Saudi Arabia reforms investment law, simplifies process and investor protection to achieve $100 bn FDI target
The law will ensure equal treatment between domestic and foreign investors, protecting intellectual property and promoting fair competition in line...
Economy
GCC countries host nine million Indians, UAE alone home to 3.55 million
New Delhi, UAE - The number of Indians living in the Gulf Cooperation Council (GCC) countries has crossed nine million,...
Economy
Science
1st Arab long-duration astronaut mission to launch on Feb 26
Key mission information, such as the launch time and launch opportunities, was announced during the NASA Crew-6 mission overview media...
- Key mission information, such as the launch time, was announced during the NASA Crew-6 mission overview media briefing
- Sultan Al Neyadi said he would love to see a UAE flag on the lunar surface, carried on the shoulder of a UAE astronaut
Business
DIC buys 9% equity in Monument Bank
Equity will help DIC enter one of the most regulated markets
- Monument Bank targets UK’s 'mass affluent' and aims to provide core banking and other related services to clients.
- Monument Bank’s CEO Ian Rand said that the partnership will help to enhance its UK business and launch innovative solutions
Market Report
DGCX reports 16% growth in total volume of trades in 2022
DUBAI, UAE - Dubai Gold and Commodities Exchange (DGCX) Thursday announced its full-year market statistics for 2022, reporting 8.239 million...
- The DGCX is the largest and most diversified derivatives exchange in the Middle East.
- DGCX saw steady trading in Indian Rupee, as market participants looked to hedge their exposure to one of the world’s fastest-growing economies.
Iran minister urges tolerance for women over headscarves
Zarghami said he advised a "man who behaves harshly" towards a woman not wearing headscarf to "close his eyes if...
- Ezzatollah Zarghami referred to the fact that increasing numbers of women were being seen without a hijab since the death of Amini
- Amini, a 22-year-old Iranian Kurd, died in custody after being arrested by morality police for allegedly breaching the country's strict dress code
Business
QIIB profit surges by 7%
The board of directors has proposed a cash dividend of 40%
- The earnings per share (EPS) amounted to QR 0.64 as of December 31, 2022 versus EPS of QR 0.59 in 2021
- The board of directors has proposed a cash dividend of 40% of paid-up share capital after the approval of QCB
Business
UAE banks’ investments totalled $139bn in Nov 2022, highest in 13 months
According to central bank's statistics, Banks’ investments rose in the first eleven months of 2022 by $10 billion or 8...
- According to central bank's statistics, Banks’ investments rose in the first eleven months of 2022 by $10 billion or 8 percent, compared to $129 billion in 2021
- Securities that are debts to third parties, or bonds, accounted for the largest share of banks’ investments by over 49.1 percent, reaching $68 billion up to November 2022
Business
SIB 2022 profit reaches $177mn
The bank recorded an increase of 26.6 percent.
- The bank also reported an operating profit of $272 million in 2022, an increase of 17.4 percent from the previous year
- The bank also reported an operating profit of $272 million in 2022, an increase of 17.4 percent from the previous year
Money from Middle East forcing Liverpool, Man Utd to seek new investment
The American Glazer family, United's owners, began looking for new investment with British billionaire Jim Ratcliffe's company INEOS entering the...
- The American Glazer family, United's owners, began looking for new investment with British billionaire Jim Ratcliffe's company INEOS entering the bidding process
- Fenway Sports Group, Liverpool's owners, have also stated that they will "consider new shareholders" as the Anfield club struggles to qualify for the Champions League next season
Economy
India-UAE partnership summit calls for economic partnerships to drive development plans
India’s Minister of Commerce and Industry Piyush Goyal highlighted the various prospects of cooperation including leveraging UAE and India’s startup...
- India’s Minister of Commerce and Industry Piyush Goyal highlighted the various prospects of cooperation including the rupee-dirham trade, and India’s startup ecosystems
- President and CEO of Dubai Chambers Mohammad Ali Rashid Lootah revealed that the number of new Indian companies that joined Dubai Chamber of Commerce in 2022 exceeded 11,000
Business
Gulf Warehousing reports $66mn profit
The company made a profit of $62 million in Q4 2021.
- The company said in a statement that Earnings Per Share were QR 0.41 in 2022, compared to QR 0.38 in 2021
- The company's board said that it proposed dividends of QR 0.1, subject to the approval of the General Assembly
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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
Saudi Arabia reforms investment law, simplifies process and investor protection to achieve $100 bn FDI target
The law will ensure equal treatment between domestic and foreign investors, protecting intellectual property and promoting fair competition in line...
Economy
Company News
Latest News
Andalusia Labs secures $48m funding
The company deals in risk management infrastructure for digital assets.
Business
G42’s split from China could spur other GCC firms to follow suit
Dubai, UAE - With the UAE-based G42's decision to align with US directives by severing ties with Chinese tech partners...
China, Saudi Arabia sign 60 pacts worth $25bn at Beijing conference
Beijing, China - China and Saudi Arabia signed over 60 MoUs and agreements worth over $25 billion at the investment...
Economy
Most Read
Economy
Global trade likely to decline in 2023 due to changing trade patterns, geopolitics
DUBAI, UAE - The outlook for 2024 remains “highly uncertain and generally pessimistic,” UNCTAD says in the Global Trade Update,...
- Other elements affecting trade include lower demand in developed countries, less trade in East Asia and an uptick in trade-restrictive measures.
- The elements also include an uptick in trade-restrictive measures and lengthening supply chains, particularly between China and the US.
Research
Google releases the top trending searches of the year in MENA
Dubai, UAE - Google on Monday released the top trending searches of 2023 for the Middle East and North Africa....
- Saudi Arabia has been searching for football throughout the year, with many events and tournaments happening on-ground
- In the news list in Egypt, the war in Palestine ranked first, followed by the devaluation of the Egyptian Pound
Business
Riyadh Season draws 9 million visitors to its entertainment zones
Riyadh, Saudi Arabia - The number of visitors to Riyadh Season has surged to over 9 million, indicating a significant...
- Riyadh Season, marked by the slogan "Big Time," completed the spectrum of entertainment choices with top-tier events and festivals across various zones
- Boulevard City zone emerged as a site filled with entertainment options, along with Boulevard World which features a variety of international cultures