Stable credit conditions make GCC firms resilient
Gulf companies benefit from supportive credit environments, ensuring resilience in 2024 despite global economic challenges and geopolitical risks, says a...Business Banking & Finance
Burjeel Holdings net profit up
The company’s 2023 annual revenue rises to US$1.2 billion.Company News Business
IsDB signs financing agreements worth US$5.4bn with 24 member countries
Jeddah, Saudi Arabia--The Islamic Development Bank (IsDB) Group has signed 77 financing agreements worth $5.4 billion with 24 member countries...The 77 agreements look to develop projects in sectors such as health, agriculture, food security, transport, energy, education, and humanitarian relief
President of the IsDB Group said the discussion with the member states covered a range of development issues and the future of the IsDB Group
Iran’s trade with six Arab countries climbs up to US$35bn in 2022-2023
Tehran, Iran--Iran's trade with six Arab states has vaulted to $35.11 billion in the fiscal year of 2022-2023, according to...Iran traded 58.25 million tons of goods worth $35.11 billion with Iraq, Kuwait, Qatar, the UAE, Bahrain and Saudi Arabia during the fiscal 2022-2023
The Islamic Republic's top business partner among the Arab countries was the UAE, trading 24.35 million tons of goods worth $24.16 billion
Dubai luxury realty market at new heights
The emirate's luxury home sales surged to $1.63 billion in Q1 2023, as affluent buyers acquired 88 units exceeding $10...A plot of land on Dubai's prestigious Jumeirah Bay Island has been sold for an astounding $34 million, setting a new record in the UAE's real estate market
Palm Jumeirah, Emirates Hills and Jumeirah Bay Island are prime residential neighborhoods in Dubai, the world's fourth-most active luxury residential market
EU’s imports in high-tech products worth $524bn in 2022
BRUSSELS, BELGIUM - The EU imported US$524 billion (€482 billion) worth of high-tech products from extra-EU countries in 2022 (+22...In 2022, over half of the EU’s high-tech imports from non-EU countries came from China (US$199 billion) and the United States (US$99 billion).
The most significant category of high-tech products imported from non-EU countries was electronics-telecommunications (US$219 billion).
ICIEC inks deal with SNB
ICIEC is world's only multilateral Islamic insurance firm.DCIP is a non-payment insurance policy against the default of issuing banks to meet their obligations under an irrevocable letter of credit.
DCIP supports the potential of SNB to provide confirmation lines to various issuing banks in Saudi Arabia or ICIEC member states.
EDB review ways to boost SMEs financial inclusion at 2-day event
ABU DHABI, UAE - Emirates Development Bank (EDB) displayed its flexible and customized financing solutions in the Annual Investment Meeting,...The Bank offers financing solutions with flexible terms for industrial companies and projects with high developmental impact.
Financing options include capex financing, advanced technology adoption financing, renewable and energy efficiency financing.
Oman, UAE to boost rail logistics with new Vale deal
ABU DHABI, UAE- Oman and Etihad Rail Company signed an agreement with Vale, one of the world’s largest mining companies,...The deal says both parties will work to develop integrated logistics solutions that connect Vale’s industrial complex in Sohar Port and Freezone.
Ahmed Al Musawa Al Hashemi, CEO of the Oman and Etihad Rail Company, and Rogerio Nogueira, official at Vale signed the deal.
Shoemakers for Nike, Adidas to slash thousands of jobs
One of Vietnam's largest shoe manufacturers for brands such as Nike and Adidas will cut thousands of workers at the...PouYuen Vietnam told local authorities it would lay off almost 6,000 workers with permanent contracts from the end of next month.
"This will be the biggest layoff since PouYuen started its operation in Ho Chi Minh City in 1996," the state media outlet said.
UAE presents labor laws to UN Human Rights Council in Geneva
DUBAI, UAE - The UAE presented its legislative ecosystem - which regulates the local labor market, provides social security and...Several UAE federal, local government entities and civil society organizations were part of the delegation.
The new labor legislations include provisions that prohibit discrimination on all grounds as defined in international conventions.
Saudi Arabia and Iran discuss ‘opportunities to develop and strengthen’ ties
Riyadh, Saudi Arabia-- Saudi Arabia and Iran have discussed ways to strengthen the ties between the two countries in a...The Iranian minister described the expansion of the Saudi-Iranian relations as a "win-win" development
The two ministers met in Jeddah on the sidelines of the Islamic Development Bank Group's conference
