stc net profit for 2024 $6.58bn
This is an increase of 85.7 percent over the previous year.Company News Business
Cyprus and Egypt sign deal to process, export gas to Europe
Nicosia, Cyprus -- Cyprus and Egypt on Monday signed an agreement with an energy consortium to export gas from the Mediterranean...Business Energy
MODON launches 10 projects
The projects in 6 industrial cities are valued at $143 million.These projects, conducted in collaboration with several national companies, aim to foster opportunities for value chain initiatives and bolster local content.
Among the agreements, MODON has inked a contract for establishing 80 factories and ready-made products in Al-Ahsa and Taif's industrial cities.
Bitcoin crosses $45,000 for first time since April 2022
Dubai, UAE--Bitcoin stormed above $45,000 on Tuesday for the first time since April 2022.Bitcoin touched a 21-month peak of $45,532,...It reached a 21-month peak of $45,532, having gained 156% last year in its strongest yearly performance since 2020
Expectations that major central banks will cut interest rates this year has also been a boon for cryptocurrencies
UAE to press firms with 20-49 staff to hire at least one Emirati in 2024
Dubai, UAE--The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has started implementing the cabinet decision to expand the scope...The Ministry of Human Resources and Emiratisation notified more than 12,000 companies to comply with the decision, providing them sufficient time to meet their required targets
The ministry said it will continue to hold training workshops to educate companies subject to the decision about the procedures to follow in order to meet their required targets
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...ADIB-Egypt’s Private Banking platform also provides access to Financial Advisory services led by specialized experts, to help clients' wealth achieve its full potential
ADIB is also introducing a new service granting clients exclusive access to premier banking products and services in the United Arab Emirates
Gupco begins pumping oil in Egypt
The production started at the first well in the Gulf of Suez.Egypt's petroleum minister said the project first phase aims to reach 6,000 barrels per day by mid-January
The completion of the second well is expected by mid-January to raise production to targeted levels
New investors throng Dubai Financial Market to open accounts
Dubai, UAE--Brokerage firms at the Dubai Financial Market (DFM) opened 57,054 new investor accounts in 2023, marking a significant increase...The expansion in the growth resulted from the listing of the government and semi-government companies and also rising popularity of online trading
The brokerage firms numbering 29 on the bourse executed over 3.83 million transactions in 2023, a 32.7% increase compared to 2022's 2.88 million
Najran extends MoU with Ayan for Commerce & Industry
Jeddah, Saudi Arabia - Saudi Arabia's Najran Cement Company has announced the extension of its non-binding memorandum of understanding (MoU)...This extension comes as a result of the ongoing valuation and due diligence processes, which are yet to be completed
The original MOU, signed on October 19, 2023, was set to pave the way for a potential collaboration between the two companies
Maisarah leads Oman government’s successful sukuk issuance
MUSCAT, OMAN - Maisarah Islamic Banking Services, Islamic window of BankDhofar, acted as an Issue Manager for the Sovereign Sukuk...The Sukuk-Al-Ijara structure has a seven-year maturity and was conducted through private placement to sophisticated investors in Oman.
The issuance has been listed on the Bonds and Sukuk Market, operating under the Muscat Stock Exchange.
Cerberus buys HSBC France retail
The takeover was finalized for an undisclosed amount.The operation will see HSBC France's nearly 250 retail branches with their 800,000 clients and 3,500 staff become CCF
The move is part of London-headquarters HSBC's efforts to simplify and refocus operations on its major region of Asia
Albilad Capital to pay dividend
The distribution ratio of the NAV stands at 0.10 percent.Albilad Capital confirmed that the dividends would be based on the unitholder register as of the end January 3, 2024.
The total amount of distributed dividends has been declared at US$24,183, an indication of the fund's robust performance
