UAE cements position as a top global investment hub in 2024
UAE ascends to 8th on Kearney's 2024 Foreign Direct Investment Confidence Index, affirming its appeal as a prime investment haven,...
Economy
Business
United Arab Bank’s net profit rises 76%
The total income for the period was approximately $47 million.
- The performance can be attributed to the bank's improved operating performance, resulting in lower expected credit losses and a reduced cost of risk
- The total income for the period was approximately AED174 million ($47 million), showing a remarkable 61% year-on-year increase and a 16% quarter-on-quarter increase
Geostrategy
Israeli-Palestine war: US president calls Saudi Crown Prince
Riyadh, Saudi Arabia - Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud and US President Joe Biden discussed...
- Prince Mohammed underlined the necessity of immediate work to explore means of halting the military operations
- He highlighted rejection of the targeting of civilians in any form as well as the targeting of infrastructure and vital facilities
Business
Saudis need $100s of billions for power investment by 2030: ACWA Power CEO
Riyadh, Saudi Arabia - Saudi Arabia is set to embark on a significant endeavor to expand its power generation capacity,...
- Saudi Arabia aims to construct 60 to 80 gigawatts of power plants utilizing renewable energy sources such as wind and solar
- To facilitate these goals, Saudi Arabia seeks to attract international investment, fostering partnerships with local companies like ACWA Power
Geostrategy
US troops again deploy east of Mediterranean, 40 years after Beirut airport bombing
Beirut, Lebanon - US troops have been redeployed to the eastern Mediterranean, forty years after one of the deadliest attacks...
- On October 23, 1983, a suicide bomber targeted an American military barracks at Beirut International Airport, resulting in the loss of 241 US service members, primarily Marines
- The recent deployment of US forces in the eastern Mediterranean, including the aircraft carrier USS Gerald R. Ford and other warships, is widely viewed as a message to Iran
Business
RAKBANK reports highest ever net profit
The bank's income increased by 35.4% year-on-year.
- The bank's income increased by 35.4% year-on-year, thanks to continued growth in low-cost deposits and expansion across all segments of its business
- The bank maintained strong credit quality, with a cost of risk at 2.5% and an impaired loan coverage ratio of 210.3% for the YTD through September 2023
Economy
China, GCC members to deepen Belt and Road trade cooperation: Chinese minister
Guangzhou, China - China is committed to enhancing trade and investment ties with the Gulf Cooperation Council (GCC) as part...
- The announcement came during a meeting in Guangzhou which brought together trade ministers from China and the six member states of the GCC
- During the meeting, both sides pledged to align Belt and Road cooperation with the development strategies of GCC member countries
Business
Aldar achieves record occupancy in Grade A commercial properties in Abu Dhabi
Abu Dhabi, UAE - Aldar Properties achieved a 97% occupancy rate across its prime Grade A commercial properties, which includes...
- Occupancy rates at the towers located at ADGM, the international financial centre on Al Maryah Island, stand at 99% compared to 79% when acquired by Aldar in 2022
- Aldar’s other Grade A commercial properties in Abu Dhabi, HQ and International Tower currently hold an average occupancy rate of 95%
Geostrategy
Premises of two Gaza hospitals shelled by Israel: report
Cairo, Israel - The areas near Al-Shifa Hospital in Gaza City and Al-Quds Hospital in the western part of the...
- Earlier in a blast on al-Ahli Arab Hospital, which each side blamed on the other, around 500 Palestinian were reported to have lost their lives
- Tensions flared up again in the region on October 7 when militants from the Gaza-based Palestinian group Hamas staged a surprise incursion into Israeli territory
Economy
Saudi, Malaysia bilateral trade rose 160% in 2022
Riyadh, Saudi Arabia - Bilateral trade between Saudi Arabia and Malaysia rose 160% in 2022 compared to 2021, revealed the...
- The two countries decided to strengthen the existing cooperation in the supply of crude oil and its derivatives
- The Saudi side reaffirmed that the Kingdom will continue to be Malaysia's largest partner for crude oil supplies
Economy
World Investment Forum 2023 ends with call for greater private and public investment
Abu Dhabi, UAE – UNCTAD's 8th World Investment Forum came to a close on Friday in Abu Dhabi with a...
- The week-long event saw the convergence of 8,000 participants, including government officials, international organizations, policymakers, 700 CEOs and investors
- Held against the backdrop of a fragmented global economy, the forum addressed the profound impact on global trade and investment
UAE cements position as a top global investment hub in 2024
UAE ascends to 8th on Kearney's 2024 Foreign Direct Investment Confidence Index, affirming its appeal as a prime investment haven,...
Economy
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QatarEnergy, Mitsui ink pact
Business
UAE allocates $5m to WTO’s Women Exporters In Digital Economy Fund
Dubai, UAE – United Arab Emirates on Sunday allocated $5 million to a $50 million fund launched Sunday ahead of...
Economy
Pakistan greenlights construction of long-awaited Iran-Pakistan gas pipeline
Tehran, Iran - Pakistan has decided to link the gas pipeline from the country's Gwadar port city to the Iranian...
Saudi Arabia cracks down on heritage site defacement with hefty fines
Riyadh, Saudi Arabia - Saudi Arabia has issued a stern warning against damaging the nation's cultural heritage sites, imposing hefty...
Arts & Culture
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Economy
Saudi Arabia pursues AI hub future: PIF Governor
Riyadh, Saudi Arabia - Governor of Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Thursday positioned Saudi Arabia as...
- Yasir Al-Rumayyan, speaking at the FII PRIORITY summit in Miami, highlighted the fund's focus on sectors like education, healthcare, artificial intelligence
- By investing in technological advancements, the PIF aims to propel the Kingdom towards a more diversified and resilient future
Business
Saudi Arabia, China sign MoU to develop air transport cooperation
Beijing, China - Saudi Arabia and China on Thursday signed a memorandum of understanding (MoU) to develop air transport cooperation. The...
- The MoU was signed during the visit to China of Saudi civil-aviation officials
- The areas of cooperation outlined in the MoU include expanding the number of air transportation stops
Business
Saudi media ministry and Google join forces for digital transformation
Riyadh, Saudi Arabia - Saudi Ministry of Media and Google have joined forces in a strategic collaboration aimed at driving...
- The collaborative effort intends to introduce specialized programs to enhance the skills of local media professionals, journalists, and content creators
- The partnership seeks to share global best practices in the media sector, with a particular emphasis on leveraging artificial intelligence tools, especially within newsrooms