Saudi EXIM bank surpasses 2023 credit goals by 33%
Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the...Business
China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...Business Economy Geostrategy
KEZAD Group, GFCF ink deal
GFCF will triple its production after setting up its Phase II in Musasafah.Four more chemical products will be added to GFCF's product mix with the opening of the second phase of the factory.
GFCF's processes minimize water waste, and the production unit will incorporate heat recycling, aligning with KEZAD Group's sustainability goals.
4 bids for Al Ajban power project
There will be a process to select the best proposal.Al Ajban Solar PV is EWEC’s third world-leading solar power project.
Abu Dhabi is home to world’s three largest single-site solar power plants.
Arada H1 sales $1.15bn
The company witnessed a 186 percent increase in sales.In total, Arada sold 1,616 homes at its communities during the first half, a 23 percent increase on the same period in 2022.
Arada’s best-performing community in terms of sales was Masaar, the forested megaproject based in the up-and-coming Suyoh district of Sharjah.
South Korean blockchain firm NEOPLY to set up global HQ in Abu Dhabi
Abu Dhabi, UAE -- NEOPLY, a South Korean blockchain technology company, will establish its global headquarters in Abu Dhabi, the...NEOPLY provides a decentralized finance (DeFi) platform and a variety of services based on blockchain technology.
NEOPLY’s H-Lab will work with ADGM to support its development of a sound and progressive regulatory framework for DeFi.
QNB H1 2023 net profit at $2bn
QNB set aside $1.3 billion as provision for loan losses.There was an increase in the operating income by 14 percent to reach US$5 billion.
This reflects QNB’s success in maintaining strong growth in various sources of income.
eXtra’s H1 2023 profit falls 35%
An increase in borrowing costs hurt the company in H1.The company's revenue increased slightly by 2.1 percent YoY, backed by the consumer finance segment revenues growth and retail segment’s sales mix enhancement, Argaam said.
Gross profit increased by 7.3 percent YoY to SAR 655.9 million. Selling, general and administrative expenses (SG&A) slightly increased compared to H1 2022.
East Pipes, Banque Saudi Fransi ink pact
Funds will be used to finance working capital for projects.The agreement is worth US$293 million (SAR 1.1 billion).
AÂ promissory note of $306 million was provided to guarantee the credit facility.
Middle East firms pay fortune for employee burnout
A TRENDS exclusive report takes a hard look at how tens of thousands of white-collar workers in Middle East are...It is estimated that businesses in the Middle East suffer a loss of $100 billion every year on account of mental health challenges due to lost working hours
It has also been found that only 15 percent of white-collar workers across the MENA region have access to professional mental health resources
QatarEnergy, ENOC sign supply pact
QE will supply up to 120m barrels of condensates to ENOC from Jul.The terms of the agreement allow parties to further increase the condensate volumes under the contract.
The agreement was signed by Qatar Petroleum for the Sale of Petroleum Products Company Ltd. (QPSPP) and ENOC Supply and Trading, a subsidiary of ENOC.
Twitter rival Threads signs up 100 million users in five days
Threads went live on Apple and Android app stores in 100 countries late on Wednesday, though it is not available...Threads is finding it easier to grow at the necessary scale to dethrone Twitter because it is linked to Instagram, which has more than one billion regular users
Musk has threatened to sue Meta for stealing trade secrets and intellectual property, claims denied by the company, which also owns Facebook and WhatsApp
