Archaeological sites discovered in Southern Saudi Arabia
ABHA, SAUDI ARABIA - The Heritage Commission announced its most prominent discovery in Jurash, Asir region, as one of the...
Arts & Culture
SCCI and Oman Chamber aim to boost investment cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed ways...
Business
Geostrategy
Sanctions bore in on Russia over Ukraine invasion
On Friday, US President Joe Biden extended his country's measures against Russia to include sanctions on President Vladimir Putin and...
- The first tranche will hit four Russian banks, cut off more than half of Russia's technology imports, and target several oligarchs
- Energy giant Gazprom and 12 other major companies will be barred from raising capital in Western financial markets
Business
Al-Dawaa of Saudi Arabia to launch IPO at $17.3 per share
Al-Dawaa, a pharmaceutical retail firm in Saudi Arabia, has set the price range for its initial public offering at SR65...
- The company earlier announced it was offering 25.5 million shares in an IPO, or 30 percent of its capital of SR850 million through a sale by existing shareholders
- Institutional subscription has also started on Sunday, where they are initially allocated 100 percent of the offering
Business
TAQA posts a net income of AED6bn for 2021
Abu Dhabi National Energy Company (TAQA) has posted a net income (TAQA-share) of AED6.0 billion, a jump of AED3.2 billion,...
- The company has attributed the increase in income to a greater contribution from the Oil & Gas segment
- The Group revenues of AED45.7 billion, 11 percent higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment
Business
Google buys $1bn London office
It is buying the Central St Giles office site, where it is a tenant.
- Google, however, stressed it remained committed to new hybrid working patterns in the wake of Covid-19
- It said it would give the site a multi-million-pound overhaul for flexible working patterns, including outdoor work spaces
Business
DGCX total value traded worth $150bn in 2021
The Dubai Gold and Commodities Exchange (DGCX) has reported that the exchange recorded a yearly AOI a sum of 1,985,584...
- The DGCX’s best performing product in 2021 was its Indian Rupee Options (DINRO) Futures Contract, which traded up 1,233 percent
- the DGCX also signed a strategic MoU with Victoria Falls Stock Exchange (VFEX) aimed at supporting with the development of a clearing commodities exchange in Zimbabwe
Business
Natixis of France to fund ACWA Power projects with $2bn
Natixis Corporate and Investment Banking of France has signed an agreement to finance ACWA Power projects over the next two...
- The MoU will allow both parties to “explore opportunities to develop new projects in the region,”
- Natixis has previously underwritten some of the Saudi-listed firm’s high-profile renewable projects, including the Sakaka solar project
Geostrategy
UAE and US review strategic cooperation and events in MENA
Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, reviewed strategic cooperation and joint coordination in a meeting...
- The two exchanged views on the overall issues and topics of mutual interest, particularly the latest developments in the Middle East
- Sheikh Mohamed welcomed their visit to the UAE and pointed at the significance of such visits to exchange views and thoughts regarding various issues of mutual interest
Business
Trade between Jordan and UAE grows to $891m in 2021
Trade between Jordan and the United Arab Emirates has grown to $891 million during the course of last year, and...
- The details of the growing economic ties between the two countries were shared by the prime minister of Jordan Bisher Khasawneh
- He said the UAE has poured almost $17 billion into the Kingdom investments as it considered as one of the key partner in this regard
Geostrategy
Lebanon invites Saudis for talks as diplomatic row deepens
Lebanon on Monday called for talks with Saudi Arabia to ease a spiraling diplomatic row sparked by remarks made by...
- "Lebanon invites Saudi Arabia to engage in dialogue to solve all outstanding problems and not just the latest spat, so that the same crisis is not repeated every time"
- On Friday, Saudi Arabia gave Lebanon's ambassador 48 hours to leave the country, recalled its envoy from Beirut
Business
First Abu Dhabi records 26% rise in net profit to AED9.2bn
First Abu Dhabi Bank has recorded a 26 percent rise in net profit to AED9.2 billion in the first nine...
- The bank's revenue was up 17 percent supported by business growth, solid fee generation and strong trading performance, helping to offset headwinds from low-interest rates
- The Group’s foundation remains robust across liquidity, capital and asset quality metrics
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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
Archaeological sites discovered in Southern Saudi Arabia
ABHA, SAUDI ARABIA - The Heritage Commission announced its most prominent discovery in Jurash, Asir region, as one of the...
Arts & Culture
Company News
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Hamriyah Freezone Authority, Amazon UAE ink pact for logistics center
SHARJAH, UAE - Hamriyah Freezone Authority (HFZA) and Amazon UAE have signed a lease agreement for a new logistics center...
Business
NY Times probe casts doubt on Israel’s account of Gaza hospital blast
Dubai, UAE--The New York Times's Gaza hospital blast investigation does not conclude in any way who is responsible for the...
Geostrategy
Capital flows to emerging markets facing short-term headwinds: QNB
Doha, Qatar--Qatar National Bank (QNB) said that the global macro trends are starting to present short-term challenges to emerging markets...
Economy
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Business
Durar launches ‘MASA Residences’ in Ras Al Khaimah worth US$190.58m
RAS AL KHAIMAH -- Durar, a prominent UAE real estate developer, is set to launch MASA Residences, a luxury residential...
- Christie’s International Real Estate Ras Al Khaimah will exclusively handle sales and marketing for the development
- The project marks Durar's entrance into the UAE's northern Emirates and is poised to elevate Al Marjan Island's landscape
Business
Chevron Q3 profit falls
Its earnings fell to US$6.5bn, down from $11.2bn last year.
- Its earnings have dropped from record year-ago levels as crude prices eased and higher costs ate up refining and chemical profits
- The company agreed to buy U.S. rival Hess Corp for $53 billion in an all-stock deal that expands its shale and deepwater oil production
Business
Abu Dhabi International Airport records 29.3% jump in Q3 passenger traffic
Abu Dhabi, UAE--Abu Dhabi International Airport has posted a 29.3 percent jump in passenger traffic for the third quarter of...
- The passenger traffic saw a 29.3 percent increase at the international airport between July and September of 2023
- The emirate's connectivity also expanded, with 119 destinations served from Abu Dhabi International Airport by 24 airlines