Abu Dhabi’s Presight has announced its acquisition of a controlling stake in AIQ, an AI for Energy joint venture established in 2020 by ADNOC and G42. This agreement aims to capitalize on ADNOC’s prominent position as a national oil and gas company, combining the AI Energy solutions offered by AIQ with Presight’s expertise in big […] The post Abu Dhabi’s Presight, ADNOC acquire controlling stake in AIQ appeared first on Economy Middle East ..read more

ADNOC Logistics and Services (ADNOC L&S) posted in Q1 2024 a net profit of AED712 million ($193.8 million), equivalent to AED0.10 ($0.03) per share. This represents a 34 percent increase compared to the net profit of AED533 million ($145.1 million) achieved in Q1 2023. The company’s revenues for Q1 2024 reached AED3.085 billion ($839.9 million), […] The post ADNOC L&S reports $193.8 million in net profit for Q1 2024 appeared first on Economy Middle East ..read more

The Saudi Arabian Oil Company (Aramco) recorded in the first quarter (Q1) of 2024 a net income of SAR102.3 billion ($27.2 billion), compared to SAR119.5 billion ($31.86 billion) in the same period of the previous year. According to the report, the cash flow from operating activities slightly decreased to SAR126.0 billion ($33.59 billion) from SAR148.6 […] The post Saudi Aramco reports Q1 2024 net income of $27.2 billion appeared first on Economy Middle East ..read more

ADNOC Gas has released its financial results for the first quarter of 2024, showing significant improvement in key metrics. The company’s adjusted net income increased by 21 percent year-on-year (Y-o-Y) to AED4.36 billion ($1.187 billion), while its domestic gas net income unit margin saw a 20 percent Y-o-Y improvement. ADNOC Gas is a major player […] The post ADNOC Gas net income surges 21 percent in Q1 2024 at $1.18 billion appeared first on Economy Middle East ..read more

Abu Dhabi-based Alpha Dhabi Holding recorded a group net profit of AED4.6 billion ($1.25 billion) in the first quarter (Q1) of 2024, demonstrating its continued momentum in executing its strategy across key sectors and its dedication to generating greater value for shareholders. The strong financial performance across the group during Q1 ’24 was highlighted by […] The post UAE’s Alpha Dhabi posts $1.25 billion net profit in Q1 2024 appeared first on Economy Middle East ..read more

Saudi Arabia’s transformation program, Vision 2030, will require around $1 trillion in investment over several years, revealed S&P Global Ratings in its latest report. The report states that part of this investment will come from the government and the Public Investment Fund (PIF). However, S&P Global Ratings also expect banks and capital markets to contribute a significant […] The post Saudi Arabia’s Vision 2030 will need around $1 trillion in investments over several years: Report appeared first on Economy Middle East ..read more

Hisham Amna, Egypt’s minister of Local Development, announced that his ministry is offering full support to finance micro, small, and medium enterprises (MSMEs) in the governorates. He also highlighted the launch of initiatives to fund small investors through the Local Development Fund and the “Mashrou’ak” program. Amna provided details on the funding efforts, stating that […] The post Egypt’s Mashrou’ak program funds 211,000 projects worth $590 million: Minister appeared first on Economy Middle East ..read more

The Asian Development Bank (ADB) and the Republic of Korea (South Korea) have entered into a memorandum of understanding (MoU), committing $2 billion in cofinancing for ADB sovereign operations over the next three years. This agreement represents a significant increase from a previous MoU signed in 2021. The cofinancing provided by the Republic of Korea […] The post South Korea, Asian Development Bank sign $2 billion agreement to support development projects appeared first on Economy Middle East ..read more

The Qatar Central Bank (QCB) recently issued treasury bills and Islamic sukuk with various maturities amounting to a total of QAR2 billion ($549 million). The bank revealed that the issuance includes treasury bills and Islamic sukuk spanning maturities of one week, one month, three months, six months, and nine months. The issuances include treasury bills […] The post Qatar Central Bank issues $549 million worth of T-bills, Islamic sukuk appeared first on Economy Middle East ..read more

The UAE Central Bank (CBUAE) kept interest rates unchanged on Wednesday after the US Federal Reserve held interest rates steady citing “lack of further progress” on inflation. The CBUAE has decided to maintain the base rate applicable to the overnight deposit facility (ODF) at 5.40 percent. “The CBUAE has also decided to maintain the interest […] The post US Federal Reserve, UAE Central Bank keep interest rates unchanged appeared first on Economy Middle East ..read more