ADIB-Egypt introduces Shariah-compliant private banking services for HNWIs
Cairo, Egypt – ADIB-Egypt has launched its exclusive portfolio of Private Banking Services, providing a Shariah-compliant banking proposition for its high-net-worth...Business
Cerberus buys HSBC France retail
The takeover was finalized for an undisclosed amount.Company News Business
Saudi anti-concealment law violators get grace period
The period has been extended from August 23, 2021, to February 16, 2022, with violators looking at fines of around...The Saudi Ministry of Commerce has already given a six-month grace period once to violators of the anti-concealment law
Several enterprises, whose annual revenues exceeded SR6 billion ($1.6 billion), benefited from this
Egypt’s exports vault 22 percent to $17.70bn
Egypt’s non-oil exports leaped up by 22 percent during the first seven months of 2021, posting $17.70 billion as compared...In July 2021, Egyptian non-petroleum exports rose by 4% to $2.95 billion, from $2.21 billion in July 2020
The non-petroleum imports increased slightly by 11% to $42.39 billion during the seven-month period ended July 31st, 2021
L’Oréal ME sales up 750% since 2018
The growth was driven by a partnership with CNNB Solutions.L’Oréal Middle East entered into a D2C e-commerce and e-distribution partnership with Dubai-headquartered CNNB Solutions
CNNB developed a set of services, which include a model where it Solutions buys inventory from L’Oréal ME
Dubai’s Alcazar bought out for $500m by China
Dubai’s Alcazar Energy Partners, a wind and solar developer, has been bought out by the state-owned Chinese company Three Gorges...AEP is a leading independent developer and power producer, headquartered in the Dubai International Financial Centre
AEP's investors include Mubadala Infrastructure Partners, BluStone Management and DASH Ventures, IFC, a member of the World Bank Group, and IFC’s Catalyst Funds
Majid Al Futtaim’s H1 revenue dips 10 percent
Majid Al Futtaim, a shopping mall operator in the Middle East, has reported a drop in revenues for the first...Mall operator maintains its H1 2021 performance remained robust
Revenues for the period reached 15.6 billion UAE dirhams ($4.2 billion), down by 10 percent from a year earlier
UAE hotel occupancy leaps up as tourists return
In a sign of normalcy returning, hotels across the United Arab Emirates (UAE) have reported a significant rise in occupancy...From January to June, overall occupancy climbed to 62 percent compared to 53.6 percent during the same period in 2020
International, domestic tourism boost occupancy levels
$24bn deals signed at Fifth China-Arab States Expo
Eight Chinese provinces and cities, including Beijing, Tianjin, Zhejiang, Henan, and Guangdong, have signed 12 investment projects with Arab countries...A total of 287 deals worth about $28.56 billion were signed at the Fourth China-Arab States Expo.
More than 1,000 domestic and overseas enterprises have registered as exhibitors this year.
Saudi defense sector opens up for investment
Saudi Arabia has opened up its defense sector for local and international companies to invest in, and in this direction...GAMI launched digital marketplace platform offering investors easy access to local suppliers
Saudi Arabia’s General Authority for Military Industries GAMI has identified 74 investment opportunities, across six domains of the military industries sector
Aldar launches Yas Acres Magnolias
The community consists of 312 properties available for purchase from September 4.The gated community consists of 312 villas and townhouses available for purchase from Sept. 4.
Each unit has fixtures that reduce water and energy consumption, the company said.
Court to help UAE combat financial crimes established
DUBAI: A court has been set up in the United Arab Emirates with a focus on combating money laundering, Dubai...UAE had earlier established the Executive Office of the Anti-Money Laundering & Countering the Financing of Terrorism.
The new court will reinforce UAE’s compliance with international anti-money laundering and law-enforcement standards, says Judge Dr. Abdullah Al Shamsi.
