The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
Economy
Saudi’s Modon attracts $3.8bn industrial investments in 2023
Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for...
Economy
Business
Saudi SMEs authority and Aramco center sign cooperation pact
Riyadh, Saudi Arabia—Saudi Arabia’s General Authority for Small and Medium Enterprises (Monsha'at), has signed a cooperation agreement with Aramco’s Center...
- The two sides will provide shared office spaces, financial grants, and business development and mentorship programs to enable SMEs to enter the market.
- Monsha'at works to organize, support and sponsor the small and medium enterprises sector in the Kingdom in accordance with best practices.
Business
FAB, Silver Birch announce partnership
They will offer inventory solutions to their local, international clients.
- This partnership enables FAB and Silver Birch to offer various inventory solutions to suit specific client needs.
- Silver Birch, headquartered in the UK, is a specialist working capital structuring, advisory and execution firm.
Economy
Dubai road-toll operator Salik’s IPO to sell 20% shares
According to its intention-to-float document, the company is selling 1.5 billion shares and the offer price will be confirmed on...
- According to its intention-to-float document, the company is selling 1.5 billion shares and the offer price will be confirmed on September 22
- The Salik electronic toll collection system was introduced in Dubai in 2007 to ease congestion in the regional trading hub
Business
Jahez posts profit of US$14.2m
The food delivery platform saw rise in orders on its app in H1.
- Jahez said the profit surge was mainly driven by a revenue jump of 60 percent to $207 million, from $129.60 million in the corresponding period last year
- Orders made through the app surged by 46 percent to 31.5 million during the six months, as the average number of users soared by 48 percent
Business
Iraq looks to neighbors for energy to overcome crunch
Looking to tide over the persistent problem of a lack of energy supply in the country, particularly in the summer...
- Ahmed Moussa, spokesman for the ministry, said that the electrical connection with neighboring countries will not achieve self-sufficiency for the national system
- He said the final operation was signed with Turkey to pass 300 megawatts, but the rise in electricity prices and the rise in demand for gas hampered the implementation
Business
Saudi PIF launches new company to digitize real estate sector
The Public Investment Fund has launched a new company aiming to digitize and develop the local real estate sector through...
- Saudi Arabia has set an ambitious target of raising home ownership rates in the kingdom to 70 per cent by 2030 under the Sakani program
- According to the Ministry of Housing, the home ownership rate rose to 60 per cent in 2020 from 47 per cent in 2016
Business
Saudi’s investment funds’ assets fall by 11 percent in Q2
Investment funds hold both local and foreign assets.
- The decline was attributed to a 10 percent drop year-on-year (YoY) in local assets – which represent 74% of total assets – to $38 billion.
- Investment funds are either open- or closed-end, with total assets of open-end funds at approximately SAR 159.7 billion ($42.5bn).
Videos
Middle East battles rising data breach costs
Most of the data breaches reportedly happen within the organization, but the silver lining is that organizations are handling these...
- Data breach costs in the Middle East are the second highest in the world after the US.
- In an IBM report based on data breach experienced by 550 organizations, 33 are from the Middle East region.
Business
Gulf Navigation repays loan
The $2.7m loan was financed by "Rasmala" for a vessel.
- In a bid to reduce financing costs, the company said last August that it had refinanced five petrochemical tankers under new and preferential terms with a major Chinese lender.
- The debt has also fallen to 294 million dirhams today, compared to 433 million dirhams at the end of 2020.
Economy
UAE approves code for education professionals
The UAE Ministry of Education has approved the Code of Conduct for professionals in the sector to set up clear,...
- The code of conduct will enhance an educator’s professional responsibilities
- The code is a framework of the basic values and ethics that an educator must commit to.
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
The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
Economy
Company News
Latest News
dnata begins building warehouse
Business
UAE finance ministry unveils new corporate taxation rules
ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the...
Geostrategy
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
Most Read
Business
Saudi Arabia’s PIF sets up Sawani Company for camel dairy industry
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced the establishment of Sawani Company to enable the growth of...
- The company aims to be a leading producer of camel dairy products, supporting Saudi Arabia’s wider food and agriculture sector.
- Sawani will work in partnership with the private sector to boost the production capacity of the camel dairy industry.
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.