Nissan to shrink EV production costs
The automaker will slash production costs by 30 percent.
Business
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
Business
Economy
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,...
- UBS said, with the production cut extended, there can be a market deficit of more than 1.5 million barrels per day (bpd) in September
- On Wednesday the U.S. Energy Information Administration reported that the country's crude oil inventory declined by a record 17m barrels
Business
ADNOC Distribution profit rises 2%
The Company’s non-fuel retail business rose by over 12%.
- The company's growth in total fuel volumes in the UAE and Saudi Arabia, witnessed a 9% rise in H1 2023 compared to H1 2022
- The Company’s non-fuel retail business rose by more than 12% year-on-year primarily driven by a 14% increase in transactions
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...
- Dubai's off-plan sales rose 38% in value, while Abu Dhabi's doubled to $1 billion, as the market saw the addition of 7,300 new units in the former and 1,000 in the latter
- Strong demand in Dubai and Abu Dhabi's office space market led to an 18% rent increase in Dubai and 11% in Abu Dhabi, says a report by Dubai Pulse digital platform
Business
Dubai Investments net rises to $157m
Real estate sector remains one of the key business verticals.
- Total income for the Group increased by 31 percent from US$422 million (AED 1.55 billion) in H1 2022 to US$552 million (AED 2.03 billion) during H1 2023.
- Total shareholder equity increased to US$3.5 billon as of June 30 2023, compared to US$3.5 billion (AED12.84 billion) as of year ended December 31 2022.
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.
Business
Empower H1 2023 revenue at $333m
The company’s EBITDA in H1 2023 was US$178 million.
- In the July 2022 to June 2023 period, Empower’s consolidated revenue was US$778 million.
- Empower CEO said the firm continues to expand investments in its portfolio of assets and infrastructure.
Business
Burjeel Holdings H1 net profit $61m
Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.
- Burjeel Holding reported revenue of US$599 million, up 13.9 percent y-o-y during H1 2023.
- The net profit was attributable to robust topline growth and significantly lower finance costs.
Business
ADNOC Drilling posts $446m net profit
The increase was attributed to expansion in fleet and services.
- ADNOC Drilling’s first half revenue increased to $1.4 billion, up 13 percent year-on-year.
- Second quarter revenue grew by 8 percent year-on-year to $724 million and by percent sequentially.
Nissan to shrink EV production costs
The automaker will slash production costs by 30 percent.
Business
Company News
Latest News
Threat of AI-powered phishing is on the rise
"Technologies such as Generative AI presents new security challenges. The rise of automated spear phishing necessitates reevaluating our trust heuristics....
Business
Alhokair Group wins $202m contract
Alpha Facilities Contracting Company has awarded the contract.
Business
Fit at 40: the revolutionary Apple Mac in numbers
Paris, France - Forty years ago Steve Jobs revolutionised personal computing by launching the Apple Macintosh, the first PC with a...
Business
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Business
SABIC to build petrochemical plant in China
The Saudi giant will develop the US$6.4bn plant in Fujian.
- SABIC will own 51% of the project and Fujian Fuhua Gulei Petrochemical Co. Ltd. will have 49% ownership of the joint venture
- The company said that the complex will consist of a mixed feed steam cracker with an annual ethylene capacity of up to 1.8m tons
Business
Sony ends merger deal with Zee
It pulled out of the US$10bn merger of its Indian operations.
- According to media reports, Sony had sent a termination notice to Zee and that a formal announcement was expected soon
- The reports said that Sony cited conditions of the merger agreement not being met as the reason for the decision
Business
Qatar Chamber discusses ways to boost ties with Korean companies
Doha, Qatar--The Qatar Chamber (QC) discussed ways to enhance cooperation and exchange expertise with Korean companies in agriculture and food...
- The discussion between the chambers and Hyundai Research Institute (HRI) centered upon ramping up ties in the agriculture sector
- A chamber official emphasized the status of Qatar as a leading investment destination and how it can become a hub for food security