Potential investors value Telegram at $30bn, says co-founder Pavel Durov
MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social...
Business
Amman Chamber of Industry exports for January-February 2024 reaches $1.3bn
AMMAN, JORDAN - Amman Chamber of Industry (ACI) exports amounted to US$1.3 billion (JD926 million) during the last two months...
Business
Economy
Over 20K investor accounts join DFM in first 7 months of 2022
Brokerage companies in Dubai Financial Market added 20,552 new investor accounts in the first seven months of 2022. The market...
- Brokerage companies in Dubai Financial Market added 20,552 new investor accounts in the first seven months of 2022
- The market witnessed significant momentum since the announcement of the listing of 10 governmental and semi-governmental firms
Business
SAMA approves merger of SABB Takaful and Walaa Insurance
Saudi Central Bank has approved the merger of SABB Takaful with the rival insurer Walaa Insurance, following an agreement between...
- According to a bourse filing, the execution of the transaction remains subject to obtaining regulatory approvals and votes of the extraordinary general assemblies
- Once the deal is completed, SABB Takaful’s assets, liabilities, and rights will be transferred to Walaa Insurance and the former will cease to exist
Business
Saudi to organize esports and gaming event Next World Forum in Sept
The Next World Forum, an esports and gaming forum that will bring together sector leaders and experts from around the...
- More than 1,200 delegates from across the globe will gather in Riyadh to discuss the most pertinent issues in esports and gaming at the in-person Forum.
- Those attending the Next World Forum include ministers of sport from various leading nations, investors, gamers, developers, tech providers and start-ups.
Al Rajhi Bank H1 profit is up 21%
Operating income grew because of higher investment income, banking fees, and exchange income, the bank said.
- Operating income grew because of higher investment income, banking fees, and exchange income, the bank said
- But the depreciation, higher salaries, and employee benefits weighed on costs during the six-month period, leading to a 4.5 percent rise in operating expenses
Business
Dubai closes in on top spot for sea trade
The city, with a rich history of trading with the world through sea, looks to emerge as one of the...
- The investment to the tune of $38 million will go into building a network for sewerage, fire, storm water, telecommunication and roads
- The new work on the infrastructure is in line with the Dubai Maritime Vision 2030, positioning the city to emerge as a premier international maritime hub
Economy
Qatar launches ‘Qatar Host’ tourism training programme
The initiative is part of the Service Excellence Programme, which builds on Qatar Tourism’s strategy, to enhance the visitor experience...
- The initiative is part of the Service Excellence Programme, which builds on Qatar Tourism’s strategy, to enhance the visitor experience at every touchpoint along their journey
- The programme involves a multi-pronged approach to ensure a seamless customer journey. In collaboration with stakeholders
Economy
Jordan draws up public sector modernization plan
Jordan king Abdullah urged coordination among state institutions to ensure the implementation of the modernisation roadmap.
- Jordan king Abdullah urged coordination among state institutions to ensure the implementation of the modernisation roadmap
- Prime Minister Khasawneh said that the roadmap identified seven pillars as top priorities for improvement and modernisation of public services
Business
OPEC picks Haitham Al-Ghais of Kuwait as new chief
Haitham Al-Ghais of Kuwait has taken over as the new secretary general of  the Organization of the Petroleum Exporting Countries...
- He is the first Kuwaiti to hold the position of OPEC chief, and will head the group for three years
- The Kuwaiti oil executive will replace Nigerian Mohammad Barkindo, who died in July
Business
Arab Bank H1 profit $252m
The profits grew by 38 percent to $252 million.
- Â The Group maintained its strong capital base with a total equity of $10.2 billion.
- The Group loan portfolio grew by 6 percent to reach $35.7 billion as of June 30, 2022 compared to $33.8 billion for the same period last year.
Business
Grape and Seasonal Fruit Festival begins in Saudi province
The four-day Grape and Seasonal Fruit Festival began in Asir region of Saudi Arabia on Sunday. The festival will be...
- The festival will be attended by 35 farmers who will display the products of their own farms, such as numerous varieties of grapes.
- The date of the festival coincides with the Abha Summer Festival 2022.
Potential investors value Telegram at $30bn, says co-founder Pavel Durov
MOSCOW, RUSSIA – The Telegram is valued by potential investors at more than US$30 billion, the co-founder of the social...
Business
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Abu Dhabi QCC drives emirate’s infrastructure development in 2022: Report
Abu Dhabi, UAE - Abu Dhabi Quality and Conformity Council (QCC) has made strides in developing the quality infrastructure of...
Business
UAE’s global merchandise trade crossed $1trn mark in 2022: WTO
Based on data from the WTO, the UAE's export values in 2022 grew by 41%, while imports made up 22%...
Economy
UAE, Vietnam begin process for economic partnership pact
Abu Dhabi, UAE - The UAE and Vietnam signed Thursday a declaration of intent to start negotiations for a comprehensive...
Business
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Business
Prominent firms in DIFC to tap into wealth across region
DUBAI, UAE - Over 300 prominent wealth and asset management (WAM) firms have established themselves in Dubai International Financial Center...
- The financial center's 300 wealth and asset management firms should help in providing a conducive environment for businesses in the region.
- DIFC's world-class legal and regulatory framework and access to competitive markets have bolstered the depth of its asset management ecosystem.
Business
Abu Dhabi sees 40 percent drop in labor dispute cases
ABU DHABI, UAE - Labor disputes in Abu Dhabi plunged by 40 percent in 2022 compared to the same period...
- The companies and individuals' increased awareness of laws in force in the country played a key role in the results, official said.
- The Abu Dhabi Judicial Department ran multiple campaigns to enhance the knowledge of workers' rights under UAE's labor laws.
Business
DMCC posts record Q1 growth as 708 firms register
A total of 3049 new companies joined DMCC in 2022.
- This is DMCC's best performance in Q1 since its inauguration in 2002, marking a 8.4% increase year-on-year.
- The best performing sectors for DMCC was its traditional core markets, which showed strong results in businesses from various countries.