UAE approves $79bn budget for 2022 to 2026

UAE approves $79bn budget for 2022 to 2026
The UAE is also spending big on infrastructure and financial resources, the report said, with many government committees being reshuffled. (Shutterstock)
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Updated 13 October 2021

UAE approves $79bn budget for 2022 to 2026

UAE approves $79bn budget for 2022 to 2026
  • Around 59 billion dirhams was approved for next year alone, with the majority being allocated to the development and social benefits sector

DUBAI: The UAE has approved its general budget for 2022 to 2026 at 290 billion dirhams ($79 billion), as the Gulf country embarks on an aggressive economic transformation. 

Around 59 billion dirhams was approved for next year alone, with the majority being allocated to the development and social benefits sector, at 41.2 percent, state news agency WAM has reported. 

Education takes the second biggest chunk at 16.3 percent, followed by healthcare at 8.4 percent, pensions at 8.2 percent, and social development at 6 percent. Other services will take up the remainder. 

The UAE is also spending big on infrastructure and financial resources, the report said, with many government committees being reshuffled. 


Southern Province Cement posts 42% profit decline on lower demand

Southern Province Cement posts 42% profit decline on lower demand
Updated 14 sec ago

Southern Province Cement posts 42% profit decline on lower demand

Southern Province Cement posts 42% profit decline on lower demand

RIYADH: Southern Province Cement Co. reported a 42 percent profit drop to SR150 million ($40 million) for the first half of 2022, according to a bourse filing.


Saudi miner Amak sees 11% profit drop in H1 after $333m IPO

Saudi miner Amak sees 11% profit drop in H1 after $333m IPO
Updated 3 min 1 sec ago

Saudi miner Amak sees 11% profit drop in H1 after $333m IPO

Saudi miner Amak sees 11% profit drop in H1 after $333m IPO

RIYADH: Saudi miner Amak has recorded an 11 percent profit drop for the first half of 2022, after making a strong debut on the Kingdom’s stock market earlier this year, according to a bourse filing.


MENA Project Tracker — Kuwait invites bids for $1.7bn water treatment plan; KOC awards $388.5m contracts

MENA Project Tracker — Kuwait invites bids for $1.7bn water treatment plan; KOC awards $388.5m contracts
Updated 7 min 1 sec ago

MENA Project Tracker — Kuwait invites bids for $1.7bn water treatment plan; KOC awards $388.5m contracts

MENA Project Tracker — Kuwait invites bids for $1.7bn water treatment plan; KOC awards $388.5m contracts

CAIRO: Kuwait’s Public Works Ministry is inviting bids for the expansion of $1.7 billion North Kabd wastewater treatment plant.

The deadline for the engineering, procurement and construction contract bids is Aug. 23.

Following the expansion, the plant is expected to hold up to 1 million cubic meters a day, according to MEED.

ENOC opens second compact service station

The Emirates National Oil Co. has opened its second compact service station in Al-Salamah 1 in Umm Al-Quwain, reported Zawya.

“The launch of a new service station in Umm Al Quwain reinforces our ambition to invest in the country’s growing infrastructure in order to meet both short- and long-term fuel needs,” stated ENOC Group CEO Saif Humaid Al-Falasi. 

KOC awards $388.5m contracts  

The Kuwait Oil Co. has awarded three contracts worth $388.5 million to Spetco, Contracting and Marine Services , and Fawares Petroleum Services Co.  for the supply and installation of sucker rod pumps at its oil fields, reported MEED.

NWC to invest $29bn on water infrastructure

Saudi Arabia’s National Water Co. has revealed its $29 billion investment plan for water infrastructure over five years, reported MEED.

The plan seeks to ensure water security and meet the country’s needs. 

This will be achieved by increasing the number and capacity of sewage treatment plants across the Kingdom.  

 

 


Saudi stocks rise on rosy earnings results: Closing bell

Saudi stocks rise on rosy earnings results: Closing bell
Updated 8 min 37 sec ago

Saudi stocks rise on rosy earnings results: Closing bell

Saudi stocks rise on rosy earnings results: Closing bell

RIYADH: Saudi stocks market started higher on Tuesday — and continued to rise until the end of the day as investors took comfort in corporate earnings reports.

The Saudi benchmark index, TASI, rose 0.27 percent to finish at 12,329, while the parallel market, Nomu, gained 0.57 percent to end at 22,199.

Electronics retailer eXtra climbed 2.76 percent, after its half-year profits advanced 24 percent to SR225 million ($60 million).

Saudi chemical giant SABIC rose 1.58 percent, following a hike in second-quarter profits to SR7.93 billion, beating analysts’ average estimate of SR5.9 billion.

City Cement Co. fell 0.09 percent, after reporting SR42 million in profits for the first half, a 64 percent decline from the same period in 2021.

Arabian Cement Co. rose 1.06 percent, despite a 14 percent drop in profits to SR87 million during the first half of 2022.

Retal Urban Development Co. lost 4.81 percent, despite a first-half profit increase of 10 percent to SR93.5 million.

Bawan Co. increased 0.14 percent, after posting a 12 percent profit increase to SR95 million for the first half of 2022.

Saudi Airlines Catering Co. slipped 3.24 percent, despite turning into profits of SR78.8 million during the first half of 2022, from SR47.5 million losses in the prior-year period.

Nahdi Medical Co. added 0.68 percent, following a 20 percent profit surge to SR506 million during the six-month period.

The Kingdom’s oil giant Saudi Aramco rose 1.27 percent, while the country's biggest lender Saudi National Bank gained 0.96 percent.


PIF’s Saudi Egyptian Investment Co. buys a 25% stake in MOPCO: Asharq

PIF’s Saudi Egyptian Investment Co. buys a 25% stake in MOPCO: Asharq
Updated 19 min 10 sec ago

PIF’s Saudi Egyptian Investment Co. buys a 25% stake in MOPCO: Asharq

PIF’s Saudi Egyptian Investment Co. buys a 25% stake in MOPCO: Asharq

RIYADH: The Saudi Egyptian Investment Co., a newly launched investment firm of the Kingdom’s Public Investment Fund, has agreed to buy 25 percent shares of Misr Fertilizer Production Co., Asharq reported citing an unnamed senior government official. 

The transaction happened at a price premium of 25 percent over the market price of MOPCO on the stock exchange, the source added. 

The official explained that “contracts are being signed,” and sources in the capital market told Asharq that the deal will be implemented “today or tomorrow on the Egyptian Stock Exchange.”

The PIF partnered with the Sovereign Fund of Egypt to launch SEIC which is set to attract investments worth $10 billion. 

The deal will help Egyptian and Saudi private companies diversify their markets, and benefit from each other. 

The fund will target several sectors such as financial services, agriculture, health, manufacturing, and pharmaceuticals.

This comes after Crown Prince Mohammed bin Salman announced the importance of investments in Egypt for the completion of the NEOM city project.