Oil giant Aramco says to offer shares worth over $10 bn on Saudi bourse
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than...
Business
Saudia Group in ‘landmark’ deal for 105 Airbus planes
In a wide expansion of aviation services, Saudi Arabia's top airline Saudia Group has place an order of 105 aircraft...
Science
COP27 focuses on ways and means to feed 8 billion people
The adaptation and agriculture thematic day at COP27 focused on how the world will feed eight billion people.
- A series of sessions and initiatives shed light on pathways forward on adaptation and climate resilient agriculture.
- The focus comes at a particularly challenging year for food security.
Business
Invictus 9M net profit $105m
The firm reported a 125 percent increase in its revenues.
- The company attributed the results to “a continual focus on geographical location expansion, and a sustained rise in trade volume and revenues across all product lines”.
- This year, the company introduced fertilizers which added over AED 140 million to revenues.
Geostrategy
Mozambique has begun exporting LNG, says President
Mozambique has started exporting liquefied natural gas (LNG) produced in the country's restive north, President Filipe Nyusi said. The first...
- Mozambique has set high hopes on vast natural gas deposits - the largest ever found south of the Sahara.
- Estimates have shown that once all the gas deposits were tapped, Mozambique could become one of the world's 10 biggest exporters.
Business
Musk decides to give Indonesia G20 business meet a miss
Musk, who also owns electric car maker Tesla, was due to speak at the so-called B20 business conference on the...
- Elon Musk's office said the world's richest person would instead take part in an hour-long virtual discussion onfuture disruption of global technological innovation at the B20
- Indonesian President Joko Widodo travelled to Texas to meet Musk earlier this year for talks about Tesla investing in the country's nickel industry
Business
PIF sells 10 percent stake in Tadawul Group at $51 per share
The offering size was SAR 2.3 billion ($611 million), making it the second largest Accelerated Bookbuild Offering to ever take...
- Last year, the PIF, which is led by the Crown Prince and Prime Minister Mohammed bin Salman, sold a 30 percent stake in Tadawul in a $1 billion IPO.
- This transaction is in line with PIF’s strategy to recycle the Fund’s capital and invest in emerging and promising sectors in the local economy, PIF said.
Business
Kuwait to develop 400 projects on Saji Island
Kuwait City, Kuwait—Kuwait will set up more than 400 local development project on Saji Island, according to the acting director...
- The Marina will allocate water taxis to transport visitors to and from the island from the city of Salmiya, as well as organize tours
- Adel Al-Hasawi said that the national fund, which is overseeing the project, is looking to attract a variety of businesses to the island
Science
UAE ministry launches Green Business Toolkit 2.0 at COP27
The Ministry of Climate Change and Environment (MOCCAE) introduced the second edition of the UAE Green Business Toolkit in partnership...
- The move aligns with the UAE’s pathway to net-zero and supports sustainable economic development.
- The UAE Green Business Toolkit 2.0 seeks to benefit from the business sector's increasing awareness about the importance of achieving net-zero.
Market Report
UAE stocks rise while Saudi market declines
DFM index jumped 0.6 percent, Abu Dhabi index rose 0.1 percent, Saudi Stock Exchange varied as index ended its trading...
- Twenty-one of the Saudi Stock Exchange's sectors declined, with the insurance, media, and entertainment industries seeing the most significant decline.
- The Dubai Stock Exchange Index closed up 0.6 percent with gains in four of the exchange's sectors headed by investment and financial services, which gained 1.9 percent.
Business
GE, IRENA sign pact at COP27 to support energy security
SHARM EL SHEIKH, EGYPT - GE (NYSE:GE) signed a framework agreement with the International Renewable Energy Agency (IRENA) to support...
- GE, IRENA agreed to cooperate across several aspects including decarbonisation, thought leadership, adoption and sustainable use of renewable energy.
- GE and IRENA will explore how to jointly support decarbonisation efforts in critical markets and sectors.
Geostrategy
Qatar plans to open new visa center in Jordan
DOHA, QATAR - Qatar plans to open a new center in Jordan for issuing visas in the near future, in...
- The Qatari Ministry of Interior said five new centers for Qatar visas will soon be opened in Jordan, Tunisia, Morocco, Kenya and Indonesia.
- Qatar visa centers abroad have contributed to facilitating workers employment procedures and expediting their visas and residencies issuance.
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Oil giant Aramco says to offer shares worth over $10 bn on Saudi bourse
Riyadh, Saudi Arabia - Oil giant Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than...
Business
Company News
Masdar City, ADAFZ sign MoU
Business
Latest News
SNB Capital ignites Saudi derivatives revolution
SNB Capital's Single Stock Options debut marks a leap forward, enhancing liquidity and expanding investor choices.
Business
Egypt jumps to third place in Offshore BPO Confidence Index
Cairo, Egypt -- Egypt's global prominence received a boost as it jumped from 11th to third place in the 2023...
Business
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Economy
Saudi banks see moderate improvement in margins in Q3: report
Riyadh, Saudi Arabia - Operating income of Saudi banks increased by 2.9 percent QoQ, majorly due to net-interest income (NII)...
- Top 10 lenders demonstrate resilience with a 2.9 percent quarter-on quarter (QoQ) increase in operating income, fueled by robust net interest income growth
- Moderated credit growth is anticipated in Q4’2023, underscoring a positive economic outlook, driven by non-oil sectors and sustained government spending
EasyJet rebounds into annual profit
Profit after tax stood at £324 million.
- Profit after tax stood at $409 million in the 12 months to the end of September on higher demand and increased fares, EasyJet said
- "We see a positive outlook for this year with airline and holidays bookings both ahead year on year," EasyJet chief executive said in the statement.
Business
$128 billion in US company deals during Dubai Airshow: US Ambassador
Abu Dhabi, UAE - Martina A Strong, the US Ambassador to the UAE revealed on Monday that American companies secured...
- Martina A Strong underlined the UAE's significance as a market for American companies, highlighting the presence of over 1,500 American businesses
- The companies are drawn to the UAE's strategic location, its pro-business environment, and its gateway to burgeoning regional markets, she noted