UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Saudi Arabia’s oil exports fall by $13 billion in fourth quarter of 2023
In December, oil exports fell by SAR 13.5 billion or 15.8% to SAR 72 billion ($19 billion) from SAR 85.5...
Business
Business
ADGM Courts launches blockchain technology in Abu Dhabi
Abu Dhabi, UAE— Abu Dhabi Global Market (ADGM) Courts has announced the first-ever introduction of blockchain technology for the global...
- The blockchain solution will result in substantial time and cost savings for parties in the enforcement of their commercial judgments
- Parties will no longer need to wait for a certified copy of the judgment to start the process in the enforcing jurisdiction
Geostrategy
Saudi Arabia, UAE key partners in Indonesia’s growth
The two Gulf countries play a major role in strengthening the economic and sustainable development in Indonesia, which is hosting...
- The two Gulf countries play a major role in strengthening the economic and sustainable development in Indonesia, which is hosting the 17th G20 Heads of State and Government Summit
- Since 1976, the Kingdom, through the Saudi Fund for Development has contributed to strengthening the pillars of sustainable development in its various fields and forms in Indonesia
Business
Real estate transactions worth $390m recorded Tuesday in Dubai
Dubai, UAE -- Dubai real estate market recorded transactions worth AED1.8 billion ($490 million) on Tuesday, Dubai Land Department said....
- The transactions included 553 sales transactions worth AED1.43 billion, 107 mortgage deals valued at AED387.11 million and 12 gift deals amounting to AED43.73 million.
- The sales included 508 villas and apartments worth AED1.09 billion and 45 land plots worth AED341.04 million.
Business
Liquidity Group first Israeli firm to join ADIO Innovation Programme
Abu Dhabi, UAE---Liquidity Group, a FinTech company, became the first Israeli firm to join the $545 million Abu Dhabi Investment...
- The partnership will support Liquidity Group’s establishment of an R&D centre in Abu Dhabi to develop its proprietary technology-enabled underwriting algorithm.
-  The firm’s patented machine learning and decision science technology has enabled the firm to deploy more capital through more deals faster than any firm in capital markets history
Business
Amanat 9M growth at 6%
Firm's adjusted net profit grew to $16.5 million in Jan-Sep 2022.
- Adjusted total income grew 17 percent to $28.9 million in 9M-2022.
- Adjusted EBITDA grew 19 percent to $29.8 million (AED110.1 million) in 9M-2022.
Business
Wio Bank, ADGM sign pact
Pact will help SMEs in UAE gain access to key banking services.
- With this pact, Wio will extend its Wio Business platform to SMEs registered with ADGM and provide them with fast-tracked application submission.
- Presently, AGDM supports over 330 SMEs in health tech, pure tech, Edtech, legal tech, food tech, tourism tech, and insurance tech.
Business
TECOM Group to pay dividend
Firm approved interim dividend payment of US$54m.
- The approved US$54 million (AED200 million) cash distribution is in line with the Group’s previously announced dividend policy of distributing $217 million annually.
- All matters related to future dividend distribution will be subject to Board of Director’s recommendation and shareholders’ approval.
Business
TECOM approves $54.45m in dividend
The firm's policy allows AED800m dividend annually.
- The Group will distribute AED200 million for October 2022; AED200 million for April 2023 and AED400 million for October 2023.
- TECOM Group's net profit for the first nine months of 2022 increased by 51 percent year-on-year (YoY) to AED639 million.
Business
ECI reviews programs, initiatives to align them with ‘Projects of the 50’
Dubai, UAE— Etihad Credit Insurance (ECI) has reviewed its programs and initiatives in a meeting chaired by Abdulla bin Touq...
- Abdulla bin Touq Al Marri commended ECI’s commitment to protecting foreign investments of local businesses and its efforts to enhance UAE exports
- Al Marri said the UAE has achieved significant milestones at the regional and global levels, establishing its position as a leading hub of trade and investment in the region
Business
Al Seer Marine orders 4 new tankers
South Korea's K Shipbuilding will deliver the tankers in 2024.
- K Shipbuilding will construct the medium-range (MR) IMO II/III product tankers at Jinhae Shipyard.
- With these four tankers, Al Seer Marine fleet now totals 12 vessels as the company prepares to transport the transition fuels like methanol.
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
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Middle East conflict alters regional energy dynamics
Chevron's Tamar gas field halt, rising global oil prices, and jeopardized gas supplies to Egypt and Jordan underscore the impact...
Business
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Business
Foreign investments rise in NE China due to several projects
SHENYANG, CHINA – Investments in the country’s northeast have grown over the past years as several multinational corporations put in...
- Aramco and JV partners NORINCO Group and Panjin Xincheng Industrial Group have a mega Saudi-Chinese petrochemical project in Liaoning Province.
- The project is a 300,000 barrels per day refinery and a petrochemical complex with an annual production capacity of 1.65 million metric tons.
Business
Saudia records 50 percent growth in operations during Umrah season
JEDDAH, SAUDI ARABIA - From the start of the month of Muharram until the end of Rabi' Al-Awwal, Saudia Airlines...
- Its commitment to operate during the Umrah season for the year 1445 Hijri aligns with Saudia’s dedication to contribute to the Saudi Vision 2030 goals.
- Saudia planned to provide additional charter flights during the current Umrah season, aiming to transport more than 100,000 Umrah performers through new stations.
Business
stc Group posts 9-month revenue
stc's revenue was $14.5 billion in January-September 2023.
- Gross Profit for the period of 2023 reached US$7.7 billion (SAR28,875 million) with an increase of 1.8 percent compared to the same period last year.
- Earnings before Interest, taxes, zakat, depreciation and amortization for the period reached $5 billion with a decrease of 2.35 percent compared to Jan-Sept 2023.