Binaa Al Bahrain aims to create expansive mixed-use projects
ABU DHABI, UAE – Chairman of Eagle Hills International Mohamed Alabbar has said that US$4 billion joint venture Binaa Al...Business Economy
Saudi Arabia gleams in bleak GCC projects market
Driven by Saudi Arabia's construction sector, near-term forecast remains positive for the GCC with more than $110bn worth of projects...Driven by Saudi Arabia's construction sector, near-term forecast remains positive for the GCC with more than $110bn worth of projects in the tender stage.
The UAE, Saudi Arabia, and Qatar accounted for a combined 93.6 percent of the total value of contracts awarded in the GCC last year
PIF to invest $1.3 billion in four Saudi construction companies
Riyadh, Saudi Arabia--- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has announced an investment of $1.3 billion by...The companies are Nesma & Partners Contracting Company, ElSeif Engineering Contracting Company, AlBawani Holding Company, and Almabani General Contractors Company.
The four companies have built a successful track record in executing and managing complex large-scale projects.
Egypt ranks globally fifth in remittances
Although the remittances grew by an estimated 5 percent in 2022, they were lower than the 10.2 percent increase in...Remittances to low- and middle-income countries withstood global headwinds in 2022, growing an estimated 5 percent to $626 billion.
The growth was, however, lower than the 10.2 percent increase in 2021, World Bank Migration and Development Brief said in a report in Nov 2022.
Saudi ministry signs investment MoU with Spain’s Orbas
Riyadh, Saudi Arabia-- Saudi Arabia's Ministry of Municipal, Rural Affairs and Housing has signed an MoU with the Spanish company...The MoU aims to raise the level of coordination in endeavors that support and promote the development, marketing and implementation of investments.
The Ministries of Municipal and Rural Affairs and Housing and Investment will work to support the investing company in exploring opportunities.
London FTSE hits new record peak at open
LONDON, UK - The London stock market jumped to a record peak Tuesday in a positive open across Europe, after hefty...The British capital's benchmark FTSE 100 index of top companies reached as high as 7,986.20 points.
In the eurozone, Frankfurt's DAX added 0.2 percent to 15,428.55 points and the Paris CAC 40 grew 0.3 percent to 7,231.64.
NBQ 2022 net profit $99m
Umm al Qaiwain, UAE-- National Bank of Umm Al Qaiwain (NBQ) has reported a net profit of AED364.52 million ($99...Total assets were at AED 13.605 billion, up 3.5 percent compared to December 2021, with a deposits-to-advances ratio of 126 percent.
The bank has maintained high liquidity with a stable resources-to-advances ratio of 159.21 percent as of 31 Dec 2022.
All events in UAE serving alcohol need CID clearance from Feb 15
The permit can be applied for by the hotel on behalf of the event organizer or client for a fee...The permit can be applied for by the hotel on behalf of the event organizer or client for a fee of $340 per event and per day
 All events, commercial and non-commercial, must apply for the permit at least 14 days in advance and submit the required documentation
EIB to invest US$27m into UAE-based venture capital firm
Luxembourg--European Investment Bank (EIB) Global, a branch of European Investment Bank, announced on Monday that it will provide $27 million...The fund aims to increase targeted equity investment in high-growth e-commerce, health, and education technology companies across the Middle East and Pakistan
Venture capital investment is expected to support creation of more than 8,000 jobs
QII records profit in 2022
The insurance firm's net profit vaulted to $28 million.The earnings per share (EPS) amounted to QR 0.67 as of December 31, 2022 versus EPS QR 0.55 for the same period in 2021
The board recommended the distribution of cash dividends of 45 % from the share par value i.e. QR 0.45 for each share for the year 2022
GISC posts bumper net profit
The company's profit jumped to $80 million in 2022.The earnings per share (EPS) amounted to QR 0.156 as of Dec. 31, 2022, compared to EPS of QR 0.029 for the same period in 2021
It recommended a cash dividend distribution for the year 2022 amounting to QAR 0.1 per share, which is 10 percent of the nominal value of share
