GCC equity markets ended 2024 in positive territory
Five of seven GCC equity market indices under coverage ended 2024 on the rise, according to an in-depth report on GCC equity...
Business
Aldar, Abu Dhabi Residents Office to enhance Golden Visa services, offerings
Abu Dhabi, UAE-- The Abu Dhabi Residents Office, part of Abu Dhabi Department of Economic Development (ADDED), has signed a...
- They are working on developing a joint strategy to promote Abu Dhabi and its real estate projects besides identifying opportunities to support investors and talent.
- The Office will support clients of Aldar when applying for a Golden Visa upon purchasing a property valued at more than AED 2 million ($544, 506) from Aldar’s projects.
Geostrategy
Nord Stream probe tailored against Russia, says Kremlin
The Kremlin said that the investigation into the explosions that tore through the Nord Stream gas pipelines was being 'tailored'...
- Russia has accused Western countries of being behind the explosions of the pipelines.
- Russia had earlier expressed bewilderment over its exclusion from an investigation into the incident.
Business
Morocco supervisory authority approves Takaful Insurance Company
Rabat, Morocco---A Takaful insurance company will be established in Morocco by Qatar Islamic Bank, Atlanta Insurance and Moroccan Tourism and...
- The Atlanta Insurance Company will hold 60% of the shares, Moroccan Tourism and Real Estate Loan Bank 20% and Qatar Islamic Insurance Company and QIIB 10% each.
- Takaful is Sharia-compliant Islamic insurance wherein members contribute money into a pool system to guarantee each other against loss or damage.
Economy
CBUAE issues commemorative coins on Tawazun’s 30th anniversary
The Central Bank of the UAE (CBUAE) in collaboration with the Tawazun Economic Council (Tawazun), has issued 1,000 silver commemorative...
- Tawazun was established in 1992 to create, build and manage industrial relationships.
- The issuance of the commemorative coins aims to highlight the vital role of Tawazun.
Business
Aramco to build fabrication yards
The yards will more than triple Saudi offshore fabrication capacity.
- The new yards are being constructed in Ras Al Khair in collaboration with National Petroleum Construction Company (NPCC) and McDermott International.
- They are expected to fabricate and assemble offshore platforms, jackets and structures for subsea pipelines.
Economy
Saudi economy is the fastest growing among G-20 in 2022: report
The announcement comes after the IMF affirmed that the Kingdom's economic prospects are positive in the short and medium term.
- The announcement comes after the IMF affirmed that the Kingdom's economic prospects are positive in the short and medium term
- The estimates of the OECD report for the Kingdom contradict the bleak and ambiguous outlook that stems from the Russian-Ukrainian crisis
Business
QIB’s profit shoots up 13%
It reported $783m profit in the first nine months of the year.
- The bank's data showed an increase in earnings per share for the period ending on Sep. 30, 2022, to reach QR1.21, compared to QR 1.07 for the same period last year
- QIB carries out all banking, finance, investment and banking services in accordance with the provisions of Islamic Sharia
Business
Abu Dhabi Chamber to launch new digital platform
Abu Dhabi Chamber of Commerce and Industry (ADCCI) will launch a new platform for Abu Dhabi's business community in order...
- The Business Matchmaking Platform, which is currently going through the development phase, will enhance the experience of Abu Dhabi’s business community
- Members of Abu Dhabi Chamber will also be able to have a comprehensive overview of upcoming events and register for them, as well as access the latest data and insights
Geostrategy
Arab world rallies around Saudi Arabia over oil cut decision
Rallying behind Saudi Arabia, several Arab states have voiced their support for Saudi Arabia in the face of harsh criticism...
- The UAE said that the OPEC+ decision was vote-based collective
- Toeing the UAE’s line, Bahrain has expressed solidarity with Saudi Arabia, rejecting statements pushing towards politicizing OPEC+ decision on oil production cuts
Economy
Visa-free travel between UAE, Japan starting Nov 1
Holders of UAE passports can stay in Japan for up to 30 days during each visit for the purpose of...
- Holders of UAE passports can stay in Japan for up to 30 days during each visit for the purpose of tourism or work
- The UAE is Japan's tenth largest trading partner in the world and is home to more than 340 Japanese companies operating in various sectors
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GCC equity markets ended 2024 in positive territory
Five of seven GCC equity market indices under coverage ended 2024 on the rise, according to an in-depth report on GCC equity...
Company News
SALIC buys 10.7% stake in BRF
Business
ADNOC L&S buys VLCC
Business
Latest News
CBD H1 2023 net profit $133m
Business
Iran, Russia to invest $38bn in developing INSTC
TEHRAN, IRAN – The Iranian head of Solyanka Port in Russia said that the International North-South Transport Corridor (INSTC) is a...
Geostrategy
Saudi Arabia’s Ministry of Investment inks 3 MoUs at FII7
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology,...
Business
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Business
Ghitha Holding Q3 profit of $33m
The company gained from regional food processing.
- Driven by strong results and business momentum, Ghitha reported revenue of US$898 million in the third quarter.
- Revenues grew 120 percent year-over-year, driven by broad-based growth across categories and geographies.
Business
Bank Albilad posts net profit
The bank’s January-September 2023 profit was $469 million.
- The bank reported a 3 percent year-on-year increase in gross operating income during January-September 2023 period.
- The rise in gross operating income was mainly due to higher net income from investing and financing assets.
Business
RCU inks pact with Artefact, Dassault Systèmes for AI, digital solutions
ALULA, SAUDI ARABIA – The Royal Commission for AlUla (RCU) has reinforced its commitment to technology innovation and cutting-edge digital...
- The pacts are focused on the seamless integration of the latest and emerging digital products within AlUla's maturing technology eco-system.
- The agreement will cover pivotal areas of development, from AI consulting and transformation to establishing a dedicated school of data & AI.