Business & Money | Saturday 22 July, 2023 8:26 am

ADCB reports 23% net profit hike reaching AED1.93bn in Q2’23

Abu Dhabi Commercial Bank PJSC (ADCB) today published its financial results for the second quarter of 2023 (Q2’23), reporting a net profit of AED 1.932 bn, an increase of 23 percent year-on-year (YoY). This strong performance is driven by broad-based income growth and improved efficiency...

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Government | Saturday 22 July, 2023 8:23 am

OPEC Secretary General to participate in G20 meeting in India

OPEC Secretary General, Haitham Al Ghais, will participate at the G20 Energy Ministerial Meeting in Goa, India, on 22nd July.The Secretary General said: “It is an honour to be representing OPEC’s Member Countries at the meeting, and one that is taking place in India, a key strategic dialogue...

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Government | Saturday 22 July, 2023 8:21 am

COP28 and IEA convene Global Energy Decision Makers to accelerate a just, orderly energy transition

The COP28 UAE Presidency and the International Energy Agency (IEA) have convened the first in a landmark series of high-level dialogues through to COP28 around building a 1.5°C-aligned energy transition. The initiative is being carried out in collaboration with the International Renewable Energy...

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Tourism & Hospitality | Saturday 22 July, 2023 7:39 am

GACA issues June classification for air transport service providers, airports

The General Authority of Civil Aviation (GACA) issued an index for the classification of air transport service providers and airports based on the number of complaints filed by travelers to the authority in June.  GACA stated that the total number of complaints submitted by passengers...

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Tourism & Hospitality | Saturday 22 July, 2023 7:33 am

Saudia transports 13.7 mln passengers in H1 2023

Saudi Arabian Airlines (Saudia) continued to achieve robust operational rates in the first half of 2023, transporting more than 13.7 million passengers, a rise of 24% compared with a year earlier.   This was via 85,400 flights, a rise of 6% compared with the same period of...

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Government | Saturday 22 July, 2023 7:30 am

Saudi Arabia has major renewable energy investments in Central Asia: Minister

Saudi Arabia has major renewable energy investments in Central Asia, specifically in Uzbekistan, Kazakhstan, and Azerbaijan, Saudi Press Agency reported, citing Minister of Energy, Prince Abdulaziz bin Salman.   Central Asia is a very important investment area, given the available...

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| Saturday 22 July, 2023 7:26 am

GAC imposes SAR 10 mln penalty on SEPCO

The General Authority for Competition (GAC) announced imposing a penalty worth SAR 10 million on the Saudi Gulf Environmental Protection Co. (SEPCO) for violating the Competition law by abusing its dominant position in the market.   Based on initial indications, it was found that a...

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Business & Money | Saturday 22 July, 2023 7:23 am

Here's what you need to know about Real Estate Contributions Law

The Saudi Cabinet, chaired by King Salman, recently approved the Real Estate Contributions Law.   The official gazette Umm Al-Qura published today, July 21, the details of the law that aims to regulate real estate contributions, raise the level of transparency, as well as protect the ...

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Business & Money | Saturday 22 July, 2023 7:16 am

ACRSD issues SAR 1.2 bln fines on Dar Al Arkan traders for violations

The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announced the issuance of the Appeal Committee for the Resolution of Securities Disputes' (ACRSD) final decision in the public penal case filed by the Public Prosecution against some traders of Dar Al Arkan...

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Environment & Energy | Saturday 22 July, 2023 7:12 am

Aramco buys 10% stake in China's Rongsheng

Saudi Aramco announced today, July 21, successfully closed a landmark transaction to acquire a 10% interest in China’s Rongsheng Petrochemical Co. Ltd. for RMB 24.6 billion ($3.4 billion), through its subsidiary Aramco Overseas Company BV, based in the Netherlands.   In an...

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