Parkin record-breaking IPO raises $428m
The offer was oversubscribed 165 times for all tranches combined.
Business
Business
Saudi Electricity borrows $568m
The money will be used to fund Egypt interconnection project.
- Saudi Arabia and Egypt signed contracts for a $1.8 billion electricity interconnection project to ensure an exchange of 3,000 MW of electricity between both nations
- The utility firm announced that it has also obtained a syndicated loan of $3 billion from a number of international banks
Economy
Saudi Arabia allows holders of all types of visas to perform Umrah
The ministry stated that those who qualify to perform Umrah also include holders of US, UK and Schengen visas
- The ministry stated that those who qualify to perform Umrah also include holders of US, UK and Schengen visas.
- The system allows people to obtain a tourist visa, valid for a period of 12 months, upon arrival at one of the Saudi airports
Economy
Egypt looks to borrow $2.5bn in loan to bolster economy
The country's struggling economy needs to urgently secure more foreign currency in its $400 billion economy to plug gaping deficits.
- The country is looking to garner $41 billion to pay for its current account deficit and maturing debt by the end of 2023
- Saudi Arabia, the UAE and Qatar have pledged more than $22 billion in deposits and investments in the struggling economy
Analysis
Dribbling cost of bringing forward the start of FIFA Cup
The sudden move to bring forward Qatar's match against Ecuador -- to make it the opening match – may put...
- The decision to bring forward Qatar's match against Ecuador -- to make it the opening match – may put pressure on Doha's public relations team, add to the costs and confuse fans
- The organising committee of the key sports event says "huge excitement" is building for the World Cup, which will now start on November 20
Business
RAK Chamber members’ exports in Q2 2022 totaled $447m
The Ras Al Khaimah Chamber of Commerce and Industry issued its statistics for the second quarter of 2022, which showed...
- The report also showed that the number of certificates of origin issued by the chamber totaled 5,871.
- A total of 326 plots were sold for $446 million, while 1,567 apartments and villas were purchased for $849 million
Business
Julphar Q2 sales $114m
Net profit for the period reached AED5.2m (AED73.4 million in Q2 2021)
- EBITDA reached AED 44.2 million in Q2 2022 and the quarter marks a return to a double digit margin of 10.5 percent of net sales.
- The drug manufacturer said the gross profit margin was 34 percent in Q2 2022.
Business
Dubai records $2.6bn real estate transactions in week
A total of 2,433 real estate transactions worth $2.6 billion (AED9.7 billion) were conducted during the week ending 12th August,...
- A total of 2,433 real estate transactions worth $2.6 billion were conducted during the week ending 12th August, 2022
- A total of 326 plots were sold for $446 million, while 1,567 apartments and villas were purchased for $849 million
Economy
ADDED launches incubators program for entrepreneurs
The Competitiveness Office of Abu Dhabi, part of the Abu Dhabi Department of Economic Development, has officially launched the 'Abu...
- The program aims to support individuals who wish to turn their ideas into innovative commercial opportunities
- This incubator program is part of the 14 initiatives under the 'Abu Dhabi Innovates'.
Business
Dubai Airports win Gold Stevie Award for Great Employers 2022
Dubai Airports has been named the winner of a Gold Stevie Award in the Most Innovative Workplace Redesign During COVID-19...
- Dubai Airports wins Gold Stevie Award for initiatives during the pandemic to protect the health and wellbeing of employees, customers and guests.
- This included the redesign of the Dubai Airports workplace with the installation of onsite testing and vaccination facilities.
Economy
Saudi youth programs aim at raising manpower in economics, public policy
Saudi Arabia has launched new youth programs aimed at raising the number of qualified manpower in the field of economics,...
- The programs seek to reduce the gap between the skills required in the field of economy and the requirements of the labor market.
- This initiative included the launch of the "Scholarship Advantages" program for students who have been accepted for scholarships in economics, public policy and social sciences.
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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
Company News
KEZAD, Al Eskan Al Jamae merge
Business
Dubai Islamic Bank lists sukuk
Business
Latest News
Art Dubai 2023 generates US$39m in economic impact, says new study
DUBAI, UAE - Art Dubai, the leading international art fair for the Middle East and Global South, on Sunday announced...
Economy
Dubai Police ink deal with UAE Hockey Federation
DUBAI, UAE - The Athletes Council at Dubai Police and the UAE Hockey Federation signed an agreement (MoU) to enhance...
Arts & Culture
UAE to implement support scheme for low-income farm owners
DUBAI, UAE - The Ministry of Community Development and Etihad Water & Electricity have announced the implementation mechanism of the...
Geostrategy
Most Read
Business
MoFAIC, Burjeel Holdings ink MoU on healthcare services
ABU DHABI, UAE - UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC) and Burjeel Holdings have signed a Memorandum...
- MoFAIC said that it seeks to enhance the quality of life via comprehensive and proactive health and therapeutic services.
- Burjeel Holdings said their healthcare professionals are committed to ensuring the well-being of MoFAIC's employees.
Business
UAE bank investments at all-time-high of $147 bn in February
Abu Dhabi, UAE - Bank investments in the UAE hit $147 billion by the end of February, the highest level...
- Held-to-maturity securities accounted for 42.5 percent of the total investments, reaching $52.4 billion
- The bank stock investments reached $3.3 billion in February, a rise of approximately 1.7 percent
Business
UAE ministry hosts discussion on poultry industry, food security
DUBAI, UAE - UAE Ministry of Climate Change and the Environment (MOCCAE) on Tuesday organized the second National Dialogue for...
- The National Dialogue for Food Security, organized by MOCCAE, aims to discuss topics that contribute to enhance food security for UAE.
- The dialogue was also attended by poultry industry experts and representatives of various federal and local government entities.