Russia won’t consider ratings while granting loans to countries
Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...
Economy
7,000 digital marriage contracts delivered in Abu Dhabi since Oct
Abu Dhabi, UAE -- The Abu Dhabi Judicial Department has introduced a new service that allows marriage contracts to be...
Arts & Culture
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.
Business
solutions signs $118m contract
The contract's impact will show in the firm's Q3 financials.
- The company that under the 42-month contract, awarded on April 26, it will support and operate an information technology management program for NCGR.
- The company reported a revenue of SAR 2.7 billion in the first quarter of 2023, an increase of 19 percent from the same quarter last year.
Geostrategy
Kuwait urges Europe to facilitate Schengen visas for its citizens
Kuwait-- Kuwait has urged European states to facilitate the granting of Schengen visas for Kuwaiti citizens. The call was made...
- The call was made by Foreign Minister Sheikh Salem Abdullah Al-Jaber Al-Sabah who received at a luncheon several European ambassadors and heads of diplomatic missions.
- The Schengen area is a group of European countries that have agreed to allow passport-holders from one country to travel freely within the area without border controls.
Business
Saudi SME Bank signs $266m deals with fintech firms, investment funds
Riyadh, Saudi Arabia – The SMEs Bank system of the National Development Fund has signed 20 agreements valued at more...
- These deals include 10 agreements and MoU by the SMEs Bank worth SAR 500 million and three agreements signed by the Saudi Venture Capital Company SVC worth SAR 232 million.
- A total of seven MoUs were signed by the Small and Medium Enterprises Financing Guarantee Program "Kafalah" worth SAR 300 million with a leverage of up to five times.
Business
Kuwait Oil Company’s five-year digital strategy to reduce expenses
Kuwait -- Kuwait Oil Company announced on Saturday that it has upgraded its five-year digitalization strategy, which will contribute to...
- The upgrading of the strategy will also enhance safety and security, and help manage risks in a better way, Deputy CEO for gas and innovation at KOC Bader Ahmad Al-Munaifi said.
- "KOC will announce a roadmap for digitalization and launch a massive database during a conference on June 18," he said.
Business
Dubai records $2.45 billion in weekly real estate transactions
Dubai, UAE -- A total of 3,397 real estate and properties transactions valued at AED 9 billion ($2.45 billion) were...
- The DLD data showed that 204 plots were sold for AED 1.52 billion, 2,562 apartments and villas were sold for AED 5.69 billion.
- A total of 134 properties were granted between first-degree relatives worth AED 340 million and the sum of mortgaged properties was AED 1.52 billion.
Business
Middle East rich looking for alternative investments: EY report
Dubai, UAE -- High net-worth individuals (HNWIs) in the Middle East are increasingly looking for alternative investments, such as private...
- The EY report also noted that the HNWIs, who are expected to grow by 10 percent to 225,000 in 2023, are increasingly adopting digital channels to manage their wealth.
- According to the report, private equity is the most popular alternative investment among HNWIs in the region, followed by real estate and hedge funds.
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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
Russia won’t consider ratings while granting loans to countries
Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...
Economy
Company News
Latest News
ACWA Power 9M net profit up 22%
The company said higher operating income was the main driver.
Business
Mwani Qatar posts 39% increase in transshipment containers
Doha, Qatar -- The Qatar Ports Management Company (Mwani Qatar) announced a 39 percent increase in transshipment containers in October,...
Business
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Business
Second quarter foreign investments in Saudi Arabia hit $666bn
Riyadh, Saudi Arabia -- Foreign investments in Saudi Arabia increased 4 percent year-on-year (YoY) to SAR 2.50 trillion ($666. 39...
- The foreign investment balance recorded an increase of 5 percent quarter-on-quarter, or nearly SAR 109.9 billion.
- Foreign direct investments (FDIs) represent 41 percent, or SAR 1.02 trillion, of total investments, Argaam reported.
Business
e& net profit up 20% in Q3
The company's revenues increased by 3.3 percent to $3.64 billion.
- The company said that at constant exchange rates, consolidated revenue increased by 8 percent and consolidated EBITDA increased by 6.9 per cent.
- The number of etisalat by e& subscribers in the UAE reached 14.0 million in Q3 2023, representing an increase of 4.7 percent.
Business
Dubai records realty deals worth $116 billion in nine months
Dubai, UAE -- Dubai recorded 116,116 real estate transactions worth AED 429.67 billion ($116.98 billion) during the first nine months...
- The transactions marked a 36.7 percent in value and 33.8 percent in the number of transactions compared to the same period in 2022.
- A total of 81,669 investors registered 109,186 real estate investments worth AED 278.7 billion, a growth of 50.3 percent in value.