Saudi, Qatar airlines adjust flights as regional tensions disrupt travel
Dubai, UAE -- Airlines has extended the suspension of flights to several Gulf destinations as regional tensions continue to affect...
Geostrategy
Aramco net income $28bn
Capital investment during Q3 2025 $12.9bn on investments in energy projects.
Business
Business
Dubai’s weeklong real estate transactions exceed AED10.3bn
Dubai, UAE -- The total value of real estate transactions conducted in Dubai during the week ending 10 November 2023,...
- The DLD report showed that 1,782 sales transactions worth AED7.4 billion were conducted, with 396 plots sold for AED3.99 billion.
- The total value of mortgaged properties for the week reached AED1.86 billion. A total of142 properties were granted between first-degree relatives worth AED1 billion.
Business
TASI-listed firms report an aggregate net profit of $48.1bn in Q3 Â Â
RIYADH, SAUDI ARABIA - Tadawul-listed companies reported a US$48.1 billion (SAR 157.09 billion) aggregate net profit for the third quarter...
- Sector-wise, the energy sector contributed the largest portion of the aggregate net profit of Saudi listed companies in Q3 2023.
- The banking sector accounted for 11.5 percent of the market’s aggregate profit, coming in second in terms of the most profitable sectors.
Business
Qatar records real estate contracts worth $60 million in five days
Doha, Qatar - The real estate market in Qatar witnessed a significant surge in trading activity as the Department of...
- The total value of sales contracts specifically for residential units during the same period amounted to above QR 705 million
- Sales were notably concentrated in key municipalities of Al Rayyan, Doha, Al Daayen, Umm Salal, Al Wakrah, Al Khor and Al Dakhira.
Business
ADNOC Distribution Q3 net profit $227m
The EBITDA increased by 28% YoY to $303 million in the third quarter.
- ADNOC Distribution witnessed a healthy 21 percent Y-o-Y increase and a 5 percent quarter-on-quarter (Q-o-Q) growth in total fuel volumes.
- It anticipates paying a minimum of $350 million (AED1.285 billion), or 10.285 fils per share, as the second six-month dividend of 2023 in April 2024.
Business
MIS net profit $7.1m in 9M 2023
Riyadh, Saudi Arabia -- Al Moammar Information Systems Co. (MIS) recorded a net profit of SAR 26.7 million ($7.1 million) in the...
- The lower profit was attributed to an increase in impairment loss on contract assets and trade receivables during the quarter, Argaam reported.
- In Q3 2023, the company swung to a net loss of SAR 69.4 million against a net profit of SAR 25 million in Q3 2022.
Samsung to add real-time translation to smartphone model
Samsung is the world's largest smartphone maker accounting for a fifth of global sales between July and September, as Apple...
- The new real-time translation feature will be incorporated into Samsung's new Galaxy flagship model, which will launch next year
- It will enable "real-time translation in audio and text as the callers are on the line", the spokesman of Samsung said
Business
NEOM opens London office as base for UK and European business
London, United Kingdom – NEOM, the sustainable regional development taking shape in northwest Saudi Arabia, has opened its first international...
- The opening of the office is part of the NEOM’s effort to expand its international footprint
- As the first international office, the UK office will also serve as a base to support NEOM’s business across Europe
Business
Emaar 9M net profit $1.1bn
This is due to the successful launches of new projects.
- Emaar Development’s property sales increased by 25 percent, reaching US$7.9 billion in the first nine months of 2023.
- In the first nine months of 2023 (January to September), Emaar Development reported an EBITDA of US$1.2 billion.
Business
AstraZeneca Q3 profit swells
The profits nearly doubled on solid demand for cancer treatments.
- Net profit soared almost 90 percent to $1.26 billion in the three months to the end of September compared with a year earlier
- While overall sales grew, revenue from its Covid jab Vaxzevria slumped 98 percent in the first nine months of the year compared with the same part of 2022
Business
Dubai sets 75% renewable goal by 2050
The emirate’s solar energy capacity has increased by over 100 times in the past decade, and the cost of solar...
- The Mohammed bin Rashid Al Maktoum Solar Park, the world's largest single-site solar park, demonstrates Dubai's commitment to solar energy.
- The emirate is home to the Dubai Solar Institute, a world-class research center focused on solar energy technologies.
Saudi, Qatar airlines adjust flights as regional tensions disrupt travel
Dubai, UAE -- Airlines has extended the suspension of flights to several Gulf destinations as regional tensions continue to affect...
Geostrategy
Company News
Investcorp Capital names new CFO
Business
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Nissan, Honda shares surge after merger talks scrapped
Nissan and Honda shares surged in Tokyo Friday after the auto giants confirmed they scrapped merger talks and Nissan detailed...
Stocks mostly rise, oil falls as Trump fans Ukraine peace hopes
London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the...
Business
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Business
ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
- EBITDA rose by 31 percent to $1.149 billion (AED 4.219 billion) in the same period, driven by robust performance across all business segments.
- The Company's Q4 revenue increased by 6 percent year-on-year (y-o-y) to $881 million (AED 3.237 billion).
Business
UAE to launch DeepSeek-inspired AI models: Faisal Al Bannai
Dubai, United Arab Emirates -- The United Arab Emirates is planning to launch new artificial intelligence models inspired by China's DeepSeek,...
- The UAE is betting big on the transformational technology as part of its push to diversify its economy away from fossil fuels.
- The UAE launched Falcon in 2023, a large language model that compared favorably with industry leaders including OpenAI's ChatGPT.
Business
ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
- The company achieved its highest-ever (EBITDA) of $1.05 billion (AED3.86 billion), an increase of 4.8 percent year-on-year.
- The company's Board of Directors has recommended a cash dividend of $350 million (AED1.285 billion) for H2 2024.