ADNOC Gas, a key subsidiary of Abu Dhabi National Oil Company, has delivered solid results for the second quarter with a net income of $665 million, above the guidance range of $400-600 million, thus reflecting strong operational performance in a challenging operating environment.
Saudi Industrial Development Company (SIDC) has signed an agreement with Sudom Investment Company and Mohammed A. AlSwailm Holding to explore the acquisition of the entire share capital of Industrial Production Services Company, a major player in the Saudi construction and building sector.
Saudi Arabian Mining Company (Maaden) has reported solid results for the second quarter with its net profit surging 13% to SAR2.18 billion ($580 million) and its revenue hitting SAR10.9 billion ($2.87 billion), helped by higher commodity prices and increased gold sales volumes.
Sharjah Ports, Customs and Free Zones Authority said a vessel carrying a record 6,068 new energy vehicles from Chinese automaker BYD has departed Shenzhen city for the UAE's Khorfakkan Port, thus marking the launch of a new direct maritime route between the two countries.
Global air cargo rates fell in July as the conflict involving Iran pushed up jet fuel costs and disrupted supply chains, while new European Union import rules further weakened shipments from China and Hong Kong to Europe, according to WorldACD Market Data.
The UAE joined the trade ministers from the BRICS group as they met in India to discuss ways to strengthen the multilateral trading system, improving trade resilience and market connectivity, as well as supporting SMEs amid growing challenges to global commerce owing to Strait of Hormuz shutdown.
Abu Dhabi National Oil Company (ADNOC) has announced that one of its vessels was targeted by a missile today while transiting the Strait of Hormuz early on Saturday (August 8). The incident resulted in no injuries, and the situation has been brought under control, said ADNOC in a statement.
Oman's industrial estates operator Madayn has announced that its Suhar Industrial City has attracted more than RO214 million ($555 million) in investment commitments during the first half with 39 contracts signed for projects covering more than 1.1 million sq m area.
Spanish water company Aqualia has secured a three-year contract renewal from National Shipping Company of Saudi Arabia (Bahri) for the operation and maintenance of three floating desalination plants in Yanbu with a combined capacity of 150,000 cu m of drinking water per day.
Global food prices rose in July to their highest level in more than three years, driven by increases in cereal, sugar and vegetable oil prices amid concerns over global grain supplies and the impact of weather conditions on agricultural production.
