Real estate deals in Bahrain decline marginally in third quarter: CBRE
Manama, Bahrain - Real estate transactions in Bahrain recorded a marginal 2.5 percent decline in Q3 2023, totaling 5,145 compared to the...
Riyad Bank Saudi PMI down to 57.5 points in November
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI,...
Business
Business
Emirates Islamic 2022 net profit $337m
The profit was driven by funded and non-funded income.
- The bank also reported a 36 percent increase in operating profit and a 15 percent increase in total assets to AED 75 billion.
- The bank's total income went up 33 percent year-on-year driven by higher funded income and non-funded income.
Business
FAB 2022 net profit $3.64 bn
The total income was up 10 percent year on year.
- The fourth quarter 2022 net profit was AED2.5 billion, compared to AED2.9 billion in the previous quarter.
- The total income reached AED23.9 billion, up 10 percent yoy, driven by 23 percent growth in net interest income.
Economy
New UAE commercial agency law will help in improving business environment
ABU DHABI, UAE - The UAE is determined to foster the attractiveness and competitiveness of the business environment in order...
- The UAE aims to offer a legislative framework to enable companies to promote the new economic model, particularly the commercial agencies sector.
- With innovative projects and crucial commercial activities, this sector significantly contributed to the country's development during the past several years.
Business
Over 4,200 new companies set up base at RAKEZ in 2022
Ras Al Khaimah, UAE-- Ras Al Khaimah Economic Zone (RAKEZ) welcomed over 4,200 new companies to its business community in...
- The economic zone recorded a 206 percent growth in new general trading companies, with 413 licenses issued.
- Companies operating from RAKEZ also witnessed exponential growth in 2022, with 160 companies expanding their operations in various sectors.
Geostrategy
Sheikh Mohamed, Pakistan PM call for boosting bilateral ties
Rahim Yar Khan, Pakistan---UAE President Sheikh Mohamed bin Zayed Al Nahyan and Pakistan Prime Minister Shehbaz Sharif reviewed the ties...
- Mohamed bin Zayed arrived in the Pakistani city of Rahim Yar Khan during his visit to country that is battling major foreign exchange crisis.
- The UAE on Jan 12 agreed to roll over $2 billion owed by Pakistan and provide the country with an extra loan of $1 billion.
Business
Saudi National Housing signs 22 MoUs to boost local real estate sector
Riyadh, Saudi Arabia---Saudi Arabia's National Housing Company signed 22 MoUs worth nearly 4 billion riyals ($1.06 billion) on the sidelines...
- The MoUs worth nearly 4 billion riyals ($1.06 billion) were signed on the sidelines of the launch of the materials platform, Mawadat, at the Future of Real Estate Forum.
- The electronic platform facilitates the process of direct linking between real estate developers and contractors with factories and suppliers of building materials.
Business
UAE’s largest bank issues $600 million bond, second in 2023
Abu Dhabi, UAE---The First Abu Dhabi Bank, UAE’s largest bank, has issued a 5.25-year $600 million bond at US Treasury,...
- This marks FAB’s second dollar issuance in a space of 10 days following the $500 million RegS five-year Sukuk issued on 9 January 2023.
- The bond received orders of $1.75 billion, meaning it was oversubscribed three times with 76 percent of the issue placed with high-quality investors outside the MENA region.
Business
AD Ports, Tosyali sign MoU
They will collaborate in shipping, logistics and ports services.
- Potential joint investment in new port facilities to support Tosyali's export operations is part of the MoU.
- Tosyalı is one of Türkiye’s largest private steel producers, which has operations in three continents.
Business
Dubai real estate market records deals worth $408 million
Dubai, UAE--Dubai real estate market recorded deals worth AED1.5 billion ($408 million) on Tuesday, Dubai Land Department said. The deals...
- The deals included 520 sales transactions worth AED1.22 billion, in addition to 72 mortgage deals of AED216.8 million.
- The sales included 440 villas and apartments worth AED902.79 million, and 80 land plots worth AED321.11 million.
Geostrategy
Quran desecration: Turkey, Indonesia summon Swedish, Dutch envoys
Swedish-Danish politician Rasmus Paludan on Saturday torched a copy of the Islamic holy book in front of Turkey's embassy in...
- Turkey on Tuesday summoned the Dutch ambassador to express its deep displeasure with an anti-Islam protest in The Hague targeting the Quran.
- The high representative of the United Nations Alliance of Civilizations has condemned the burning of the holy book as a “vile act”.
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Real estate deals in Bahrain decline marginally in third quarter: CBRE
Manama, Bahrain - Real estate transactions in Bahrain recorded a marginal 2.5 percent decline in Q3 2023, totaling 5,145 compared to the...
Company News
Latest News
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...
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...
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...
Geostrategy
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Business
Qatar Central Bank issues treasury bills worth $137 million for a week
Doha, Qatar -- Qatar Central Bank (QCB) issued treasury bills worth QR 500 million ($137 million) for a one-week term,...
- Earlier this month, QCB issued treasury bills for one week that amounted to QR 1 billion.
- Treasury bills are a short-term debt instrument issued by the government for the purpose of borrowing and providing cash liquidity in short terms.
Business
Dubai ranks fifth globally on key shipping development Index
Dubai, UAE -- Dubai has maintained its ranking among the top five global maritime centres on the 2023 International Shipping...
- The city also ranked first in the Arab world for sea freight and logistics services on the 2023 International Shipping Centre Development (ISCD) Index.
- Dubai is the only Arab city on the list. Singapore, London, Shanghai and Hong Kong secured the top four ranks on the Index.
Business
ADIB completes $750m sukuk redemption
The sukuk, issued on Sept 20, 2018, carried profit rate of 7.125%.
- ADIB redeemed them at the trustee call amount, equivalent to the prevailing face value of the certificates along with any outstanding payments as of September 20, 2023.
- Earlier in July 2023, ADIB had successfully raised an additional $750 million through the issuance of new additional tier-one (AT1) perpetual sukuk.