Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
Business
flydubai adds two Saudi destinations
Flights to Al Jouf Airport and Red Sea Airport to start from April 18.
Business
Business
Riyad Bank to offer sukuk
The bank offering will be denominated in Saudi riyals.
- Investors, according to the bank, shall subscribe to a minimum of $66,533, with a return rate yet to be determined
- Riyad Capital will act as the sole lead manager and book runner for the potential Tier 1 capital sukuk offer
Business
UN says Iran can make a nuclear bomb in three weeks
The UN atomic watchdog has warned Iran has enough enriched uranium to make a bomb in three weeks and that...
- The IAEA has been demanding answers from Iran on the presence of nuclear material at three undeclared sites
- The latest reports come as talks to revive the 2015 nuclear deal to curb Iran’s nuclear program remain stalled
Business
UAE to deepen collaboration with India in education sector
The UAE has agreed to deepen collaboration with India in the field of education, and in this regard the two...
- An original MoU was signed in 2015 between India and the UAE in the field of education, but it expired in 2018
- It is expected to rejuvenate educational cooperation and increase academic mobility between India and UAE, besides facilitating exchange of information
Market Report
UAE stocks gain US$3bn in Wednesday trade
Abu Dhabi index (FTFADGI) rose 0.566 percent to 9,717.380 pts, with conglomerate International Holding Company (IHC.AD) closing high at AED...
- Abu Dhabi index (FTFADGI) rose 0.566 percent to 9,717.380 pts, with conglomerate International Holding Company (IHC.AD) closing high at AED 350
- Among other stocks, the Emirates NBD and Mashreq Bank increased 1.92 percent, and 1.270 percent to AED13.250 and AED80.00 respectively
Economy
Oil and gas sector fuels demand for industrial space in Dubai
Ecommerce operators, who have seen an acceleration in activity post the onset of the pandemic, have further expanded their operations.
- Ecommerce operators, who have seen an acceleration in activity post the onset of the pandemic, have further expanded their operations
- Demand during H1 2022 was primarily concentrated across traditional hotspots such as Dubai South, JAFZA and National Industries Park
Business
Khalifa Fund to launch e-commerce program for entrepreneurs
Abu Dhabi, UAE-- Khalifa Fund for Enterprise Development has officially announced the launch of the E-Commerce Acceleration Programme, a training...
- The programme aims to help deliver results that impact the entrepreneur's bottom line, generate profit, expand their brand's exposure and improve customer engagement.
- The five-day training will take place on the 21st, 22nd, 28th, 29th September, and 4th October.
Business
Investcorp leads Pre-IPO round in TruKKer
TruKKer is one of the region’s largest online trucking aggregator.
- TruKKer is one of MENA’s fastest growing technology companies and the region’s largest online trucking aggregator
- This investment is part of the recently launched Investcorp Saudi Pre-IPO Growth Fund LP, targeting equity growth capital investments across a range of companies
Business
Mubadala to buy Fortress
The Abu Dhabi fund will buy it from SoftBank for $2bn.
- The PIF-backed SoftBank Group acquired Fortress in 2017 intending to use the New York-based company's expertise to aid in managing its Vision Fund
- The reports said the Abu Dhabi sovereign fund could announce an agreement in the coming weeks
Business
BinDawood CEO resigns
Ahmad BinDawood stepped down due to personal reasons.
- The company said it will announce any developments about the appointment of a replacement in due course
- BinDawood Holding Co. is a leading grocery retail operator of hypermarkets and supermarkets in the kingdom
Economy
UAE meets 42% of Japan’s crude oil needs in July
Japan imported 81.05 million barrels of crude during July, of which 79.17 million barrels, or 97.17 percent, came from Arab...
- Japan imported 81.05 million barrels of crude during July, of which 79.17 million barrels, or 97.17 percent, came from Arab countries
- Saudi Arabia contributed 28.47 million barrels, which is 35.1 percent of the Japanese crude needs
Most Read
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
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
Business
Company News
Latest News
Saudi Arabia at 16 position in Lloyd’s List 2023 rankings
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition...
Business
Proton says will analyze VPN sign-ups to identify attacks on democracy
GENEVA, SWITZERLAND - Internet privacy company Proton announced Wednesday a new VPN Observatory, tracking demand for its services to detect attacks...
Business
Arab-Indian Chamber of Commerce to be unveiled soon
NEW DELHI, INDIA - A Joint Arab-Indian Chamber of Commerce is to be “activated” soon. This was announced in the...
Business
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Business
FAB H1 2023 net profit $2.2bn
It is highest ever profit achieved by FAB in a half-year.
- Return on Tangible Equity (ROTE) increased substantially to 18.6 percent as of June-end 2023.
- Strong capital accretion lifted group Common Equity Tier 1 to 13.6 percent as of June-end 2023.
Business
SALIC buys 10.7% stake in BRF
The deal is worth US$266 million (SAR1.27 billion).
- SALIC is fully owned by the Public Investment Fund.
- Brazilian firm BRF is a global leader in the poultry sector.
Geostrategy
Japanese PM discusses clean energy cooperation with UAE ahead of COP28
As the UAE prepares to host COP28, Japan aims to offer its green and renewable energy technologies to support the...
- Japan aims to offer green and renewable energy technologies to assist Gulf states' decarbonisation efforts
- The UAE-Japan Business Forum witnesses signing of 23 cooperation agreements and MoUs in various sectors