The two sides also discussed expanding the scope of R&D in space to develop emerging space technology in the UAE.
Space sector provides more than 3,200 jobs, and over 57 space firms are currently operating in the UAE.
First Abu Dhabi records 26% rise in net profit to AED9.2bn
First Abu Dhabi Bank has recorded a 26 percent rise in net profit to AED9.2 billion in the first nine...The bank's revenue was up 17 percent supported by business growth, solid fee generation and strong trading performance, helping to offset headwinds from low-interest rates
The Group’s foundation remains robust across liquidity, capital and asset quality metrics
Dallah buys 8.2% stake in IMC
Dallah Healthcare of Saudi Arabia has picked up an 8.2 percent stake in International Medical Company for $77 million in...Dallah Healthcare said that it had acquired the SAR 289 million ($77 million) stake as part of a plan to eventually acquire 25 percent as well as to expand its presence to Jeddah
International Medical Co posted a revenue of SAR 1.2 billion annually for the last three years
SABIC records 412% spike in net profit to $1.5bn in Q3
Saudi Basic Industries Corp. (SABIC) has posted a nearly 400 percent spike in net profit to $1.5 billion for the...Sales jumped by 49 percent year on year to 43.7 billion riyals, while operational profit climbed 266 percent to 7.7 billion riyals
The company also noted that sales volumes in the third quarter were slightly down by 2 percent when compared with the second quarter of 2021
Middle East to see boost in tourism in 2021 and beyond
The tourism and travel sector in the Middle East is expected to grow 27.1 percent in 2021, a little behind...According to the World Travel and Tourism Council (WTTC) the region’s local economy has benefited from a rise in its domestic tourism spend of 38.6 percent in 2021
Employment in the sector could approach pre-pandemic levels in 2022, rising by 8.2 percent to 6.6 million, following a loss of 1.2 million jobs in 2020
Saudi Arabia picks HSBC to spot “investment opportunities”
Saudi Arabia has roped in HSBC to “identify and promote” sustainable investment opportunities. The agreement between the two was signed...It covers identification and promotion of sustainable investments in the Kingdom for domestic and international investors
“I welcome today’s agreement, which is further proof that the Kingdom’s ambitions to become a global sustainable investment destination is on track"
Airbus flies back to profit
European planemaker booked net profit of 404 mn euros.European planemaker said in a statement that it booked net profit of 404 million euros ($470 million) in the period from July to September
The company said it now expects an operating profit of 4.5 billion euros in 2021, up from the four billion euros previously forecast
DFM posts net profit of AED 38.1 mn in the first nine months of 2021
The Company’s total revenue reached AED 183.1 million in this timeframe compared to AED 271 million during the corresponding period...DFM's expenses decreased 4 percent to AED 145 million by the end of September
The company has waived the minimum trading commission from September 1
