Prices for utilities, fuels rise 9 percent in June in Saudi Arabia
RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent...
Economy
Business
Engicon lands Jordan partnership
Engicon has signed an MoU with the JPMC for a water treatment plant.
- Engicon will supply, develop, and operate a phosphate water treatment plant in El-Sheidiyah mines
- The treated water will be used for purposes of industry and agriculture, aimed to improve and preserve the region's ecosystems
Business
OTO gets $3m from MEVP and Derayah
It is the 'largest seed' raised by a MENA SaaS firm.
- OTO is currently offering its services in Saudi Arabia, UAE, Kuwait, Oman, Qatar, Bahrain, and Egypt.
- The funding will help the company to grow its customers base across GCC and Egypt.
Business
Qatar National Bank posts 8 percent jump in net profit to $2.83bn in 9 months of 2021
Qatar National Bank (QNB), the Gulf's biggest lender, posted an 8 percent increase in nine-month net profit to $2.83 billion,...
- Loans and advances grew 7% in the period while total assets rose 10% to 1,084 billion riyals, it said in a statement
- Operating income in the first nine months of 2021 grew by 8% to 20.7 billion riyals, it said
Geostrategy
First Libyan flight in 7 years touches down at Cairo International Airport
A Libyan Airlines flight with about 255 passengers on board flew into Cairo International Airport, marking the first time in...
- Flights between the neighboring countries had been suspended due to the conflict in Libya and the closure of its airspace to air traffic
- Cairo International Airport organized a protocol celebration for the arrival of the Libyan Airlines flight
Investigation
Dubai Police carries out region’s largest drug bust
The Dubai Police have arrested a man they say had smuggled 500 kg of pure cocaine, which has a street...
- The police operation, codenamed Scorpion, led to the seizure of 500 kg cocaine
- The cops said this was the region's largest drug seizure, and also resulted in an arrest
Business
Business confidence in Dubai reaches third-highest level in 10 years: Survey
Business confidence in Dubai reached its third-highest level in 10 years as companies in the emirate begin to feel the...
- A survey by Dubai Chamber said companies in the emirate begin to feel the positive impact of Expo 2020.
- Global supply chain restrictions were identified as a key challenge for business leaders.
Business
Pipeline to transport gas from Qatar to UAE secures $3bn in financing
The Dolphin Gas Project, a natural gas pipeline to transport Qatari natural gas to the United Arab Emirates and Oman...
- Dolphin Ltd. will obtain financing through a revolving loan to implement expansions in pipelines that transport gas from the Qatari North Field to the UAE capital Abu Dhabi
- Dolphin Energy Limited is working on implementing the project after collecting funding from 15 banks for a period of up to 10 years
Economy
Iran needs $22bn to maintain gas output
Iran’s Oil Minister Javad Oji has reportedly said the country requires at this investment to maintain the production level of...
- About 50 percent of Iran's gas reserves are in Bushehr province
- This is true for about 10 percent of the country’s oil reserves as well
Business
London draws buyers from Middle East with hot property deals as fear of Covid eases
Buyers from Middle East have been scouting London for property deals in prime central London, with sales in the first...
- “We have seen an influx of Middle Eastern investment into London over the last month"
- Strict travel restrictions, Knight Frank said, have led to pent-up demand, and footfall of Middle Eastern travelers through London's Heathrow Airport has also risen in August
Business
UAE may open VoIP services to all next year
Mobile phone users in the Gulf country are currently allowed to use the internet-enabled video and audio calls only through...
- The UAE's telecom regulator is likely to roll out VoIP services for everyone in the country next year
- This could be either in January 2022 or after Expo 2020, which ends on March 31, 2022
Most Read
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
Company News
Latest News
stc profit jumps to $1.6bn in H1
Business
Women complain of bias in accounting profession in MENA
In a diversity, equity, and inclusion (DE&I) study in the MENA accounting profession, 63 percent of women across each of...
Business
Dubai’s RTA earns US$10.12m from auction of number plates
Dubai's Roads and Transport Authority (RTA) fetched $10.12 million from the auction of distinctive vehicle number plates at Grand Hyatt...
Business
Most Read
Business
Muscat Stock Exchange trading value up 5.5 percent in a week
Muscat, Oman - The value of trading on the Muscat Stock Exchange increased last week to 9.6 million Omani riyals...
- The rise came at a time when investors tended to diversify their portfolios, taking advantage of the declines in stock prices.
- Trading data showed a decline in the prices of 40 securities last week, compared to 15 securities whose prices increased.
Economy
Saudi NDF pumped $7.45 billion into Covid relief measures
Riyadh, Saudi Arabia— The National Development Fund (NDF) of Saudi Arabia has since March 2020 financed SAR28 billion ($7.45 billion)...
- Initiatives from the Social Development Bank and Kafalah Program were introduced to finance small and emerging enterprises specialized in health care and education.
- The Fund launched an initiative to postpone outstanding debts and restructure the soft loans for 33 developing countries worldwide to ease their burden.
Business
ISO Annual Meeting 2022 to begin Monday in UAE, trade on agenda
The International Organization for Standardization (ISO) Annual Meeting 2022 starts Monday at the ADNOC Business Center in UAE's Abu Dhabi.
- Hosted by UAE Ministry of Industry and Advanced Technology (MoIAT), the ISO Annual Meeting 2022 runs from September 19 to 23.
- The event will witness the participation of over 2,000 delegates physically and virtually.