RIYADH: In view of the rising demand for liquefied natural gas, Qatar has ordered six vessels from South Korea, Bloomberg reported.
The gas-rich country is buying four ships from Daewoo Shipbuilding and Marine Engineering and two from Samsung Heavy Industries. The vessels procurement is part of a $19 billion signed between Qatar and the two Korean firms last year, state producer Qatar Energy said on Sunday.
Qatar is spending around $30 billion to increase its LNG output by 50 percent by 2027, and Daewoo, Hyundai Heavy Industries Co. and Samsung have been selected to build more than 100 LNG vessels for the natural gas exporter.
The Gulf state also ordered four LNG tankers worth more than $760 million from China in October to expand its fleet, according to Bloomberg.
Qatar Energy expects global LNG demand to continue to grow until 2050, underscoring its investment.
The International Energy Agency expects global gas demand to peak in the mid-2020s as consumers shift away from fossil fuels.
Qatar orders six vessels from South Korea as LNG demand grows
https://arab.news/2tunk
Qatar orders six vessels from South Korea as LNG demand grows
Dar Al Arkan annual profit rises 41% to $301m on stronger property sales
RIYADH: Dar Al Arkan Real Estate Development Co. posted a 40.54 percent rise in annual net profit to SR1.13 billion ($301 million) in 2025, supported by higher property sales.
According to a filing on Saudi Exchange, the company’s net profit rose from SR806.84 million a year earlier, while annual revenue increased 3.75 percent year on year to SR3.90 billion.
Operating profit climbed 18.96 percent to SR1.59 billion, while gross profit rose 15.22 percent to SR1.84 billion.
“The increase in net income is mainly due to the increase in property sales. The increase in finance costs was offset by the increase in lease revenue, decrease in operating expenses, increase in share of income from associates, and increase in non-operating income from Islamic Murabaha deposits and positively impacted the net income,” the company said in the statement.
Shareholders’ equity after minority interest stood at SR22.22 billion as of Dec. 31, compared with SR21.09 billion a year earlier.
In February, Dar Al Arkan announced the full redemption of its $400 million sukuk.
In a Tadawul statement, the company said that the sukuk were redeemed at maturity using internal resources, with the amount transferred to the designated account.
The company further said that the impact of the sukuk redemption will appear in its first-quarter financial statement.
The company also disclosed last month that it had received three white land tax-related invoices totaling about SR201.15 million for plots within the Shams Ar Riyadh development, licensed under the Wafi off-plan sales program. The invoices were valued at SR48.32 million, SR108.10 million, and SR44.73 million , respectively.
In a separate disclosure in September, Dar Al Arkan said 2.83 million sq. meters of its land portfolio falls under the Kingdom’s White Land Tax Law.
