ADNOC completes $316 million sale of ADNOC L&S shares
ABU DHABI – Abu Dhabi National Oil Company (ADNOC) has sold a 3 percent stake in its logistics and shipping...
Business
Buraidah date carnival boosts Saudi tourism and economy
Buraidah, Saudi Arabia -- The Buraidah Date Carnival witnessed growing economic and tourism activity, making it a key destination for...
Business
Business
Qatar to take hold of 40% share in future LNG market
"We are increasing production to 126 MTPA, and we have another 16-18 metric tons per annum (MTPA) out of the...
- QatarEnergy will supply 40% of all new LNG entering the market by 2029, says Qatar's Minister of State for Energy Affairs
- The firm plans to increase production to 126 MTPA, with an additional 16-18 MTPA from the US coming online next year
Business
Maaden acquires 9.9% stake in Ivanhoe
It also completes conditions for a joint venture.
- There is no change in the associated costs related to the event, Maaden noted.
- Maaden has posted a net profit of SAR 419.4 million ($111 million) for the first quarter of 2023.
Business
Yahsat to invest US$100m
It is for capital expenditure of T4-NGS satellite program.
- The program, the next-generation telecommunications system for Thuraya, is scheduled to begin operational service in H1 2025.
- The total cost of the program is up to $550 million, including manufacturing, launch, insurance and new ground infrastructure.
Business
ADIB raises $750 million in dollar-denominated tier-one sukuk
Dubai, UAE -- Abu Dhabi Islamic Bank (ADIB) has raised $750 million in the world’s first dollar denominated additional tier-one...
- ADIB priced the perpetual non-call, five and half-year sukuk at a profit rate of 7.25 percent per annum payable semi-annually.
- The final order exceeds $7 billion more than nine times over-subscribed and final pricing 62.5 bps tighter than the initial pricing thoughts.
Business
Dubai Chambers launches program to enhance customer service
DUBAI, UAE – Dubai Chambers is taking a big initiative for ensuring that businesses in the emirate provide excellent customer...
- Service Excellence Program will evaluate the quality of customer experience through mystery shopper reports.
- The initiative will ensure the implementation of global best practices within Dubai’s business community.
Business
Multiply Group buys stake
A minority stake in Breakwater Energy cost it US$100m.
- The group by virtue of its new acquisition will become part owner of a profitable and cash-generative, diversified global upstream portfolio
- It poured some US$2.72 billion last year into Abu Dhabi National Energy Company (TAQA), an integrated utility champion in the EMEA region
Business
ROSHN inks MoU with Expro to develop real estate in Saudi Arabia
Riyadh, Saudi Arabia--ROSHN, the Saudi real estate developer, has signed a memorandum of understanding (MoU) with the Expenditure and Project Efficiency...
- The partnership between the two will increase the sustainability of the PIF-backed giga project and also ramp up its activities
- The cooperation with leading groups in the nonprofit sector is designed to lift up the quality of life for the underprivileged families
Economy
Egypt to receive first batch of Iranian tourists in era of restored ties
Tehran, Iran-- After years of frosty relations between the two countries, Egypt and Iran are set to restore ties with...
- According to the Egypitan tourism minister, Iranian tourists will arrive in the country and visit southern coasts of Sinai, Nubia and Taba
- Haitham bin Tariq, the Sultan of Oman, played a pivotal role as a mediator in ending years of enmity between Egypt and Iran
Business
Top Middle East bankers leave Credit Suisse for HSBC
Dubai, UAE - Credit Suisse Qatar CEO Aladdin Hangari is joining HSBC. Patrick D’Amico, a Zürich based Credit Suisse Managing...
- HSBC is a dominant player in the Middle East for commercial and private clients
- The bank is set to expand its coverage of ultra-rich clients across the MENA region
Economy
Iraq to pay for Iranian gas imports with oil: Iraqi PM
The Iraqi prime minister said the decision to pay for Iranian gas imports with oil corresponds with the mechanism agreed...
- Iran cut its supply of gas to Iraq by nearly half some ten days back because of unpaid bills of more than $12 billion
- Gas stoppages have worsened the frequent power outages in much of Iraq during the hot summer months
ADNOC completes $316 million sale of ADNOC L&S shares
ABU DHABI – Abu Dhabi National Oil Company (ADNOC) has sold a 3 percent stake in its logistics and shipping...
Business
Company News
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Renault Scenic model wins Car of the Year at Geneva auto show
Renault unveiled a new electric vehicle and its Scenic model won the Car of the Year award at the first...
Business
Japan’s Moon craft SLIM revives after lunar night
TOKYO, JAPAN – Japan's Moon lander has produced another surprise by waking up after the two-week lunar night, the country's space...
Science
EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn
ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
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Geostrategy
WTO pushes for reform, warns multilateralism ‘under attack’
Speaking on the first day of MC13, WTO Director-General Ngozi Okonjo-Iweala highlighted a need to "reform the multilateral trading system"...
- The WTO is hoping for progress, particularly on fishing, agriculture and electronic commerce during the meeting scheduled to run until Thursday in Abu Dhabi.
- But big deals are unlikely as the body's rules require full consensus among all 164 member states -- a tall order in the current climate.
Business
China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
- The Bohai 26-6 oilfield is situated approximately 170 kilometers from Tianjin Municipality.
- It has been anticipated that the average daily oil production will surpass 390 cubic meters.
Business
Goldman Sachs, Mubadala ink pact
The two firms have signed a $1 billion private credit deal.
- The partnership will be managed by Private Credit at Goldman Sachs Alternatives, with a dedicated team across multiple Asia Pacific markets.
- This mandate will enable both firms to continue scaling their investment activity in the large and growing Asia Pacific credit market.