QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.
Business
SAMA seeks public feedback on financial governance amendments
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of...
Business
Business
Russian Post working on opening company in UAE, says CEO
Vladivostok, Russia -- Russian Post is working on opening a company in the UAE, CEO Mikhail Volkov told TASS in...
- In 2018, the Russian Post opened its first overseas branch in Berlin. In 2019, it completed registration of its subsidiary RP Logistics (Shenzhen) Co. Ltd. in China.
- The Russian Post is endeavoring not to interrupt the exchange in postal items and just six countries ended postal communications with Russia to date, TASS reported.
Geostrategy
Israel deprives 400 Palestinian kids of life-saving treatment: Report
The report published on Wednesday by the UK-based organization Save the Children said that nearly 400 children in Gaza, at...
- Nearly 100 children’s applications to Israeli authorities were denied or left unanswered in the month of May alone, said the report ‘I Can’t Run, Play, or Get Treatment’.
- “Neither chemotherapy nor radiology treatments are available due to Israeli Government restrictions on medical equipment and medication entering Gaza,” it said.
Business
Mubadala launches ‘Capital Solutions’
The new platform offers bespoke solutions to investors.
- The Mubadala Capital Solutions platform is comprised of three fully integrated strategies to provide investors with access to a range of fund managers and direct opportunities.
- The first strategy within the Mubadala Capital Solutions platform is a diversified, evergreen investment product focusing on private market opportunities.
Business
ACWA Power signs clean energy agreements with Chinese firms
Riyadh, Saudi Arabia/Guangdong, China -- Saudi-listed ACWA Power has signed MoUs with two Chinese firms to bolster collaboration in China...
- The agreements were signed with state-owned China Southern Power Grid International Company and clean energy integrated solution provider MingYang Smart Energy Group Limited.
- ACWA Power has a history of collaborations with Chinese companies such as installing the largest wind turbine in Central Asia with China Energy Engineering Corporation (CEEC).
Business
UAE banks’ investments reach $157 billion by July end
Abu Dhabi, UAE -- Investments of banks operating in the UAE reached AED 580 billion ($157.90 billion) at the end...
- The data showed that investments of banks operating in the country increased by 18.8 percent on an annual basis, from AED 487.7 billion in July 2022.
- On a monthly basis, investments of banks increased by 0.91 percent, from AED 574.3 billion in June 2023.
Business
Saudi capital market assets under management rise by $14bn in Q2
Riyadh, Saudi Arabia -- The total assets under management (AUM) held by capital market institutions licensed by Saudi Arabia’s Capital...
- The total AUM held by licensed capital market institutions in Q2 2023 are the largest in years, according to Argaam.
- Dom Capital led the way with a 100 percent increase in AUM in Q2 2023. Sidra Capital followed with a 195 percent rise.
Business
UAE banks to perform strongly in 2023: Standard & Poor’s report
Abu Dhabi, UAE -- Standard & Poor's Global Ratings expects that the banks of the United Arab Emirates (UAE) will...
- The credit rating agency said that UAE banks will benefit from strong non-oil GDP growth, which will mitigate the impact of rising interest rates on credit growth.
- The report expects bank credit growth at UAE banks to rise to about 7 percent in 2023, from 5 percent in 2022, WAM reported.
Business
Cruise Saudi partners with leading firms to outfit premium AROYA
Jeddah, Saudi Arabia -- Cruise Saudi, a wholly owned subsidiary of the Public Investment Fund that specializes in developing the...
- MJM Marine, a leading specialist in cruise ship refurbishment, will upgrade existing cabins and suites of the AROYA Cruise.
- DE Wave Group, a global contractor for cruise ship and yacht interior outfitting, will outfit the upper deck areas of the AROYA Cruise.
Business
Saudi capital market institutions employ 5,524 by second quarter end: CMA
Dubai, UAE -- The number of employees at capital market institutions rose by 103 quarter-on-quarter (QoQ) to 5,524 by the...
- Males accounted for 80 percent of the employees at capital market institutions, with 4,400 employees, while the number of females stood at 1,124.
- Meanwhile, the Saudization rate at these institutions reached 75 percent by the end of Q2, from 77 percent in Q1, according to the Capital Market Institutions Report.
Business
Investcorp sells stake in Safari
This was Investcorp's fourth exit in India in just a few years.
- In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.
- In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services, and retail.
QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.
Business
Company News
MBC Group IPO plea okayed
Business
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AJEX, MODON sign partnership
Business
14 financial giants confirm expansion into Abu Dhabi: ADGM
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM), a leading international financial center of the UAE’s capital, Thursday announced...
Business
Abu Dhabi positioned in world’s fastest-growing economic corridor: Official
Abu Dhabi, UAE -- Dr. Karim El Solh, Co-Founder and Chief Executive Officer at Gulf Capital, said Thursday Abu Dhabi...
Business
Saudi consumer spending up 4 percent in October: SAMA
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 4 percent to SAR 110 billion ($29.32 billion) in October,...
Business
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Business
Abha Valley has potential to be a tourist destination
ABHA, SAUDI ARABIA - Extending over 34 kilometers, the Abha Valley Basin enjoys a variety of wildlife aspects, civilizational features...
- The Abha Valley abounds in environmental diversity, which explains its array of mountain plants.
- The rugged areas of the highest point of the valley form the right habitat for the Arab tiger,
Business
Egypt jumps to third place in Offshore BPO Confidence Index
Cairo, Egypt -- Egypt's global prominence received a boost as it jumped from 11th to third place in the 2023...
- Egypt's BPO industry demonstrated steady growth, with digital exports increasing from $4.5 billion in 2022 to $4.9 billion in 2023.
- The country targets doubling export revenue to $9 billion by 2026, creating over 200,000 direct job opportunities.
Business
Saudi PIF secures $5 billion financing in collaboration with K-SURE
Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) and Korea Trade Insurance Corporation (K-SURE) have announced the signing of...
- The collaboration stems from a memorandum of understanding signed in March 2022 between PIF and K-SURE.
- The transaction will mark PIF’s first financing covered by an export credit agency, as it continues to diversify its sources of funding.