Rights group slams Meta for silencing pro-Palestinian voices
"Meta's censorship of content in support of Palestine adds insult to injury at a time of unspeakable atrocities and repression...
Geostrategy
Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices
Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price...
Economy
Business
UAE Economy Ministry fines 137 companies for AML/CFT violations
Dubai, UAE -- A total of 137 companies operating from the UAE were fined AED65.9 million for failing to comply...
- The Ministry fined these companies, which are operating in the UAE's non-financial business or professions (DNFBP) sector, after carrying out inspection of 840 companies.
- The Ministry of Economy revealed that a total of 831 violations committed by violators were found, including failure to adopt necessary measures.
Business
PwC opens regional headquarters
The Middle East headquarters has been set up in Riyadh.
- PwC Middle East said in a statement that the headquarters in Riyadh comes as part of its broader commitment to the region to create 6,000 new jobs.
- Saudi Arabia's regional headquarters program requires companies to establish headquarters in the kingdom by 1 Jan 2024.
Business
ADNOC L&S Q1 net profit $144m
The net profit increased by 79 percent over Q1 2022.
- ADNOC L&S is the sixth ADNOC unit that will be listed on the Abu Dhabi Securities Market on Thursday following an Initial Public Offering that raised $796 million recently.
- The company reported a revenue of $592.2 million for the first quarter, compared to $312.95 million for the same period in 2022.
Business
UAE Central Bank issues new guidelines for virtual assets
Dubai, UAE -- The Central Bank of the UAE (CBUAE) Wednesday issued guidelines on the risks related to, and combating...
- It will assist LFIs' understanding of risks and effective implementation of their statutory anti-money laundering and combatting the financing of terrorism (AML/CFT) obligations.
- The guidance discusses the risks of dealing with VAs and VASPs and sets out clear descriptions of VAs, VASPs and VASP business models.
Business
Saudi SMEs grow by 4.8 percent in first quarter to reach 1.2 million
Riyadh, Saudi Arabia -- The number of small and medium enterprises (SMEs) in Saudi Arabia hit 1.2 million by the...
- A total of 89,000 new small and medium enterprises were launched during the first quarter of 2023, according to a report by General Authority for Small and Medium Enterprises.
- The report also reviewed the achievements of Biban 23 forum, which was attended by 145,000 visitors from around the world.
Business
TAQA, ENGIE complete financial closing for UAE’s mega desalination plant
Dubai, UAE -- Abu Dhabi National Energy Company (TAQA) ENGIE, a global leader in low-carbon energy solutions, and Emirates Water...
- The AED2.3 billion ($620 million) low-carbon Mirfa 2 Reverse Osmosis (M2 RO) desalination project will be the UAE's third largest.
- Expected to be operational in Q4 2025, the plant will be owned by TAQA, holding a 60 percent share and ENGIE taking a 40 percent.
Business
PIF-owned SRC completes $933m sukuk
The issue is part of the SAR 20 billion local sukuk program.
- The PIF established the Saudi Real Estate Refinance Company in 2017 for the growth and sustainability of residential real estate financing in the kingdom.
- This was the sixth tranche within the program denominated in Saudi riyals and supported by government guarantees.
Business
First Mills IPO price SAR60 per share
This implies a market capitalization of $888 million.
- The total offering size is SAR 999 million ($266 million). SNB Capital is the lead manager, financial advisor, book-runner and underwriter on the potential offering.
- A total of 1.67 million shares, representing 10 percent of the total offer shares, will be allocated to retail investors. The retail offering will run from June 6 to June 7.
Economy
UAE clarifies criteria for end-of-service benefits scheme Shourak
Abu Dhabi, UAE -- The UAE pension authority clarified Tuesday that requests related to Shourak scheme, which enables Emiratis to...
- Shourak (meaning preference in English) was launched by the GPSSA for insured Emiratis seeking to merge previous and current employment periods in case of a career switch.
- Shourak requests will be considered applicable for eligible insured Emiratis who submit their end-of-service employment applications to GPSSA after July 1.
Business
Yanbu Cement to pay $62.93m in dividends
The cash dividend of SAR1.50 per share will be paid for H1 2023.
- In a Tadawul filing, the firm said the eligibility and distribution dates for the cash dividends will be 31 May and 20 June 2023, respectively.
- The company had posted a net profit of SAR51 million for the first quarter of 2023, a 31 percent increase from SAR 39 million in Q1 2022.
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Rights group slams Meta for silencing pro-Palestinian voices
"Meta's censorship of content in support of Palestine adds insult to injury at a time of unspeakable atrocities and repression...
Geostrategy
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eXtra net profit down 17%
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Business
UAE, Saudi stock exchanges surpass Arab peers with $167bn in gains
Abu Dhabi, UAE -- The financial markets of the United Arab Emirates and Saudi Arabia topped the Arab stock exchanges...
- UAE achieved market gains of about $32.5 billion: $20.7 billion for the Abu Dhabi Securities Exchange (ADX) and $11.8 billion for the Dubai Financial Market (DFM).
- The Saudi Financial Market achieved market gains of about $134.1 billion with a rise in its market capitalization from $2.908 trillion to $3.04 trillion.
Geostrategy
Saudi Arabia selected as member of UN’s AI Advisory Body
New York, United States-- United Nations Secretary-General António Guterres Friday announced the selection of Saudi Arabia to the UN Advisory...
- UN Advisory Body on Artificial Intelligence (AI) consists of 39 members representing government and private and civil-society organizations.
- Shura Council member Dr. Latifa bint Mohammad Al-Abdulkareem will represent the Kingdom at the UN AI Advisory Body.
Business
Qatar records real estate sales contracts worth $84m in five days
Doha, Qatar -- Qatar recorded real estate trading volume in sales contracts worth QR 308 million ($84.59 million) for the...
- Total sales contracts for residential units for the same period was QR 1.09 billion.
- Sales were concentrated in AL Rayyan, Doha, Al Wakrah, Al Daayen, Umm Salal, Al Khor and Al Dakhira municipalities.