NDMC arranges $2.5bn credit facility
The Shariah-compliant facility spans a tenure of three years.
Business
Two falcons sell for $81,300 at Saudi Falcons Club Auction
Riyadh, Saudi Arabia - Two falcons were sold for a combined total of $81,300 (SAR305,000 ) on the tenth night...
Arts & Culture
Business
UAE defense ministry orders 100 REACH-S unmanned aircraft from EDGE
DUBAI, UAE - EDGE, one of the world's leading advanced technology and defense groups, announced its first major order from...
- ADASI, an EDGE entity which designs and develops autonomous systems, will oversee the production and deliver the contract to the UAE Armed Forces.
- The REACH-S will provide the UAE Armed Forces with a cost-effective, 24-hour intelligence, surveillance and reconnaissance (ISR) capability.
Business
Tabreed 9M profit at $218m
This is due to the steady growth in its consumption volumes.
- Tabreed delivers strong growth, with revenue soaring 10 percent to US$490 million in January-September 2023.
- This is a 10 percent increase in revenue year-on-year, compared to US$460 million in January-September 2022.
Geostrategy
Saudi Arabia, CARICOM countries hold first summit for strategic partnership
RIYADH, SAUDI ARABIA - Since its foundation, the Kingdom has been keen to build bridges of communication with all the...
- The convening of the summit will contribute to mutual support for various global nominations of the Kingdom and CARICOM, including Saudi Arabia's bid to host Expo 2030.
- It will enhance coordination on regional and international issues of common interest, boosting tourism cooperation, and highlighting Saudi Arabia's tourist attractions.
Business
UAE warns of visa ban over job loss insurance fines
ABU DHABI, UAE - Some employees who failed to meet an October 1 deadline to sign up to the UAE's...
- Subscribers to the unemployment insurance scheme can make a single payment to cover the year's subscription or quarterly or monthly payments.
- The policy aims to provide a vital safety net for workers in the public and private sector if they lose their job.
Business
Mawani, CMA CGM Group lay foundation for logistics park at Jeddah Islamic Port
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) and CMA CGM launched on Wednesday a new logistics park at...
- The new logistics park will offer solutions and integrated environmental services and systems.
- It will offer an export center, storage and sorting services and refrigerated storage services.
Geostrategy
Israel pauses bombing in Rafah for four hours
Tel Aviv, Israel - The Israel Defense Forces (IDF) suspended its military operation in Rafah in the southern Gaza Strip,...
- A humanitarian corridor to evacuate civilians from the Palestinian enclave’s northern areas will be available from Al Shifa Hospital to the southern Gaza Strip.
- The Israeli military will allow Palestinian refugees to leave the Al-Shati camp, which the IDF claims to have taken control of,
Business
Chemanol to buy stake in ACC
It will acquire 84 percent stake for US$12.3 million.
- The purchase amount would be disbursed partially and within specified intervals, as per the terms stipulated in the SPA.
- Chemanol said the acquisition is aimed at enhancing its share in the market and diversifying its product range,
Business
ADIB lists $500m green sukuk on LSE
The bank marked the issuance of its $500 million green sukuk.
- London Stock Exchange has welcome ADIB’s listing, as the world’s first dollar denominated green sukuk.
- This follows the bank’s recent successful listing of US$750 million AT1 perpetual sukuk.
Business
Al Ghurair to use Oracle solution
This will help HR teams improve business operations.
- Through this strategic collaboration, Al Ghurair seeks to empower its employees through self-service capabilities.
- Oracle Cloud HCM transforms the traditional functions of HR departments such as recruiting, training, payroll.
Business
Sharjah records real estate transactions worth US$980m in October 2023
SHARJAH, UAE – A total of 3,798 transactions were conducted here in October 2023 across various regions of the emirate,...
- This reflects a substantial increase compared to September's real estate activity, where the trade volume reached $544 million.
- The report underscored the confidence of clients in the emirate's real estate sector and its capacity to attract investors.
NDMC arranges $2.5bn credit facility
The Shariah-compliant facility spans a tenure of three years.
Business
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e& 2023 net profit is US$2.8bn
Business
UAE, NeoNautica collaborate to develop Blue Pass platform
DUBAI, UAE – The Ministry of Energy and Infrastructure has signed a collaboration agreement with NeoNautica, a company specialized in...
Business
DMCC registers 2,692 new companies in 2023, its second-best year on record
Dubai, UAE -- A total of 2,692 new companies joined Dubai Multi Commodities Centre (DMCC) last year, bringing the total...
Business
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Business
Saudi Tourism Authority, Trip.com Group sign global agreement
BERLIN, GERMANY – Saudi Tourism Authority (STA) and Trip.com Group have announced a significant global partnership, which will drive greater...
- The joint effort aims to bring over 350 thousand additional tourists to Saudi over the course of the agreement.
- The partnership is vital as it coincides with exceptional growth and transformation in the global tourism industry.
Business
UAE launches first legally established financial ombudsman unit
Abu Dhabi, UAE – Sanadak, UAE's and MENA region's first legally established independent Ombudsman Unit catering to consumers of financial...
- Sanadak's focus is on safeguarding consumers rights and resolving complaints that arise from dealings with financial institutions and licensed insurance companies.
- Sanadak reduces the need to take claims to courts and judicial authorities, thereby bolstering consumer confidence and elevating the protection of financial consumer rights.
Business
Burjeel Holdings net profit up
The company’s 2023 annual revenue rises to US$1.2 billion.
- The group continued to implement its geographic expansion strategy with the launch of the PhysioTherabia rehabilitation network in Saudi Arabia.
- It opened eight new centers in March 2024 in Riyadh, Jeddah, Dammam, Khobar, and Yanbu which significantly expanded its geographical reach.