DFM launches futures contract on General Index
Dubai, UAE - The Dubai Financial Market (DFM) on Monday announced the offering of futures contracts on its General Index...
Business
Brazilian group seeks trade, investment boost with UAE
Sharjah, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) organized the UAE-Sao Paulo Business Forum on Thursday, marking...
Business
Ethiopia to build local rival to Facebook, other platforms
Social media services have previously been closed in the country over the past year
- Social media services have previously been closed in the country over the past year
- According to Statista, Ethiopia has about 6 million Facebook users
Oman lifts travel ban on India, Pakistan, Bangladesh
Fully-vaccinated passengers from 21 countries can now travel to Oman, according to a new circular issued by the country’s Civil...
- All those coming to Oman are required to present a Covid-19 vaccine certificate
- The certificate must contain a QR Code stating that they have received two doses of an Oman-approved vaccine
Marafiq to sell power from Oman plant
The power production at the plant will start in November.
- The plant will have a capacity of more than 80MW and be built in Duqm
- It will aim to meet the energy requirements of Tanweer, which is part of the Nama Group
Business
Bahrain’s rich own half of its total wealth
Nearly half of Bahrain’s wealth, of $69 billion, is possessed by its super-rich citizens, according to Boston Consulting Group (BCG).
- Ultra high-net-worth individuals (UHNWIs), who are valued at $100m or more are expected to own 44pc of overall financial wealth in the kingdom by 2025
- the upper high-net-worth ($20m to $100m) and lower high-net-worth ($1m to $20m) individuals are expected to own 9pc and 15pc of financial wealth in the kingdom respectively by 2025
Business
Kuwait looks to regulate local used-car trade market
The regulation will look to limit the maximum number of cars non-Kuwaiti residents in the country can own.
- Local authorities were recently alerted to people in the country with up to 50 vehicles in their names
- These people were apparently trading in used cars without a proper license
Business
Abu Dhabi Judicial Department pulls up banks over loan guarantees
Failing to take guarantees is a violation of the requirements and controls regulating the granting of loans, said the department.
- In many cases already filed, courts found the guarantee provided by a borrower not proportional to the value of the loan
- In some other cases, banks apparently disbursed money against the borrower’s guarantee or his identification papers only
Business
Abu Dhabi’s IHC looks at ‘few billion dollars’ deals
International Holding Co (IHC), Abu Dhabi’s largest conglomerate, is looking at acquisitions of various companies in different sectors.
- IHC, now the most valuable company on the Abu Dhabi bourse with a market capitalization of $72bln, is also considering a 2022 IPO
- IHC is also looking at three or four targets in the food sector, as well as eyeing targets in the healthcare and leisure and retail sectors
Business
Qatar’s Islamic lender buys 5% stake in Al Rayan
Masraf Al Rayan, Qatar’s Islamic lender, has bought an additional 5 percent stake in Al Rayan (UK) from Qatar Holding...
- The Islamic lender’s shareholding in Al Rayan rises to 75 percent
- This represents a purchase of 5,000,000 ordinary shares of GBP1 par value
Business
Iran eyes Caspian Sea gas reserve for Europe supply
The exploration is being carried out by the Khazar Exploration and Production Company, or KEPCO.
- The Chalous Superstructure Drilling and Exploration project is expected to be completed over the next couple of years
- It will apparently be the second-largest natural gas block in the Caspian Sea, just behind the Alborz structure
Business
Oil tanker blows up in fire on Makkah-Jeddah expressway
A speeding car rammed into an oil tanker, causing the tanker to explode into a ball of fire on the...
- A video posted to the Makkah region’s official Twitter account showed cars driving by a raging fire stretching across the central divide of the highway
- Civil Defense teams at the site eventually managed to control the fire, authorities announce soon after 2 a.m. on Tuesday
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
DFM launches futures contract on General Index
Dubai, UAE - The Dubai Financial Market (DFM) on Monday announced the offering of futures contracts on its General Index...
Business
Company News
Latest News
AD Ports Group, SEG sign MoUs
Business
ADNOC awards $1.83 billion framework agreements for drilling-related services
The awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further...
Business
Evorra secures extra $1m for data marketing at scale
Evorra CEO Aaron Ritoper said that the company has developed with regular input from a community of brands which believe...
Business
Most Read
Arts & Culture
Sharjah Chamber set to organise ‘Al Maleh and Fishing’ Festival
The Sharjah Chamber of Commerce and Industry (SCCI) has announced it will be organizing "Al Maleh and Fishing" Festival in...
- The SCCI added that all preparations are in place, and the festival is scheduled to begin on September 8, 2022, in Dibba Al Hisn City.
- The four-day event will involve the participation of several government entities and private sector companies.
Economy
Saudi bank loans to public and private sectors grow 14% by July end
Riyadh, Saudi Arabia - Saudi bank loans granted to public and private sectors grew 14 percent by the end of...
- The total loan granted by Saudi banks amounted to SAR 2.324 trillion ($620bn) by July end.
- Private-sector lending also increased by 14 percent year-on-year (YoY) to SAR 2.213 trillion ($590bn).
Business
Amazon Web Services unveils the AWS Middle East (UAE) region
Abu Dhabi, UAE - Amazon Web Services (AWS) announced Tuesday the launch of its second Region in the Middle East,...
- AWS estimated its projected spending on the construction and operation of new Region will support an average of nearly 6,000 full-time jobs.
- The AWS Middle East (UAE) Region will also add an estimated $11 billion over the next 15 years to the UAE’s gross domestic product (GDP).