Economy
Qatar signs agreement to ensure gas supply to Gaza power plant
In late December, the Qatari committee had signed an MoU with the Energy and Natural Resources Authority and the Gaza...
- In late December, the Qatari committee had signed an MoU with the Energy and Natural Resources Authority and the Gaza Electricity Generation Company
- Under the MoU, the Qatari committee will finance the construction of the gas pipeline from the supplier company to the borders of the Gaza Strip at a cost of USD60 million
Geostrategy
US sanctions Hezbollah-affiliated international network
The US State Department announced in a statement that "Adnan Ayad, Jihad Adnan Ayad, Ali Adel Diab, and 10 companies...
- The US State Department announced in a statement that "Adnan Ayad, Jihad Adnan Ayad, Ali Adel Diab, and 10 companies are designated under Executive Order 13224.”
- The statement added that “these financial facilitators have helped terrorist Hezbollah obtain funds through networks of companies that disguise themselves as legitimate businesses”
Arts & Culture
Saudi Heritage Commission and KARRDA to work for heritage preservation
Saudi Arabia's Heritage Commission has signed a memorandum of understanding with King Abdulaziz Royal Reserve Development Authority (KARRDA) to enhance...
- The MoU between the two includes cooperation in preparing comprehensive strategic heritage plans and studies.
- They will also launch initiatives and projects that serve craftsmen and contribute to the development of crafts and handicrafts.
Business
Points of Sale terminals in Saudi exceed 1 million, says SAMA
The Saudi Central Bank (SAMA) announced that the number of Points of Sale (PoS) terminals inside the kingdom have exceeded...
- These terminals can be found at commercial sales outlets in more than 180 cities and villages.
- PoS terminal transactions reaching more than 5 billion by the end of 2021, compared to 2.8 billion transactions in 2020.
Business
S&P warns of fewer sukuk issues during 2022
Sukuk issuance volumes will not grow significantly in 2022 as global interest rates rise and funding needs for Gulf economies...
- Central bank interest rates tend to respond to moves from the US Federal Reserve, particularly those in the Gulf where currencies are pegged to the dollar
- While sukuk issuance is likely to be subdued this year, the market is likely to grow in the long run
Business
Emirates partners with the Bahamas to boost tourism
Emirates has signed a partnership agreement with the Bahamas to explore joint initiatives to bring more tourism to the island...
- The Bahamas is one of the most sought-after tourism destinations in the Caribbean offering a rich mix of leisure and cultural activities for visitors
- the airline is also making available to customers and its travel retail partners across its markets, a range of travel packages including hotels and flights to The Bahamas
Business
Investors’ forum discusses privatization scene in Saudi Arabia
Several investment companies and investors interested in privatization projects attended an investor forum organized by Saudi Arabia’s National Center for...
- The forum was organized by the National Center for Privatization in cooperation with Riyadh Bank.
- A series of opportunities are expected to be presented in the coming years, the Center said.
Business
Sharjah Islamic Bank’s net profit up 27%
The bank also reported AED850.7 million in operating profits, an increase by 21.9 percent, compared to AED697.7 million in the...
- The bank also reported AED850.7 million in operating profits, an increase by 21.9 percent, compared to AED697.7 million in the previous year
- The statement of financial position of the bank showed an increase in total assets by 2.5 percent to reach AED 55.0 billion as of 31 December 2021
Geostrategy
UAE, Turkey to ink new agreements during Erdogan’s visit: official
The UAE and Turkey are expected to sign new agreements and "renew previous commitments" during the upcoming visit of the...
- In the first ten months of 2021, bilateral trade between the two countries reached US$6.4 billion
- The UAE is also an important investor in Turkey and ranks second among the GCC countries
Economy
Jordan to supply Lebanon with electricity: Energy minister
Under the agreement, Lebanon will be provided with about 150 megawatts of electricity from midnight to 6 am, and 250...
- Under the agreement, Lebanon will be provided with about 150 megawatts of electricity from midnight to 6 am, and 250 megawatts during the remaining hours
- The project will benefit the Jordanian electrical system as Lebanon will be supplied directly from the Kingdom's power transmission networks
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Company News
Latest News
Egypt, IMF reach agreement on EFF arrangement
Egypt and International Monetary Fund have reached a staff-level agreement on the economic policies to be supported by a 46-month...
Economy
Arab-Israeli banker talks up Saudi market at investor forum
Samer Haj-Yehia, the Arab-Israeli chairman of Bank Leumi since 2019, was addressing the Future Investment Initiative, a three-day conference held...
Geostrategy
UAE tops list of foreign direct investors in Egypt: Egyptian PM
The UAE president Sheikh Mohamed bin Zayed Al Nahyan, and Abdel Fattah El Sisi, President of Egypt have met recently...
Economy
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Economy
Saudi PIF to establish five companies for investments in five Arab countries
The five companies, together with Saudi Egyptian Investment Company (SEIC), a wholly-owned PIF subsidiary that was launched in August 2022,...
- The announcement was made on the second day of the 6th Edition of the Future Investment Initiative, where top CEOs, investors and world leaders are participating.
- The companies will invest in various key sectors, including but not limited to, infrastructure, real estate development, mining, healthcare and financial services.
Business
Dubai real estate market records deals worth $462 million on Tuesday: DLD
Dubai, UAE--- Dubai real estate market recorded real estate transactions worth AED1.7 billion ($462 million) on Tuesday, Dubai Land Department...
- The transactions included 425 sales transactions worth AED1.32 billion, in addition to 71 mortgage deals of AED386.7 million, and 12 gift deals amounting to AED56.77 million.
- The sales included 403 villas and apartments worth AED1.17 billion, and 22 land plots worth AED149.92 million.
Business
First Abu Dhabi Bank Group net profit for nine months of 2022 $2.96 billion
The bank said impairment charges were AED1.7 billion, 11 percent lower YOY.
- The bank said that the total income reached AED18 billion, up 13 percent yoy, driven by 18 percent growth in net interest income.
- Total income for the nine months includes an AED3.1 billion net gain on the sale of a stake in Magnati.