The game of ‘chicken’ being played with the world economy can be brought to a cooperative end
A meaningful “G3” accord between the US, Europe, and China must include coordinated fiscal, monetary, development, and trade policies. From...
Economy
Business
Yahsat bags $5.1 bn satellite capacity contract from UAE govt
Dubai, UAE - Yahsat Government Solutions (YGS), the government services arm of Yahsat has been awarded $5.1 billion satellite capacity...
- The development reinforces Yahsat's long-standing partnership with the UAE Government, extending back nearly two decades since the company's inception
- The contract boosts the Group's contracted future revenues to AED 25.7 billion (USD 7.0 billion), providing financial stability and visibility well into the future
Geostrategy
Anti-Money Laundering Permanent Committee hosts meeting with Saudi Committees
Riyadh, Saudi Arabia - The Anti-Money Laundering Permanent Committee (AMLPC) hosted a coordination meeting with relevant Saudi permanent committees on...
- The meeting was chaired by Ayman Al-Sayari, governor of the Saudi Central Bank (SAMA) and AMLPC chairman
- It also discussed mechanisms of cooperation and coordination between the permanent committees in the Kingdom
Economy
Egypt’s central bank keeps interest rates unchanged
Cairo, Egypt – The Central Bank of Egypt (CBE) decided to maintain interest rates at current levels during its meeting...
- The bank kept the overnight deposit rate, overnight lending rate and the rate of the main operation at 19.25%, 20.25% and 19.75%, respectively
- The discount rate remained at 19.75%. The pause on interest rate change comes after 12-percent hikes since March 2022.
Business
MODON inks $133 m pact
The pact will help manufacture vaccines in Saudi Arabia.
- MODON and Vaccine Industrial Company will set up a joint venture factory in Sadeer City to strengthen the pharmaceutical security system.
- It is in line with MODON's strategy to create an integrated industrial and investment community to attract national and foreign investor partners.
Arts & Culture
First Saudi horror movie ‘Cello’ screened at cinemas across the Kingdom
RIYADH, SAUDI ARABIA - Saudi cinemas began the screening of the horror and thriller movie Cello, with global participation of...
- Al Al-Sheikh, the writer of the movie, announced that the film achieved the largest opening in the history of Saudi cinema with total of 53,103 tickets sold.
- He said that the movie's stars are Saudis, Gulf, Arabs and international actors, stressing that 60 percent of the cast are from the Kingdom.
Business
ITFC collaborates with Turk Eximbank for providing joint loan of US$277m
JEDDAH, SAUDI ARABIA - The International Islamic Trade Finance Corporation (ITFC), which is a member of the Islamic Development Bank,...
- This collaboration aims to enhance trade volume among the member states of the Organization of Islamic Cooperation.
- The loan aims to support the development of small and medium enterprises' exports as well as private sector companies in Turkey.
Business
Ajman’s exports rise 19 percent in H1 2023
AJMAN, UAE – The Ajman Chamber of Commerce and Industry (ACCI) has revealed that the volume of exports from the...
- Ajman’s total exports reached US$1.2 billion in H1 2023, compared to US$1.1 billion during the same period in 2022.
- Ships and boats topped the list of exported products, followed by mineral oils, fish and steel products.
Business
Kuwait buys 40% stake in Egypt offshore energy project
Kuwait City - Kuwait's Foreign Petroleum Exploration Company (KUFPEC) has entered into an agreement to acquire a 40% stake in...
- The move aligns with KUFPEC's strategy of expanding its operations in collaboration with international partners active in specialized exploration areas
- Khaled Kasem, Chairperson of Shell Egypt's office, highlighted that the partnership will facilitate the exchange of expertise
Business
Yahsat announces cash dividend for H1-23
The second dividend for 2023 is expected to be paid in May 2024.
- To qualify for this dividend, investors must acquire shares by September 27, 2023, or be shareholders as of October 2, 2023
- On an annual basis, the company is on track to deliver a dividend of at least $4.48 cents per share, amounting to $109 million
Geostrategy
Iran may trigger nuclear arms race, says Saudi Arabia
Saudi Crown Prince Mohammad Bin Salman cautioned against the world witnessing another tragedy like Hiroshima in an interview, saying it...
- Saudi Crown Prince cautioned against the world witnessing another tragedy like Hiroshima
- He denied any pause in negotiations with Israel and expressed optimism about the normalization
Most Read
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
Company News
Goldman Sachs, Mubadala ink pact
Business
Latest News
Borse Dubai to sell Nasdaq shares
The sale is poised to generate $1.59 billion.
UK inflation slows to lowest level since September 2021
ONS chief economist Grant Fitzner said "food prices were the main driver of the fall, with prices almost unchanged this...
Economy
Dubai job hunt: Tips for success in the city of opportunity
Dubai, UAE - The UAE was recognized as the top destination for international professionals seeking employment visas. According to the...
Economy
Most Read
Business
UAE investments abroad reach US$2.5trn in beginning of 2024, says UAEIIC
ABU DHABI, UAE – The United Arab Emirates has solidified its position as a leading regional and global player in...
- This robust financial footprint positions the UAE as a significant economic force with strong potential for continued expansion.
- The focus on emerging markets and the creation of strategic partnerships further amplifies this momentum.
Economy
Oman issues Treasury Bills worth US$181m this week
MUSCAT, OMAN – The Central Bank of Oman (CBO) has announced that the total issuance of Treasury Bills amounted to...
- The value of the allotted Treasury Bills amounts to US$12.9 million for a maturity period of 28 days.
- The value of the allotted Treasury Bills amounts to US$74 million for a maturity period of 91 days.
Business
Saudi EXIM bank surpasses 2023 credit goals by 33%
Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the...
- One significant achievement was a credit facility agreement valued at $503.9 million with Trafigura Company, a major international export house
- The agreement aims to facilitate Saudi non-oil exports to over 150 countries, contributing to the objectives of the Kingdom's Vision 2030