Parkin record-breaking IPO raises $428m
The offer was oversubscribed 165 times for all tranches combined.
Business
Business
SNHC posts 122% jump in profit
Sharjah Hotels occupancy rate jumped to 67 percent in H1.
- The improved performance brought the hotel group closer to pre-pandemic levels in the second half of 2022, showing a steady return in customer confidence
- The hotel group is looking for opportunities to expand its portfolio of managed hotels and catering contracts
Business
Aramco, Sinopec to partner on projects in Saudi Arabia, China
This latest collaboration builds on existing joint ventures between the two companies.
- This latest collaboration builds on existing joint ventures between the two companies
- The companies will discuss the establishment of a manufacturing hub in King Salman Energy Park
Business
Hotel construction to see boom in Saudi Arabia: TOPHOTEL Projects
Saudi Arabia will see a boom in construction of hotels in 2023, with some 63,753 to be available for guests...
- According to the TOPHOTEL Projects, some 80 hotel projects in the kingdom are scheduled for completion next year
- Saudi Arabia has led the hotel construction market in the Middle East with some 37,654 rooms being built at the end of the second quarter of 2022
Economy
Saudi job numbers see big jump in July, highest in three years
Due to an improvement in business conditions in July, Saudi Arabia has posted a strong growth in job numbers in...
- The report said that the improved business conditions resulted in stronger demand for talents, which has now reached the highest since September 2019
- It further added that Saudi Arabia faced slightly lower inflation in July but still marked the second fastest price increase since August 2020
Economy
Qatar Broad Money Supply hits $185 billion by June 2022
Qatar’s Total Broad Money Supply (M2) recorded about QR 675.1 billion ($185.4bn) during June 2022, marking an increase of 9.3...
- Cash equivalents; including Commercial Bank Deposits, attained for approximately QR 984 billion during June 2022.
- The report noted the increase in deposits and credit facilities for commercial banks at a monthly rate of 1.7 percent and 0.7 percent.
Business
UAE accounts for 25 percent of MENA digital media subscriptions: Report
UAE’s publishing sector has grown by 150 percent during the current decade and it will reach $650 million in 2030,...
- UAE’s publishing sector has grown by 150 percent during the current decade and it will reach $650 million in 2030.
- The global media and entertainment services sector will reach $2.4 trillion in 2023.
Business
45 types of dates on auction at Buraidah Dates Festival in Saudi
More than 45 types of dates have been placed at the auction grounds at the Buraidah Dates Festival, which began...
- The auction yards also witnessed the arrival of more than 3000 thousand cars and 950 tons of dates within three days.
- Agriculture is still the cornerstone of the economy in Buraidah. Thousands of farmers and young people depend on the income generated from date farming.
Business
Ajman posts 16 percent growth in new licenses in first half of 2022
The Department of Economic Development in Ajman (Ajman DED) has said the number of new economic licenses grew by 16...
- The number of industrial licenses increased by 51 percent to 83, compared to 55 licenses in H1 2021.
- While Ajman accounted for 91 percent of licenses, Masfout area accounted for 5 percent and Manama 2 percent.
Ooredoo to pay 3% interest
Group EBITDA for the period was QR4.5 billion.
- The company will pay the accrued interest of 3.25 percent to the bondholders amounting to $1 billion and due on Feb. 21, 2023
- Ooredoo revenue for the half year ended 30 June 2022 stood at QR11 billion, an increase of 4 percent compared to the same period last year
Business
stc profit jumps to $1.6bn in H1
The Saudi Telecom Co. will pay $532m in quarterly dividend.
- According to Olayan Alwetaid, the CEO of the company, DARE 2.0, a company specialized in cloud computing, was established with SR894 million capital
- The telecom giant’s profit jump from SR5.77 billion in the same period a year ago came on the back of a 7 percent surge in sales
Parkin record-breaking IPO raises $428m
The offer was oversubscribed 165 times for all tranches combined.
Business
Company News
Latest News
UAE energy ministry awards DEWA for research, innovation
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has been awarded first place in UAE Ministry of Energy and...
Business
UN chief calls for protection of biodiversity on International Mother Earth Day
NEW YORK, US - UN Secretary-General António Guterres issued a statement calling for urgent action to protect the environment and...
Science
Best chance for peace in Yemen in eight years, says UN envoy
Yemen faces its best chance to strike a peace deal since the country's civil war started over eight years ago,...
Geostrategy
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Geostrategy
Cementing ties: Iran invites Saudi Arabia’s king to visit Tehran
The two countries had severed ties seven years ago after Saudi Arabia executed a revered Saudi shia cleric Sheikh Nimr...
- The two Middle East powerhouses had held several rounds of dialogue in Iraq and Oman before reaching the agreement to mend ties on March 10 in China.
- Saudi delegation to visit Iran to discuss the reopening of the embassy and consulate. Iranian officials say diplomatic mission likely to open before May 9.
Business
Delegation highlights investment opportunities in Ras Al Khaimah
RAS AL KHAIMAH, UAE - A delegation from Ras Al Khaimah Economic Zone (RAKEZ) has concluded its visit to Russia...
- RAKEZ delegation met people from construction, manufacturing, information technology and fast-moving consumer goods trading.
- The audience in Russia was keen on exploring sectors such as cement, building materials, engineering services and raw materials trading.
Economy
UAE minister stresses G20 and COP28 collaboration at WBG meet
The members also exchanged views on progressing the implementation of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent...
- Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation at the meeting, held on the sidelines of the 2023 Spring Meetings.
- Ministers of Finance and Central Bank Governors from G20 member countries, invited countries, and international organizations attended the meeting.