Ajman real estate transactions reach $560 million in March
Ajman, UAE -- Real estate transactions in Ajman reached AED 2.06 billion ($560 million) in March 2025, marking a significant...
Business
Business
Multiply Group reports $2bn in net profit for Q3 2022
The Group's Q3 2022 figures showed revenue of $29 million and gross margin of $38 million.
- The Group's Q3 2022 figures showed revenue of $29 million and gross margin of $38 million
- The quarter saw continued sustainable growth across the Group's subsidiaries which grew by 67% in revenue and profitability
Economy
Egyptian pound plummets after 2% interest rate hike
The CBE attributed its decision to elevated global and domestic prices that are expected to keep headline inflation.
- The CBE attributed its decision to elevated global and domestic prices that are expected to keep headline inflation
- The decision aims to uphold the CBE’s mandate of ensuring price stability in the local market over the medium term
Business
Emerging sectors are creating thousands of new jobs in the Kingdom, says Saudi Economy Minister
Saudi Arabia is focused on offering solutions that make global trade more predictable and reliable, says Faisal bin Fadhil Alibrahim...
- Saudi Arabia is focused on offering solutions that make global trade more predictable and reliable, says Faisal bin Fadhil Alibrahim at an event in Riyadh.
- The Future Investment Initiative, held under the theme "Investing in Humanity: Enabling a New Global Order", concluded in Riyadh late Thursday
Business
Emirates NBD profit rises 25 percent to $2.47 bn for Jan-Sept period
Q3 profit was AED3.8 bn, up 51 percent year-on-year, exceeding the $1bn mark.
- A record quarter for retail lending and customer transactions, together with improving margins, drove income 31 percent higher YoY to AED22.7 billion.
- New corporate lending grew by AED24 billion in the first nine months of 2022 and impairment was down 12 percent.
Business
Emirates Islamic bank net profit for Jan-Sept period $285 million
The bank attributed the profit to higher funded and non-funded income.
- Expenses increased 22 percent YoY, Impairment Allowances decreased 23 percent YoY reflecting improved business sentiment.
- The bank's total assets increased to AED 73 billion, customer financing stood at AED 48 billion, rising 12 percent from 2021.
Geostrategy
UAE President, Austrian Chancellor discuss bilateral relations
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Federal Chancellor of the Republic of Austria Karl Nehammer met in...
- Leaders of UAE and Austria affirmed their interest in strengthening bilateral relations, especially in technology, energy, innovation and food security.
- The two leaders underscored the importance of taking action to ease tension and promote dialogue to resolve crises with humanitarian, economic and food security implications.
Economy
Egypt, IMF reach agreement on EFF arrangement
Egypt and International Monetary Fund have reached a staff-level agreement on the economic policies to be supported by a 46-month...
- The Extended Fund Facility with a requested access of about US$3 billion, aims to provide Egypt with balance of payments and budget support, said an IMF official.
- EFF will also help in catalyzing additional financing from Egypt's international and regional partners to maintain economic stability.
Geostrategy
Arab-Israeli banker talks up Saudi market at investor forum
Samer Haj-Yehia, the Arab-Israeli chairman of Bank Leumi since 2019, was addressing the Future Investment Initiative, a three-day conference held...
- "You see the economy is very healthy, unlike other economies around the world, and the prospects for the future are very positive," he said.
- His comments follow rampant speculation about future bilateral ties between Saudi Arabia and Israel, which US officials stoked ahead of Joe Biden's visit to Jeddah in July.
Economy
UAE tops list of foreign direct investors in Egypt: Egyptian PM
The UAE president Sheikh Mohamed bin Zayed Al Nahyan, and Abdel Fattah El Sisi, President of Egypt have met recently...
- The UAE president Sheikh Mohamed bin Zayed Al Nahyan, and Abdel Fattah El Sisi, President of Egypt have met recently on several occasions
- Egypt eyes the effective participation of UAE investors under the umbrella of the State Ownership Policy Document, Egyptian PM Madbouly said
Business
UAE-Kazakhstan trade reached $907 million in 2021: Ambassador Menelikov
The Kazakhstan ambassador valued the UAE leadership's interest in strengthening relations between the two countries, pointing out that the 1st...
- Emirati investments in Kazakhstan amounted to about $2.7 billion since the establishment of diplomatic relations.
- Value of Kazakh investments was more than $1 billion, and total direct investment flows from the UAE increased 43 percent.
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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
Ajman real estate transactions reach $560 million in March
Ajman, UAE -- Real estate transactions in Ajman reached AED 2.06 billion ($560 million) in March 2025, marking a significant...
Business
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ICIEC, SAPICO ink pact
Business
UAE defense ministry orders 100 REACH-S unmanned aircraft from EDGE
DUBAI, UAE - EDGE, one of the world's leading advanced technology and defense groups, announced its first major order from...
Business
Saudi Arabia, CARICOM countries hold first summit for strategic partnership
RIYADH, SAUDI ARABIA - Since its foundation, the Kingdom has been keen to build bridges of communication with all the...
Geostrategy
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Business
Mawani, CMA CGM Group lay foundation for logistics park at Jeddah Islamic Port
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) and CMA CGM launched on Wednesday a new logistics park at...
- The new logistics park will offer solutions and integrated environmental services and systems.
- It will offer an export center, storage and sorting services and refrigerated storage services.
Geostrategy
Israel pauses bombing in Rafah for four hours
Tel Aviv, Israel - The Israel Defense Forces (IDF) suspended its military operation in Rafah in the southern Gaza Strip,...
- A humanitarian corridor to evacuate civilians from the Palestinian enclave’s northern areas will be available from Al Shifa Hospital to the southern Gaza Strip.
- The Israeli military will allow Palestinian refugees to leave the Al-Shati camp, which the IDF claims to have taken control of,
Business
Chemanol to buy stake in ACC
It will acquire 84 percent stake for US$12.3 million.
- The purchase amount would be disbursed partially and within specified intervals, as per the terms stipulated in the SPA.
- Chemanol said the acquisition is aimed at enhancing its share in the market and diversifying its product range,