Saudi Arabia raises US$11bn syndicated loan to fund deficit
RIYADH, SAUDI ARABIA - Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget...
Business
Business
DIMC, P&O Marinas ink deal to promote marine sports in Dubai
The deal they signed is expected to support the development in various activities and events in the field of marine...
- DIMC is the government entity responsible for organizing marine sports activity in the emirate
- Dubai-based marina operator and yacht destination P&O Marinas is a subsidiary of DP World
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
Saudi Arabia raises US$11bn syndicated loan to fund deficit
RIYADH, SAUDI ARABIA - Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget...
Business
Company News
Latest News
Global financial industry leaders set to descend on Abu Dhabi
Key speakers from global investment and financial companies include Nouriel Roubini, Chief Economist at Atlas Capital Team L.P and, Hazem...
Business
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Geostrategy
Paris Agreement key to achieve sustainable development goals: Middle East Green Summit
The summit reviews ways to enhance integration of the optimal energy mix for electricity production to achieving climate change targets...
- The summit reviews ways to enhance integration of the optimal energy mix for electricity production to achieving climate change targets through MoUs and agreements
- It also supports efforts to reduce emissions in the Middle East region and beyond by signing bilateral and multilateral agreements and MOUs in the field of clean energy
Economy
Food prices declined in October, says Jordan trade minister
AMMAN, JORDAN - Jordan Minister of Industry, Trade and Supply and Minister of Labor Yousef Shamali said Monday that food...
- The minister attributed the decline to falling oil prices and its impact on production and transport costs.
- He said that the fall in the prices of food is also due to measures taken by the government.
Infographics
Oman’s Loan-to-Deposit ratio best in GCC
The Gulf region’s loan-to-deposit ratio fell by 160 basis points in the second quarter of 2022, due to higher customer...
- The loan-to-deposit ratio dropped below 80 percent for the first time in seven quarters in August.
- A drop in LDR means increased level of liquidity, which in turn indicates that banks are more capable of dealing with unforeseen events like loan losses.