Russia, Saudi say sovereign Palestine state vital for regional peace
RIYADH, SAUDI ARABIA – Russia and Saudi Arabia expressed concern on the present situation in Gaza and said that a...
Geostrategy
Joint ministerial committee meets US secretary of state
Washington, US – A committee of the Joint Arab-Islamic Extraordinary Summit under the chairmanship of Prince Faisal bin Farhan bin...
Geostrategy
Economy
UAE disburses $2.17bn in insurance expenditure among beneficiaries
UAE’s estimated insurance expenditure reached more than AED8 billion ($2.17 billion) in 2021 an increase of AED499.4 million in comparison...
- The number of pensioners in Sharjah amounts to 6,692 (26 percent), while the number of pensioners in Dubai is 5,892 (23 percent).
- At 16,597 (65 percent) female pensioners outnumbered male pensioners who totaled 8,786 (35 percent).
Business
Egypt and Lockheed Martin look to boost defense ties
Egypt and American Defense company, Lockheed Martin, have discussed ways to enhance cooperation.
- Mohamed Ahmed Morsi, Egypt’s minister of state for military production, held talks with Raymond Piselli, vice president of Lockheed Martin
- Morsi noted that Egypt’s growing presence in the field of security and defence is the result of economic reforms undertaken by Egypt
Business
Emirates NBD launches website to support IPOs on DFM
Emirates NBD has taken the lead in supporting upcoming initial public offerings (IPOs) on the Dubai Financial Market (DFM) with...
- Emirates NBD’s IPO platform has built-in real time subscription payment capabilities for UAE investors and wire transfer capabilities for non-UAE investors.
- The seamless, single interface enables completely paperless subscription in five simple steps making the process simpler and paperless.
Business
Dana Gas to pay 4.5 fils per share
The total dividend paid for 2021 now stands at 8 fils.
- For the full year 2021, the company achieved a net profit of AED1.2 billion ($317 million)
- The Company's collections in 2021 were the highest ever at AED1.4 billion ($377 million), and the year-end cash position stood at AED678 million ($185 million).
Business
Playa Hotels inks Saudi resort deal
It will set up facilities along the Arabian Gulf and the Red Sea.
- Playa signed an agreement regarding the resorts with Saudi’s Tourism Development Fund on Monday
- This will contribute to enhancing the distinctive tourism experience and create local job opportunities
Economy
Saudi inflation shoots up to 1.6%, fueled by higher food cost
Saudi inflation shot up to 1.6 percent in February, fueled by higher gasoline and food prices, the General Authority for...
- Inflation for January stood at 1.2 percent. In February, prices for gasoline 91, gasoline 95 and diesel grew 26.7 percent, 25.9 percent and 21.1 percent year-on-year, respectively
- The annual growth in prices for the transportation sector as a whole slowed to 4.3 percent in February from 4.9 percent in January
Economy
Saudi Arabia to inject $152 billion into economy by 2030
Saudi National Development Fund will inject SR570 billion ($152 billion) in the Kingdom’s economy by 2030, Saudi Arabia’s Crown Prince...
- The Crown Prince said that it will contribute to tripling the share of non-oil GDP to SR605 billion over the same period
- NDF, through its funds and development banks, will increase the participation of the private sector in the GDP by three-folds by 2030
Economy
UAE Banks Federation urges businesses to benefit from SME Campaign
UAE Banks Federations (UBF) has called upon the entrepreneurs of existing and under-formation Small & Medium Enterprises (SMEs) to unlock...
- UBF Director-General, Jamal Saleh, explained that such initiatives will help UAE SMEs become a driving force for a thriving economy.
- SMEs are encouraged to tie up with reliable UBF members' banking partners who will grant them privileged access to customized business banking services and solutions.
Business
Oman Insurance reports highest net profit
The company’s net receivables ratio of 15.4 percent is at an all-time high, reflecting a strong emphasis on generating free...
- The company’s net receivables ratio of 15.4 percent is at an all-time high, reflecting a strong emphasis on generating free cashflows
- The company’s solvency capital requirement before the proposed dividend reached its highest level of approximately 275%
Business
Saudi-European Forum for investors in camel sector kicks off in Riyadh
The forum witnessed the attendance of businessmen and owners from the Kingdom and the GCC countries and employees of the...
- The forum witnessed the attendance of businessmen and owners from the Kingdom and the GCC countries and employees of the Chambers of Commerce
- The participants watched an introductory video presentation about the International Camel Organization and the Camel Club
Russia, Saudi say sovereign Palestine state vital for regional peace
RIYADH, SAUDI ARABIA – Russia and Saudi Arabia expressed concern on the present situation in Gaza and said that a...
Geostrategy
Company News
Al Awali to raise US$133m
Business
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Business
ECI reviews programs, initiatives to align them with ‘Projects of the 50’
Dubai, UAE— Etihad Credit Insurance (ECI) has reviewed its programs and initiatives in a meeting chaired by Abdulla bin Touq...
- Abdulla bin Touq Al Marri commended ECI’s commitment to protecting foreign investments of local businesses and its efforts to enhance UAE exports
- Al Marri said the UAE has achieved significant milestones at the regional and global levels, establishing its position as a leading hub of trade and investment in the region
Business
Al Seer Marine orders 4 new tankers
South Korea's K Shipbuilding will deliver the tankers in 2024.
- K Shipbuilding will construct the medium-range (MR) IMO II/III product tankers at Jinhae Shipyard.
- With these four tankers, Al Seer Marine fleet now totals 12 vessels as the company prepares to transport the transition fuels like methanol.
Business
AD Ports Group records 77% growth in Q3
The company's EBITDA increased 52 percent YoY to $162 million.
- Ports Cluster revenue grew 18 percent YoY on a like-for-like basis when adjusted for the positive effect of a one-off sand supply contract in 2021
- AD Ports Group CapEx investment rose to $0.43 billion in Q3 2022 and $1.14 billion in 9M 2022