ADNOC Drilling’s profit surges 34% to $379m on revenue boost in H1 

The half-yearly revenue of ADNOC Drilling, a unit of Abu Dhabi National Oil Co., increased 13 percent at the end of June to $1.27 billion. (Supplied)
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Updated 09 August 2022
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ADNOC Drilling’s profit surges 34% to $379m on revenue boost in H1 

RIYADH: Abu Dhabi-based ADNOC Drilling’s net profit surged 34 percent to $379 million in the first half of 2022, as the firm’s revenue rose amid a continued fleet expansion program.

The half-yearly revenue of ADNOC Drilling, a unit of Abu Dhabi National Oil Co., increased 13 percent at the end of June to $1.27 billion, according to a press release.

The release added that the net profit to $204.85 million, while the revenue increased 11 percent to $669 million in the second quarter of 2022. 

The company’s board has also approved an interim dividend rise of 5 percent to $341 million, which translates into 7.83 fils per ordinary share. 

“Excellent half-year results and successful strategic execution are testaments to the vital role that the company is playing in enabling significant production capacity growth for ADNOC as well as the UAE’s objective to achieve gas self-sufficiency,” said Sultan Ahmed Al Jaber, UAE minister of industry and advanced technology and chairman of ADNOC Drilling. 

Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling said: “The rigs we have added to our fleet in the first half will support us in delivering on our resolute commitments to our shareholders, including ADNOC, as it works toward its production capacity targets and gas self-sufficiency for the UAE.” 


Multilateralism strained, but global cooperation adapting: WEF report

Updated 10 January 2026
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Multilateralism strained, but global cooperation adapting: WEF report

DUBAI: Overall levels of international cooperation have held steady in recent years, with smaller and more innovative partnerships emerging, often at regional and cross-regional levels, according to a World Economic Forum report.

The third edition of the Global Cooperation Barometer was launched on Thursday, ahead of the WEF’s annual meeting in Davos from Jan. 19 to 23.

“The takeaway of the Global Cooperation Barometer is that while multilateralism is under real strain, cooperation is not ending, it is adapting,” Ariel Kastner, head of geopolitical agenda and communications at WEF, told Arab News.

Developed alongside McKinsey & Company, the report uses 41 metrics to track global cooperation in five areas: Trade and capital; innovation and technology; climate and natural capital; health and wellness; and peace and security.

The pace of cooperation differs across sectors, with peace and security seeing the largest decline. Cooperation weakened across every tracked metric as conflicts intensified, military spending rose and multilateral mechanisms struggled to contain crises.

By contrast, climate and nature, alongside innovation and technology, recorded the strongest increases.

Rising finance flows and global supply chains supported record deployment of clean technologies, even as progress remained insufficient to meet global targets.

Despite tighter controls, cross-border data flows, IT services and digital connectivity continued to expand, underscoring the resilience of technology cooperation amid increasing restrictions.

The report found that collaboration in critical technologies is increasingly being channeled through smaller, aligned groupings rather than broad multilateral frameworks.  

This reflects a broader shift, Kastner said, highlighting the trend toward “pragmatic forms of collaboration — at the regional level or among smaller groups of countries — that advance both shared priorities and national interests.”

“In the Gulf, for example, partnerships and investments with Asia, Europe and Africa in areas such as energy, technology and infrastructure, illustrate how focused collaboration can deliver results despite broader, global headwinds,” he said.

Meanwhile, health and wellness and trade and capital remained flat.

Health outcomes have so far held up following the pandemic, but sharp declines in development assistance are placing growing strain on lower- and middle-income countries.

In trade, cooperation remained above pre-pandemic levels, with goods volumes continuing to grow, albeit at a slower pace than the global economy, while services and selected capital flows showed stronger momentum.

The report also highlights the growing role of smaller, trade-dependent economies in sustaining global cooperation through initiatives such as the Future of Investment and Trade Partnership, launched in September 2025 by the UAE, New Zealand, Singapore and Switzerland.

Looking ahead, maintaining open channels of communication will be critical, Kastner said.

“Crucially, the building block of cooperation in today’s more uncertain era is dialogue — parties can only identify areas of common ground by speaking with one another.”