SFD-financed Arkiz Agricultural Project in Mauritania inaugurated
Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...
Geostrategy
UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
Economy
Business
ADIB, ADIO to fund businesses
ADIB will facilitate the opening of Shariah-compliant bank accounts.
- This strategic move ensures that businesses have access to banking solutions that align with Islamic principles, ADIB said in a statement.
- ADIB will also provide financing options based on collateral in the form of on-ground operating assets such as real estate, equipment, and machinery, the bank said.
Business
PIF to set up pharma firm Lifera
Lifera is a development and manufacturing company.
- Lifera will primarily focus on producing life-saving and essential pharmaceutical products, including insulins, vaccines, plasma therapeutics.
- PIF has also invested in the National Unified Procurement Company (Nupco), a prominent provider of medical procurement, storage, and distribution services for medicines.
Business
Combined profit of capital market institutions in Saudi Arabia falls
RIYADH, SAUDI ARABIA - The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million...
- The combined profit of capital market institutions in KSA was S$381 million in Q1 2022.
- Revenues fell 2 percent to US$730 million in Q1 2023 from $744 million in Q1 2022.
Business
Mubadala investee firms sign pact
The partnership involves Tata Power Renewables, Princeton Digital.
- Under the agreement, PDG and Tata Power Renewables have co-invested in a captive power plant that will supply electricity to PDG’s MU1 data center in Airoli, Mumbai.
- First power from the solar plant, located in the Nanded district in the Indian state of Maharashtra, will be generated in June 2023.
Geostrategy
Macron special envoy heads to Lebanon in bid to end crisis
Paris, France -- President Emmanuel Macron's new special envoy for Lebanon heads to Beirut in the coming week as France seeks...
- Former foreign minister Jean-Yves Le Drian, appointed by Macron to the role earlier this month, is to fly to Beirut on Wednesday, the source told AFP, asking not to be named.
- Another source close to the issue also said Le Drian would leave on Wednesday but it was not clear how long he would stay in Beirut or who he would meet.
Business
Allianz, Credit Agricole renew partnership
Credit Agricole Egypt is a subsidiary of Credit Agricole Group.
- The agreement is set to expand Allianz Egypt's customer base while delivering top-notch insurance services to the bank's customers, the companies said in a statement.
- The collaboration aims to provide integrated financial and insurance services, covering life, property, and casualty insurance, under one roof.
Business
Jamjoom Tadawul debut on Jun 20
Jamjoon Pharma IPO was launched on May 25 at SAR 60 per share.
- The company said the daily fluctuation limit is +/- 30% and static price fluctuation limit is +/-10%, Jamjoom said in a statement to Tadawul on Sunday.
- The company offered 21 million shares, representing 30 percent of its share capital. The IPO was the largest in Saudi Arabia since Saudi Aramco Base Oil's IPO in Dec 2022.
Business
Bupa renews contract with SABIC
It will provide health insurance to SABIC staff and their families.
- The contract revenue is forecast to exceed 10 percent of Bupa Arabia’s annual gross written premiums (GWPs) for 2022, Argaam said.
- The relevant financial impact will likely appear on the insurer’s 2023 and 2024 financial results. The contract included no related parties.
Economy
Saudi Arabia’s international reserve assets up first time in 6 months
Foreign currency reserves, representing 94 percent of total assets, fell nearly 2 percent year-on-year in May to SAR 1.56 trillion...
- The other major currencies held by Saudi Arabia include euros, Japanese yen, and British pounds. Special drawing rights (SDRs) grew 1 percent YoY.
- SAMA uses the country's reserve assets to support the Saudi riyal, to finance the government's budget deficit, and to invest in foreign assets.
Business
ADDED partners with Valeo to set up electric cars technology hub
Dubai, UAE -- Abu Dhabi's Department of Economic Development (ADDED) has joined forces with Valeo, a global automotive technology company,...
- The partnership aims to accelerate the growth of the automotive industry in the emirate and provide support to local electric car startups.
- Valeo, known for its advanced technologies and sustainability vision in green cities, plans to explore new areas of development through the integration of its expertise in the hub.
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SFD-financed Arkiz Agricultural Project in Mauritania inaugurated
Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...
Geostrategy
Company News
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Amid volatility, international reserves resilient: World Bank report
Washington, United States -- Central bank reserve management remained resilient during a historically volatile year, according to the fourth edition...
Economy
AMF, State Bank of Pakistan to enhance cross-border payments
Abu Dhabi, UAE -- The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) have signed an MoU...
Business
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Business
Alpha Dhabi 9M net profit $3.15bn
The net profit increased by a substantial 29 percent during this period.
- Alpha Dhabi's revenue also increase by 22 percent during this period, reaching AED 32.4 billion, compared to AED 26.6 billion in the previous year period.
- Alpha Dhabi's total assets reached AED 133.6 billion, with a cash position of AED 19.1 billion as of September 30, 2023.
Business
Lootah Biofuels inks MoU
The agreement is aimed at producing biofuel in Maldives.
- The deal was inked during the second day of the Dubai Business Forum, an influential global gathering of businesses and investors.
- The objective of the MoU is to reduce the impact of CO2 by replacing normal diesel with biodiesel.
Business
ACWA Power 9M net profit up 22%
The company said higher operating income was the main driver.
- The company said it recorded SAR 814 million in operating income—before impairment, loss and other expenses—in the third quarter of 2023.
- Operating income for the first nine months of 2023 reached SAR 2.10 billion, growing by 12.4 percent, compared to the same period last year.