IsDBI begins building digital marketplace for Islamic finance
Jeddah, Saudi Arabia -- The Islamic Development Bank Institute (IsDBI) has kicked off the development of the Islamic Finance Knowledge...
Business
Business
Kadi Pay okayed for BNPL solutions
The company was approved by the Saudi Central Bank.
- With Kadi Pay, six authorized companies are now offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56.
- The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.
Business
Israel-Gaza conflict won’t impact Riyadh FII summit outcome: CEO
Riyadh, Saudi Arabia -- The tragic developments in Gaza won't have a huge impact on the overall outcome of the...
- Richard Attias. brushed aside the fears of slowdown in investment in the region due to the ongoing Israel-Palestinian conflict.
- He said that most investors take a long-term view, so the ongoing war won't have big impact on the overall investment climate.
Business
Turkey’s Atis Yapi opens Dubai office
This is the real estate giant's first office in the UAE.
- This follows signing of agreements and MoUs worth $50.7 billion between UAE President Sheikh Mohammed bin Zayed Al Nahyan and his Turkish counterpart Recep Tayyip Erdoğan in July.
- Atış Yapı said it is set to develop a modern and competitive portfolio of residential and commercial projects in the UAE.
Economy
Saudi Arabia’s economy to grow 3.2% from 2023-2026: Moody’s
Riyadh, Saudi Arabia -- Saudi Arabia’s economy is expected to grow by 3.2 percent on average between 2023 and 2026,...
- The National Debt Management Center quoted the agency's forecasts that the non-oil sector will be strong in the coming year.
- The Saudi government, according to Moody's, is making progress in implementing its comprehensive reform program.
Business
ACWA Power signs clean energy agreements with Chinese partners
Riyadh, Saudi Arabia -- Saudi-listed ACWA Power has signed seven cooperation agreements with Chinese firms for solar, green hydrogen and...
- The agreements were signed with entities including State Power Investment Corporation, one of the largest state-owned power generators in China.
- The agreements, which include green hydrogen and water desalination projects, the third Belt and Road Forum held in Beijing on October 17-18.
Business
Presight AI, TOTM form joint venture
The JV will develop and deploy their combined proprietary technologies.
- The joint venture agreement will establish an entity that will leverage Presight’s Big Data AI and Data Analytics capabilities.
- This will allow governments and enterprises to transform mission-critical infrastructure with intelligent new solutions that are data-driven.
Business
Sipchem 9M net profit down 67%
There was a 70% QoQ drop in net profit for the third quarter of 2023.
- The lower profit was due to a decline in revenues on lower product prices, as well as a fall in sales.
- In addition, the company's share of profits from investments in a joint venture and associates decreased, Argaam said.
Business
Gaza conflict: Fitch places Israel’s IDR on rating watch negative
London, United Kingdom -- Fitch Ratings has placed Israel's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'A+' on...
- Fitch fears escalation could severely impact Israel's credit metrics due to increased military spending, infrastructure damage, and a shift in consumer and investment sentiment.
- Fitch suggests that a major escalation could lead to a negative rating action for Israel. This could manifest as a prolonged conflict, resulting in sustained fiscal challenges.
Business
Saudi e-visa facility extended to Turkiye, five other countries
Riyadh, Saudi Arabia-- Saudi Arabia announced Tuesday that it will grant e-visa to visitors from six new countries -- Turkiye,...
- Thailand, Panama, Saint Kitts and Nevis, Seychelles and Mauritius are the other countries now eligible for e-visa.
- A visitor e-visa is also provided to holders of valid Schengen, UK and US visas that have been used to enter those countries before arriving in Saudi Arabia.
Economy
Qatar’s Industrial Production Index falls 2.1 percent in Aug 2023
Qatar's Industrial Production index (IPI) reached 105.2 points in August 2023, a decline by 2.1 percent compared to the previous month (July...
- The index of the manufacturing sector showed an increase by 2.2 percent in August 2023 compared to the previous month (July 2023).
- Refined petroleum products fell by 0.5 percent. No change noticed in group of printing and reproduction of recorded media.
Company News
ROSHN, Retal sign $99m deal
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Mubadala invests in Zenobē
Business
GCC region’s non-hydrocarbon growth momentum strong: IMF
Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...
Business
UAB concludes $200m term loan
Proceeds of the facility will be used for general corporate purposes.
Business
Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...
Economy
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Business
Saudi investors witness 40% fall in US equities trading in Q3 2023
Riyadh, Saudi Arabia -- In the third quarter of 2023, Saudi investors engaged in sell and buy transactions on US...
- This reflects a substantial year-on-year (YoY) fall of SAR 9.15 billion, equivalent to a 40 percent decrease.
- According to a report from the Capital Market Authority (CMA), this decline in trading activity by Saudi investors represents the lowest point since Q4 2019.
Business
stc’s Tawal secures $999m financing
Tawal signed Murabaha pacts with SNB and SA
- The 18-month financing is covered by a promissory note by TAWAL for the full amount, stc said in a statement to Tadawul, according to Argaam.
- The credit is intended to go towards refinancing the shareholders loan extended by stc to TAWAL.
Business
Aramco to acquire 40% stake in GO
Gas & Oil is one of the largest retail and storage firms in Pakistan.
- This is Aramco's first entry into the Pakistani fuels retail market, advancing the company’s strategy to strengthen its downstream value chain internationally, the company said.
- This transaction would enable Aramco to secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants