Cleofe Maceda

United Arab Emirates

Deputy Editor at Zawya

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Articles

Saudi firms say Aramco’s new price hikes to increase production costs

Jan 3, 2024 | zawya.com | Cleofe Maceda

Saudi-listed producers in Saudi Arabia said on Wednesday that Saudi Aramco’s new price increases for the year will increase production costs and impact corporate financial results. The world’s largest oil exporter has sent out notices to businesses in the kingdom, informing them that the cost of Aramco’s feedstock and fuel products will increase effective January 1, 2024, according to multiple filings on the Saudi Stock Exchange (Tadawul).
COP28: More nations back Loss and Damage Fund; over $420mln pledged

Nov 30, 2023 | zawya.com | Cleofe Maceda

More countries have stepped forward to contribute to the Loss and Damage fund that was launched on day one of COP28, with at least $420 million pledged. The United Nations (UN) climate conference agreed on Thursday to operationalise the fund, which will help countries that are most vulnerable to the adverse impacts of global warming. Shortly after the decision, the UAE and Germany pledged $100 million each.
Determined to unite the world in tackling climate change: UAE President

Nov 29, 2023 | zawya.com | Cleofe Maceda

President Sheikh Mohamed bin Zayed Al Nahyan said the UAE is determined to unite the world in tackling climate change, as the country begins to host COP 28 today. In a message posted on social media on Wednesday, Al Nahyan said the UAE is honoured to welcome delegates from around the world who have come to the country for the COP28 talks. “We are honoured to welcome the international community to the UAE for the start of COP28,” Al Nahyan said.
UAE-based hospital chain Aster DM to sell stake in its Gulf business for $1bln

Nov 28, 2023 | zawya.com | Cleofe Maceda

UAE-headquartered hospital and pharmacy conglomerate Aster DM Healthcare is set to divest a majority stake in its Gulf business to a consortium that includes a sovereign-backed private equity firm for $1.01 billion. In a bourse filing on Tuesday, the company said that its subsidiary, Affinity Holdings, has agreed to sell its shares in Aster DM Healthcare to Alpha GCC Holdings. Affinity Holdings operates Aster’s business in the GCC.
COP28 in Dubai could be 'turning point' for energy transition - Pope Francis

Nov 27, 2023 | zawya.com | Cleofe Maceda

Pope Francis is looking forward to positive results in this year’s COP28 in the UAE, saying that the conference could be a “turning point” for efforts to address climate change. In a post on his official Twitter account on Monday, the 86-year-old pontiff said the UN talks could jump-start the energy transition, if participants set aside their “petty interests” and “think on a grand scale”.
State-backed media giant MBC Group to proceed with Saudi IPO, listing

Nov 21, 2023 | zawya.com | Cleofe Maceda

Middle East media and entertainment giant MBC Group confirmed on Tuesday that it will proceed with an initial public offering (IPO) and list its shares on the Saudi Stock Exchange (Tadawul). The Capital Market Authority (CMA) has approved the company’s application to float 33.25 million ordinary shares, representing 10% of its share capital. No subscription date and offer price have been announced, although the CMA’s approval is valid for six months.
More oil price drops expected in coming months despite Israel-Hamas war

Nov 10, 2023 | zawya.com | Cleofe Maceda

Oil prices are likely to head south in the coming months despite the ongoing Israel-Hamas war, as demand is stagnating and there is no “meaningful” supply tightness in the markets, according to a new analysis from Julius Baer. On Tuesday this week, oil prices dropped to their lowest level since over three months ago on the back of rising OPEC exports and strengthening US dollar, with Brent crude futures trading below $84 per barrel for the first time since the start of the Middle East conflict.
US Fed to keep interest rates steady until September 2024 - Julius Baer

Nov 3, 2023 | zawya.com | Cleofe Maceda

The US Federal Reserve is likely to keep interest rates unchanged until the third quarter of next year, according to Swiss-based private banking group, Julius Baer. The Fed decided in its November meeting to leave the rates in the range of 5.25 to 5.50% for the second time in a row, citing strong economic growth and job gains in the July to September period.
Saudi Aramco, Dubai’s Emirates Group among top 10 Fortune 500 Arab firms

Oct 31, 2023 | zawya.com | Cleofe Maceda

The list of Fortune 500 businesses in the Arab region has been released for the first time, with Saudi Arabia and the UAE taking the lead in terms of aggregate revenues. The list, published on Tuesday by Fortune Arabia, a subsidiary of Majarra and licensed by Fortune Global, ranked oil giant Saudi Aramco as the top company with its 2022 revenue reaching more than $603.7 billion, with Kuwait Petroleum Corporation coming in second with approximately $106.6 billion.
Investments in Saudi’s key sectors to hit $1trln by 2030 - Goldman Sachs

Oct 27, 2023 | zawya.com | Cleofe Maceda

Around $1 trillion worth of preliminary investments will pour into Saudi Arabia’s six key sectors by 2030, as the kingdom implements a wave of reforms to transform its economy, according to Goldman Sachs Research.