Geostrategy
Channel opened for UAE residents who stayed outside for 6 months
Abu Dhabi, UAE-- The Federal Authority for Identity, Citizenship, Customs and Ports Security (ICP) announced that it has added to...
- This service does not apply to residents who hold golden residence permits.
- The eligible people need to submit a copy of their Emirates ID and a copy of the passport.
Business
Dubai records over $571 million in real estate transactions
Dubai, UAE -- Dubai real estate market recorded deals worth AED2.1 billion on Tuesday, Dubai Land Department said. The deals...
- The deals included 471 sales transactions worth AED1.87 billion, in addition 70 mortgage deals of AED122.36 million.
- The sales included 451 villas and apartments worth AED1.56 billion, and 20 land plots worth AED316.57 million.
ADCB 2022 net profit $1.75 bn
The bank’s net profit for Q4 2022 was up 23%.
- The bank's net interest income was to the tune of AED 10.194 billion, an increase of 15 percent compared to 2021.
- The Board has recommended a dividend of AED 0.55 per share, equivalent to 60 percent of net profit.
Business
World’s largest wealth fund lost record $164 billion in 2022
"2022 was a truly dramatic year in the world. It affected financial markets and hence it also affects our global...
- The fund has shares in more than 9,000 companies in nearly 70 countries, including Apple, Microsoft and Alphabet, the parent company of Google.
- At the end of 2022, the value of the fund, which is financed by taxes paid by the nation's oil and gas industry, still amounted to a whopping 12.43 trillion kroner.
Business
Strong demand seen for first 2023 auction of UAE treasury bonds
Abu Dhabi, UAE-- The first auction of the UAE treasury bond program in 2023 has been oversubscribed by 6.2 times,...
- In 2022, the Ministry of Finance, the issuer, had issued bonds totaling AED 9 billion across tenors of two years, three years and five years.
- The auction has been oversubscribed by 6.2 times, receiving bids worth $1.76 billion.
Business
Adani firm gains 5.26% after UAE’s IHC announces $400m investment
IHC announced it would be investing $400m into Adani Enterprise's $2.5 billion Further Public Offering. IHC said in a statement...
- This is the second investment deal International Holding Company has completed with India's Adani Group after last year's Dh7.3 billion ($2 billion) investment.
- Media reports said the FPO so far received 3 percent subscription amid the rout Adani Group has been facing since a report by US investment group Hindenburg Research.
Business
Aramco signs 100 pacts at iktva forum, launches digital company
Riyadh, Saudi Arabia--Aramco has signed more than 100 agreements and Memorandums of Understanding valued at around $7.2 billion to help...
- The agreements were signed with Zoom, Taulia Inc, DHL, Ministry of Investment of Saudi Arabia, Accenture, Hassana Investment Company and Achilles among others.
- The iktva program has achieved 63 percent local content in 2022, up from 35 percent in 2015, when iktva was launched.
Infographics
Jordan lowest bribery risk Arab nation
North Korea, Turkmenistan, Equatorial Guinea, Syria and Venezuela present the highest commercial bribery risk, said the TRACE Bribery Risk Matrix 2022.
- The TRACE Bribery Risk Matrix measures a country's score on the basis of four domains, which are derived from nine sub domains.
- The matrix measures the risk in 194 jurisdictions, territories, and autonomous and semi-autonomous regions.
Business
YahClick, Canar sign 6-year pact
The $15 million pact will expand YahClick's presence in Africa.
- The deal will make Sudan's Canar Telecom one of YahClick’s largest service providers across the region.
- Under the agreement, Canar has procured significant satellite capacity from YahClick.
Business
Saudi Arabia’s Al Rajhi bank reports a net profit of $4.58 bn in 2022
The net profit was up 16 percent from $3.92 billion in 2021.
- In a bourse filing, the bank attributed the rise in net profit to an increase in the total operating income by 11.12 percent.
- The bourse filing said loans and advances in 2022 stood at 568.34 billion riyals, up 25.5 percent over 2021.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
SAMI launches radio systems line
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Al Akaria signs $610m infra contracts
The Public Investment Fund is a related party to the contracts.
Business
Investcorp portfolio firm listed
The firm, PT Multitrend Indo, was listed on the Indonesian stock exchange.
Business
Alpha Dhabi acquires stake in Metito
With this deal, Alpha Dhabi marks entry into water and wastewater domain.
Business
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Business
Future100 secures 25 new partnerships to support emerging firms
Dubai, UAE -- Future100, a collaborative initiative between the Ministry of Economy and the Government Development and the Future Office,...
- The partnerships are aimed at supporting the top 100 emerging companies that play a vital role in bolstering the competitiveness of the UAE’s future economy sectors.
- The inaugural list of Future100 will be unveiled on World Futures Day, which coincides with December 2nd, the UAE's National Day.
Geostrategy
UAE foreign minister participates in high-level meetings of UNGA 78
New York, United States -- Sheikh Abdullah bin Zayed Al Nahyan, UAE's Minister of Foreign Affairs, hosted a reception at...
- A reception hosted by the minister focused on the theme of delivering on global climate progress at COP28, which will be held in the UAE in November.
- Sheikh Abdullah also met foreign ministers of Djibouti, Costa Rica, Israel, Estonia, Malta, Finland, Bulgaria, and Kyrgyzstan.
Geostrategy
Several UAE entities sign pact to implement ‘Sharjah Sat-2’
Sharjah, UAE -- A cooperation agreement was signed between the Sharjah Academy of Astronomy, Space Sciences & Technology (SAASST), the...
- Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and President of the University of Sharjah (UOS), witnessed the signing.
- The outcome of this project will help diverse parties in making decisions, developing future plans, and conducting scientific research.