OFID’s US$25.5m loan to strengthen vocational education in Benin
VIENNA, AUSTRIA - The OPEC Fund for International Development (OFID) is extending a US$25.5 million loan to the Government of...
Economy
Business
BHM posts 125 percent rise in profit
The company nearly doubled its brokerage revenues in 2021.
- The company attracted 1,500 new accounts over the past year compared to 1,060 in 2020.
- BHM said it allocated a total income during 2021 of AED 65.4 million compared to about AED 41 million last year with a growth rate of 60 percent.
Business
Saudi Parts Center to list on Nomu
Saudi Parts Center Co. will begin trading on Nomu, the Saudi stock exchange's parallel market, on Monday, according to a...
- The Riyadh-based company received the Saudi stock market regulator’s approval for listing last year, in late December
- Established in 1988, Saudi Parts Center is an affiliate of AlKhorayef Group, operating under the machinery systems division
Business
UAE Cabinet okays trading cooperative shares on financial markets
The move is said to be conducive to strengthening the regulatory environment of the cooperatives sector and driving their economic...
- The development is apparently the first of its kind in the region
- It is aimed at growing the cooperative sector’s contributions to the economy
Economy
Bahrain updates Covid protocols, cancels isolation for contacts of active cases
Tests will be only be conducted for individuals experiencing COVID-19 related symptoms if the result of the rapid test is...
- Tests will be only be conducted for individuals experiencing COVID-19 related symptoms if the result of the rapid test is positive.
- All passengers arriving in the Kingdom of Bahrain do not need to conduct a PCR test upon arrival
Economy
National Water Carrier Project will be completed by 2027: Jordan PM
The government is "serious" in finding solutions to many pending investments, including Amman's Sixth Circle Towers project, the PM said.
- The government is "serious" in finding solutions to many pending investments, including Amman's Sixth Circle Towers project, the PM said.
- The PM announced that the government may provide incentives to the industrial city in both southern Karak and Tafileh governorates
Business
Abu Dhabi saw real-estate transactions worth $19.47bn in 2021
The entire amount resulted from a total of a combined 14,958 sales and mortgage transactions.
- Yas Island is said to have topped the list of best performing areas, with real-estate deals worth AED4.1 billion ($1.12 billion)
- Reem Islands comes second with AED3.2 billion ($871.34 million), and Saadiyat was third with AED2.5 billion ($680.74 million)
Analysis
Global trade hit record $28.5trn in 2021: UNCTAD
The UNCTAD’s Global Trade Update said all major trading economies saw imports and exports rise above pre-pandemic levels in the...
- The global trade volume in the year gone by was an increase of 25 percent on 2020
- It was also 13 percent higher compared to 2019, before the Covid-19 pandemic struck
Business
Saudi Ceramics posts $62m profit
Saudi Ceramics has posted a threefold jump in net profit to $62 million on the back of better profit margins.
- The Riyadh-based firm made SR233 million ($62 million) in profit, compared to SR77.7 million ($20.7 million) last year
- The strong results were fueled by improved profit margins due to increased prices and lower cost of goods sold
Business
G42 Cloud and Serbia to develop cloud computing solutions
G42 Cloud, a subsidiary of G42, the UAE-based AI and cloud computing company, and Serbia signed a Memorandum of Understanding...
- The new agreement will see both parties progress the joint development of Artificial Intelligence (AI) and cloud computing solutions across sectors
- The signing ceremony took place at Expo 2020 Dubai at the Investment Conference held in conjunction with the Statehood Day of Serbia
Business
PIF to bid for Starbucks stake
Owners of the Starbucks franchise value the business at $15 bn.
- Abu Dhabi’s ADQ and Mubadala Investment Co. also submitted separate non-binding offers to buy 30 percent stake.
- Brookfield Asset Management Inc., CVC Capital Partners also have shown interest in buying the shares of Starbucks.
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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
Company News
IHC buys 54% stake in Emircom
Business
Latest News
ADNOC Distribution to pay $349m
Business
ADC sets price for IPO
Business
Qatar Civil Aviation Authority braces for arrival of football fans
Doha, Qatar— Qatar Civil Aviation Authority has promised a "unique travel experience" for football fans of the World Cup in...
Business
Great editors act as teacher, help create great authors
“I have two very important roles - the first, to be the mouth-piece for my authors in the publishing house,...
Business
Saudi, Australian ministers discuss trade, bilateral ties
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef met the Australian Assistant Minister of Industry for Manufacturing...
Geostrategy
Most Read
Science
FANR highlights its robust nuclear safeguards regime
UAE's Federal Authority for Nuclear Regulation (FANR) has recently participated in the 14th Symposium on "International Safeguards: Reflecting on the...
- The symposium in Austria aims to reflect on the experience gained and lessons learned over the past six decades of implementation of nuclear safeguards.
- It also tries to verify that member states are honoring their international legal obligations to use nuclear material and technology only for peaceful purposes.
Business
Awareness campaign of DEWA digital services ends
Dubai Electricity and Water Authority (DEWA) has successfully concluded its awareness campaign among customers about its innovative digital services on...
- The campaign provided guidelines and advice through DEWA's social media and internal and external channels.
- This helps customers make smart decisions to manage their consumption and benefit from DEWA's advanced digital services and initiatives.
Business
Marafiq IPO oversubscribed
It attracted total orders of nearly $1.7 billion.
- A minimum of 10 shares were allocated per individual subscriber, while the remaining shares will be allocated pro-rata, with an allocation factor of 4.91 percent
- Retail investors started the subscription of about 21.93 million shares of Marafiq, or 30 percent of total offered shares, at SR46 each on Oct. 26