Ahli Islamic signs agreement with AAOIFI to support Islamic banking
MUSCAT, OMAN - As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic signed a Memorandum...
Business
Over 12m people visit Riyadh Season in 60 days
RIYADH, SAUDI ARABIA - Two months after their launch, on October 11, 2023, Riyadh Season events had already attracted 12...
Arts & Culture
Economy
UAE real non-oil GDP grew by 7.8 percent in Q4 2021: CBUAE
UAE’s real non-oil GDP grew by 7.8 percent in the fourth quarter of 2021, owing to the easing of business...
- The growth was attributed to the easing of business closures and the decline in restrictions on international travel, the Central Bank of the UAE said.
- The bank said there was a 9.3 percent annual increase in Emirati oil production during the same period, in line with a related OPEC+ agreement.
Business
Firms listed on Muscat Stock Exchange post $1.4bn in net profits
Omani companies, which are listed on the Muscat Stock Exchange (MSX), reported total net profits of $1.39bn for the year...
- The profits were 3.7 percent less than the $1.44bn in 2020 due to a fall in net profits of four out of the top five sectors at the MSX.
- As per the report, Oman’s banking sector, the biggest sector in the exchange by market capitalization, offset some of the net profit declines of other main sectors.
Business
NBK Q1 net profit $383m
Total assets by the end of March grew by 8.7 percent YOY.
- Total loans and advances increased by 12.3 percent year-on-year to $66 billion, and total shareholders’ equity reached $11.2 billion.
- Net operating income of KD 236.5 million ($778.3 million), increasing by 6.8 percent compared to Q1 2021.
Economy
UAE’s non-oil contribution to GDP hit 72.3% in 2021
The hotels and restaurants, wholesale and retail and health and social services sectors contributed 21.3 percent, 14.1 percent and 13.8...
- The hotels and restaurants, wholesale and retail and health and social services sectors contributed 21.3 percent, 14.1 percent and 13.8 percent respectively
- The UAE’s GDP at constant prices achieved a growth of 3.8 percent in 2021, exceeding the forecasts of relevant international institutions
Business
QMM is market maker for Chimera Capital
QMM, part of ADQ, was launched in 2020.
- QMM, part of ADQ, was launched in 2020, and has, over the past 18 months, played an active role in increasing ADX’s liquidity
- "We are pleased to have QMM as a market maker for our four ADX-listed ETFs,” Syed Basar Shueb, Chairman of Chimera Capital, said
Economy
Jordan economy is strong, far from bankruptcy: Khasawneh
Khasawneh said the World Bank had confirmed that Jordan’s economy is more immune to the Russian-Ukrainian crisis.
- Khasawneh said the World Bank had confirmed that Jordan’s economy is more immune to the Russian-Ukrainian crisis
- He revealed that the government achieved 104 per cent of its target revenue last year and experienced growth
Economy
UAE cabinet approves regulations of decree on entry, residence of foreigners
The UAE Cabinet has approved the executive regulations of the Federal Decree-Law on Entry and Residence of Foreigners aimed at...
- Substantial amendments are introduced to the Golden Residence Scheme to simplify the eligibility criteria and expand the categories of beneficiaries.
- New types of visas have been introduced without requiring a host or sponsor for the first time.
Business
Nakilat Q1 net profit up 19.28 percent
Nakilat noted that earnings per share amounted to QR 0.07 in Q1 2022.
- Compared to its profit in April of 2021 which, stood at QR 320.106 million, the profit reached QR 381.835 million.
- Nakilat represents the main transport link in the global supply chain of liquified natural gas from the State of Qatar.
Infographics
Star-studded projects point to Saudi transformation
Some of the iconic real estate holdings developed by Taiba throughout Saudi Arabia suggest that the Kingdom is headed towards...
- The company is a key supporter of Saudi Arabia’s transformative Vision 2030, in particular in regard to economic diversification.
- Taiba, which has interests in hotels, tourism facilities and real estate, has a market capitalization of $1.5 billion, Refinitiv data shows.
Economy
Abu Dhabi Business Centre adds 80 new economic activities during 2021
The Abu Dhabi Business Centre (ADBC), a part of Department of Economic Development (ADDED), announced that 80 new economic activities...
- New added activities cover many vital business sectors, including 40 new commercial activities, 25 professional and six industrial activities.
- In agricultural sector, the new added activities include beekeeping training, breeding reptiles and amphibians.
Ahli Islamic signs agreement with AAOIFI to support Islamic banking
MUSCAT, OMAN - As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic signed a Memorandum...
Business
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Stc posts US$2.5bn profit in Q3
Business
Abu Dhabi’s GDP expands 11.2% in the first half of 2022: SCAD
The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022.
Business
ADDED joins hands with Prototype to support technology innovation
Abu Dhabi, UAE— The Abu Dhabi Department of Economic Development (ADDED) has partnered with Prototype Interactive to support inventors in...
Business
UAE’s role in reconstruction of Mosul Heritage: Hope and will win over zealotry and exclusivism
"The revival of Mosul's heritage will reveal that the only way to live together is by believing in diversity as...
Arts & Culture
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Geostrategy
FNC’s UAE-EU friendship groups meets with Czech parliament
PRAGUE, CZECH REPUBLIC - Members of the UAE-EU Parliamentary Friendship Group of the Federal National Council (FNC), headed by Sarah...
- The meeting discussed the importance of strengthening the cooperation between the two parliaments.
- The two parliamentary groups discussed ways of improving the relations between them.
Business
DEWA to hold second General Assembly in December
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA), which is listed on the Dubai Financial Market (DFM), has announced...
- The assembly will vote on the recommendation of the Board of Directors to distribute a special one-time cash dividend of US$552 million to its shareholders.
- For the year 2022, DEWA intends to pay its shareholders a total dividend of $2.24 billion.
Business
Poland opens Representative Office in UAE to boost trade relations
Abu Dhabi, UAE---Poland has opened a representative office in UAE capital Abu Dhabi to fuel the growth of bilateral trade...
- The announcement of the launch was made at the Poland Business Forum, which started on Friday to discuss investment and trade cooperation between UAE and Poland.
- The forum was organized by the Abu Dhabi Department of Economic Development (ADDED), the Government of Silesia, and the Embassy of the Republic of Poland in the UAE.