IPOs in MENA raise US$5.8bn in first nine months of 2023
ABU DHABI, UAE - A recent report revealed that 29 initial public offerings (IPOs) were recorded in the Middle East...
Market Report
Arab ministers meet in Jordan, seek resolution to Gaza conflict
AMMAN, JORDAN – Foreign ministers from key Arab nations – including Saudi Arabia, the United Arab Emirates, Egypt, Qatar, and...
Geostrategy
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
Geostrategy
ILO selects Qatar as member of fair recruitment panel
Qatar is one of the five countries the ILO has as a member of the Advisory Committee of its Fair...
- The selection of Qatar as a member of the committee reflected its progress in promoting fair employment, said official sources
- It also demonstrated Qatar’s commitment to labor migration and fair recruitment through a human rights-based approach, they added
Business
UAE Space Agency plans Space Economic Zone at Masdar City
The aim of the venture is said to be to create an integrated business ecosystem to propel startups and SMEs.
- The Space Economic Zone in Masdar City is expected to encourage the development of the national space industry
- The economic zone will apparently do that by offering world-class infrastructure and an enabling environment
Science
Sharjah University, AUS to launch research for sustainable energy solutions
The Sharjah Research, Technology, and Innovation Park (SRTI Park) revealed an ambitious plan to be executed in cooperation with the...
- A proposed solution is to convert the generated hydrogen into fuels and chemicals for easier transportation.
- AUS scientists are researching the production and use of various hydrogen-carrying molecules in industry.
IPOs in MENA raise US$5.8bn in first nine months of 2023
ABU DHABI, UAE - A recent report revealed that 29 initial public offerings (IPOs) were recorded in the Middle East...
Market Report
Company News
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Alpha Dhabi posts US$2.45bn net profit
It recorded a150% rise in profit in first nine months of 2022.
Business
Masdar to partake in Saudi renewable energy market
Masdar will also participate with partners in the upcoming Round 4 tender announced by the Saudi Power Procurement Co.
Business
UAE makes amendments to value added tax rules
Abu Dhabi, UAE— The UAE Ministry of Finance announced amendments to some provisions of the Federal Decree-Law No. 8 of...
Economy
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Business
DFSA signs agreement with Bangladesh SEC
DUBAI, UAE - The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the Bangladesh Securities...
- The MoU was signed by Chief Executive of the DFSA Ian Johnston and Chairman of the BSEC Professor Shibli Rubayat Ul Islam Friday in Dubai.
- The agreement provides a framework for facilitating cross-border collaboration between the two bodies on supervision and enforcement actions.
Videos
GCC’s two biggest trade allies are Asians
As the US is apparently pulling away from the Middle East, the cooperation between the Gulf and Asian regions is...
- Experts believe the US is pulling back from the Middle East and shifting its attention and resources to the "priority theatre" of the Indo-Pacific.
- But as the world recovers from the Covid-19 pandemic, the GCC countries are expected to play a more significant role in the ongoing Asianization of the global economy.
Business
QGIRCO posts Q3 net profit of US$1.1m
Firm's Q3, 2022 profit fell compared to Q3 in 2021.
- The company's data indicated that the earnings per share amounted to $.01 in the third quarter of this year,
- The company's earnings per share was $.02 for the same period last year.