Dubai International Chamber attracts 31 MNCs to Dubai in H1
Dubai, UAE -- Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has announced...
Business
Saudi EXIM Bank signs MoU with Credit Oman to boost bilateral exports
Copenhagen, Denmark -- The Saudi Export-Import Bank (Saudi EXIM) participated as a sponsor of the TXF Global 2025 conference held...
Business
Business
Arcapita Capital closes $500m fund
The fund saw participation from leading sovereign wealth funds.
- Arcapita said in a statement that it has already deployed a substantial amount of the fund in a sizable portfolio of industrial real estate assets.
- Over the coming months, the firm expects to execute on a pipeline of further assets situated in strategic locations across Riyadh, Jeddah, and the Eastern Province.
Business
TECOM 2023 net profit $299m
Revenue in 2023 grew by 10 percent YoY to $599 million.
- The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus
- TECOM Group committed to paying a dividend amount of $217 million per annum through September 2025.
Geostrategy
Facebook, Instagram services restored after widespread outages
More than half a million users across the globe reported issues earlier in the day, with many saying they were...
- A Meta Spokesman said the issue was resolved for "everyone who was impacted"
- Facebook is the world's largest social media platform with three billion active users
Business
PIF, Mumtalakat collaborate to boost investment opportunities in Bahrain
Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) and Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom...
- Mumtalakat Holding Company owns shares in more than 50 commercial companies covering a variety of sectors.
- Through this agreement, PIF seeks to increase its investments in multiple targeted sectors in Bahrain.
Business
ADES 2023 profit $120m
Higher utilization rates in Saudi, Egypt fuel revenue growth.
- The increase in net profit is a result of the revenue growth by 75.6 percent year-on-year (YoY) to SAR 4.33 billion, Argaam reported.
- In Q4 2023, net profit fell 24 percent YoY to SAR 169 million from SAR 222.3 million in Q4 2022.
Business
Parkin IPO price AED2-2.1
The price range implies a market capitalization of $1.63bn-$1.72bn.
- It also announced the start of the subscription period for the IPO on the Dubai Financial Market (DFM).
- The Dubai Investment Fund (selling shareholder) expects to sell more than 749 million ordinary shares.
Business
Middle East saw surge in new CEO appointments in 2023: Report
Dubai, UAE – The Middle East witnessed the highest percentage of new CEO appointments globally, averaging at 16 percent, with...
- The region averaged 16 percent, with Saudi Arabia leading with an impressive 20 percent, according to 2023 Route to the Top report by Heidrick & Struggles.
- This trend is paralleled by markets such as Poland and Switzerland, with similarly high rates of new appointments.
Business
Qatar’s Jan Producer Price Index decreases by 4.38 percent
Doha, Qatar -- Qatar's General Producer Price Index (PPI) for January 2024 is estimated at 113.22 points showing a decrease...
- On Y-o-Y basis, PPI of January 2024 showed a decrease of 12.63 percent, according to the Planning and Statistics Authority (PSA).
- The PPI of January 2024 for Mining and Quarrying sector showed a decrease of 5.22 percent when compared with PPI of December 2023.
Business
Iraq economy likely to grow this year, says IMF
BAGHDAD, IRAQ – Economic growth of the country is projected to continue amid fiscal expansion, an International Monetary Fund (IMF)...
- Medium-term vulnerabilities to oil price volatility have increased significantly, the IMF said.
- Growth in the non-oil sector has rebounded strongly in 2023 while inflation has receded.
Business
Sharjah government issues 12-year bonds worth $750 million
Sharjah, UAE -- Bank of Sharjah has acted as a joint lead manager and bookrunner in Sharjah government's issuance of...
- The bond attracted significant investor interest, evidenced by an order book that exceeded $4 billion.
- The issuance was priced with a spread of 195 basis points over US Treasuries, significantly tighter than the initial guidance of 235 basis points.
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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
Dubai International Chamber attracts 31 MNCs to Dubai in H1
Dubai, UAE -- Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has announced...
Business
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Lulu’s IPO raises $1.72bn
Business
DAE 9M net profit $310m
Business
Dubai real estate market saw record transactions worth $142.1bn in 2024
Dubai, UAE -- Dubai’s real estate market recorded 180,900 transactions worth AED 522.1 ($142.1 billion) in 2024, a market report...
Business
Israeli forces killed 45,553 Palestinians since Oct 2023: Health ministry
Gaza, Palestinian Territories -- The Israeli forces have killed at least 45,553 Palestinian civilians and injured at least 108,379 others,...
Geostrategy
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
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Business
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.
- One of the most notable shifts is the growing ability to harness patient data responsibly for tailored marketing and engagement.
- Reputation management is taking center stage as well, with automated systems streamlining the collection of patient feedback and testimonials.
Economy
UAE real GDP grows by 3.6% in first half of 2024, says economy minister
Non-oil sectors' contribution to GDP reaches 75%. Economy minister Abdulla bin Touq Al Marri says the growth reflects the dynamic...
- The Minister said that the robust growth of non-oil sectors during the first half of 2024 reflects the dynamic nature of the UAE's economy.
- Transportation and storage activities led economic growth in the first half of 2024, with an impressive 8.4 percent growth rate.
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.