‘Visa-free entry for GCC nationals will enhance business collaboration’
In an interview with TRENDS, CEO of ITCN Asia, Muhammad Umair Nizam highlights the expanding role of Pakistani IT firms...
China’s robot makers chase Tesla to deliver humanoid workers
Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...
Business
Geostrategy
Saudi to host joint Arab-Islamic summit on Gaza crisis
Riyadh, Saudi Arabia - Saudi Foreign Ministry said on Saturday that the Kingdom will hold a joint Arab Islamic extraordinary...
- Saudi ministry said It was decided to hold a ‘Joint Arab Islamic Extraordinary Summit’ in an exceptional manner on November 11.
- Earlier, ‘extraordinary session of the Arab Summit’ and the ‘Extraordinary Islamic Summit’ were scheduled to be held on the same date.
Business
Saudi delegation takes part in Riyadh Expo 2030 symposium in Paris
PARIS, FRANCE - A high-level Saudi delegation attended the Riyadh Expo 2030 Symposium, on the outskirts here, hosted by the...
- The symposium serves as the final stop in the Kingdom's journey of its candidacy bid to host the World Expo in 2030.
- The final voting process for the host country will take place during a secret ballot on November 28, 2023, at the 173rd General Assembly of the BIE,
Business
BCCI yet to hear officially about Saudi interest for stakes in IPL
NEW DELHI, INDIA - Recent reports of Saudi Arabia expressing an interest in buying a stake in the Indian Premier League...
- The plan is being seen as another move by the oil-rich kingdom to be the biggest ‘soft power’ in the West Asian region.
- Saudi Arabia is now the sole bidder for the 2036 FIFA World Cup and the Saudi Pro League boasts the crème de la crème of global footballers
Business
DEWA Q3 2023 revenue $2.5bn
The revenue was driven by demand for electricity, water.
- For January-September 2023, DEWA’s consolidated revenue totalled US$6 billion with an operating profit of US$1.8 billion.
- By the end of Q3 2023, DEWA’s net cash from operating activities increased by a robust US$205 million to US$2.6 billion.
Economy
OFID’s US$25.5m loan to strengthen vocational education in Benin
VIENNA, AUSTRIA - The OPEC Fund for International Development (OFID) is extending a US$25.5 million loan to the Government of...
- The project includes the rehabilitation of school facilities and a quality enhancement of the technical vocational education program.
- It is aligned with a government program to tackle youth unemployment and reduce the size of the informal sector.
Business
Emaar 9M net profit $1.1bn
This is due to the successful launches of new projects.
- Emaar Development’s property sales increased by 25 percent, reaching US$7.9 billion in the first nine months of 2023.
- In the first nine months of 2023 (January to September), Emaar Development reported an EBITDA of US$1.2 billion.
Business
Al Ansari 9M profit US$105m
The operating income of the group rose to US$234 million.
- Al Ansari received shareholders’ approval for the proposed interim dividend payment of $81 million.
- The second payment of the dividend of an equivalent amount will be disbursed in April 2024.
Economy
Saudi Arabia’s Industrial Production Index falls 11.2% in September
RIYADH, SAUDI ARABIA – The Kingdom of Saudi Arabia’s Industrial Production Index (IPI) fell by 11.2 percent year-on-year (YoY) in...
- The IPI measures the relative change and reflects the production quantities of materials and goods.
- Data issued by the General Authority for Statistics showed that Saudi IPI fell to 122.99 points in September.
Business
Dubai Investments acquires 7.68% more stake in Monument Bank
Dubai, UAE - Dubai Investments, the leading investment company listed on the Dubai Financial Market (DFM), acquired additional 7.68 percent...
- This increases the Group’s holding in the Bank from 9.25 to 16.93 percent, although the investment is subject to necessary regulatory approvals
- The Monument Bank is a UK Based Digital Bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority
Business
UAE Islamic Treasury Sukuks auction is a tremendous success
ABU DHABI, UAE - The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration...
- The fifth auction of the UAE T-Sukuks program witnessed strong demand through with bids received worth US$1.57 billion.
- The success is reflected in the market-driven prices, which was achieved by a spread of 4 to 11 bps over US Treasuries with similar maturities.
‘Visa-free entry for GCC nationals will enhance business collaboration’
In an interview with TRENDS, CEO of ITCN Asia, Muhammad Umair Nizam highlights the expanding role of Pakistani IT firms...
Company News
stc 2023 revenues is $19.28bn
Business
Latest News
HMG 2023 net profit $544m
Business
OIC to hold extraordinary meeting on Israeli aggression on March 5
Jeddah, Saudi Arabia - The Organization of Islamic Cooperation (OIC) will hold an extraordinary meeting of its Council of Foreign...
Geostrategy
Dubai Taxi Company net profit up 54%
The company will pay a dividend of $19.33 million for Q4.
Business
Most Read
Economy
Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
- In the first month of 2024, Iranian steel mills produced a total of 2.6 million tons of steel.
- The world's 71 steel-producing countries produced 148.1 million tons of steel in January 2024.
Business
Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...
- Binaa Al Bahrain aims to contribute to Bahrain’s long-term development through its iconic projects.
- The JV aspires to create job opportunities for Bahrainis in the real estate, hospitality and healthcare.
Business
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
- The aggregate capital and reserves of UAE-based banks increased 12.3 percent or US$14.4 billion during the first 11 months of 2023
- National banks accounted for 86.5 percent of the total capital and reserves of UAE-based banks logging $113 billion by end of November 2023