Sharjah’s Sabaa Sanabel wheat gets Made in the UAE mark
SHARJAH, UAE - Sabaa Sanabel wheat flour, made from the wheat produced here, has become the first national product to...
Business
Business
Halliburton builds $100m worth chemical plant in Saudi Arabia
Halliburton, the US oil field service giant, is in the final stages of building the first reactor plant for the...
- Halliburton is close to completing the construction of the first reactor plant for the manufacture of chemicals in King Salman Energy City "Spark" in Jubail
- Three of Halliburton's senior executives on Monday held a workshop in the Eastern Province to introduce Saudi investors to the factory's activity
Business
Saudi insurance sector Q2 results: premiums up, net income down
DUBAI: Saudi Arabian insurance sector showed overall positive developments during Q2 as gross written premiums (GWPs) grew by 8.1 percent...
- Fall of net income by 59 percent attributed to the claims returning to pre-pandemic normal levels.
- Energy and property claims grew by 98 percent and eight percent respectively.
Business
UAQ Free Trade Zone to ease banking operations for SMEs, others
DUBAI: A Memorandum of Understanding signed between the National Bank of Umm Al Quwain (NBQ) and Umm Al Quwain Free...
- Companies registered in the zone can avail of priority banking.
- Services that include transactions, payments, savings and credit from NBQ will help businesses build their credibility, NBQ said.
Business
UCAC gets nod to amend insurance practice
The company had sought Saudi Central Bank's approval for the amendment.
- After approval, the UCAC would be limited to the practice of insurance activity only.
- In a bourse filing on Sunday, the company said it will reduced accumulated losses to SAR 113.6 million.
Analysis
Dubai Aerospace Enterprise’s ESG Risk Rating among lowest
Dubai Aerospace Enterprise (DAE) Ltd, the global aviation services company, has announced that it has received an ESG Risk Rating...
- The DAE team had put in over 18 months to strengthen its ESG risk management and framework
- The global aviation services company vows to continue to engage with our stakeholders on ESG issues
Economy
Egypt’s exports leap up 49 percent to $3.61bn
Egypt’s exports recorded a nearly fifty percent jump to $3.61 billion in June 2021, as a compared to $2.94 billion...
- The country’s trade deficit fell by 27.8 percent during June to reach $2.49 billion, down from $4.07 in June 2020
- Egypt witnessed a hike in exports of some commodities such as plastic (78 percent), ready-made clothes (54.6%), pasta and other food items (53.1 percent)
Business
UAE to tighten the screws on money laundering
Taking a strong stance against money laundering, the Central Bank of the UAE (CBUAE) has issued a new guidance on...
- The guidance serves as a key point of reference for licensed financial institutions to ensure their compliance with anti-money laundering
- The guidance, which comes into effect today, requires LFIs to demonstrate compliance with CBUAE’s requirements within one month
Business
Boursa Kuwait suspends 10 companies from trading
The reasons behind the penalty included not declaring quarterly financials, and not paying their annual subscription fees.
- Boursa Kuwait listed seven reasons why the companies had been suspended from trading
- Some companies have been penalized for multiple reasons
Business
Apicorp to allot $1bn for green energy
The bank will make the investment over the next two years.
- Currently, green assets comprise more than 13 percent of the bank’s overall portfolio
- This is equal to around $550 million in loans and direct investments
Business
Sohar Int’l raises Tier 1 capital by $130m
The Omani bank's new rights issue has been fully subscribed.
- Issuance fully subscribed, drew interest from HNWIs, retail investors, corporates
- “Such overwhelming participation demonstrates the robust capabilities of Sohar International in terms of attracting capital to advance its strategic agenda"
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Company News
Delta orders Airbus jets
Business
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SAMI, Lockheed Martin sign pact
Business
UAE to deepen collaboration with India in education sector
The UAE has agreed to deepen collaboration with India in the field of education, and in this regard the two...
Business
UAE stocks gain US$3bn in Wednesday trade
Abu Dhabi index (FTFADGI) rose 0.566 percent to 9,717.380 pts, with conglomerate International Holding Company (IHC.AD) closing high at AED...
Market Report
Oil and gas sector fuels demand for industrial space in Dubai
Ecommerce operators, who have seen an acceleration in activity post the onset of the pandemic, have further expanded their operations.
Economy
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Business
Investcorp leads Pre-IPO round in TruKKer
TruKKer is one of the region’s largest online trucking aggregator.
- TruKKer is one of MENA’s fastest growing technology companies and the region’s largest online trucking aggregator
- This investment is part of the recently launched Investcorp Saudi Pre-IPO Growth Fund LP, targeting equity growth capital investments across a range of companies
Business
Mubadala to buy Fortress
The Abu Dhabi fund will buy it from SoftBank for $2bn.
- The PIF-backed SoftBank Group acquired Fortress in 2017 intending to use the New York-based company's expertise to aid in managing its Vision Fund
- The reports said the Abu Dhabi sovereign fund could announce an agreement in the coming weeks
Business
BinDawood CEO resigns
Ahmad BinDawood stepped down due to personal reasons.
- The company said it will announce any developments about the appointment of a replacement in due course
- BinDawood Holding Co. is a leading grocery retail operator of hypermarkets and supermarkets in the kingdom