Israel must be held accountable for its actions, says Palestinian PM
DOHA, QATAR - Prime Minister of Palestine Mohammad Shtayyeh called for holding Israel accountable, imposing sanctions and not allowing it...
Geostrategy
Business
KSA is Austria’s main trading partner in Gulf: Official
The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to...
- The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to almost SAR 3.3 billion in 2020.
- An Austrian delegation of companies specialized in various economic, industrial, agricultural, tourist and other sectors visited the Asharqia Chamber.
Geostrategy
COVID cases increasing once again, especially in parts of Asia: WHO
After several weeks of declines, reported cases of COVID-19 are once again increasing globally, especially in parts of Asia, WHO...
- Â In the past week, the agency has seen an 8 per cent increase in detection of COVID-19 cases, with more than 11 million positive test results.
- In the last 30 days of more than 400,000 sequences sampled, 99.9 percent are Omicron, and 75 percent correspond to the BA.2 variant..
Geostrategy
KSA, Egypt ink draft pact for PIF investment in Egypt
The two sides stressed that this agreement based on the close historical ties that unite Saudi Arabia and the Arab...
- The two sides stressed that this agreement based on the close historical ties that unite Saudi Arabia and the Arab Republic of Egypt
- With this agreement, the two countries will have easy access to procedures for investing in Egypt through fund public investments
Economy
Saudi Central Bank hikes interest rates by 0.25 percentage points
The bank said the policy rate adjustments are consistent with its objectives of maintaining monetary stability.
- The repo rate is being changed by 0.25 percentage point from 1 percent to 1.25 percent
- The reverse repo rate is being raised by 0.25 percentage point from 0.5 percent to 0.75 percent
Business
Binance awarded specialist license by Dubai’s Virtual Asset Regulatory Authority
Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and...
- Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and services to pre-qualified investors
- The VARA issued Virtual Asset Exchange License ensures Binance will be able to operate its regional business from Dubai in the newly announced regulatory ecosystem
Economy
CBUAE raises base rate by 25 basis points on Fed cue
The new rates are said to be effective from Thursday, March 17.
- The base rate is anchored to the US Federal Reserve’s IORB
- It signals the general stance of the CBUAE’s monetary policy
Business
NDMC of Saudi Arabia closes $2.75bn worth March sukuk
Saudi Arabia’s National Debt Management Center has closed the March 2022 issuance of Saudi riyal-denominated sukuk, valued at SR10.3 billion...
- The issuance is divided into two tranches of SR3.5 billion and SR6.8 billion each
- The first issuance matures in 2030 while the second one will mature in 2034
Economy
OPEC projects UAE economy to grow rapidly in 2022
OPEC Monthly Oil Market Report has predicted the UAE's economic growth to quicken in 2022.
- OPEC released the reports on Tuesday where it credited tourism as one of a factor for the economic growth
- Further, the rise in crude oil prices would also be a reason for rapid economic growth, said the OPEC reports
Business
Fintech opens center in Riyadh
It is a first-of-its-kind center in King Abdullah Financial District.
- This follows an increased number of fintech companies in the region
- Saudi had witnessed a massive jump in venture capital investments in the fintech sector
Business
Saudi Electricity Co. posts 375% jump in net profit to $3.84bn
The Saudi Electricity Co. has posted a 375 percent increase in net profit to $3.84 billion in 2021, according to...
- The increase has been attributed to continuous “implementation of regulatory and financial reforms in the electricity sector"
- the company’s board has proposed an annual dividend payout of SR0.7 per share
Company News
Latest News
MSC World Europa, 22-deck cruise ship, docks at Doha for World Cup
Doha, Qatar—The 22-deck cruise ship MSC World Europa (floating hotel) has docked at Doha Port for FIFA World Cup fans...
Business
UAE President meets Saudi Crown Prince on sidelines of G20 Summit
The two leaders discussed mutual ties, including the agenda of the summit.Â
Geostrategy
ADGM Courts launches blockchain technology in Abu Dhabi
Abu Dhabi, UAE— Abu Dhabi Global Market (ADGM) Courts has announced the first-ever introduction of blockchain technology for the global...
Business
Most Read
Business
Real estate transactions worth $390m recorded Tuesday in Dubai
Dubai, UAE -- Dubai real estate market recorded transactions worth AED1.8 billion ($490 million) on Tuesday, Dubai Land Department said....
- The transactions included 553 sales transactions worth AED1.43 billion, 107 mortgage deals valued at AED387.11 million and 12 gift deals amounting to AED43.73 million.
- The sales included 508 villas and apartments worth AED1.09 billion and 45 land plots worth AED341.04 million.
Business
Liquidity Group first Israeli firm to join ADIO Innovation Programme
Abu Dhabi, UAE---Liquidity Group, a FinTech company, became the first Israeli firm to join the $545 million Abu Dhabi Investment...
- The partnership will support Liquidity Group’s establishment of an R&D centre in Abu Dhabi to develop its proprietary technology-enabled underwriting algorithm.
-  The firm’s patented machine learning and decision science technology has enabled the firm to deploy more capital through more deals faster than any firm in capital markets history
Business
Amanat 9M growth at 6%
Firm's adjusted net profit grew to $16.5 million in Jan-Sep 2022.
- Adjusted total income grew 17 percent to $28.9 million in 9M-2022.
- Adjusted EBITDA grew 19 percent to $29.8 million (AED110.1 million) in 9M-2022.