Author: Business Dunes
BENGALURU: Abu Dhabi index closed higher on Friday, supported by an increase in oil prices after the EU introduced new sanctions against Russia, while the Dubai index declined after investors moved to book profit on last five sessions’ gains. Abu Dhabi’s benchmark index recorded gains for the fourth session with the index finishing 0.2 percent higher, led by a 1.7 percent jump in Emirates Telecom Group, while its biggest lender First Abu Dhabi Bank added 0.5 percent. Dubai’s main index meanwhile fell 0.2 percent, ending a five-day winning streak after reaching…
MSCI Tadawul 30 Index gained 0.27% to finish at 1,408.88 Parallel market Nomu slipped 0.30% to close at 27,080.02 RIYADH: Saudi Arabia’s Tadawul All Share Index closed higher on Monday, rising 16.46 points, or 0.15 percent, to end the session at 10,981.17. The total trading value on the main market reached SR4.3 billion ($1.1 billion), with 95 stocks advancing and 148 declining. The MSCI Tadawul 30 Index also rallied, adding 3.86 points, or 0.27 percent, to finish at 1,408.88. The Kingdom’s parallel market Nomu slipped 82.58 points, or 0.30 percent, to close at 27,080.02. Of the listed stocks,…
MILAN AND LUXEMBOURG, July 24, 2025 – Offshore energy services rivals Saipem and Subsea7 have signed a binding merger agreement to combine into a new company named Saipem7, the companies announced on Thursday. Based on end-2024 financial results, the merged company will have approximately EUR 21 billion in revenues and more than EUR 2 billion in EBITDA, and will command a backlog of around EUR 43 billion as of the end of Q1 2025. Annual free cash flow is expected to exceed EUR 800 million. The merger will be carried out through the absorption of Subsea7 into Saipem. The combined company will remain…
Sheikh Ahmad Duaij Al Sabah, chairman of the Commercial Bank of Kuwait (Al-Tijari), talks to The Energy Year about supporting key energy and infrastructure developments and the positive impact of Kuwait’s new public debt law. Al-Tijari is a Kuwaiti bank that provides financial, banking and investment services to corporate and retail customers. How would you assess the performance of Al-Tijari and Kuwait’s financial sector in the past year?2024 was a record-breaking year for Al-Tijari, with the highest profits and revenues in the bank’s history. Our Q1 2025 results confirm continued strength. This achievement stems from our focus on our core…
Eisa Abdulrahman Al Maraghi, CEO of Kuwait Foreign Petroleum Exploration Company (KUFPEC), talks to The Energy Year about investment plans to triple the company’s portfolio and banking on gas and LNG to gain international competitiveness. As Kuwait’s international upstream company, KUFPEC engages in oil and gas exploration and production globally. Can you provide an update on the changes that have been made to KUFPEC’s international portfolio?One of our strategic priorities is streamlining our portfolio to improve profitability. We started in 2020, and in the past year, we have exited non-core and underperforming assets, including the divestment of our production assets…
Luis Arizaga, a partner at Exus Renewables, talks to The Energy Year about the outlook for the renewable energy space in Mexico, factors that set the company apart from the competition and its joint venture with Glencore. Exus Renewables is a global independent power producer focused on the development and asset management of renewable energy assets. What outlook do you have for the renewable energy space in Mexico?Firstly, the administration’s declaration that it will open the way for 46% private investment in the country’s electricity sector tells us nothing. This is nothing new as it is just a reaffirmation of…
Cenomi Retail, one of Saudi Arabia’s largest retail brand partners, said on Monday that its founding shareholders have signed a share purchase agreement with UAE-based Al-Futtaim Group to acquire a 49.95 per cent stake in the company for over SAR2.5bn ($666m). The transaction will see Al-Futtaim purchase shares priced at SAR44 each from selling shareholders Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company, and FAS Real Estate Company. As part of the agreement, Cenomi Retail and Al-Futtaim are negotiating a shareholder loan agreement under which Al-Futtaim will provide no less than SAR1.3bn in funding upon…
In a globalised financial environment, managing risk has become a paramount focus for Alternative Investment Fund Managers (AIFMs). Regulatory landscapes significantly impact risk management, with rules varying across jurisdictions. While Europe has long been recognised as a hub for AIFs, with Luxembourg as one of the top respected investment destinations, the UAE has emerged as a strong contender. In recent years, it is attracting increasing attention from investors worldwide with its tax-friendly policies and favourable business environment. As the UAE makes its mark in the AIF industry, it would help to understand the country’s risk management frameworks as well…
Shaji Pothi, general manager of Altrad, talks to The Energy Year about the company’s leading role in Bahrain’s industrial maintenance sector and its strategy for expanding into mechanical services through global expertise. Altrad delivers integrated scaffolding, insulation, painting, refractory and fireproofing solutions under long-term contracts for Bahrain’s energy and infrastructure operators. What are Altrad’s core activities in Bahrain?In Bahrain, Altrad operates through three key entities – Hertel, RB Hilton and RMD Kwikform – delivering a wide range of industrial services. These include scaffolding, insulation, blasting, painting, fireproofing, refractory works, formwork, falsework/shoring, heavy-duty support and ground shoring. We support some of…
In this interview with Gulf Business, Lina Abou Diab, EMEA Sustainable Fixed Income & Middle East Securities Lead at Bloomberg LP, breaks down the latest trends in sustainable finance. From the resilience of green and social bond markets amid macroeconomic uncertainty to the growing prominence of Gulf issuers like Saudi Arabia and UAE’s Omniyat, Diab highlights how policy, investor appetite, and long-term sustainability goals are shaping the region’s fixed income strategies in 2025. How would you summarise the state of the global and EMEA sustainable fixed income market as of Q1 2025? What are the most notable shifts compared to previous quarters?…