Uae Financial News

Aramco said Monday that it made $30 billion in profit in the second quarter, a nearly 40% decline from the same period the previous year that it attributed to lower oil prices. Total sales stood at just over 400 billion riyals (about $106 billion), down from 562 billion riyals ($150 billion in the second quarter of 2022. In an earnings report filed with the Saudi stock exchange, Aramco said the decrease «mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins». The company reported net income of 112.8 billion Saudi riyals ($30 billion) compared to 181.6 billion riyals ($48 billion) in the second quarter of 2022, a decline of 37.8% Aramco nevertheless raised its dividend paid out to investors to 110.18 billion riyals ($29.38 billion), compared to $18.8 billion in the second quarter of 2022. The performance-based dividend is partly based on the company's record earnings last year, it said. «Our strong results reflect our resilience and ability to adapt through market cycles,» Aramco CEO Amin Nasser said in a statement accompanying the report.

₹215 crore) worth of fund transfers have been frozen by OFAC, targeting entities allegedly involved in the import of rough diamonds sourced from Russia, The Economic Times reported. The impact of this move has been felt by the United Arab Emirates (UAE) subsidiaries of Indian diamond houses, whose dollar payments have been stalled due to suspicions of connections with Russian miners and sanctioned entities. As a result, the intended payments for rough diamond sellers have not been fulfilled, as instructed by US authorities to the banks handling the nostro accounts of the suppliers, the publication reported.

Edward Hobart, ambassador of the United Kingdom and Northern Ireland to the UAE, affirmed his country's support for the UAE hosting of the Conference of the States Parties to the United Nations Framework Convention on Climate Change (COP28) and UK's active participation and engagement in the UN climate conference. «In COP28, we think that the UAE is a great country to be hosting it, understands energy, has a long history in energy, and has a long history in renewable and clean energy including nuclear. So, it has an example it has set and we need to bring more countries with us.

NEW DELHI : The number of countries where the Unified Payments Interface (UPI) “is live" is set to double in the next 12 to 18 months, said Ritesh Shukla, the chief executive officer of NPCI International, the firm running India’s flagship retail payment and settlement system. European countries will be a key focus for greater collaboration and commercial partnerships, including Lyra, a French firm that will be an interoperability partner for UPI in France. In addition, India and the UAE, home to a large number of Indians, are working to operationalize cross-border remittances and personal payments.

Chad in support of anti-«terrorism» efforts and border protection, the oil-rich Gulf state said on Sunday. Chad is a neighbour of Niger, where a coup late last month toppled one of the last pro-Western leaders in the jihadist-plagued Sahel region. The UAE's official news agency WAM included a photo of several desert-coloured armoured vehicles, with the Emirati and Chadian flags draped over two of them.

Reliance Industries Limited (RIL) aims to provide affordable green hydrogen as a viable alternative to traditional fuels, said Chairman Mukesh Ambani in Ambani in RIL's integrated annual report 2022-23 released on Sunday. «A switch to cleaner energy sources is key to our decarbonisation strategy. We are making significant strides in establishing a world class solar energy value chain...Our goal is to provide affordable green hydrogen as a viable alternative to traditional fuels,» Ambani said in his address to shareholders.Reliance is among the largest global producers of grey hydrogen.

The 2023 UN Climate Change Conference will convene from 30 November to 12 December 2023 in Dubai, United Arab Emirates (UAE). Mint explains what to expect from the 28th meeting of the Conference of the Parties (COP 28). A.

Barbie Box office Day 15: Barbie and Oppenheimer are still running in Indian theaters. Both the film saw a craze among the audience. Now, on the 15th day of its release, Margot Robbie, Ryan Gosling starrer film struggled at the Indian Box office as the film minted about ₹70 lakh on 4 August.

The U.S. military is considering putting armed personnel on commercial ships traveling through the Strait of Hormuz, in what would be an unheard of action aimed at stopping Iran from seizing and harassing civilian vessels

Indigo crossed a significant milestone in its history by reaching 1,900 flights per day on its 17th anniversary. IndiGo's 17th anniversary is a testament to the unwavering support and trust our customers have placed in us, said Pieter Elbers, CEO of IndiGo. “These achievements over the years have been made possible by the unwavering dedication and professionalism of our 6E stars for which I would like to sincerely thank each and every one of them,” he added. The airline has come a long way from launching its inaugural flight in 2006 to etching its name in history on June 19 this year by bagging the largest order in aviation history of 500 A320 aircraft. The order solidified the company’s position as the airline with the biggest order in the industry. IndiGo had unveiled its first A321, a longer version of A320 aircrafts on December 27, 2018. Just a month before this deal, the airline had set a new record with the maximum number of 3 lac customers per day in May.

Saudi Arabia says it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices

Sharjah Roads Transportation Authority has announced the partial closure of Maliha Road towards the intersection of Sheikh Khalifa Street with Maliha Road for maintenance work on the road. The key road will be partially closed for three weeks, from August 6th to August 27th.

World Trade Organization (WTO) early next year, commerce and industry minister Piyush Goyal cautioned emerging markets, developing countries and the least developed countries of the developed countries’ “game of dividing” them to get agreements on fisheries and e-commerce moratorium that address the needs of a few countries only. At the Confederation of Indian Industry’s (CII) India-Latin America & Caribbean (LAC) Region Conclave, he said that at the last WTO ministerial, many countries were trying to divide such countries through “small sops”.

BRICS Summit, the Ministry of External Affairs (MEA) said. "President Ramaphosa invited the prime minister for the BRICS summit being hosted by South Africa on August 22-24, and briefed him on the preparations for the same," the Ministry of External Affairs (MEA) said atfter PM Modi's talks with Ramaphosa. "The prime minister accepted the invitation and conveyed that he looked forward to his visit to Johannesburg to participate in the summit," the MEA said.

US military considers rare plan to put armed troops on civilian ships in effort to stop Iran seizures, officials tell AP

The U.S. military is considering putting armed personnel on commercial ships traveling through the Strait of Hormuz, in what would be an unheard of action aimed at stopping Iran from seizing and harassing civilian vessels

Brazilian President Luiz Inácio Lula da Silva says he supports more countries joining the BRICS group of large developing nations, which currently includes Brazil, Russia, India, China and South Africa

Saudi Arabia says it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices

BRICS summit in Johannesburg set to discuss admitting new members, India on Thursday dismissed as «baseless» reports that it is opposed to the expansion of the grouping. It is learnt that New Delhi is yet to take a final decision on Prime Minister Narendra Modi's in-person attendance in the summit of the five-nation grouping from August 22 to 24. The summit is set to extensively deliberate on expansion of BRICS (Brazil, Russia, India, China and South Africa).

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Bankrupt digital asset exchange FTX has filed a motion to exclude its Dubai entity from the ongoing bankruptcy proceedings in the United States.