Agthia 9M profit nearly triples

Third-quarter revenue increased 14.4 percent.

UAB nine-month profit rises 6%

Loan growth, lower impairment charges boost earnings

du 9M profit up 10.8%

Revenue grows as connectivity demand supports earnings

Al Rajhi Bank 9M profit up

Revenue growth lifts earnings despite higher provisions

Mashreq prices Dim Sum bond

UAE bank raises offshore renminbi funding

Iraqi Trade Center to be launched at ACC’s headquarters in Jordan

AMMAN, JORDAN - Amman Chamber of Commerce (ACC) and the Iraqi Embassy here agreed to open Iraqi Trade Center at...

Business

French President says change in existing world order would weaken West, Europe

PARIS, FRANCE - Attempts to change the existing world order threaten to weaken the West and especially Europe, French President...

Geostrategy
Geostrategy

Kuwait stresses commitment to UN financial contributions

Kuwait has also urged other members to follow suit so that the UN can do its tasks properly.
  • The remark was made by Member of Kuwait's Permanent Delegation at the UN, Abudlaziz Al-Ajmi.
  • He was speaking on Thursday, October 28, during a General Assembly debate on the UN’s financial position.
Business

Ras Al Khaimah set for healthy post-pandemic growth: S&P Global

The emirate is expected to see a growth of around 2.5 percent between 2021 and 2024.
  • S&P Global estimated RAK's economic growth at 3 percent in 2021, with the first half of the year showing a strong rebound from 2020
  • Real-estate transactions, mining volumes, cargo trade, and tourist arrivals are expected to be behind this growth
Business

Dubai saw $1.33bn real-estate transactions over the week

The Business Bay came on top in terms of volume and value, recording 155 transactions worth AED170 million ($46.29 million).
  • A total of 174 plots were sold for AED920.4 million ($250.51 million) this week
  • The week also saw 1,080 apartments and villas sold for AED2.18 billion ($590.60 million)
Business

GlobalFoundries makes its market debut on Nasdaq

The IPO comes at a time when demand for semiconductors and microchips is red hot due to the ongoing global...
  • Earning a valuation of $26 billion, the GlobalFoundries IPO is one of the biggest stock market debuts of the year in the US
  • The chipmaker had earlier announced the pricing of its initial public offering of 55,000,000 ordinary shares
Business

UK and Saudi Arabia sign pact to promote direct investment

Saudi Arabia and the United Kingdom signed a Memorandum of Understanding, which is aimed at the promotion of direct investment...
  • British and Saudi companies will be established and expanded in both countries.
  • Exchange of visits and expertise as well as sharing of rules and regulations in direct investment opportunities part of the MoU
Arts & Culture

US, Bahrain vow to fight illicit cultural property trade

Bahrain enjoys a prominent role in the art world, serving as the host of the Arab Regional Centre for World...
  • The two countries issue joint statement after a key forum on antiquities, art crime.
  • Information sharing, strengthening legal frameworks among key areas of future cooperation.
Business

Al Seer Marine expands fleet

The IHC subsidiary has entered commercial shipping segment.
  • Founded in 2002, Al Seer Marine's total assets are AED3.98 billion as of the end of June 2021.
  • After a fall of 3.4 percent in 2020, world seaborne trade rose 4 percent in 2021.
Business

Saudi British Bank posts 157% jump in net profit to $750m

The Saudi British Bank (SABB) has posted a 157 percent increase in net profit to $750 million for the first...
  • “We are investing considerably across the business front-to-back, to ensure that we remain relevant and can create a sustainable banking organization”
  • The chairman reiterated the bank’s efforts to support Saudi’s Vision 2030 plan and unlock the opportunities brought by the economic transformation plans
Business

ADNEC launches expansion plans in Abu Dhabi, London

The Abu Dhabi National Exhibitions Company (ADNEC) has announced plans to expand its facilities and infrastructure in Abu Dhabi and...
  • Building the largest exhibition hall in the Middle East and North Africa region is part of the expansion plans.
  • The company said the expansion plans boost its competitiveness and ability to attract and hold major international events.
Business

UAE and Blue Origin to explore space economy and space tourism opportunities

The UAE will explore investment opportunities in the space economy and space tourism services besides other related ventures with Blue...
  • The two sides also discussed expanding the scope of R&D in space to develop emerging space technology in the UAE.
  • Space sector provides more than 3,200 jobs, and over 57 space firms are currently operating in the UAE.

Iraqi Trade Center to be launched at ACC’s headquarters in Jordan

AMMAN, JORDAN - Amman Chamber of Commerce (ACC) and the Iraqi Embassy here agreed to open Iraqi Trade Center at...
Business

Company News

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UAE-Oman non-oil trade $98.56 billion in past decade

The volume of trade exchange between the two countries during the first half of this year amounted to AED24.2 billion.
Business

Masdar, REW sign collaboration pact

The two firms will explore developing offshore wind projects.
Business

UAE takes part in financial group meeting in Indonesia

The UAE recently participated in the fifth International Financial Architecture (IFA) Working Group meeting within the G20 Finance Track for...
Geostrategy

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Business

SAFEEN Feeders, Invictus sign deal

They will launch a new international dry bulk shipping service.
  • Under the terms of the agreement, the two companies will purchase ships through Special Purpose Vehicles, owned 85 percent  by SAFEEN Feeders and 15 percent by Invictus Investment.
  • The two companies are expected to initially commit approximately AED463 million (US$126 million) for the investment in the vessels.
Economy

‘Firms in UAE resist employee demands for hike in salary’

Several firms in the UAE have received requests from employees to adjust compensation packages in line with the inflation in...
  • Firms plan pay rises of 5 percent in 2023 as over 66 percent of companies receive requests for higher salaries.
  • Over 200 global and local companies from all sectors were surveyed.
Business

BNPL payments in UAE may reach US$17.5bn by 2028

A leading retailer in the UAE has said that over 15 percent of its customers have now shifted to 'Buy...
  • A number of people in the 24-45 age group prefer alternatives to credit cards for purchases.
  • As per the scheme, purchases can be split into four easy interest-free payments from the time of purchase.