Saudi fund assets dip slightly in Q3 but subscribers surge
Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased...
Business
Business
Tecom secures $2.06bn loan
This facility replaces an existing partially utilized term loan of the same amount.
- The loan is split into a term loan of AED 4.4 billion, equivalent to the drawn-down amount from the previous agreement, and a revolving credit facility of AED 3.2 billion.
- The company said the new loan facility offers greater financial flexibility and more favorable terms, resulting in immediate interest expense savings over the five-year period.
Business
Mawani to set up $533m petroleum products storage center
Riyadh, Saudi Arabia -- Saudi Arabia's General Authority of Ports, known as Mawani, has joined forces with Albanova International Company,...
- This initiative is part of a project aimed at developing a leading center for bunkering ships at King Fahd Industrial Port in Yanbu.
- The 393,000-square-meter center aims to accommodate storage tanks for trading, blending, and storing petroleum materials, meeting the logistical demands of the petroleum industry.
Business
SABIC okays $1.43bn H1 dividend
SABIC's board cleared an 18 percent cash dividend at $0.48 per share.
- SABIC had reported a 90 percent decline in net income to SAR 0.66 billion ($177 million) in the first quarter, compared to SAR 6.47 billion ($1.77 billion) in Q1 2022.
- SABIC paid a total cash dividend of SAR 12.75 billion for 2022, or 42.5 percent of its net income, in two instalments.
Business
UAE to see second biggest migration of millionaires in 2023: Report
Dubai, UAE -- The United Arab Emirates will see the second biggest migration of high-net-worth individuals (HNWIs) in 2023 with...
- Other countries in the top 10 include Singapore, the US, Switzerland, Canada, Greece, France, Portugal, and New Zealand.
- The countries that are predicted to lose the most millionaires in 2023 include China (13,500), India (8,000), UK (3,200) and Russia (3,000).
Business
Mubadala-Proprium joint venture formed
The joint venture will invest in Japanese multifamily property.
- The $600 million venture will focus on acquiring and managing high-quality, stabilized rental properties in Tokyo and Osaka.
- The joint venture will also target sustainability initiatives, such as reducing the carbon footprint of its properties, Mubadala said in a statement.
Videos
GCC banking’s tech shift saves time, money
GCC banks started adopting online and mobile banking, and ATMs, in the 1990s and 2000s. More recently, they've integrated advanced...
- As of 2019, there were over 5,000 bank branches in the GCC region, catering to a population exceeding 50 million.
- On average, customers spent about 30 minutes in these branches to avail themselves of banking services.
Economy
Investments focus as KSA gets Civil Transactions Law
The new law seeks to provide a robust legal framework governing all contracts and transactions, instilling confidence in business sector...
- The new law seeks to provide a robust legal framework governing all contracts and transactions, instilling confidence in business sector and fostering growth across industries
- To ensure fairness and transparency in business dealings, the Saudi law brings clarity and consistency to the legal landscape while increasing the ability to predict judgments
Geostrategy
Gulf nations stress on cementing unity, pledge support for Palestine
Riyadh, Saudi Arabia -- The Ministerial Council of the Gulf Cooperation Council (GCC) has stressed the need for coordination, integration...
- The Ministerial Council of the Gulf Cooperation Council approved the foreign action plan in the field of human rights for the years 2023-2026.
- It emphasized on the completion of the requirements for finalizing the Customs Union and ensuring equal treatment for citizens within the GCC Common Market.
Business
Dubai logs over $952 million in real estate transactions
Dubai, UAE -- Dubai's real estate market recorded real estate transactions worth AED 3.5 billion ($952 million) on Monday, the...
- The deals included 671 sales transactions worth AED2.29 billion, 149 mortgage deals totaling AED1.14 billion and 29 gift deals amounting to AED98.65 million.
- The sales included 615 villas and apartments worth AED1.45 billion, and 56 land plots worth AED846.15 million.
Business
Assets of banks in UAE up 2.6% in first quarter to reach $1.02 trillion
In its UAE Monetary, Banking, and Financial Markets Developments Report for Q1, which provides insights into the monetary and banking...
- Money Supply M1, comprising Currency in Circulation outside Banks and Monetary Deposits, witnessed a 3 percent q-o-q increase during the first quarter of 2023.
- At the end of the first quarter of 2023, there were 22 locally incorporated banks, while the branches of these banks decreased to 494.
Saudi fund assets dip slightly in Q3 but subscribers surge
Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased...
Business
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Silal acquires stake in SAFCO
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Saudi Arabia’s Q3 real GDP falls by 4.5% on decreased oil activities
Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) decreased by 4.5 percent in the third quarter of...
Economy
Chinese BYD posts record Q3 profit
The third-quarter profit of $1.42bn is its highest-ever single-quarter earnings.
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Business
Mulk, Ajman Holding form JV
Collaboration in the T10 Cricket League key element of the JV.
- The joint venture will also promote the Alubond range of products, Mulk International’s premier brand and the world’s largest metal composite panel manufacturer.
- Mulk International, has production facilities of Alubond and operations in Asia, Europe, Africa and the Middle East with a sales network of more than 100 countries.
Business
Borouge Q3 net profit up 22%
The rise in net profit was driven by 16% increase in sales.
- The company has committed a dividend of $1.3 billion (15.9 fils per share) for the 2023 financial year, which equates to a 6.3 percent current dividend yield.
- Third-quarter revenue increased 6 percent quarter-on-quarter, reaching $1.5 billion, and declined 11 percent year-on-year. On a year-on-year basis, net profit declined by 9 percent
Business
Elm net profit up 43%
The profit growth was driven by 27% revenue increase.
- The rise in revenue resulted from a surge in digital business revenue by 42.70 percent.
- The third-quarter net profit grew 22.2 percent to SAR 334 million, from SAR 273.36 million in Q3 2022.