Saudi holdings of US Treasuries surge to $131.9b in December 2023
ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month,...
Economy
WSG has ushered in a new decade of positive impact: Hamid Al Zaabi
Dubai, UAE-- The World Governments Summit (WGS) has ushered in a new decade of positive impact, inspiring governments and societies...
Business
Business
Saudi Arabia signs two MoUs at Riyadh Global Medical Biotech Summit
Riyadh, Saudi Arabia--The Saudi Ministry of Investment has signed two memorandums of understanding with Boehringer Ingelheim Company and Saudi Novo...
- The two agreements are aimed at enhancing joint cooperation with the biotechnology and medicine sector in the Kingdom
- The Ministry of Investment is a strategic partner to Riyadh Global Medical Biotechnology Summit 2023
Geostrategy
Al Aqsa preacher fears takeover of mosque by Israeli government
Doha, Qatar-- The preacher of the Al Aqsa mosque Sheikh Ekrema Sabri fears takeover of the mosque by the extreme...
- Sabri did not rule out the extreme right-wing Israeli government's attempt to control the Al Aqsa mosque
- He maintained that the Palestinian cities are sitting on the crater of a volcano
Business
GIS, DIG halt merger talks
The talks for the merger have not yielded a "common vision."
- According to a statement, the two groups have decided to end negotiations and to withdraw completely from the proposed merger partnership deal
- The potential merger would have created one of the largest local insurance companies with highly competitive potential and financial strength
Business
DP World gets rating upgrade
The boost is seen as key for its long-term growth plans.
- The rating upgrade follows two major investments in 2022 at DP World’s flagship UAE assets: Jebel Ali Port, Jebel Ali Free Zone, and National Industries Park
- According to Moody’s, DP World’s diversified global port operations led to the improved rating
Economy
OPEC Fund lends Panama US$120m in loan for climate action
Vienna, Austria--The OPEC Fund for International Development (the OPEC Fund) has lent Panama a US$120 million in loan to support...
- The money is intended to mitigate, contain and reverse the effects of climate change, helping Panama to achieve its long-term climate change commitments
- Panama is considered a carbon negative country with almost no contributions to global emissions but the country is vulnerable to the impacts of climate change
Business
NBF posts 195% profit jump
The bank's net profit rose to $93 million in 2022.
- Net interest income and net income from Islamic financing and investment activities grew 29.8 percent to $327 million
- Income from investments and Islamic instruments stood at $5 million
Economy
MENA IPO Summit discusses ‘regulatory structure for capital markets’
Dubai, UAE-- On the second day of the MENA IPO Summit Dubai 2023, many experts called for the creation of...
- The summit, held at the Museum of the Future, aims to mobilize the various players of the initial public offering (IPO) value chain by providing a platform for dialogue
- Investment experts and companies also discussed environmental, social and governance (ESG) practices
Business
Sharjah Taxi gets makeover
It will run under the motto,“we move people with ease”.
- The adoption of Sharjah Taxi’s new corporate identity is in support of directives of the emirate of Sharjah in adopting new, innovative and sustainable strategies
- The Sharjah Taxi fleet includes approximately 750 meticulously maintained vehicles of various types and models
Business
Abu Dhabi hotels host 4.1m visitors in 2022, earning US$1.4bn
Abu Dhabi, UAE-- Hotels across Abu Dhabi have posted a 24 percent growth in occupancy to 4.1 million visitors during...
- Revenues jumped by 23% from the previous year to $1.47 billion in 2022
- UAE nationals accounted for the largest share of the capital's hotel guests during the past year, with a share of 29%,
Economy
Gross banks’ assets jump to US$988 billion in November: CBUAE
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) announced that gross banks’ assets, including bankers’ acceptances, increased...
- Gross credit increased due to 0.8 percent rise in domestic credit, overriding the 1.7 percent reduction in foreign credit
- Domestic credit grew because of 0.4 percent, 2.0 percent and 0.7 percent climbs in credit to the government sector, public sector (government related entities) and private sector
Saudi holdings of US Treasuries surge to $131.9b in December 2023
ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month,...
Economy
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Porsche sales revenue up
Business
Saudi Arabia boosts ‘investment relations’ with African countries
Riyadh, Saudi Arabia-- Saudi Arabia's Ministry of Investment has held a number of roundtable meetings with several African countries on...
Economy
France rallies for Gaza, demanding ceasefire
Pleading for an end to Israel's war on the Gaza Strip, thousands of pro-Palestine supporters took to streets in Paris...
Geostrategy
UAE exhorts UNESCO members to join COP28 ‘climate efforts’
Paris, France-- The UAE has made a fervent appeal to members of the United Nations Educational, Scientific and Cultural Organization...
Economy
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Business
Saudi Arabia, South Africa sign protocol for import of cattle, sheep and goat meat
Riyadh, Saudi Arabia--The Saudi Food and Drug Authority (SFDA) and South Africa’s Department of Agriculture, Land Reform and Rural Development...
- The two sides signed the protocol on the sidelines of the Saudi-Arab-African Economic Conference held in Riyadh
- It looks to accredit the regulatory body in South Africa by the SFDA to export cattle, sheep and goat meat to the kingdom
Business
DEWA Q3 revenue soars
The company posted an operating profit of US$1bn.
- DEWA’s increase in revenue was mainly driven by an increase in demand for electricity, water, and cooling services
- The company net cash from operating activities at the end of Q3 increased by a robust $205 million to $2.66 billion
Business
Export Bahrain and Alibaba sign MoU to boost global trade
Manama, Bahrain--Export Bahrain and Alibaba.com have signed a memorandum of understanding (MoU) to boost global trade and economic growth in...
- The agreement signed during the 6th China International Import Exhibition held in Shanghai will enable Export Bahrain and Alibaba.com to leverage their respective strengths
- The collaboration between the two entities will enable the Chinese giant to train and support Bahraini suppliers in utilizing e-commerce platforms effectively