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Saudi Aramco posts 44% jump in profit despite Hormuz disruption

Saudi Aramco reported a 44 per cent jump in second-quarter net profit, supported by higher oil, refined products and chemicals prices

Gareth van Zyl
Gareth van Zyl

04 August, 2026

Saudi Aramco posts 44% jump in profit despite Hormuz disruption

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Saudi oil giant Aramco reported a 44 per cent increase in net profit for the quarter ended June 30, driven by higher sales, mainly from stronger prices for crude oil, refined products and chemicals, despite disruptions to shipping through the Strait of Hormuz.

The world’s largest oil exporter posted net profit of $32.69bn for the three months to June 30, underscoring the resilience of its operations during one of the most challenging periods for regional energy markets this year.

The company also reported adjusted net income of $33.4bn for the second quarter and $67.2bn for the first half of 2026. Cash flow from operating activities reached $25.4bn during the quarter and $56.2bn for the six-month period, while free cash flow totalled $12.3bn in the second quarter and $30.9bn in the first half. Second-quarter free cash flow was impacted by a $13.6bn working capital build.

Aramco’s board declared a base dividend of $21.9bn for the second quarter, to be paid in the third quarter of 2026.

President and CEO Amin H. Nasser said the company’s performance reflected the resilience of its operations despite rapidly changing market conditions.

“Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity by capitalising on our diverse asset base and multi-decade planning, including strategic infrastructure such as the East-West Pipeline, storage capacity, and export terminals,” he said.

Nasser added that geopolitical uncertainty and declining global inventories had reinforced the importance of energy security, while Aramco’s ability to respond quickly to market dynamics strengthened its role in global energy markets.

The company said it continued to utilise the East-West Pipeline to maintain crude flows across its network during the regional disruption.

Aramco also said the Zuluf crude oil increment project remains on track for completion in 2026, while the Fadhili Gas Plant expansion is expected to be completed in 2027. The first phase of the Jafurah Gas Plant continued steady production of sales gas, with work progressing on phase two ahead of its planned completion in 2027.

The energy giant also announced an agreement to sell its entire equity stake in PRefChem as part of its strategy to optimise its downstream portfolio.

Looking ahead, Nasser said Aramco entered the second half of the year with “solid financial and operating momentum”, supported by one of the strongest balance sheets in the sector, sustainable base dividend distributions and continued investment in strategic growth projects.

Saudi unveils SAR100,000 fine for Hajj, Umrah firms in major overstay crackdown

Authorities have called on residents and citizens to report violations linked to residency, labor, and border security regulations

Nida Sohail
Nida Sohail

03 August, 2026

Saudi unveils SAR100,000 fine for Hajj, Umrah firms in major overstay crackdown

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Saudi Arabia has introduced stricter measures for Hajj and Umrah service providers, placing greater responsibility on companies to monitor pilgrims’ authorised stays and report violations promptly. The latest move highlights the Kingdom’s continued efforts to strengthen regulatory oversight, improve pilgrimage management, and ensure compliance with residency requirements.

Saudi Public Security has warned that Hajj and Umrah service companies could face fines of up to SAR100,000 if they fail to notify authorities about pilgrims or Umrah performers who remain in the kingdom after their approved period of stay expires.

Read more-Saudi Arabia launches one-year multiple-entry Umrah visa

A Saudi Gazette report said the penalty applies to companies and establishments that delay reporting such cases to the competent authorities. Officials confirmed that the financial penalty could increase depending on the number of violators involved.

Public urged to report residency and border violations

Authorities have called on residents and citizens to report violations linked to residency, labor, and border security regulations. Reports can be submitted by calling 911 in Makkah, Madinah, Riyadh, and the Eastern Province, while 999 is available across other regions of the kingdom.

Public Security confirmed that all reports will be handled with complete confidentiality and assured informants that they would face no legal responsibility for submitting information.

Dubai Science Park to host new AI longevity research laboratory

The Longevity AI Research Laboratory, scheduled to open in the fourth quarter of 2026

Rajiv Pillai
Rajiv Pillai

03 August, 2026

Dubai Science Park to host new AI longevity research laboratory
Longevity AI Research Lab/Image: Supplied

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Dubai-based longevity healthcare company Longevium has raised $7m in its first investment round and begun construction of an artificial intelligence-powered research laboratory at Dubai Science Park, as it looks to accelerate the development of preventive healthcare technologies and position the UAE at the forefront of longevity medicine.

The Longevity AI Research Laboratory, scheduled to open in the fourth quarter of 2026, will serve as a dedicated research and development centre rather than a clinical facility, bringing together artificial intelligence, biomedical research and clinical practice to develop technologies that predict health risks, measure biological ageing and extend healthy lifespans.

The project aligns with Dubai’s broader ambitions to become a global hub for longevity research and preventive healthcare, supporting the vision of the Dubai Longevity Authority and the emirate’s growing focus on healthcare innovation.

The newly secured funding will be used to establish the laboratory and expand research into next-generation diagnostics, longevity technologies and clinical research programmes.

Among the key research areas will be AI-powered digital twins, enabling physicians to simulate personalised treatment protocols before clinical use, alongside regenerative medicine, tissue engineering and advanced cell therapies aimed at restoring organ function.

The laboratory will also investigate robotic diagnostic technologies, including swallowable imaging capsules, AI-powered skin cancer scanners and smart contact lenses capable of monitoring health through tear-fluid analysis.

Dr. Ksenia Butova, founder and CEO of Longevium

Another area of focus will be noble gas therapy, with research into the therapeutic potential of xenon, argon, helium and krypton for applications ranging from organ protection and stress-related conditions to neurodegenerative diseases.

Longevium also plans to develop what it describes as a regional reference AI model for biological ageing by integrating laboratory biomarkers, imaging, body composition analysis and wearable device data.

“Our mission is to make the world’s most advanced longevity innovations accessible to more people and help create a future in which healthy human lifespans of up to 200 years may become possible,” said Dr. Ksenia Butova, founder and CEO of Longevium.

The research hub will build on technologies already deployed across Longevium’s three Dubai clinics, including its AI physician assistant, Doctor Deep, and a biological age assessment application.

The company’s clinical network, located in Jumeirah 3, Jumeirah Lake Towers and Jumeirah Village Circle, has treated more than 30,000 patients and employs nearly 100 physicians and specialists, providing a foundation for long-term clinical data collection and validation of emerging preventive healthcare technologies.

Longevium said it is recruiting international researchers and scientists while seeking partnerships with academic institutions, healthcare providers, investors and technology companies working across longevity medicine, AI-enabled diagnostics and preventive healthcare.

Dubai forms Media Narrative Committee to unify global messaging

Under its mandate, the committee will propose policies, priorities and implementation plans for Dubai’s media narrative, submit recommendations to the Dubai Media Council, and oversee their execution in coordination with relevant entities

Rajiv Pillai
Rajiv Pillai

03 August, 2026

Dubai forms Media Narrative Committee to unify global messaging
Image: Adobe Stock

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Dubai has established a new committee to develop and coordinate the emirate’s media narrative across government, semi-government and private sector entities, in a move aimed at strengthening the consistency of its global messaging and reinforcing its international positioning.

HH Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council, issued Council Decision No. (16) of 2026 establishing the Dubai Media Narrative Committee, which will define the strategic framework, priorities and core pillars of Dubai’s media narrative.

The committee will be chaired by Mona Ghanem Al Marri, Vice Chairperson and Managing Director of the Dubai Media Council, with Her Excellency Nehal Badri, Secretary General of the Dubai Media Council, serving as Vice Chairperson.

According to the decision, the committee will work to ensure consistent messaging across key sectors, strengthen coordination between public and private sector organisations, and reinforce Dubai’s position as a global model for future cities.

Sheikh Ahmed bin Mohammed said the establishment of the committee marks “a strategic step towards creating an integrated institutional framework that ensures consistency across key messages and enhances their impact.”

“A clear and unified media narrative provides a strategic point of reference grounded in facts, strengthens trust, and further enhances Dubai’s global standing as an inspiring city committed to shaping a future rich with opportunities for all,” he said.

He added that Dubai’s creative and intellectual capabilities provide a strong foundation for developing a media narrative aligned with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

The committee comprises senior officials from key government entities, including Dubai Chambers, Digital Dubai, Dubai Future Foundation, the Dubai Department of Economy and Tourism (DET), the Dubai International Financial Centre (DIFC), The Executive Council of Dubai and other government representatives.

Mona Al Marri said rapid regional and global changes have increased the importance of developing a coordinated media narrative capable of effectively communicating Dubai’s achievements and ambitions to international audiences.

“In today’s world, a strong media narrative is a key driver of strategic influence and an essential tool for building awareness and shaping perceptions,” she said.

“The ability to develop an influential media narrative has become a strategic imperative. Those capable of shaping their story and communicating it creatively and authentically, while sustaining its impact, are better positioned to build trust and strengthen their influence.”

Under its mandate, the committee will propose policies, priorities and implementation plans for Dubai’s media narrative, submit recommendations to the Dubai Media Council, and oversee their execution in coordination with relevant entities.

It will also develop mechanisms to coordinate media efforts across government, semi-government and private sector organisations, guide official engagement on international media platforms, and establish key performance indicators to measure the effectiveness of Dubai’s communications strategy.

In addition, the committee will prepare analytical reports on media performance, monitor local and international media trends, assess emerging opportunities and challenges, and recommend improvements to strengthen Dubai’s media positioning.

The committee will also support efforts to counter misinformation through fact-based, transparent communication while providing technical advice on media-related matters when requested by the Dubai Media Council or other relevant authorities.

The General Secretariat of the Dubai Media Council will provide administrative and technical support, while all government entities and relevant organisations in Dubai will be required to cooperate by supplying the information, data and reports needed for the committee to carry out its responsibilities.

From August to December: The UAE public holidays residents should be watching

The announcement is expected to provide workers with a welcome break while allowing organisations to plan business operations around the upcoming closure

Nida Sohail
Nida Sohail

03 August, 2026

From August to December: The UAE public holidays residents should be watching

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Residents and businesses across the UAE are preparing for another official public holiday later this month, with authorities expected to confirm the date for the 12 Rabi ul Awwal holiday closer to the occasion.

While the exact timing depends on the traditional moon sighting process, current estimates indicate that the observance could fall on Tuesday, August 25, with the day off potentially being granted on Monday, August 24.

The annual holiday, which marks the birth of Prophet Muhammad (PBUH), is one of the most significant occasions on the Islamic calendar and is recognised as an official public holiday for employees in both the government and private sectors. The announcement is expected to provide workers with a welcome break while allowing organisations to plan business operations around the upcoming closure.

Official holiday awaits confirmation

Under the UAE’s public holiday regulations, the occasion is observed on the 12th day of Rabi’ Al-Awwal in the Hijri calendar. Since Islamic dates are determined by the sighting of the moon, the final holiday date is confirmed only after the relevant authorities announce it.

Read more-Need cash fast? du Pay’s new flexi cash loan brings instant credit to UAE customers

According to the UAE Government’s official public holidays platform, the observance falls on 12 Rabi’ Awwal and applies to both public and private sector employees. The government also notes that Islamic holidays are determined by moon sighting, meaning the corresponding Gregorian date changes from year to year.

“The holiday is officially recognised for both sectors, with the final date announced in line with the Hijri calendar and moon sighting,” the government platform states.

The one-day holiday is traditionally observed across the country, offering residents an opportunity for reflection, family gatherings and community observance while enabling businesses to prepare their operational schedules in advance.

National Day break also on the horizon

Beyond the August holiday, residents can also look ahead to the UAE’s National Day celebrations later this year. The government’s official public holidays platform confirms that December 2 and 3 are designated as public holidays for both the public and private sectors.

“The National Day holiday is observed over two days and applies across both sectors,” according to the official government calendar.

Unlike Islamic holidays, National Day follows fixed Gregorian calendar dates, allowing businesses, schools and families to make travel and event plans well in advance.

Together, the 12 Rabi ul Awwal observance and the National Day holidays form an important part of the UAE’s annual public holiday calendar, balancing religious traditions with national celebrations while giving residents and employers greater certainty when planning the remainder of the year.

Middle East data breach costs hit $8m as AI threats grow: IBM

IBM said organisations that extensively deployed AI and security automation recorded average breach costs that were more than $3m lower than companies without these capabilities

Rajiv Pillai
Rajiv Pillai

03 August, 2026

Middle East data breach costs hit $8m as AI threats grow: IBM
Image: Getty Images

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The average cost of a data breach for organisations in the Middle East has reached $8m, as cybercriminals increasingly use artificial intelligence to accelerate attacks while businesses continue to face mounting financial losses, according to IBM’s 2026 Cost of a Data Breach Report.

The study found that 26 per cent of malicious breaches in the region involved AI-enabled attacks, while a further 11 per cent of organisations were unable to determine whether artificial intelligence had been used by attackers.

IBM said organisations that extensively deployed AI and security automation recorded average breach costs that were more than $3m lower than companies without these capabilities. Despite the potential savings, 23 per cent of organisations surveyed said they had yet to adopt AI and automation in their cybersecurity operations.

Saad Toma, General Manager of IBM Middle East and Africa, said: “As the number of cybercriminals harnessing the power of AI for malicious purposes rises, attacks are becoming faster and cheaper to launch, while breaches keep getting more expensive to find and fix. This growing imbalance is fundamentally changing the economics of cyber risk. Companies must invest in advanced threat detection and response technologies using AI and automation to stay ahead of emerging risks.”

The report identified mismanaged secrets and keys, excessive user privileges and poor role management, and the inability to prioritise threats as the three biggest factors driving higher breach costs for organisations in the Middle East. Conversely, encryption, DevSecOps practices and endpoint detection and response technologies were associated with lower financial losses.

Lost business remained the single largest cost component of a breach, averaging $3.57m, followed by post-breach response costs at $2.17m, detection and escalation at $1.9m, and notification costs of $360,000.

The financial services and technology sectors recorded the region’s highest average breach costs at $10.67 million each, while the industrial sector followed at $9.6m.

Phishing remained the leading initial attack vector, accounting for 18 per cent of all breaches analysed and carrying the highest average financial impact of $10.41m. Supply chain compromises and social engineering attacks, including IT helpdesk impersonation and multi-factor authentication fatigue, each represented 16 per cent of incidents, with average breach costs of $8.45m and $7.32m, respectively.

The report also highlighted increased cybersecurity spending following breaches. Among organisations surveyed, 59 per cent said they planned to increase investment in security tools and governance after experiencing a breach. Identity and access management ranked as the top investment priority for 44 per cent of respondents, while 39 per cent cited incident response planning and testing and quantum security for data and data transfers as key focus areas.

Despite growing awareness of cyber risks, encryption gaps remain. Only 35 per cent of breached organisations reported encrypting sensitive data both at rest and in transit at the time of the incident. However, 69 per cent said they had formal controls in place to monitor cryptography and cryptographic assets across their organisations.

The report also found growing adoption of AI agents within security operations centres. Among organisations operating dedicated security operations centres, 55 per cent had already deployed AI agents, while 57 per cent reported using machine identity inventory and lifecycle management to secure non-human identities such as service accounts and API keys. A further 43 per cent had extended zero-trust security principles to AI-driven processes.

Conducted by the Ponemon Institute and sponsored by IBM, the 2026 Cost of a Data Breach Report analysed real-world breach data from 602 organisations globally, including businesses in the UAE and Saudi Arabia, between March 2025 and February 2026.

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Saudi Aramco posts 44% jump in profit despite Hormuz disruption