Saudi utility giant Acwa Power has reported mixed first-half results, with its revenue soaring to SAR4 billion ($1.2 billion) mainly driven by higher energy sales and increased O&M services earnings, while its net profit for the six-month period fell 28% to SAR653.2 million ($174.2 million).
Asyad Shipping has advanced its fleet expansion strategy with the naming of new product tanker “MT Manah” at China’s Wuzhou Shipyard, enhancing refined petroleum transport capabilities and supporting Oman’s vision to become a leading global maritime and logistics hub.
Dubai Electricity and Water Authority (Dewa) has announced the tender-opening results for a project to supply, install, test and commission glass-reinforced epoxy (GRE) water transmission pipelines and associated works at Hassyan SWRO Phase 2, with six contractors having submitted definite bids for the project.
The UAE Emirate of Ras Al Khaimah continues to establish its position as a leading investment destination, attracting AED771.5 million ($210 million) in the first half of 2026.
Savola Group, an integrated food platform in the food and retail sectors across the MENA region, has reported that its revenue for the second quarter surged 8.6% to SAR6.3 billion ($1.68 billion) and net profit attributable to shareholders increased by almost 10% to SAR117 million, and almost 67% to SAR129 million on a recurring basis.
Iran and Oman have moved closer to an agreement on reopening the Strait of Hormuz to commercial shipping, with both sides agreeing on the geographical coordinates of a proposed safe navigation corridor, even as conflicting messages over possible US-Iran negotiations continue to cloud prospects for a broader diplomatic breakthrough.
Fitch Ratings has maintained its ‘deteriorating’ sector outlook for global chemicals for 2026, reflecting structural oversupply and demand destruction risks triggered by increasing production costs, despite temporary tightness due to disruption in the Strait of Hormuz.
Solid market fundamentals and healthy occupier demand are strengthening the long-term prospects of UAE’s industrial sector, said real estate expert JLL. While the rapid pace of rental growth has begun to moderate, Dubai and Abu Dhabi continue to maintain leasing momentum.
Abu Dhabi-based International Holding Company (IHC) has reported a sharp increase in its first-half profit which soared to AED26.2 billion ($7.13 billion), while its revenue surged 34.5% to hit AED64.9 billion ($17.6 billion) supported by higher revenue across several business segments.
Dubai Multi Commodities Centre (DMCC) has announced that the number of Indian companies registered in its business district had risen 9% over the past 12 months to more than 4,080, thus making India its largest international business community.
