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.
Business
Boubyan Bank 2022 net profit $189m
The bank will pay 6 fils in cash and 6% in bonus shares.
- The total consolidated assets of Boubyan Bank Group increased to KD 7.9 billion at a growth rate of 7 percent.
- The bank said the total of customers’ deposits grew by 6 percent to reach KD 6 billion, while the financing portfolio grew by 7 percent to reach KD 5.9 billion.
Videos
Resilient UAE health sector attracts job seekers
At G20's first Health Working Group meeting in India, UAE affirmed its commitment to play an active role in addressing...
- One of the prominent successes of Nafis program has been the inclusion of local students in health sector cadre development.
- A UAE delegation attended G20's first health working group session held in India from January 18 -20.
Business
Qatar joins consortium to explore Lebanon’s offshore gas
The deal will see the state-run QatarEnergy receive a minority 30 percent stake in two blocks of Lebanon's exclusive economic...
- The pact greenlights Lebanon's exploration of its southern Sidon reservoir following the signing of the landmark deal last Oct demarcating its maritime borders with Israel.
- Under a United States-brokered accord, Lebanon and Israel, which are officially still at war, delimited their maritime borders in October 2022.
Business
Qatar’s planning authority, Microsoft to push emirate’s digital goals
Doha, Qatar-- Qatar's Planning and Statistics Authority (PSA) and Microsoft have signed an MoU to support the digital transformation in...
- The MoU will enable the Authority to implement projects, disseminate data and statistics, and support sustainability in line with Qatar National Vision 2030.
- Microsoft will provide PSA with full support, full access to global industry specialists, as well as support in artificial intelligence activities.
Business
Abu Dhabi customs to clear goods for non-residents, outside firms
Abu Dhabi, UAE– The General Administration of Abu Dhabi Customs has announced the provision for the possibility of clearing goods...
- This move aims to facilitate customer experience, reduce effort and time, and provide digital customs services in accordance with international best practices.
- The new feature allows non-resident individuals to clear their personal goods by creating a UAE Pass account through their passports.
Geostrategy
Anger among Palestinians spreads after Israel raid that killed nine
The operation, which Israel said targeted Palestinian fighters planning an attack, killed nine people and for Palestinians recalled the bloodshed...
- Analysts have warned of more violence to come, after the deadliest year in the West Bank since the UN started tracking the death toll in the occupied territory in 2005.
- The PA announced late Thursday that it was severing security coordination with Israel for the first time since 2020.
Business
SAL Saudi Arabia, Menzies sign MoU
The MoU is aimed at improving services at kingdom's airports.
- Menzies will provide all studies to SAL Saudi Arabia on the transfer of best practices globally to improve the level of passenger services and baggage management.
- It also involves smooth passenger services, from issuing a boarding pass to take-off.
Business
Saudi Arabia, Italy sign MoU to set up reinsurance framework
Rome, Italy-- The Saudi Export-Import Bank has signed a memorandum of understanding with the Italian Export Credit Agency (SACE) which...
- The MoU was signed by EXIM Bank CEO Eng. Saad bin Abdul Aziz Alkhalb and Italian Credit Export Agency CEO Alessandra Ricci at her agency’s headquarters in Rome.
- The MoU is expected to boost cooperation in the areas of professional development, transfer of knowledge of best practices in export credit,
Business
Emirates NBD’s 2022 net profit $3.53 bn
The rise was driven by strong regional economic growth.
- The bank's Q4 profit was particularly strong, at AED 3.9 billion, up 94 percent year-on-year.
- The bank also proposed a 20 percent increase in the cash dividend to 60 fils per share.
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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
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Alpha Dhabi acquires stake in Metito
With this deal, Alpha Dhabi marks entry into water and wastewater domain.
Business
UAE most competitive MENA economy
The 2023 IMD World Competitiveness Ranking placed the UAE among the world's 10 most competitive economies.
Infographics
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,...
Business
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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.
Geostrategy
Iraqi PM planning to visit Moscow in coming weeks: Foreign Minister
Baghdad, Iraq -- Iraq is working to complete the necessary preparations for the visit of Prime Minister Muhammad Shiaa Al-Sudani...
- Foreign Minister Fuad Hussein met with his Russian counterpart Sergey Lavrov on the sidelines of UN General Assembly.
- "The two sides discussed prospects for joint cooperation and developing bilateral relations between the two countries," Iraqi foreign ministry said.
Business
Qatar records real estate sales contracts worth $60 million
Doha, Qatar -- The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
- Total sales contracts for residential units in the Real Estate Bulletin for the period from 10 Sept. to 14 Sept. 2023, is QR 88.73 million.
- The volume of real estate trading in sales contracts between Sept. 3 and Sept. 7 reached more than QR 308 million.