ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy
RIYADH, SAUDI ARABIA – ACWA Power Co said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
Business
NBM’s board approves increasing Murabaha sukuk issue to $133m
RIYADH, SAUDI ARABIA - National Building and Marketing Co’s (NBM) board of directors approved an increase of Murabaha SAR-denominated sukuk...
Business
Geostrategy
Qatar Red Crescent Society project in Kurdistan benefits thousands
QRCS Warm Winter campaign this year aims at meeting the food and winterization needs of around 42,040 families.
- The purpose of the project is to empower the displaced Iraqis and Syrian refugees at camps and beyond.
- This will help them to withstand the harsh conditions during the cold winter and improve their living conditions.
Geostrategy
461m Dubai riders used taxis, public and shared transport in 2021
Nearly 461 million riders in Dubai used public transport, shared transport and taxis, which include metro, tram, public buses, marine...
- Dubai’s Roads and Transport Authority (RTA) said the number compares well with the number announced in 2020: about 346 million riders.
- The daily average of riders using mass transit means and taxis last year reached 1.3 million riders, compared to about 948,000 in 2020.
Business
Jordan apprises US delegation of trade opportunities in kingdom
A workshop held by the JCC and working meetings with a number of ministers and representatives of official entities, universities...
- The joint cooperation is to support economic cooperation, scientific research and joint business development
- The delegation met King Abdullah, and was briefed on trade and investment opportunities in the Kingdom
Business
Nahdi posts $226million profit
The Jeddah-based pharma retailer plans to float 30 percent of its capital.
- The Jeddah-based pharma retailer made revenues of SR8.6 billion ($2.3billion) during the year
- Nahdi currently operates over 1,150 pharmacies across the Kingdom and a rising number in the UAE
Geostrategy
Saudi Arabia looks to start fifth round of direct talks with Iran
Saudi Arabia may initiate another round of direct talks with Iran despite a “lack of substantive progress” in previous rounds.
- Prince Faisal said if the 2015 nuclear pact was revived that should be “a starting point, not an end point” in order to address regional concerns
- Iranian Foreign Minister Hossein Amir Abdollahian said his country was “ready to achieve a good deal at the earliest possible time"
Videos
GCC startups begin 2022 on a promising note
Digital economy has driven the startup investment upsurge in the MENA region in 2021.
- In 2021, more than 50 per cent of the world’s private investment funding went to startups in the United States.
- The other four top countries with the most private funds invested are China, the UK, India and Germany.
Business
Kamco Invest net profit $34m
Total revenue nearly doubles to reach $99.5m in 2021.
- Revenues from fees and commissions increased by 34.3 percent compared to 2020 to reach KWD20.2m.
- The company said it raised over $1.1 billion for several products and transactions, distributed around $235mn to clients.
Business
HMG records 30% spike in profit to $367m
Dr. Sulaiman Al Habib Group, a private health service provider in Saudi Arabia, has posted a 30 percent increase in...
- The company's sales soared to SR7.25 billion, jumping 23 percent year-on-year in response to a growth in the hospital segment and higher patient occupancy
- its board recommended the distribution of SR245 million in cash dividends to 350 million eligible shares at SR0.7 per share for the fourth quarter of the fiscal year 2021
Business
Arriyadh Development of KSA posts 40% jump in net profit
Arriyadh Development Co. posts a forty percent jump in net profit to $85 million for 2021.
- Results were derived from the associate company's business, as well as the increase in operating and rental revenues
- The company will distribute cash dividends of SR88.8 million to the shareholders for the second half of 2021
Business
The board of Al Rajhi Bank favors capital hike to $10.7bn
Al Rajhi Bank has recommended a sixty percent increase in the bank’s capital to $10.7 billion.
- The capital will be increased by granting SR15 billion in bonus shares to the bank’s shareholders
- The eligibility to get bonus shares will be given to shareholders owning the stocks by the end of the trading day of the bank’s Extraordinary General Assembly meeting date
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy
RIYADH, SAUDI ARABIA – ACWA Power Co said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
Business
Company News
Latest News
ACWA’s investments surge
Business
Oman state budget surplus $2.92 billion by September end: Ministry
Muscat, Oman---Oman’s budget achieved a surplus of RO 1.123 billion ($2.92 billion) at the end of September 2022, the country's...
Economy
Jordan’s real estate trading up 23% in January-October of 2022
AMMAN, JORDAN - Jordan's real estate trade picked up by 23 percent to US$6.8 billion (JD4.875 billion) in 2022's January-October...
Economy
Most Read
Economy
UAE, Turkish FMs discuss food and energy security
The two ministers also discussed prospects of bilateral cooperation and partnership between the UAE and Türkiye.
- The two ministers also discussed prospects of bilateral cooperation and partnership between the UAE and Türkiye
- Sheikh Abdullah congratulated Çavuşoğlu on the resumption of the grain-export deal through the Black Sea to international markets
Economy
UAE removes most Covid restrictions and eases mask rules
Dubai, UAE—The United Arab Emirates has dropped almost all Covid restrictions as the rate of infection considerably drops in the...
- Wearing masks in the UAE will now be optional in all open and closed facilities, including places of worship and mosques
- Organizers of sports activities also have the option to require PCR tests or vaccination certificates as requisite to participate or attend their events
Business
Flydubai scales up flights
It will run new flights to Europe and Asia in 2023.
- The new flights will run to European cities such as Milan and Cagliari in Italy as well as Corfu in Greece
- The launch of the six new routes will elevate flydubai’s network to a total of 113 destinations across 53 countries