American spaceship lands on moon, images expected soon
The first American spaceship on the Moon since Apollo is "alive and well" following a drama-packed touchdown, the firm that...
Science
ADGM’s Registration Authority fines two firms for audit failings
ABU DHABI, UAE – The Registration Authority (RA) of Abu Dhabi Global Market has fined Baker Tilly Middle East Limited...
Geostrategy
Business
ACWA Power of Saudi Arabia aims to raise $1.2bn through IPO
ACWA Power of Saudi Arabia intends to raise nearly $1.2 billion through Initial Public Offering (IPO), and in this regard...
-  The listing will value ACWA at up to $11 billion – making it the biggest offering in Riyadh since Saudi Aramco’s listi
- The firm has 64 projects in 13 countries, representing a value of $248 billion
Business
GII of Dubai to pick stake in Saudi healthcare firm for $600m
Gulf Islamic Investments (GII) of Dubai is looking to pick up a stake in a Saudi healthcare company for $600...
- The UAE-based financial services firm plans $1bln expansion in the Kingdom
- 'We have a lot of faith in Saudi,' says the company’s co-founder Mohammed Alhassan
Economy
Kuwait partners with World Bank for development
The memorandum is said to be in line with Kuwait Vision 2035 and the national development plan 2021-2025.
- For Kuwait, Finance Minister and Minister of State for Economic and Investment Affairs Khalifa Hamadah signed the memorandum
- World Bank’s Regional Director for Saudi Arabia and the Arab Gulf Countries, Esam Abo-Sulaiman was the co-signatory
Business
Oman discusses investments, economic ties with Austria
The meeting was held on Monday at the premises of the OCCI in Muscat.
- The Oman Chamber of Commerce and Industry has had a meeting with a visiting Austrian delegation
- They discussed ways of upgrading economic cooperation and establishing joint investments
Business
Shipping industry evades gloom, makes big money
The pandemic might have battered other sectors of the world economy, but the shipping industry has raked in revenues not...
- Jump in earnings has been caused due to a 333% hike in shipping cost
- The hike in cargo charges, however, has raised the specter of inflation around the globe
Business
Halliburton builds $100m worth chemical plant in Saudi Arabia
Halliburton, the US oil field service giant, is in the final stages of building the first reactor plant for the...
- Halliburton is close to completing the construction of the first reactor plant for the manufacture of chemicals in King Salman Energy City "Spark" in Jubail
- Three of Halliburton's senior executives on Monday held a workshop in the Eastern Province to introduce Saudi investors to the factory's activity
Business
Riyadh, Dubai compete for business of news
Prominent media houses that have announced plans to move their base from Dubai to Riyadh include the state-owned Al Arabiya...
- The proposed media city is coming up on an area of 60,000 sq m at Al Safarat (Diplomatic Quarter) in Riyadh
- The MBC Group, the largest media company in the Middle East, was established in Britain in 1991 and moved to Dubai in 2002
Business
Saudi insurance sector Q2 results: premiums up, net income down
DUBAI: Saudi Arabian insurance sector showed overall positive developments during Q2 as gross written premiums (GWPs) grew by 8.1 percent...
- Fall of net income by 59 percent attributed to the claims returning to pre-pandemic normal levels.
- Energy and property claims grew by 98 percent and eight percent respectively.
Business
UAQ Free Trade Zone to ease banking operations for SMEs, others
DUBAI: A Memorandum of Understanding signed between the National Bank of Umm Al Quwain (NBQ) and Umm Al Quwain Free...
- Companies registered in the zone can avail of priority banking.
- Services that include transactions, payments, savings and credit from NBQ will help businesses build their credibility, NBQ said.
Economy
Oil demand to top pre-pandemic level next year: OPEC
The optimistic forecast comes as the OPEC cartel nations and their allies are beginning to raise output to meet recovering...
- The optimistic forecast comes as the OPEC cartel nations and their allies are beginning to raise output to meet recovering demand
- The OPEC's output rose by 151,000 barrels per day during August to hit 26.76 mbd
American spaceship lands on moon, images expected soon
The first American spaceship on the Moon since Apollo is "alive and well" following a drama-packed touchdown, the firm that...
Science
Company News
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Binance allegations stir up Middle East crypto market
Amidst the escalating crackdown on key cryptocurrency players, the Middle East is emerging as a potential beneficiary and a new...
Oil majors still profitable even if 2022 super profits gone
From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in...
Business
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Business
UK launches first postal deliveries by drones
Royal Mail said the drone service expected to improve service levels and delivery times to Graemsay and Hoy, where weather...
- Royal Mail, which is partnering with Skyports Drone Services, said the use of drones would also improve safety by ensuring postal workers can deliver between ports without risks.
- The world's first drone delivery service was launched in Reykjavik in 2017, with people in the Icelandic capital able to receive goods direct at their doors via an AFV.
Business
SABIC AN profit slumps 71% in H1
The drop was even higher (79 percent) in the second quarter.
- The company attributed the H1 drop in profit to a decrease in average selling prices of company's products by 47 percent and a drop in sales volumes by 2 percent.
- The company's net profit dropped by 33.6 percent in Q2, from SAR 980.6 million in Q1 2023, as average selling prices fell by 18 percent.
HSBC reports bumper profits
Revenue jumped $12.3 billion to $36.9 billion.
- The massive jump from $8.8 billion from the first half of 2022 came as central banks around the world have ramped up borrowing costs to fight inflation
- The firm also said second-quarter earnings came in better than forecast, jumping almost 90 percent to $8.8 billion, thanks to the bumper income from surging interest rates