Saudi Arabia issues warning against fraudulent Hajj 2024 operators
Riyadh, Saudi Arabia - Saudi Arabia is warning potential Hajj pilgrims to be cautious of fake Hajj companies that may...
Iran offers no response to Israeli strike, if US-secures Gaza truce: report
The Damascus airstrike targeted the Iranian consulate, resulting in the death of IRGC commander Mohammad Reza Zahedi and several other...
Geostrategy
Geostrategy
Iranian Army reveals advanced Kaman 19 drone
Tehran, Iran – The Army of the Islamic Republic of Iran has made its newest operational drone Kaman-19, a drone...
- Equipped with a specialized engine, the drone is optimized for high-altitude flights, primarily geared towards reconnaissance missions
- What sets the Kaman-19 apart is its prowess in electronic warfare, disrupting enemy radar and electronic systems
Business
Salman Khan’s ‘Tiger 3’ faces ban in Kuwait, Oman and Qatar
Dubai, UAE - The much-anticipated Hindi-language action film Tiger 3, starring Salman Khan and Katrina Kaif, has reportedly been banned...
- According to reports in Indian publications, concerns have been raised over the portrayal of Muslims in the film
- Critics argue that the film perpetuates Islamophobic tropes, a sentiment that might have influenced the decision to ban it in these Gulf countries
Business
ADNOC L&S reports 162% rise in profit
The company also reported an EBITDA of $635 million.
- The company also reported an EBITDA of $635 million (AED2,332 million), marking a substantial 124% year-on-year increase
- The third quarter of 2023 specifically contributed to the positive financial performance, with a 30% year-on-year increase in revenue
Economy
Emiratization: CBUAE to provide financial sector job opportunities
Abu Dhabi, UAE - The CBUAE will provide UAE nationals with job opportunities across various banking and insurance specializations in...
- The central bank will leverage the platform to educate attendants of its regulatory and supervisory role and financial inclusion efforts
- The CBUAE Youth Council will also showcase its initiatives to enhance the role of the youth in the financial sector
Business
Dubai Land Department calls for engaging accredited valuation offices
DUBAI, UAE – The Dubai Land Department (DLD) is committed to providing property owners with easily accessible resources to reinforce...
- The list of accredited valuation offices is available on DLD’s official website and the Dubai REST app.
- This will help ensure a fair and transparent approach concerning real estate assets and liabilities.
Geostrategy
Israeli bombing leaves Gaza with no safe zones, says Russia to UN
New York, USA - There are no safe zones left in Gaza amid Israeli strikes, Russian Permanent Representative to the...
- "(Israel’s) deliberate strikes on civilian facilities are a blatant violation of international humanitarian law," said Russian envoy to the UN.
- The Israel Defense Forces (IDF) meanwhile reported that the Israeli military has taken control of 11 military posts of the Palestinian group Hamas.
Economy
Oil prices edge up on Iraq’s backing for OPEC+ output cuts
New York, United States - Oil prices saw a modest 2% increase on Friday, boosted by Iraq's expressed support for...
- The market witnessed substantial short covering as the week unfolded, partly fueled by Iraq's commitment to OPEC+'s production level agreements
- Looking ahead, OPEC+ is scheduled to meet on November 26, where discussions on production levels and potential supply adjustments will take center stage
Business
Saudi EXIM Bank signs deals with African banks and institutions worth $185m
Riyadh, Saudi Arabia - Saudi EXIM Bank has signed multiple agreements and memoranda of understanding (MoUs) with African banks and...
- Saad Al-Khalb, the CEO of the Saudi EXIM Bank, signed Line of Credit agreements worth $185 million to finance Saudi exports of goods and services
- The agreements aim to support African economies, enhance trade and economic exchange between Saudi Arabia and African countries
Business
EDGE buys 50% stake in Flaris, marking strategic expansion into aviation technology
Abu Dhabi, UAE -- The UAE’s EDGE Group, one of the world’s leading advanced technology and defence groups, has announced...
- The two companies will also establish a joint venture, enabling EDGE to further develop Flaris’ portfolio of jets
- The innovations resulting from this joint venture will be showcased at the upcoming Dubai Airshow 2023
Business
TASI-listed firms report an aggregate net profit of $48.1bn in Q3 Â Â
RIYADH, SAUDI ARABIA - Tadawul-listed companies reported a US$48.1 billion (SAR 157.09 billion) aggregate net profit for the third quarter...
- Sector-wise, the energy sector contributed the largest portion of the aggregate net profit of Saudi listed companies in Q3 2023.
- The banking sector accounted for 11.5 percent of the market’s aggregate profit, coming in second in terms of the most profitable sectors.
Saudi Arabia issues warning against fraudulent Hajj 2024 operators
Riyadh, Saudi Arabia - Saudi Arabia is warning potential Hajj pilgrims to be cautious of fake Hajj companies that may...
Company News
Latest News
89% of Saudi CEOs hopeful of kingdom’s economic growth over next 12 months
Riyadh, Saudi Arabia - About 89% of CEOs in Saudi Arabia are optimistic about the country's economic growth over the...
Business
Web Summit: 24 MoUs signed between Qatari institutions and global tech firms
Doha, Qatar - Web Summit Qatar 2024, the world's largest tech events debut in the Middle East and Africa, ended...
Economy
Unit 4 of UAE’s Barakah Nuclear Energy Plant commissioned
Abu Dhabi, UAE - The Emirates Nuclear Energy Corporation (ENEC) on Friday announced that its operating and maintenance subsidiary, Nawah...
Economy
Most Read
UAE real estate sector transforms with cross-border payments revolution
Dubai, UAE - Leading financial institutions are spearheading a transformative wave in the UAE real estate sector through the introduction...
- The initiative is poised to enhance accessibility and efficiency for global investors seeking to engage in property investment within the UAE
- Traditionally, the investing in UAE real estate from overseas has been encumbered by complexities associated with cross-border transactions
Business
ADNOC buys 25% stake in OMV
The OMV is headquartered and listed in Vienna, Austria.
- The transaction accelerates delivery of ADNOC’s global chemicals growth strategy, and reinforces its status as a responsible, long-term partner and growth-oriented investor
- Österreichische Beteiligungs AG (ÖBAG), an Austrian independent holding company, now owns 31.5 percent, with the remaining share capital in free float
Business
QFC signs two MoUs
MoUs with BFB, Partior were inked during Web Summit 2024.
- The MoU with Bahrain FinTech Bay establishes comprehensive frameworks for cooperation in joint research projects.
- Under the MoU, each entity shall provide support, assistance and resources to start-ups from the QFC and BFB.