AI to replace 4,000 jobs in Southeast Asia’s largest bank: DBS
Singapore, Singapore -- Southeast Asia's largest bank DBS said that 4,000 jobs could be cut in the next three years...
Business
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.
Business
Mubadala commits $1bn Blue Owl
The $1bn was committed to Blue Owl's credit platform.
- The partnership will initially focus on its Technology Lending strategy, which provides financing solutions for a broad range of technology and software companies.
- Since 2009, Mubadala’s Credit Investments unit has been investing in private debt opportunities, with a focus on direct lending to middle market and large cap companies.
Economy
Saudi Industrial Production Index falls third month in a row
Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by...
- Saudi IPI retreated to 122.03 points in July, according to the base year 2010, compared to 135.23 points in the year-ago period.
- The decline in IPI is the largest since April 2021, when it recorded a drop of 24Â percent.
Arts & Culture
Riyadh to host 45th session of UNESCO’s World Heritage Committee
Riyadh, Saudi Arabia -- Saudi Arabia is hosting the extended 45th session of UNESCO's World Heritage Committee from September 10...
- This session anticipates the participation of 3,000 individuals representing 21 member states of the World Heritage Committee.
- Minister of Culture and Chairman of the Saudi National Commission for Education, Culture, and Science, Prince Badr bin Abdullah bin Farhan will attend the meeting.
Business
$17.32bn projects launched on first day of Cityscape Riyadh
Riyadh, Saudi Arabia -- The Cityscape Global Exhibition, which kicked off Sunday in Riyadh, witnessed the launch of real estate...
- ROSHN Group will have four strategic partnerships of over SAR 9 billion in the fields of construction and infrastructure, Argaam reported.
- National Housing Co. (NHC) also unveiled three luxury projects in Al Forsan and Khuzam suburbs, which provide 86,000 housing units with a value exceeding SAR 42 billion.
Business
Care secures $93.3m Murabaha facility
The long-term facility was obtained from Gulf International Bank.
- Care said the facility comprises SAR 100m revolving loan to be renewed periodically, and a SAR 250m long-term loan for a period of 10 years with a grace period of one year.
- The facility will be used to finance the company’s working capital requirements and support its strategy via expansion and acquisitions.
Business
ADES prices IPO $3.33-$3.60 per share
The book-building process starts Sunday and run through Sept. 14.
- ADES International Holding, an oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, PIF, expects to raise more than $1 billion.
- The offer will comprise 338.7 million ordinary shares-- 101.62 million shares by ADES, the PIF and Zamil Investment Company, and 237.10 million new shares through capital hike.
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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
AI to replace 4,000 jobs in Southeast Asia’s largest bank: DBS
Singapore, Singapore -- Southeast Asia's largest bank DBS said that 4,000 jobs could be cut in the next three years...
Business
Company News
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MBC Group IPO plea okayed
Business
ADNOC-Tabreed G2COOl opens
G2COOL is the first geothermal energy cooling plant in the Gulf region.
Business
Masdar, PLN push to build world’s largest floating solar plant
Dubai, UAE -- Abu Dhabi Future Energy Company (Masdar) has signed agreements to collaborate with Indonesia’s state-owned utility company, PLN,...
Business
WhatsApp update allows posting status updates via Instagram
Washington, United States -- The instant messaging platform WhatsApp launched a new update that includes an optional feature that allows...
Business
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Business
Pure Health announces IPO
The company will offer 1.11bn shares at AED3.26 per share.
- The subscription period will open on 6th December 2023 and will close on 11th December 2023 for both the Tranches.
- The company intends to list its shares on ADX on 20th December 2023.
Business
ACWA Power launches Phase I of green hydrogen project in Uzbekistan
Riyadh, Saudi Arabia -- Saudi renewables giant ACWA Power has said it launched the first phase of green hydrogen project...
- The first phase, a 3,000 ton- green ammonia pilot project, is already underway following the signing of the hydrogen purchase and power purchase agreements in May 2023.
- Once the second phase is complete, 2.4 GW of wind energy will power the production of 500,000 tons per year of green ammonia.
Business
TAMM partners with AI71 to use UAE’s Falcon series LLMs
TAMM becomes first to use UAE’s Falcon large language models.
- Falcon LLMs will equip TAMM to deliver high-quality interaction by providing its users with accurate, relevant and contextually appropriate responses to their queries.
- Falcon’s capabilities extend to being a data-driven insight generator, helping TAMM refine its services based on user interactions and feedback.