Airbus, Leonardo and Thales reported moving towards European space firm
Rome, Italy -- European aerospace firms Airbus, Leonardo and Thales could seal an accord this year to set up a...
Business
Musk’s title of richest person challenged by Oracle’s Ellison
New York, United States - Billionaire Elon Musk is at risk of losing his title of world's wealthiest person to...
Business
Business
European LNG imports fall to lowest level since start of Ukraine war
Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian...
- LNG deliveries fell 7% in July from a year earlier to 8.6 million tons, the least since November 2021, according to ship-tracking data .
- This drop coincides with a slide in the regions benchmark gas prices, which have slumped more than 80% in the period.
Business
OERC, Jindal to set up sustainable transport logistics solution
Abu Dhabi, UAE - Oman and Etihad Rail Company (OERC) signed a deal with Jindal Shadeed Iron & Steel (Jindal)...
- It will allow Jindal to annually transport up to 4 million tons of raw materials and finished products from its steel complex at Sohar Port to the UAE’s markets.
- OERC will leverage its rail network to support Jindal in optimizing operational integration through facilitated loading and unloading processes.
Geostrategy
In a warming world, is an air-conditioned future inevitable?
Washington, United States - They are ubiquitous in the United States, controversial in Europe and coveted in South Asia. As heatwaves...
- Air conditioning is responsible for the emission of approximately one billion metric tons of carbon dioxide per year, according to the International Energy Agency (IEA).
- The number of air conditioners in the world, about two billion today, is set to skyrocket as temperatures and incomes rise.
Business
DAE H1 profit up 13%
The company posted a 15% increase in revenue to $670 million.
- The company acquired seven aircraft (two owned and five managed), while 16 aircraft were sold (10 owned and six managed), it added.
- A total of 64 lease agreements, extensions and amendments were signed -- 48 owned and 16 managed -- while its customers were spread across 60 countries.
Business
Global outstanding sukuk cross $800bn for first time: Fitch Ratings
Sovereigns were the key issuers. Fitch said the pricing of most sukuk and comparable bonds continued to be similar and...
- Most Fitch-rated sukuk are senior unsecured obligations of the issuer and rank equally with other senior unsecured obligations, including bonds.
- Most Fitch-rated sukuk continued to be investment-grade at 79%, with 12.6% of issuers having a Positive Outlook, and 77.5% having a Stable Outlook in Q2.
Business
GCC power and water projects benefit from lower risks, government support: Report
LONDON —Strategically important power and water projects controlled by GCC governments or government-related entities (GRE), are benefitting from the support...
- GCC governments play multiple roles, including offtakers, gas suppliers, grid operators, and land lessors
- Robust contractual provisions include 20- to 30-year fuel supply and offtake agreements with fixed prices.
Business
Mubadala invests in Aligned
Mubadala will become a minority partner with this investment.
- Aligned offers both Scale Data Centers (colocation) and Build-to-Scale (build-to-suit) solutions to support global hyperscale and enterprise customers.
- The investment is part of Mubadala’s expanding global digital infrastructure portfolio headed by its Executive Director, Mounir Barakat.
Business
TECOM Group profit soars 13%
Its net profit vaulted to US$132 million in the first half of 2023.
- The company also recorded a 6 percent year-on-year (YoY) increase in revenue to $285 million
- EBITDA increased by 14% YoY to $225 million, mainly driven by improved revenue quality
Business
Arabian Drilling H1 profit up 36%
The company has approved a cash dividend of SAR225 million.
- In a Tadawul disclosure, the company said that is second-quarter net profit climbed 22.8 percent to SAR 140 million from SAR 114 million in Q2 2022.
- The increase was mainly due to the additional revenue from the two new offshore rigs (AD110 and AD120) that started in December 2022.
Business
Dubai leads as GCC real estate transactions soar in H1
Gulf real estate hit $90.7 billion in the first half of 2023, a 9.9% rise y-o-y, as Dubai led the...
- Gulf real estate hit $90.7 billion in the first half of 2023, a 9.9% rise y-o-y, as Dubai leads the market with a 57 percent increase, fueled by demand for luxury properties
- Residential prices in Dubai surge 11.7% in the Q2 of 2023, while Abu Dhabi's growth stays muted. Dubai's rents jump 32.6% y-o-y, while other markets see slight rise
Airbus, Leonardo and Thales reported moving towards European space firm
Rome, Italy -- European aerospace firms Airbus, Leonardo and Thales could seal an accord this year to set up a...
Business
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Saudi Tourism Authority, Trip.com Group sign global agreement
BERLIN, GERMANY – Saudi Tourism Authority (STA) and Trip.com Group have announced a significant global partnership, which will drive greater...
Business
ADCB approves cash dividends worth US$1.1bn Â
ABU DHABI, UAE – Abu Dhabi Commercial Bank (ADCB) has approved the Board of Directors proposal to distribute a cash...
Business
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Business
Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...
- The transfer was "a continuation of Saudi Arabia's long-term initiatives to boost and diversify the national economy and expand investment opportunities".
- The move brings the state's ownership of Aramco shares to 82.19 percent.
Business
Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.
- Nationwide management believe the transaction will broaden and deepen its products and services faster than could be achieved organically.
- The deal remains subject to due diligence and approvals from Virgin Money shareholders as well as Nationwide's borrowers and depositors.
Business
Lufthansa profit spikes in 2023
Its net profit shot up to US$1.82bn as demand booms.
- The group reported a net profit of 1.67 billion euros ($1.82 billion), compared to 791 million euros in 2022
- The profit was slightly below an estimate of about 1.8 billion euros by analysts surveyed by financial data firm FactSet