BP to pour US$1.5bn into Egypt oil exploration
It plans to hike investments in the country to US$5 billion.
Business
Business
Oman, India ink MoU to cooperate on mining
The agreement will aid the exchange of laws and regulations endorsed by the two countries, and data about investment opportunities.
- The two sides will encourage cooperation in exchanging experiences in innovation and application of techniques
- They will also explore modern methods of excavation for minerals and development of industries based on such ores
Chevron JV wins $240m Bapco deal
This is the largest catalyst management deal in Bapco’s history.
- This is an exclusive five-year agreement, which includes an option to renew for an additional five years
- The resulting plant would be known as 1RHCU when fully operational in 2023
Shareholders okay Arkan merger
Arkan will merge with Emirates Steel by the end of this year.
- The key terms of the merger were proposed in May this year by Emirates Steel’s parent company Senaat
- They are to transfer Emirates Steel to Arkan in consideration for the issuance by Arkan to Senaat of a convertible instrument
Business
Dubai records $1.2 billion realty deals
AED 2 billion worth of properties were mortgaged, the highest being a plot of land in Al Hebiah First, mortgaged...
- The highest number (21) of sales worth AED 59.14 million were recorded in Nad Al Shiba Third.
- AED 2 billion wroth of properties were mortgaged, the highest being a plot of land in Al Hebiah First, mortgaged for AED 333 million.
Business
Popular Buraidah dates daily sales worth $400k
About 400 refrigerated trucks transport hundreds of tons of 45 varieties of dates to specialized factories in big cities.
- The region has the highest number of date palm trees among all the kingdom’s regions.
- About 400 refrigerated trucks transport hundreds of tons of 45 varieties of dates to specialized factories in big cities.
Business
Bank ABC Islamic H1 gains hit $19.2m
The profit absorbed a one-off fraud-related impairment in 2020.
- The profit reflects the bank's success in returning to normal performance after absorbing the one-off exceptional fraud related impairment in 2020
- Other key highlights include the total operating income of US$21.5 million which is 8.1% lower than the same period last year
Business
Cargo ship splits in two after running aground at Japan port
Aerial images showed the separated stern of the Crimson Polaris tipped upwards and the other part of the stricken boat...
- Aerial images showed the separated stern of the Crimson Polaris tipped upwards and the other part of the stricken boat listing into the sea
- Authorities were trying to contain the oil leak but had not yet been able to erect an oil fence around the boat
Geostrategy
Emiratis in 18-24 age group 61 percent of Expo 2020 volunteers
The Expo Volunteers Program is an opportunity to gain lifelong skills and build connections, say Expo statement.
- Volunteers drawn from all segments of society will manage the 182-day event's vast array of activities, events.
- The Expo Volunteers Program is an opportunity to gain lifelong skills and build connections, says Expo statement.
Business
Dubai hotels may work full capacity
Under new Covid-19 directions for tourism sector, the number of participants in community events has been increased to 2,500 for...
- The number of participants in community events increased to 2,500 for indoor activities and 5,000 for outdoor functions with no mandatory vaccination.
- Recreational and entertainment destinations such as museums, cinemas, exhibitions and tourism spots may increase their capacity to 80 percent.
Business
Jazeera Airways posts 138% growth in passenger traffic in Q2
The operational performance shows positive signs that travel will recover at a fast pace after eased restrictions come to effect...
- The operational performance shows positive signs that travel will recover at a fast pace after eased restrictions come to effect by the middle of Q3 2020
- The airline registered a net loss of KD6.5 million for Q2 on account of the higher costs due to increased operations and higher fuel prices
Company News
Coca-Cola profits surge
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Maqta Gateway buys TTEK
Business
Saudia Cargo signs deal with Jan de Rijk
It will enable Saudia Cargo to widen network in Europe.
Business
Abu Dhabi records 363% growth in FDI in the real estate sector during H1 2023
Abu Dhabi, UAE - The foreign direct investment (FDI) in the individual category within Abu Dhabi's real estate sector has...
Business
Flying taxis: Saudi Arabia stares at sustainable skies
NEOM, the Kingdom's futuristic city, hosts Volocopter's pioneering eVTOL aircraft test flights, marking a substantial stride towards sustainable, smart mobility.
Business
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Business
PSG allows Al Hilal to contact Mbappe over $333 million deal
Osaka, Japan - Paris Saint-Germain have given Saudi club Al Hilal permission to speak to Kylian Mbappe after tabling a world...
- The Riyadh-based club has made a formal offer by letter, a source told AFP, but such a transfer could only be made with the agreement of Mbappe.
- Mbappe has one year left on his contract with PSG, who want him to leave now rather than for nothing next summer.
Business
DIFC Courts posts staggering 692% rise in value of first-half claims
Dubai, UAE -- Dubai's position as the leading hub for international dispute resolution has been further strengthened as the Dubai...
- The total value of 455 cases filed reached AED 15 billion. The Court of First Instance (CFI) witnessed 52 cases with a total value of AED 14.9 billion.
- The cases spanned various sectors, including banking and finance, real estate, construction, manufacturing, retail, hospitality, and maritime.
Business
Al Rajhi Bank’s profit dips marginally
The decline was attributed to decrease in total operating income.
- There was a decrease in impairment charge for financing from SAR 1.15 billion to SAR 719 million by 38 percent.
- The second-quarter net profit declined 3 percent to SAR 4.15 billion from SAR 4.25 billion in Q2 2022.