Qatar Credit Bureau, Supreme Judicial Council to share data
DOHA, QATAR - Qatar Credit Bureau signed a memorandum of understanding (MoU) with the Supreme Judicial Council (SJC) pertaining to...
Geostrategy
Kuwait Airport expects 13% rise in passenger numbers, says DGCA
KUWAIT CITY, KUWAIT - Kuwait's Director General of Civil Aviation (DGCA) expected that the total passenger traffic to and from...
Business
Business
Dallah buys 8.2% stake in IMC
Dallah Healthcare of Saudi Arabia has picked up an 8.2 percent stake in International Medical Company for $77 million in...
- Dallah Healthcare said that it had acquired the SAR 289 million ($77 million) stake as part of a plan to eventually acquire 25 percent as well as to expand its presence to Jeddah
- International Medical Co posted a revenue of SAR 1.2 billion annually for the last three years
Business
SABIC records 412% spike in net profit to $1.5bn in Q3
Saudi Basic Industries Corp. (SABIC) has posted a nearly 400 percent spike in net profit to $1.5 billion for the...
- Sales jumped by 49 percent year on year to 43.7 billion riyals, while operational profit climbed 266 percent to 7.7 billion riyals
- The company also noted that sales volumes in the third quarter were slightly down by 2 percent when compared with the second quarter of 2021
Business
Middle East to see boost in tourism in 2021 and beyond
The tourism and travel sector in the Middle East is expected to grow 27.1 percent in 2021, a little behind...
- According to the World Travel and Tourism Council (WTTC) the region’s local economy has benefited from a rise in its domestic tourism spend of 38.6 percent in 2021
- Employment in the sector could approach pre-pandemic levels in 2022, rising by 8.2 percent to 6.6 million, following a loss of 1.2 million jobs in 2020
Business
Saudi Arabia picks HSBC to spot “investment opportunities”
Saudi Arabia has roped in HSBC to “identify and promote” sustainable investment opportunities. The agreement between the two was signed...
- It covers identification and promotion of sustainable investments in the Kingdom for domestic and international investors
- “I welcome today’s agreement, which is further proof that the Kingdom’s ambitions to become a global sustainable investment destination is on track"
Economy
Parliament’s finance committee approves Israel’s 2021-22 budget
The finance ministry lowered its 2021 budget deficit target to 5.5%-5.7% of gross domestic product from 6.8% due to higher-than-expected...
- Snap elections would be triggered if the spending package is not finalized by Nov. 14
- The Israeli economy is expected to grow 7% in 2021 after contracting 2.2% in 2020
Business
DFM posts net profit of AED 38.1 mn in the first nine months of 2021
The Company’s total revenue reached AED 183.1 million in this timeframe compared to AED 271 million during the corresponding period...
- DFM's expenses decreased 4 percent to AED 145 million by the end of September
- The company has waived the minimum trading commission from September 1
Business
ADIO and Etisalat to facilitate digital economy access for firms in Abu Dhabi
Abu Dhabi Investment Office (ADIO) and Etisalat will work together to unlock opportunities for businesses in Abu Dhabi by introducing...
- ADIO’s $545-million Innovation Programme provides incentives to businesses in high-growth areas to expand in Abu Dhabi.
- Etisalat Digital’s FutureNow program invites innovative technology companies to accelerate their businesses in the UAE.
Business
Eni of Italy discovers three new oil and gas wells in Egypt
Eni of Italy has discovered three new oil and gas wells in Egypt, according to the Egyptian Ministry of Petroleum.
- Oil, gas, and condensate (a mix of light liquid hydrocarbons) were found in the Meleiha concession area, and oil in the southwest Meleiha zone
- The MWD-21 well, which has already been linked to production, also yielded a stable rate of 2,500 bpd
Business
Saudi Investment Bank records 9% rise in net profit to $206.7m
The Saudi Investment Bank (SAIB) has recorded a 9 percent rise in net profit to $206.7 million in the first...
- The bank attributed the profit rise to a decline of 11.6 percent year-on-year (YoY) in total operating expenses amid lower salaries and employee-related expenses.
- Total shareholders' equity, excluding minority interests, reached SR14.69 million during the first nine months of 2021
Economy
44 MNCs decide to set up regional HQs in Riyadh
Pepsico, Deloite, Siemens, Haliburton, KPMG, PwC, Novartis and OYO are among the companies that will establish their regional headquarters in...
- The licenses were issued at the 5th edition of the Future Investment Initiative under the Regional Headquarters program.
- The direct and indirect benefits from the presence of companies (in Saudi Arabia) will amount up to $45 billion, says minister.
Qatar Credit Bureau, Supreme Judicial Council to share data
DOHA, QATAR - Qatar Credit Bureau signed a memorandum of understanding (MoU) with the Supreme Judicial Council (SJC) pertaining to...
Geostrategy
Company News
SEIC buys stakes in Egypt firms
Business
Latest News
Air Arabia H1 profit $122.8m
Business
UAE’s mobile internet fastest in Arab world
According to the Digital Quality of Life Index by VPN provider Surfshark, Denmark has the best digital quality of life...
Infographics
SAFEEN Feeders, Invictus sign deal
They will launch a new international dry bulk shipping service.
Business
‘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...
Economy
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Economy
Saudi Arabia to set up five new renewable energy projects
The projects, whose total capacity reaches 3,300 MW, includes three which will utilize wind energy and two which will use...
- The projects, whose total capacity reaches 3,300 MW, includes three which will utilize wind energy and two which will use solar energy
- The projects are part of the National Renewable Energy Program as part of Saudi Arabia’s target to reach the best energy mix
Business
Sure Global to list on Nomu
The Saudi tech firm has set the price at $19 per share.
- The company has reached an agreement with its shareholders to allocate 1.284 million shares, representing 25 percent of its capital, to offer and sell in the market
- It received approval from the Capital Market Authority on June 30 for its registration to trade on Nomu
Geostrategy
EU to support Iraq in boosting economic activity in five sectors
The European Union has shown interest to be part of the process of decentralization in Iraq and in this regard...
- The European Union confirmed its endeavor to achieve the decentralization file in Iraq, while revealing a program that enhances the activity of 5 sectors
- The EU officiaI said Iraq has lots of oil wealth, and on the other hand, people in all provinces were not provided with the service that should be provided by their provinces