Commercial vehicle sales in China soar 79.6% in January
Beijing, China--China's commercial vehicle sales soared 79.6 percent year on year to 324,000 units in January, according to industry data....
Business
Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...
Business
Business
ADNOC Drilling IPO raises $1.1bn
The UAE's state oil giant will be listed on ADX on October 3.
- ADNOC said the offering was oversubscribed 31 times, with significant demand from UAE Retail Investors and Qualified Institutional Investors.
- Upon listing on the ADX, ADNOC will continue to own a majority 84 percent stake in the Company.
Business
PIF acquires 25 percent stake in EEC
Under the deal, EEC transferred part of its loan to PIF in exchange for company shares.
- Under the deal, EEC transferred part of its loan - worth $755 million- from the Ministry of Finance to the PIF in exchange for company shares.
- PIF believes that the transaction will also accelerate the development of EEC by establishing King Abdullah Economic City.
Geostrategy
Turkey to buy more defense systems from Russia
Turkey still intends to buy a second batch of S-400 missile defense systems from Russia, its president has said.
- The United States imposed sanctions on Turkey's Defense Industry Directorate and its chief following the acquisition of the first S-400s
- Washington has repeatedly said acquisition of this second batch would almost certainly trigger new sanctions
Business
Sharjah, Saudi Arabia discuss real-estate investment
The discussions took place between the Sharjah Chamber of Commerce and Industry and the National Real Estate Committee of the...
- The meeting witnessed recommendations that centered on coordination to organize a joint real-estate event during ACRES 2022
- The two parties also discussed prospects for cooperation and bilateral partnerships in various fields in the real-estate sector
Business
Iraqi Kurdistan seeks to attract Turkish investors as gateway to wider markets
DUBAI: Iraq's Kurdistan is a gateway for Turkish firms to explore the wider Iraqi market, President Nechirvan Barzani said as...
- The semi-autonomous region is a gateway for Turkish firms to explore the wider Iraqi market, says president Nechirvan Barzani.
- Iraq is among Turkey's largest markets for exports, which reached $1.9 billion in 2020.
Arts & Culture
Riyadh Season 2021 has ‘big surprises’ in store
The event featuring concerts, theater performances, wrestling matches aims at making the Saudi capital a tourism entertainment destination.
- This year's slogan is #Imagine_More, as its events will be held in an area of 5.4 million square meters.
- The event is also an opportunity to showcase the outcome of several national goals, such as raising the level of the entertainment industry sector.
Research
Semiconductor shortage slows down GCC auto sector
Auto exports to the region are likely to suffer for the next more than a year due to an estimated...
- Toyota Middle East has pledged it would do its best to avoid inconvenience to customers waiting for delivery of vehicles.
- On an average, a car needs around 1400 chips. Electric vehicles utilize even more.
Infographics
Banks rule GCC in market capitalization
Banking firms in the Arabian Gulf countries dominate the list of top companies in terms of market capitalization with Saudi...
- Al Rajhi Bank's market capitalization stands at $80.65 billion
- In energy sector, Saudi Aramco is much ahead of others with $1.86 trillion
Dubai Airshow 2021 ties up with global aerospace bodies to support startups
Dubai Airshow 2021 is collaborating with global aerospace entities in order to provide 'disruptive' startups with an opportunity to showcase...
- The VISTA pitch competitions will run across three categories covering areas that are key for the continued growth of the industry
- Startups will be offered the opportunity to present their solutions to the aerospace ecosystem, tech leaders and investors
Business
Dubai non-oil external trade up 31 percent, exports grow 45 percent
The results show Dubai has reinforced its status as one of the world’s fastest-growing business hubs, said Dubai crown prince...
- Imports rose by 29.3 percent YoY to AED414 billion from AED320 billion. Re-exports grew 28.3 percent YoY to AED198.6 from AED154.79.
- China maintained its position as Dubai’s biggest trading partner in H1 2021 with AED86.7 billion worth of trade compared to AED66.3 billion in H1 2020, up 30.7 percent YoY.
Commercial vehicle sales in China soar 79.6% in January
Beijing, China--China's commercial vehicle sales soared 79.6 percent year on year to 324,000 units in January, according to industry data....
Business
Company News
Union Properties profit is $3.3m
Business
Savola Group net profit up 45%
Business
Latest News
ADNIC records 17% profit rise
Business
Oil prices surge for 6th straight week as global supplies tighten
Dubai, UAE--Oil prices soared more than a dollar a barrel on Friday to record a sixth consecutive week of gains,...
Economy
ADNOC Distribution profit rises 2%
The Company’s non-fuel retail business rose by over 12%.
Business
Investor confidence fuels UAE’s real estate boom in Q2
Dubai's off-plan sales rose 38% in value, while Abu Dhabi's doubled to $1 billion, as the market saw the addition...
Business
Most Read
Economy
UAE 2023 growth prospects face least risk in Middle East, Africa
Lower oil production, high inflation, tighter monetary policies, increased borrowing costs, and the rising cost of servicing debt continue to...
- The GCRI risk score in the MEA region has increased continuously for six quarters until Q1 2023, signaling a deteriorating situation.
- UAE, Saudi Arabia, Kuwait and Qatar are among the top five low-risk countries in the region, while Syria, Libya and Yemen are among the 10 high-risk countries.
Business
ADNOC Gas H1 revenue $10.6bn
The decline in revenue is due to lower gas prices.
- The second quarter revenue stood at AED 19.8 billion, compared to Pro Forma Adjusted Revenue of AED 26.1 billion in Q2 2022.
- ADNOC Gas said it shifted towards higher-margin export liquids and focused on increased efficiency.
Business
Saudi capital market institutions post record 2022 net income
Riyadh, Saudi Arabia -- Capital market institutions authorized by Saudi Arabia's Capital Market Authority posted a record 29.8 percent increase...
- The retained profits in capital market institutions reached a record high of SAR 60.34 billion, an increase of 39.17 percent.
- The profits of capital market institutions surged to highest ever SAR 12 billion due to a 26 percent increase in revenues in 2022.