NEWS

Emaar Malls Q1 profit falls 16% but sees retail on recovery path

Author: Mon, 2021-05-10 10:40 DUBAI: Dubai operator Emaar Malls said first quarter profit fell 16 percent from a year earlier to 318 million dirhams ($86.6 million). However the company behind the world's most visited shopping mall highlighted a recovery in the retail...

UAE’s ADNOC Distribution targets Saudi growth as profits jump

Author: Mon, 2021-05-10 12:20 DUBAI: Abu Dhabi-based ADNOC Distribution is eyeing expansion in Saudi Arabia after reporting a 57.9 percent year-on-year increase in first quarter net profit to 631 million dirhams ($171.8 million). Although ongoing mobility restrictions capped fuel sales, gross profit...

Pandemic boost for ice cream sales at Saudi Arabia’s SADAFCO

Mon, 2021-05-10 11:28 DUBAI: Ice cream makes everything better as Saudi Dairy and Foodstuff (SADAFCO) first quarter results highlight. The Jeddah-based dairy producer said the value of ice cream sales jumped 10 percent in the first quarter as the company emerged...

RAK Ceramics Saudi business booms on anti-dumping move

Author: Mon, 2021-05-10 10:39 DUBAI: RAK Ceramics, one of the world’s largest tile makers, reported a jump in Saudi sales as it benefited from anti-dumping measures on imports from China and India in the Kingdom. The company’s wider business surpassed pre-pandemic levels...

Sudan moves closer to reducing $60 billion debt burden

Author: Mon, 2021-05-10 12:56 RIYADH: Sudan passed the second review of the World Bank program, under the supervision of International Monetary Fund (IMF), in a move toward reducing its external debt, SPA reported. This paves the way to accept Sudan into the...

Tadawul advances three places in global exchange rankings

Author: Mon, 2021-05-10 13:13 RIYADH: Saudi Arabia's Tadawul has jumped three places among the world's largest stock exchanges based on the value of shares traded. Tadawul ranked 17th in the world in terms of liquidity in March - up three places from the...

Saudi-owned ACWA Power starts to build Africa’s biggest renewables project

Author: Mon, 2021-05-10 14:35 DUBAI: ACWA Power has started construction on the Redstone concentrated solar power (CSP) plant in South Africa, the biggest renewables project on the continent. ACWA Power’s co-shareholders in the $825 million project that will have the capacity to...

Egypt said to propose production cuts to ease cement glut

Author: ReutersID: 1620646255699393800Mon, 2021-05-10 10:59 CAIRO: The Egyptian government has proposed that cement makers cut production by a baseline of 10 percent to shore up finances ravaged by an expanding market glut, two cement executives and a senior industry source said. Egyptian cement...

Saudi non-oil economy grows 3.3 percent in first quarter

Mon, 2021-05-10 13:03 DUBAI: Saudi Arabia’s non-oil economy expanded 3.3 percent in the first quarter as the Kingdom emerged from the pandemic, according to flash government estimates on Monday. However the wider economy shrank by the same measure. The reason for the...

A bamboo bat? That’s just not cricket old boy

Author: AFPID: 1620646933359427000Mon, 2021-05-10 11:21 Cricket is a sport defined by tradition, but change may be in store after research suggested bamboo could be an attractive alternative to willow in the manufacture of bats. The Cambridge University study said its prototype bamboo bat...
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