Saudi Arabia raises oil prices for Asia to record levels

State producer Saudi Aramco increased its Arab Light grade for next month’s shipments to Asia to $9.80 a barrel

DEWA Innovation Centre launches second CleanTech Youth Programme

The programme targets young leaders from various fields to develop their knowledge and expertise in the field of clean and renewable energy

Al Ansari

UAE exchange firm Al Ansari considers Dubai IPO

The UAE-based money-exchange firm held initial talks with potential advisers about the Dubai listing that may happen in the first quarter of 2023

Dubai Smart Police Stations process 48,462 transactions in H1 2022

Smart Police Stations in all of its editions – SPS, drive-thru and walk-in, also welcomed 413,540 customers during the same period

Abu Dhabi Fertiglobe

Abu Dhabi’s Fertiglobe delivers revenue growth of 105% to $1.471bn

The fertiliser company, a joint venture between ADNOC and OCI, reported that its free cash flow increased to $789m in Q2 2022 from $328m in Q2 2021

Saudi Aramco plans to go big carbon storage

Aramco to acquire Valvoline Global Products for $2.65bn

Aramco will benefit from VGP’s robust manufacturing and distribution network, significant R&D capabilities, strong partnerships with major OEMs

OPEC Haitham Al Ghais

Haitham Al Ghais takes office as OPEC Secretary General

He was appointed for a three-year term at the special meeting of the OPEC Conference held on January 3

Saudi crude exports jump to highest in more than two years

The OPEC+ alliance will meet via video conference on August 3 to decide on future production policy

UAE Cabinet approves formation of 'Higher Committee for Government Digital Transformation'

UAE Cabinet approves formation of Higher Committee for Government Digital Transformation

The Committee will be chaired by Ohood Khalfan Al Roumi, Minister of State for Government Development and the Future

Covid cases August 12

UAE reports 1,088 new Covid cases, 1,004 recoveries

The Covid-19 nationwide case count has risen to 992,652

Sheikh Hamdan announces restructuring of Dubai Municipality

Sheikh Hamdan announces restructuring of Dubai Municipality

Dubai Municipality will feature four new agencies, facilitate enhanced governance, privatise eight main activities and create Dhs10bn worth of new economic opportunities

UAE reduces fuel price in August

UAE reduces fuel prices for August 2022

The price of Super 98 has been reduced to Dhs4.03 per litre in August

Dubai property sales see record high in June 2022_e1655190951740

Dubai: June property sales register nine-year high, sales transactions amount to Dhs22.7bn

According to Mo’asher data, Q2 2022 marked the highest quarterly volume of sales transactions for the last decade, with a total of 22,504 transactions worth Dhs59.154bn

Dubai Financial Market announces H1 2022 results, posts net profit of Dhs63.4mn

Dubai Financial Market posts net profit of Dhs63.4m for H1 2022

The company’s total consolidated revenue reached Dhs163.8m in H1 2022 compared to Dhs136.6m during H1 2021

Restaurant Review- Basko’s Summer Brunch in Dubai

Restaurant Reviews: Basko’s Summer Brunch in Dubai

The venue boasts a colorful chic interior, retro tunes, distinctly curated beverages and a delicious menu

Inside the Amazon Abu Dhabi Delivery Station

Inside Amazon’s largest delivery station in the UAE

Gulf Business recently visited Amazon’s largest delivery station in Abu Dhabi to get the details

Forever 21 expands in the Middle East and South East Asia

Forever 21 expands in the Middle East and South East Asia

The group opened a 12,000sq ft store at Dubai’s Ibn Battuta Mall last week, which signals its expansion strategy across the two markets

UAE Hijri New Year 2022

Hijri New Year in UAE: Public parking and toll charges free

Saturday, July 30 has been declared an official paid holiday for all public and private sector employees in the UAE

UAE Kenya sign CEPA

UAE, Kenya to sign Comprehensive Economic Partnership Agreement

The UAE-Kenya CEPA will be the first bilateral trade deal that the UAE seeks to sign with an African nation

Borouge announces strong revenue growth of 16.4% YoY

Borouge announces strong revenue growth of 16.4% for H1 2022

Borouge reported that the adjusted EBITDA increased 1.7 per cent to $1,512m, whilst net income increased 2.5 per cent to $853m

Etihad Airways records $296m first-half profit

Etihad Airways reports core operating profit of $296m in H1 2022, as travel demand recovers

Eithad Airways carried 4.02 million passengers in H1 2022, over 3 million more than last year, with an average seat load factor of 75 per cent

UAE weather: Rains continue, several wadis flooded, NCEMA held a special briefing

Floods hit several regions of the UAE, including Sharjah, Fujairah and Ras Al Khaimah, due to heavy rains since July 27

National Bank of Fujairah H1 2022

National Bank of Fujairah announces net profit of Dhs150.5m in H1 2022

The lender recorded year-on-year growth of 97.5 per cent to close the six month period at a net profit of Dhs150.5m

Emirates NBD’s H1 2022 profit rises 11% to AED 5.3 billion

Emirates NBD reports profit of Dhs5.3bn, its highest since 2019

Emirates NBD played a leading role in both the DEWA and TECOM IPOs, delivering customers a fully digital platform

UAE’s ADX records its highest rise in market and trading value in Q2 2022: AMF

The report also pointed out that the market value of the Dubai Financial Market increased by some $24.45bn

Gulf deals

Cash-rich Gulf funds splurge on mega deals as liquidity dries up

The region’s largest sovereign wealth funds have been involved in at least $28.6bn worth of acquisitions outside the Middle East and Africa this year

US Federal Reserve

US Federal Reserve hike leads GCC to follow, but rate paths diverge again

Saudi Arabia, Bahrain and the UAE moved in lockstep with the US central bank, raising their benchmarks by 75 basis points

ADNOC Drilling confirms $2bn in contracts for Hail, Ghasha Gas Development Project

ADNOC Drilling confirms $2bn contract award for Ghasha mega project

The contracts are valued at $1.3bn for Integrated Drilling Services and $700m for the provision of four island drilling units

DEWA to co-organise World Green Economy Summit; aims to fulfill climate change commitment

DEWA to co-organise eighth World Green Economy Summit in September

The summit represents UAE’s efforts to strengthen regional and international cooperation, achieve climate neutrality and accelerate transition to a green economy

Saudi Arabia and Greece sign MoU

Saudi Arabia and Greece sign agreements on energy, security, telecom, digital economy

Saudi Arabia’s Crown Prince Mohammed bin Salman is on a two-day official visit to Greece