93% GCC frontline employees use AI weekly, BCG report finds
The report, titled “Strategy Matters More than Tools,” draws on data from the UAE, Saudi Arabia, Kuwait and Qatar and...
Business
Iran war puts fresh pressure on oil flows, shipping as Tehran asks UN to intervene
Renewed US-Iran hostilities are disrupting energy flows, restricting Strait of Hormuz shipping and intensifying economic pressure as Tehran warns against...
Geostrategy
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.
Business
$37.30 million Saadiyat Island penthouse sets new Abu Dhabi record
Abu Dhabi, UAE -- A three-bedroom penthouse at Nobu Residences on Saadiyat Island was sold for a record AED137 million...
- Aldar said the sale represents the highest price per square meter achieved in the emirate, at more than AED96,000 per sqm.
- The record sale of the Nobu Residences Abu Dhabi penthouse follows a recently sold four-bed duplex sky villa at the same development for AED130 million.
Business
ADNOC and SEFE sign agreement
ADNOC will supply 1 million mtpa of LNG to SEFE Singapore.
- The LNG will primarily be sourced from ADNOC’s lower-carbon Ruwais LNG project, currently under development in Al Ruwais Industrial City, Abu Dhabi.
- This is the second long-term LNG supply agreement from the Ruwais LNG project, following the 15-year agreement with China’s ENN Natural Gas in Dec 2023.
Business
50% of firms attracted to Dubai by DIC in 2023 Asian and Australian
Dubai, UAE -- Nearly 50 percent of the Multinational Corporations (MNCs) that opened businesses in Dubai during 2023 are based...
- Latin America and Europe, and the Middle East and Eurasia, accounted for 23.5 percent each of the total number of MNCs attracted during 2023.
- Companies from Africa represented 3 percent of the total number of corporations attracted by the chamber.
Business
ROSHN and Saudi cybersecurity organization partner on tech advancement
Riyadh, Saudi Arabia -- ROSHN Group, the PIF-owned giga-project and real estate developer, has signed a memorandum of understanding (MoU)...
- Both parties will develop joint initiatives aimed at enhancing the abilities of the Saudi IT and cybersecurity sectors.
- ROSHN will look to explore the use of drone technologies in its operations, and also participate in SAFSCP’s Bug Rewards Platform (Bug Bounty)
Business
SAIC net profit $39 million
The company's Board announces a dividend of $11.79 million.
- The company's fourth-quarter net profit increased 89.6 percent year-on-year (YoY) to SAR 38 million, from SAR 19.85 million in 2022.
- In a Tadawul filing, the company attributed the rise in net profit to sale of shares in associated companies and the sale of financial assets at fair value through profit or loss.
Business
UAE launches digital public consultation on tax implementation
Abu Dhabi, UAE -- UAE's Ministry of Finance (MoF) Friday launched digital public consultation to gather feedback from relevant stakeholders...
- The consultation will be open from 15th March 2024 to 10th April 2024, and accessible via the Ministry’s website or the UAE’s Government Portal.
- To familiarize stakeholders with the rules and to ensure informed feedback is received, the Ministry has issued a Global Minimum Tax briefing document alongside the consultation.
Business
Gulf Cooperation Council’s first UAE Bond ETF launched by Lunate Capital
Abu Dhabi, UAE -- The launch of Gulf Cooperation Council's first UAE bond Exchange Traded Fund (ETF), which will list...
- The Chimera JP Morgan UAE Bond UCITS ETF will track the performance of the JP Morgan MECI UAE Investment Grade Custom Index.
- The ETF will hold Investment Grade sovereign, quasi-sovereign and corporate bond issues with at least $500 million in face amount outstanding.
93% GCC frontline employees use AI weekly, BCG report finds
The report, titled “Strategy Matters More than Tools,” draws on data from the UAE, Saudi Arabia, Kuwait and Qatar and...
Business
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Iran launches drone, missile attacks on Gulf nations after US strikes
The latest round of fighting erupted after Iran's IRGC attacked a Cyprus-flagged container ship it said was transiting via an...
Geostrategy
Tehran says it ‘kept its word’ as Trump threatens to ‘decimate’ Iran if targeted
Foreign minister Abbas Araghchi says compliance with the US-Iran memorandum of understanding must be mutual. Tehran denies seeking new talks...
Geostrategy
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Geostrategy
Khamenei laid to rest in Mashhad as clashes persist, Hormuz traffic recovers
Khamenei's flag-draped coffin was carried into the Imam Reza shrine in his hometown of Mashhad, where state television said he...
- Japan says 22 linked vessels exited the Gulf since Tuesday as LNG tankers increasingly resumed Strait of Hormuz transits.
- Diesel export curbs in Russia and limited refining capacity continue supporting fuel prices despite easing crude market volatility.
Business
Tabadul trading value reaches $3.68 billion in H1 2026
Abu Dhabi, UAE -- Tabadul, the regional cross-border trading and market connectivity platform, recorded a record trading value of AED13.5...
- Tabadul connects markets with a combined market capitalization exceeding US$1 trillion.
- The milestone reflects growing investor demand for access to regional markets, rising participation by brokerage firms and increased investor activity
Geostrategy
US strikes Iran during Khamenei funeral despite promised pause
Attacks hit southern Iran as funeral rites for the slain supreme leader continued in Iraq, prompting Tehran to accuse Washington...
- US military said strikes hit more than 80 targets after accusing Iran of attacking three commercial vessels in the Strait of Hormuz.
- Iran vowed a crushing response, saying the attacks violated the memorandum and warning only its designated Hormuz shipping route remained safe.