RIYADH: Saudi Industrial Services Co., known as SISCO, posted a 97.5-percent drop in profit for the first quarter of 2022 as a result of ongoing disruptions in global supply chains, the company said in a press release. The company said in a statement that its first-quarter profit fell to SR800,000, ($213,333) down from SR32.3 million […]
Russia’s FM Sergei Lavrov met with Sultan Haitham bin Tariq and Omani FM Badr Al-Busaidi in Muscat
Some of the UAE’s top firms, including ADNOC, Masdar, Mubadala, and ADQ, signed agreements with Greek ministries and companies in the presence of the Abu Dhabi Crown Prince and the Greece Prime Minister
Abu Dhabi-listed investment holding company Q Holding has acquired 100 percent of shares of Reem Investments Company as part of its strategy to broaden its portfolio of investment assets. As part of the transaction, 17.33 of the company’s shares will be allocated for each share acquired from Reem Investments’ shareholders, Q Holding said in a […]
Saudi Arabia’s Ministry of Industry and Mineral Resources said it has secured $6 billion for a steel plate mill complex and electric vehicle battery metals plant as part of plans to lure $32 billion of investment into the mining sector. The ministry’s target would fund nine mining projects for midstream minerals and metals, said Industry […]
OPEC member Kuwait has invited five Western companies to bid for preparing a feasibility study for a petrochemical project in the Gulf emirate. The state-owned Petrochemical Industries Company (PIC) has asked the firms to submit their bids on May 17 and invited them for a meeting on May 9 to brief them on the project, […]
Qatar’s military spending last year was 434% higher than in 2010, the last time such data was released by the Gulf state. Last year military spending amounted to $11.6 billion, with 4.8 per cent of its gross domestic product (GDP) used on defence, making Qatar the fifth largest spender in the Middle East. The figures […]
Iraq plans to sign a deal next month to import liquefied natural gas from Qatar in an effort to secure enough of the fuel used for power generation and to diversify its sources of supply. Buying Qatari LNG will help replace some of the gas currently piped from Iran, Iraqi electricity minister Adel Kareem said […]
RIYADH: Mexican global building material company Cemex is to drop its investments in Egypt and UAE by $10 million, according to Carlos Gonzalez, the CEO of Cemex Egypt and UAE. The original plan had been to invest $20 million, but that will now be halved. This is mainly attributed to the supply chain crisis which […]
RIYADH: Instability in the energy sector as a result of skyrocketing prices was exacerbated by Russia’s invasion of Ukraine. Not only is the UK planning to revamp the way it generates electricity, but also it is looking to construct new nuclear power stations to secure independence from Russia and ease the pain on consumers. China […]
