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- Saudi Aramco Q3 Profit Climbs 9% to $31B; Abu Dhabi XRG Buys Australian LNG Stake; Emaar Wins Dubai Real Estate Award
Saudi Aramco Q3 Profit Climbs 9% to $31B; Abu Dhabi XRG Buys Australian LNG Stake; Emaar Wins Dubai Real Estate Award
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Wednesday, November 4, 2026
Happy Wednesday everyone!
State energy earnings, global liquefied natural gas transactions, and property sector accolades highlight major regional business developments. Saudi Aramco posted a 9% increase in third-quarter profit to $31.2 billion, beating consensus estimates on the back of rising global crude prices and record refining margins. In Asia-Pacific energy deals, Abu Dhabi investment vehicle XRG agreed to acquire Shell’s stake in Australia’s North West Shelf gas project for $1.5 billion. Meanwhile, Emaar Properties received the Dubai-it Award for Real Estate Excellence, recognized by Dubai Crown Prince HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum after delivering over 12,000 residential units in a single year.
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Saudi Aramco Q3 Profit Rises 9% to $31.2B on Refining Gains and Oil Prices
🔹 What Is It About Saudi
Aramco reported a 9% year-on-year increase in adjusted net income to $31.2 billion for the third quarter, topping analyst estimates of $28.7 billion. Net profit was supported by an average 35% rise in crude realization prices alongside a record operating performance in its downstream division, which tripled earnings before interest and tax to over $10 billion. The state energy producer maintained its base quarterly dividend distribution at $21.9 billion, maintaining direct revenue flows to the Saudi government.
Beating Profit Targets: Adjusted net income reached $31.2 billion, exceeding consensus estimates by $2.5 billion.
Tripling Refining Earnings: Downstream operating profit exceeded $10 billion on higher international fuel processing margins.
Maintaining Dividend Payouts: Aramco maintained its base quarterly dividend payout of $21.9 billion to shareholders.
🔹 Why It Matters
Higher crude and refining revenues provide budget support for Saudi Arabia as the government manages infrastructure outlays and responds to regional security incidents. Sourcing cash flows from downstream operations insulates state revenues when pipeline transit routes face temporary operational halts. Maintaining base quarterly payouts reassures international equity investors of Aramco's ability to maintain high dividend yields during volatile market conditions.
🔹 What’s Next
Aramco export coordinators will continue managing tanker loadings through Ras Tanura to supply long-term customers across Asia and Europe. Financial analysts will track fourth-quarter refining margins and global crude benchmarks as regional security discussions evolve.
Sustaining Tanker Shipments: Maritime teams will run scheduled crude deliveries through Gulf shipping channels.
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Abu Dhabi Energy Firm XRG Buys Shell Stake in Australia’s North West Shelf for $1.5B
🔹 What Is It About
Abu Dhabi energy investment company XRG entered an agreement to acquire Shell’s equity stake in Australia’s North West Shelf gas project for $1.5 billion. Operated by Woodside Energy, the facility produces 14.3 million tonnes of liquefied natural gas annually, representing nearly 3% of global LNG processing capacity. The transaction expands XRG’s international gas holdings following earlier capacity commitments in the United States and Argentina.
Purchasing Gas Equity: XRG agreed to acquire Shell's stake in Australia's largest LNG plant for $1.5 billion.
Securing Global Capacity: The plant supplies 14.3 million tonnes of LNG annually to regional and international markets.
🔹 Why It Matters
Acquiring an equity position in an established Australian export terminal accelerates XRG’s plan to become one of the five largest global LNG suppliers. Securing liquefaction assets in the Pacific basin gives Abu Dhabi energy entities direct access to long-term Asian utility buyers. For Shell, divesting non-operated mature holdings frees up balance-sheet capital while allowing the company to concentrate resources on operated upstream assets.
🔹 What’s Next
XRG and Shell will file documentation for Australian foreign investment and competition regulatory approvals before financial closing. Technical teams will integrate production schedules with operator Woodside Energy to coordinate planned export cargoes.
Dubai International Content Market (DICM) returns to Madinat Jumeirah, Dubai
The Dubai International Content Market (DICM) returns to Madinat Jumeirah, Dubai, on 10-11 November 2026, bringing together international distributors, broadcasters, streaming platforms, producers, buyers and industry professionals for two days of business, networking and content discovery.
With 800+ participants from 55+ countries, 80+ global distributors and studios, and 150+ buyers, DICM provides a platform to explore new content, acquire and license titles, develop co-production opportunities and build partnerships across the MENA region and beyond.
Through the Content Business Hub (CBH), participants can preview content, discover catalogues and arrange one-to-one meetings ahead of the market, while DICM Talks brings industry voices together to discuss the trends, challenges and opportunities shaping the content business.
Registration is open. Join us in Dubai to connect with the right people, discover new opportunities and be part of the conversations driving the industry forward. Register now
Emaar Receives Dubai-it Award for Real Estate Excellence Following Record Delivery Year
🔹 What Is It About Emaar Properties won the Dubai-it Award for Real Estate Excellence, announced by Dubai Crown Prince HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. The recognition highlights the developer’s project management, build quality, and delivery speed under Founder and Chairman Mohamed Alabbar. Over the past year, Emaar launched 62 projects, handed over more than 12,000 residential units to homeowners, and recorded 111 million visits to Dubai Mall.
Winning Real Estate Honor: Emaar received the institutional Dubai-it Award for excellence in development and execution.
Delivering 12,000 Homes: The developer completed and handed over more than 12,000 residential properties in one year.
Driving Commercial Footfall: Flagship asset Dubai Mall welcomed 111 million shoppers and tourists over the same period.
🔹 Why It Matters Public recognition from city leadership confirms Emaar's position as the primary anchor of Dubai's property and retail markets. Delivering thousands of homes on schedule maintains buyer confidence among local and international property investors. Sustained tourist traffic through retail assets confirms strong consumer spending across the emirate’s hospitality and entertainment districts.
Building Buyer Confidence: Delivering master-planned communities on schedule supports sustained off-plan sales demand.
Anchoring Retail Spending: Record footfall at primary shopping destinations drives retail tenant revenues.
🔹 What’s Next
Emaar construction teams will continue structural works on active phases across Dubai Creek Harbour and Downtown Dubai. Commercial leasing managers will prepare retail spaces within newly announced shopping plazas to meet scheduled handovers.
Advancing Site Handovers: Project managers will coordinate unit inspections for upcoming residential tower deliveries.
Leasing Commercial Parcels: Retail teams will finalize merchant agreements across new pedestrian boulevard projects.
👨💻From Smashi Business’ Desk
Qatar Investment Authority (QIA) CEO Mohammed Saif Al-Sowaidi has publicly addressed the sovereign wealth fund’s participation in the $110 billion Skydance-Paramount-Warner Bros. Discovery deal for the first time.
Egyptian-American creator Kareem, the man behind viral interview series @subwaytakes, has been named one of just 25 winners of the 2026 Instagram Rings Awards.
A $12 chicken sandwich has sparked a debate over wealth and inequality in Lebanon.
An Islamic brokerage founder says Anthropic wouldn’t make the cut on his app.
An Emirati AI company has outperformed Microsoft, ElevenLabs, Google and OpenAI in Arabic speech recognition accuracy.
🔍In other news…
UAE Citizen CZ Says ‘I Don’t Make Threats’ After Musk Trolls Binance Hack
Aston Villa Threatens Legal Action Against Jamie Carragher Over ‘Unacceptable Insults’
Mubadala Ventures Chief Ibrahim Ajami Exits to Launch New AI Fund Noha
Lebanese Dating App Taaruf Reaches 80,000 Monthly Users, Lands $400,000 Shark Tank Offer
UAE Announces New Petrol and Diesel Prices for November 2026
🦄 World of Startups
NoorNation: Egypt-based cleantech startup NoorNation raised $1.05 million in seed funding from Linah Farms, Catalyst Fund and KBW Ventures to expand its solar-powered irrigation and desalination solutions.
Silkhaus: UAE-based short-term rental startup Silkhaus is winding down its holiday-home business in the country, with owner agreements set to end on November 11, 2026.
MNT-Halan: Egyptian fintech MNT-Halan received a $71.2 million capital injection from its parent company, MNT Investments BV, increasing the parent’s stake to 80.47% shortly after the fintech’s $139.5 million IPO.
Alpha Dhabi: UAE-based Alpha Dhabi Holding committed $1 billion to Alpha Wave III, a global investment fund managed by Alpha Wave Global that focuses on high-growth companies, with AI at its core.
Mubadala Capital: UAE-based Mubadala Capital secured a minority equity investment from US asset manager Apollo Global Management, which manages $1.05 trillion in assets, with the investment value undisclosed.
