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Exxon to revive share buyback plan over record profits in Q3

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Exxon Mobil Corp, an American multinational oil and gas corporation, has registered $6.75 billion net profit in the third quarter, the highest since the last quarter of 2017.

The company’s $1.58 a share profit shocked Refinitiv’s estimated earning by two cents. The results reflected the highest refining profit in at least two years, soaring natural gas prices and energy shortages.

Boosted by high profit and improved cash flow, the company has announced to revive its share buyback program next year.

The company remained the biggest U.S. corporate shares repurchaser for more than a decade until suspending the practice in 2016 amid weak results, saying it would buy shares only to offset dilution from executive pay plans.

Exxon, the largest oil and gas company in the United States, posted a loss of $680 million earlier this year.

According to Paul Sankey, an analyst at Sankey Research, the company has announced its buyback program too soon to be expected.

Exxon shares ended 16 cents at $64.49 as some analysts expressed disappointment in the size of buyback program.

Chief Executive Officer Darren Woods said that Exxon’s three businesses delivered higher returns due to effective restructurings and recovery of the global economy from the Covid-19 pandemic.

Speaking to analysts on a phone call, Woods said that the benefits of restructuring are manifesting themselves. He predicted that Exxon would deliver the same growth in earnings and cash flow because of the company’s pre-pandemic plans, expecting $30 billion in annual profit by 2025.

Exxon said it will resume its buybacks starting next year under a plan to spend up to $10 billion on share repurchases through 2023.

Overall profits in oil and gas surged in the third quarter over the rising global demand, reaching nearly $4 billion compared with a $383 million loss a year ago. The company said it will benefit in the fourth quarter from higher oil and gas volumes.

However, chemical profits reduced from last quarter’s high but more than tripled from the same period last year.

Exxon shares are up than 50 percent this year, as earnings bounced back from last year’s historic loss, but remain below where they traded in early 2020.

Announcements

Emiratisation targets 2026: What UAE private firms need to know

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The Ministry of Human Resources and Emiratisation (MoHRE) has confirmed that June 30, 2026, is the final deadline for private sector companies with 50 or more employees to meet Emiratisation targets for the first half of the year.

Under current rules, companies must achieve a 1% increase in Emiratisation for skilled jobs by the end of June, with another 1% increase required in the second half of 2026.

Starting July 1, firms that fail to meet the required targets will face financial penalties.

The ministry urged companies not to wait until the last minute and encouraged employers to use the Nafis platform to connect with Emirati jobseekers across multiple sectors and specialisations.

Officials said more than 50 days remain before the deadline, giving companies time to speed up hiring plans and improve compliance.

Fake Emiratisation practices

The ministry also warned against fake Emiratisation practices, saying advanced monitoring systems powered by artificial intelligence are being used to detect violations and attempts to manipulate targets.

Companies found violating Emiratisation regulations could face penalties, downgrading of their classification status and legal action.

Compliant companies may benefit from incentives under the Nafis programme, including discounts on ministry service fees and priority within government procurement systems.

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Workplace safety in Sharjah gets boost with new proactive team

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Workplace safety is getting a stronger push in Sharjah, as Sharjah Police has introduced a specialised team to help companies improve compliance with occupational health and safety standards.

The initiative, led by the General Directorate of Prevention and Safety, focuses on identifying unregistered companies, registering them within the system, and providing hands-on training and technical support under the Sharjah Occupational Safety and Health System.

For businesses and workers across the emirate, many of them part of the UAE’s diverse expat community, the move aims to create safer, more sustainable work environments while reducing workplace incidents.

Rather than waiting for issues to arise, the new team reflects a shift towards a more proactive prevention model, according to Brigadier Dr Ahmed Saeed Al Naour. The approach focuses on helping companies understand risks, meet safety requirements, and strengthen their readiness using modern safety practices.

Through field visits, training programmes, and ongoing consultations, authorities hope to raise awareness of best practices and ensure they are effectively implemented on the ground.

Officials say the initiative also supports business continuity, helping companies operate more efficiently while protecting employees, an increasingly important factor for organisations looking to attract and retain talent in the UAE.

Colonel Jassim bin Talai’a added that building a culture of safety is a shared responsibility, encouraging companies to actively engage with the programme and take advantage of the support offered.

For workers, this means safer day-to-day working conditions, fewer risks on-site, and greater awareness of their rights and safety procedures, as more companies are guided to meet proper standards and prioritise employee wellbeing.

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Business

New UAE initiative targets 5,000 locally made essential goods

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The UAE has announced a new Dh1 billion National Industrial Resilience Fund as part of a broader push to strengthen local manufacturing and reduce reliance on imports.

The initiative, revealed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, aims to boost domestic production across key sectors, enhance supply chain resilience, and accelerate the adoption of artificial intelligence in industrial operations.

The move forms part of a wider strategy to reinforce the country’s industrial base while supporting long-term economic diversification.

Everyday consumer staples

A central goal of the plan is to localise the production of more than 5,000 essential goods. The first phase will focus on everyday consumer staples that can be scaled locally, including bottled water, dairy products, eggs, poultry, bread, flour, vegetable oils, and seasonal produce.

Authorities say implementation will involve close coordination between government entities, private sector partners, retailers, and digital platforms. Dedicated retail space will also be allocated to UAE-made products to improve visibility and consumer access.

Encouraging investment

In parallel, the government has approved an expansion of the National In-Country Value Programme, making it mandatory across federal entities and national companies. The policy is designed to increase demand for locally produced goods and services, while encouraging businesses to invest within the country.

Retailers and e-commerce platforms will also be encouraged to prioritise Emirati products, further supporting domestic manufacturers.

The UAE continues to position itself as a global hub for industry and innovation, with a growing focus on advanced manufacturing, food security, and technology-driven production.


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