Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Vodafone Qatar 2023 profit up
Business
Microsoft lays off 1,900 staff
Business
EDGE bags another big order
Business
ahli islamic introduces Sharia-compliant Money Market Fund
MUSCAT, OMAN – As part of its investment solutions and Sharia-compliant products and services, ahli islamic, ahlibank’s Islamic banking window,...
Business
Business
Silal acquires stake in SAFCO
SAFCO Group is a food and beverage distributor in the UAE.
- Last year, Silal, in collaboration with Hoogendoorn, one of the world’s innovators in horticulture, launched the Digital Agronomy Service.
- The Service saw deployment of IoT sensors in 100 farms over the course of 2022.
Business
Zest Equity raises $3.8m seed round to digitize private market transactions
Abu Dhabi, UAE – Zest Equity, a venture-backed technology company offering digital infrastructure for private market transactions, has closed a...
- The Hub71 startup will use these funds to drive the company's ambition to expand its product offering in the MENA region
- Zest Equity has raised a total of $5.7 million with early backers including DFDF, 500 Sanabil, Nuwa Capital, and a significant group of regional angel investors
Business
Qatar signs 27-year gas supply deal with France’s Total: state energy firm
Doha, Qatar - Qatar has agreed to supply France's TotalEnergies with natural gas for 27 years, its state energy company announced on...
- Qatar will supply 3.5 million tonnes of gas a year under the deal, QatarEnergy said, following two agreements with Total
- Total signed a $1.5 billion deal with QatarEnergy in September last year giving it a 9.3 percent stake in Qatar's North Field South project
Business
Abu Dhabi’s Mubadala to invest $1 billion a year in Brazil
New York, United States - Mubadala Capital, the investment arm of Abu Dhabi’s sovereign wealth fund, plans to invest more...
- The firm’s second fund in the country, Brazil Special Opportunities Fund II (BSOF II), has raised over $710 million in commitments
- Mubadala Capital was the first sovereign wealth fund to manage capital on behalf of third-party institutional investors
Business
Samsung profits plunge
The company expects Q3 profits to fall nearly 80% to US$1.8bn.
- The company said in a statement that its operating profits for the July-September period will fall 77.9 percent to $1.8 billion
- Led by Samsung, South Korean chipmakers have enjoyed record profits in recent years as prices for their products soared
Business
First wind turbines reach Saudi green hydrogen plant, says CEO
RIYADH, SAUDI ARABIA - The first wind turbines have arrived at what Saudi officials bill as the world's biggest green hydrogen...
- Around 30 turbines are expected to be delivered by the end of the year along with the project's first solar panels.
- The $8.4 billion NEOM green hydrogen plant is expected to reach full production by the end of 2026.
Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
- The company will focus on developing local supply chain capabilities for the automotive and mobility industry in Saudi Arabia.
- PIF has invested in the future of mobility, including establishing Saudi Arabia’s first national electric vehicle brand, Ceer, in partnership with Foxconn.
Business
Belt and Road Initiative generated $2 trillion in contracts: China
Beijing said Tuesday the value of signed construction contracts with partners now totaled two trillion dollars -- roughly the size...
- China is hailing this month the 10th anniversary of its Belt and Road Initiative (BRI), which has seen Beijing pour a trillion dollars into projects globally
- Beijing's Silk Road Fund, established to help fund BRI projects, has "signed agreements on 75 projects with committed investment of about $22 billion"
Business
Major equity markets up, oil dips after surge on Israel-Hamas conflict
"Equity markets are bouncing back on Tuesday after a risk-averse start to the week, buoyed... by some promising Fed commentary,"...
- Europe's main stock markets jumped more than 1.5 percent approaching the half-way stage, and after a largely upbeat session in Asia and overnight on Wall Street
- Oil prices dropped, having soared Monday after Hamas launched a deadly attack on Israel, stoking fear of spreading unrest in the crude-rich Middle East
Business
ADNOC Drilling to pay $358m dividend
The company's H1 revenue increased by 13% to $1.4 billion.
- Since listing on Abu Dhabi Securities Exchange, and including this latest interim dividend payment, the Company will have distributed $1.36 billion to shareholders.
- The interim dividend distribution will be on or around October 27, 2023, to all shareholders of record as of October 19, 2023.
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Company News
UAE, KSA lead as tech and energy drive IPOs in GCC
Market Report
Vodafone Qatar 2023 profit up
Business
Microsoft lays off 1,900 staff
Business
EDGE bags another big order
Business
Latest News
ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.
Business
Economic forum in Amman to enhance trade ties between Iraq, Jordan
AMMAN, JORDAN - The Iraqi Business Council, in collaboration with the Jordanian and Amman Chambers of Industry, is set to...
Business
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Business
Polestar 3, the electric SUV, hits the streets of the UAE
Dubai, UAE – Al-Futtaim Electric Mobility Company, the official distributor of Polestar in the UAE, have announced the official launch...
- Featuring a unique design language inspired by Polestar Precept and Scandinavian minimalism, Polestar 3 is a fully electric 5-seat luxury SUV
- Polestar 3 is available at launch with a dual-motor configuration with a power bias towards the rear, and an optional Performance Pack for increased power and torque
Business
61 contracts worth $7billion signed at World Defense Show in Riyadh
Riyadh, Saudi Arabia - About 61 purchase contracts totaling approximately SR26 billion ($6.93 billion) were signed at the second World...
- The event, featuring 773 exhibitors and hosting 441 official delegations from 116 countries, attracted 106,000 visitors
- Throughout the show, a total of 73 agreements were finalized, including 17 industrial partnership agreements
Business
At 10% growth, Saudi banking sector shows resilience
With Vision 2030 steering the economic diversification, Saudi banks face challenges and opportunities in liquidity, asset quality, and navigating geopolitical...
- With Vision 2030 steering the economic diversification, Saudi banks face challenges and opportunities in liquidity, asset quality, and navigating geopolitical risks.
- The sector's commitment to sustainability and strategic risk management promises a future of stability and growth, highlights the latest insights from S&P Global.