Business & Money | Monday 12 August, 2024 10:59 am

EWEC opens registration for Q3 2024 Clean Energy Certificates auction

Emirates Water and Electricity Company (EWEC) today announced that registration is open for its Q3 2024 auction for Clean Energy Certificates (CECs) in Abu Dhabi. The auction is scheduled to close on 13th September 2024. CECs enable Abu Dhabi-based entities to decarbonise their energy...

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Business & Money | Monday 12 August, 2024 10:57 am

Foreign Direct Investment in Saudi Arabia rises to US$215 billion

Khalid Al Falih, Saudi Minister of Investment, said that the pro-investment measures introduced by Saudi Arabia in recent years include the introduction of the Civil Transactions Law, Private Sector Participation Law, Companies Law, Bankruptcy Law and Special Economic Zones. These reforms have ...

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Business & Money | Monday 12 August, 2024 10:53 am

Sharjah real estate continues its growth, achieves AED 3.9 billion in July 2024

The real estate market in Sharjah continues its growth, achieving a trading value of AED 3.9 billion in various areas and cities of the emirate during July 2024, according to the "Real Estate Market Performance Report" issued by Sharjah Real Estate Registration Department. The total number of...

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Business & Money | Monday 12 August, 2024 10:50 am

ADNOC Gas announces record Q2 net income of $1.19 billion

ADNOC Gas plc today announced strong financial results for the second quarter (Q2) of 2024, posting an adjusted net income of $1,190 million, a 21% year-on-year (y-o-y) improvement exceeding market expectations. Revenues for the Q2 period of $6,076 million are an increase of 13% y-o-y. Within...

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Business & Money | Monday 12 August, 2024 10:37 am

Aramco plans $100M funding for KAUST to support R&D

Saudi Aramco signed a memorandum of understanding (MoU) with King Abdullah University of Science and Technology (KAUST) to support research to deliver environmental and commercial benefits. The company plans to fund up to $100 million in research and development (R&D) projects with KAUST...

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Business & Money | Monday 12 August, 2024 10:34 am

United Yousef Naghi sells stake in Buruj for SAR 22.5M

Buruj Cooperative Insurance Co. received, on Aug. 11, a letter from the founding shareholder, United Yousef M. Naghi Co. Ltd., notifying of the final agreement to complete a private sale and purchase transaction. In a statement to Tadawul, the insurer said that the agreement involves the sale...

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Business & Money | Monday 12 August, 2024 10:32 am

ADES signs contracts to operate 6 rigs in Kuwait for SAR 2.42B

ADES Holding Co. signed on Aug. 11, contracts to operate six onshore rigs in Kuwait by Kuwait Oil Co. (KOC) at a total value of SAR 2.42 billion, according to a statement to Tadawul. Operations are estimated to start in Q2 and Q3 2025 and will extend for five years, with an option to extend...

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Business & Money | Monday 12 August, 2024 10:21 am

RED SEA INTERNATIONAL FILM FESTIVAL OPENS EARLY ACCREDITATION FOR ITS FOURTH EDITION

The highly anticipated Fourth Edition of the Red Sea International Film Festival, scheduled from December 5 to 14, 2024, has officially opened early bird accreditation which includes access to the Red Sea Souk (7-11 December) — the largest film market in the region. This essential industry event...

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Business & Money | Sunday 11 August, 2024 10:57 am

NWC completes drinking water network project in 11 districts of Najran

The National Water Company (NWC), represented by its Southern Cluster, announced the completion of the second phase of the drinking water network project in the city of Najran and Shroura governorate. The project aims to increase coverage and provide water to more than 106,000 of the company's...

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Business & Money | Sunday 11 August, 2024 10:28 am

ACWA Power restructures debt, equity of Turkey’s ACWA GÜÇ

ACWA Power announced the restructuring of debt and equity in Turkey’s ACWA GÜÇ after the company and its related subsidiaries reached an agreement with the principal lenders and minority shareholders of ACWA GÜÇ. In a statement on Tadawul, the company explained that the outstanding loans ...

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