Monday 15 August 2022

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'OIL DEMAND SET TO GROW'
RECORD: Aramco Q2 net income up 90% to $48.4bn

Saudi Arabian Oil Company (Aramco) today reported a 90% year-on-year (YoY) increase in net income in the second quarter of 2022, and declared a dividend of $18.8 billion to be paid in the third quarter.

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1

EC&FZ CLUSTERS HELP
AD Ports Group net profit surges 59% in Q2

AD Ports Group has announced that its revenue for Q2 grew 35% y-o-y to AED1.24 billion ($337.5 million) mainly driven by maritime and economic cities and free zones clusters, while the net profit growth accelerated to 59% hitting AED300 million.

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2

RECORD PRODUCTION VOLUMES
Saudi Ma’aden net profit up 85pc in Q2; sales hits $3.6bn

Saudi mining company Ma’aden has recorded solid results for the second quarter registering a 85% jump in its net profit which surged to SR4 billion ($1.06 billion), while its sales for the period rose 95% to hit SR11.9 billion ($3.16 billion).

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3

FOCUS
Getting business ready to tackle rampant Inflation

Inflation, which has increased significantly, increases the cost of doing business at a time that’s difficult for small and medium businesses (SMBs) to pass price increases on to their customers.

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4

SPOTLIGHT
Cash App fraud: 10 common scams to watch out for

It pays to be careful – here’s how you can stay safe from fake giveaways, money flipping scams and other cons that fraudsters use to trick payment app users out of their hard-earned cash, according to Phil Muncaster, guest writer at ESET.

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Top Trade News

icondown

Industry Sectors

Retail & Wholesale

Global food delivery industry to bring $323bn in revenue in 2022

The global food delivery industry, which has become a lucrative opportunity for major companies in the past decade, is expected to bring $323 billion in revenue in 2022, according to a report.

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Energy, Oil & Gas

IHC acquires 50pc of Turkey’s Kalyon Enerji for $490m

International Energy Holding, part of International Holding Company (IHC), the diversified Abu Dhabi-based conglomerate, has acquired a 50% stake in Turkish clean energy market leader Kalyon Enerji for AED1.8 billion ($490 million).

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Finance & Capital Market

Bank ABC H1 net profit jumps 27pc to $70m; revenue at record

Bahrain-headquartered Bank ABC has seen first-half (H1) net profit attributable to the shareholders of the parent jump 27% YoY to $70 million, while its total operating income crossed the $500 million mark for the first time in history.

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Analysis, Interviews, Opinions

The patchy road towards net zero

A divergence in practice and differences between emissions disclosure rules means that while nations work on reaching net zero, total emissions will remain stable or might even increase.

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Travel, Tourism & Hospitality

Emirates invests over $2bn to enhance on-board experience

Emirates is investing over $2 billion to enhance its inflight customer experience, including a massive programme to retrofit over 120 aircraft with the latest interiors, plus other service improvements across all cabins starting in 2022.

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Lifestyle

Kia sets implementation of new showroom identity

Kia Corporation is continuing its expansion in the Middle East and Africa and aims to implement its new Showroom Identity across a total 200 showrooms throughout the region by the end of 2022.

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Motoring

Lexus Design Award 2023 calls for entries

Lexus International has recently announced the call for entries for Lexus Design Award 2023, an international design competition dedicated to empowering and encouraging the next generation of creators.

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Health & Environment

UAE residents 'keen to make homes sustainable'

About half of the UAE residents (47%) aim to make their homes as environmentally friendly as possible, with more than half (55%) considering sustainability a key factor when purchasing electronic products, a study said.

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Media & Promotion

Dubai Opera unveils line-up of world-class performances

Dubai Opera, the city's only purpose-built performing arts theatre in Downtown Dubai, has announced its exceptional Autumn season of 13 diverse, world-class performances including ballet, musicals and pop concerts, among others.

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Education, HR & Training

Tamkeen wins Golden Bridge award for transformation initiative

Bahrain’s Labour Fund (Tamkeen) has received an international award in recognition of conducting a transformation plan that focuses on driving greater economic impact for the kingdom.

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Miscellaneous

ICBA appoints new Emirati Director-General

Dr Tarifa Ajeif Al Zaabi has been appointed as the new Director-General of the International Center for Biosaline Agriculture (ICBA), becoming the first Emirati to hold the position since ICBA’s foundation in 1999.

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