Saudi to host joint Arab-Islamic summit on Gaza crisis
Riyadh, Saudi Arabia - Saudi Foreign Ministry said on Saturday that the Kingdom will hold a joint Arab Islamic extraordinary...
Geostrategy
Business
CBD net profit $394
The bank's assets reach a record AED114 billion: CEO
- The CEO attributed the net profit to improved net interest income, stable non-funded income and lower expected credit losses.
- Operating income for the full year of 2021 amounted to AED3.18 billion, an increase of 6.9 percent, attributable to higher Net Interest Income.
Geostrategy
Saudi Arabia, Pakistan sign MoU for cooperation on environment
The MoU was co-signed by the Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadhli and Pakistan Minister for Climate...
- The MoU was co-signed by the Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadhli and Pakistan Minister for Climate Change Malik Amin Aslam
- The envitronment aims at boosting joint action in the fields of developing green cover, combating desertification, planting trees, protecting the environment etc
Geostrategy
Valid PCR requires to travel through King Fahd Causeway
The Police Directorate of Causeway has asked travelers to follow precautionary measures that are mandatory.
- Those who have been fully vaccinated and have a valid PCR would be allowed to pass through King Fahad Causeway bridge
- Violators caught in breach of law would be sentenced up to 10 years in jail and those provided assistance would also be charged
Economy
JBA head, Tunisian envoy discuss enhancing joint economic cooperation
According to a JBA statement it has helped promote joint investments and increase the volume of Jordan-Tunisia trade exchange.
- According to a JBA statement it has helped promote joint investments and increase the volume of Jordan-Tunisia trade exchange
- The two sides discussed joint cooperation in the sectors of garment, textiles, banking, contracting, traditional industries, transport, shipping, and pharmaceutical industries.
Kuwaiti Crown Prince urges officials to develop sporting spirit
Al-Sabah said this in a speech at Bayan Palace when receiving Minister of Public Works and State Minister for Youth...
- Al-Sabah said this in a speech at Bayan Palace when receiving Minister of Public Works and State Minister for Youth Affairs Ali Al-Mosa
- He was presented with the three winning teams of the Amir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah Championship
Science
UAE to lift Covid curbs on activities, events slowly
This was revealed during the media briefing on the coronavirus pandemic by Dr. Saif Al Dhaheri and Dr. Farida Al...
- This was revealed during the media briefing on the pandemic by Dr. Saif Al Dhaheri and Dr. Farida Al Hosani, official spokespersons for NCEMA and health sector respectively
- Dr Al Hosani highlighted the importance of community responsibility and the pivotal role of community members in supporting the efforts to achieve sustainable recovery
Economy
Dubai plans to attract 50 multi-national companies under a three-year strategy
Dubai plans to attract 50 multinational companies within three years and push the external expansion of 100 companies from Dubai...
- Drawn by Dubai International Chambers, the strategy will also push the the external expansion of 100 companies from Dubai to priority foreign markets.
- It will also support and motivate multinational companies to list on the Dubai Financial Market.
Business
Dubai Islamic Bank issues $750m five-year sukuk
Dubai Islamic Bank has successfully priced its $750 million five-year senior sukuk, taking advantage of global interest in Islamic bonds....
- The debt sale, a first in the UAE this year, attracted huge investor interest and was more than 2.5 times oversubscribed
- The bonds were priced at 95 basis points with a profit rate of 2.74 percent
Business
SAN Group to invest in RAKEZ
The firm will construct a sustainable hydrogen production unit in the zone.
- This biotech facility will consist of a research center, laboratory, desalination plant, greenhouse as well as hydroponic and aquaponic indoor systems.
- The project will be constructed with an investment of $3.2 million and will be operational at the end of 2022.
Business
DP World volume growth 9.4 percent
All DP World regions delivered volume growth, especially India.
- 2021 gross volume growth was broad-based with India, Asia Pacific, Middle East & Africa, Europe, Australia and Americas regions being the key growth drivers.
- Chief Executive Officer Sultan Ahmed Bin Sulayem said the performance was due to the company's continued investment in high-quality assets in the right locations.
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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
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UAE-China trade $64 bn in first eight months of 2022: Ambassador
Dubai, UAE---China-UAE bilateral trade has exceeded US$64 billion during the first eight months of 2022, which marked a 27.93 percent...
Geostrategy
German industries explore investment opportunities in UAE
Some of Germany’s leading industrial companies participated in a roundtable event hosted by the UAE Ministry of Industry and Advanced...
Economy
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Geostrategy
UAE, Indonesia to cooperate in energy sector
UAE and Indonesia have signed a Declaration of Intent to boost economic and social development between the two countries and...
- The declaration was signed between the UAE Ministry of Energy and Infrastructure and the Indonesian Ministry of Energy and Mineral Resources.
- It was signed during a joint meeting between the two countries at the Abu Dhabi International Petroleum Exhibition Conference ‘ADIPEC 2022.
Business
AD Ports Group acquires 80% stake in GFS
The Group will look to integrate GFS into its Maritime Cluster.
- The equity stake was bought for AED2.9 billion ($800 million) implyin 100 percent Enterprise Value of AED3.7 billion.
- Aligning GFS services with AD Ports Group companies SAFEEN Feeders and Transmar will make AD Ports Group the world's largest independent feeder company by vessels owned.
Business
Arriyadh posts 20% profit drop
Its profit declined to $69.6m in the first nine months of 2022.
- According to a bourse filing, the developer had posted $87 million profit in the corresponding period the year earlier
- The decline in profit is mainly due to the 17 percent reduction in income from the associate company’s business, resulting from lower land sales volume