Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
Business
$20 million rare blue diamond goes on show in Abu Dhabi
Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...
Business
Business
EGA to acquire Leichtmetall
EGA is to buy 100 percent of firm from Leichtmetall Holding.
- The transaction is expected to close during the first half of 2024, subject to obtaining regulatory approvals.
- Leichtmetall’s production mainly consists of hard alloy billets up to 1,150 millimetres in diameter
Business
ESG buys additional stakes in 2 firms
The stakes were acquired in Vision Factory and Decovision.
- ESG had acquired 60 percent stake in Vision Factory, a key player in furniture and joinery production, in 2022.
- ESG’s latest acquisition in Decovision, a premier provider of interior design and engineering services, increases its stake to 85 percent.
Business
Sharjah Islamic Bank signs Murabaha pact with Turkiye Wealth Fund
Sharjah, UAE -- Sharjah Islamic Bank (SIB) and the Turkiye Wealth Fund (TWF) have signed a Shariah-compliant Murabaha facility worth...
- This agreement, facilitated by Dogan Investment Bank, marks the first time the Turkish Sovereign Wealth fund has launched Shariah-compliant financing from an international source.
- The Turkiye Wealth Fund (TWF) is the entity responsible for the sovereign ownership of strategic and high-importance assets in Turkiye, including Turkish Airlines.
Business
Emarat partners with Al Maryah Bank
Al Maryah gets first naming rights for Emarat fuel stations.
- Under this partnership, Al Maryah Community Bank becomes the inaugural entity, both locally and globally, to secure the rights to name a fuel station.
- Through Mbank Wallet application, customers can execute transactions by scanning the QR code at the checkout counters using their mobile phones.
Geostrategy
Qatar and Turkey to reunite wounded Gazans with their relatives in Doha
Doha, Qatar - Qatar and Turkey announced partnership in reuniting wounded Palestinians from the Gaza Strip with their relatives in...
- The Ministry of Foreign Affairs said that a number of the wounded are receiving treatment in Turkey, while their relatives were undergoing treatment in Qatar.
- The reunification will enable the patients to continue their treatment together in Doha, as part of the initiative of Qatar's Amir Sheikh Tamim Al-Thani.
Business
Real estate deals worth $23bn recorded in Abu Dhabi in 2023: ADREC
Abu Dhabi, UAE -- Real estate deals worth AED 87.1 billion ($23.71 billion) were recorded in Abu Dhabi during 2023,...
- The value of buying and selling activities surged by 159.5 percent compared to 2022, reaching AED61 billion.
- ADREC reported this increase based on 15,653 transactions, representing a 73.7 percent rise from 2022.
Business
Nearly 71% firms plan to expand workforce in ADGM in 2024
Abu Dhabi, UAE: A total of 70.81 percent of companies anticipate expanding their workforce in Abu Dhabi Global Market during...
- Asset Management is poised to take the lead, as 18.56% of respondents recognize its significant growth potential.
- Fintech and the fields of Digital Assets, Blockchain, and Distributed Ledger Technology, came second, with 17.08% and 16.83% of stakeholders banking on their rise respectively.
Business
UAE first: Islamic banking assets by 2023 end cross $190bn mark
Abu Dhabi, UAE -- The assets of Islamic banks operating in the UAE exceeded AED 700 billion ($190 billion) for...
- Deposits in Islamic banks rose to AED 495.5 billion at the end of last December, an annual increase of about 12.6 percent, compared to about AED 440 billion in December 2022.
- The total investments of Islamic banks reached AED 132.7 billion at the end of last December, an annual increase of 27.1 percent or AED 28.3 billion.
Geostrategy
Russia working to establish visa-free travel with Gulf nations: Bogdanov
Moscow, Russia -- Russia is working to establish a visa-free regime with all Gulf countries, said Mikhail Bogdanov, Russia's deputy...
- "In principle, such work is going on systematically. Because, of course, I think it is in the interests of our countries," said Mikhail Bogdanov, Russia's deputy foreign minister.
- In September last year, Russia offered the complete cancellation of tourist visas to Kuwait, Oman, Bahrain, Saudi Arabia and Malaysia.
Business
Arabian Drilling to pay $60m dividend
The firm said the total dividend for 2023 will be S120 million.
- The company posted a net profit SAR 605 million in 2023, up 8 percent compared to SAR 558 million in 2022.
- The fourth-quarter net earnings jumped 34 percent to SAR 183 million from SAR 137 million in Q4 2022.
Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
Business
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Lulu’s IPO raises $1.72bn
Business
Saudi PIF’s assets up by $11.44bn by the end of third quarter 2024
Riyadh, Saudi Arabia – The value of assets under Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) assets—both...
Business
Unemployment rate among Saudi nationals 7.8 percent in Q3
Riyadh, Saudi Arabia -- Unemployment rate among Saudi nationals reached 7.8 percent in the third quarter of 2024, a year-on-year...
Economy
Key healthcare digital trends to watch in 2025
From AI-powered content creation to automated feedback systems, technology is streamlining operations and improving patient care.
Business
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Business
SHUAA okays MCB tranches
The two tranches will be converted into equity at the earliest opportunity.
- The first tranche, valued at up to AED150 million, will be offered to existing shareholders through a private placement.
- The second tranche, valued at up to AED275.5 million, will be offered to holders of existing bonds issued by a SHUAA-related special-purpose entity under the same conversion terms.
Business
Mubadala acquires stakes from GHH
It acquired an 80 percent stake in Global Medical Supply Chain.
- Founded in 2015, GMSC provides comprehensive end-to-end supply chain services for medical products, including demand planning, procurement and logistics.
- IDS, established in 1987, stands as one of the leading distributors of pharmaceutical and consumer healthcare products in the UAE.
Business
AD Ports Group secures $2.125 billion refinancing deal
The move aims to optimize financing costs.
- The deal is also aimed at extending the facility’s maturity to 2028, with an option to extend further until 2030.
- The increased facility, which was oversubscribed 2.5 times, will be used to support the Group’s short and medium-term growth objectives.