Economic forum in Amman to enhance trade ties between Iraq, Jordan
AMMAN, JORDAN - The Iraqi Business Council, in collaboration with the Jordanian and Amman Chambers of Industry, is set to...Business Economy
Dubai records over US$2.6bn in weeklong real estate transactions
DUBAI, UAE - A total of 3,543 real estate transactions worth over US$2.6 billion (AED9.8 billion) were conducted during the...Business Economy
NMDC records 40% profit jump
Its profit shot up to $191m in first nine months of 2022.The Group’s revenue increased by 12.9 percent to $1.63 billion from January to the end of September 2022, compared to $1.46 billion in the same period last year
Its business continued to grow and expand , with significant progress made in major strategic projects such as the Hail and Ghasha field works
Online spending set to rise as MENA shoppers start looking for products, offers ahead of holiday season
Consumers in the UAE, Saudi Arabia and Egypt are among the most excited to search for Black Friday compared to...Consumers in the UAE, Saudi Arabia and Egypt are among the most excited to search for Black Friday compared to Brazil, UK, and US, Google’s internal data suggest
About 60 percent in the UAE and Saudi Arabia look for new products and brands when browsing online during the sales season, the Google's study highlights
Spain says new gas pipeline may take 7 years to build
A planned underwater energy pipeline linking Barcelona in Spain and Marseille in France could take up to seven years to...France, Spain and Portugal announced that they had agreed to build the maritime pipeline.
The underwater pipeline - dubbed BarMar - would initially be used for natural gas but, over time, more and more for hydrogen.
Reliance Q2 net profit at $1.65bn
RIL's core oil-refining business hit overall profits.Revenues from operations increased 33.7 percent on-year to US$28.19 billion helped by strong contributions from Reliance's newer consumer-facing businesses.
Additional excise duties cost Reliance US$488 million (40.4 billion rupees) in the quarter, the company said,
Bayanat AI IPO tranche oversubscribed
The offering saw significant demand and commitment from IHC.The subscription period ends on 25 October 2022 while the listing of shares and trading on ADX is anticipated on 31 October 2022.
Dubai Islamic Bank is the Lead Manager, and First Abu Dhabi Bank is acting as the Lead Receiving Bank. International Securities are the Lead Placement Agent on the IPO.
Credit Suisse sells 8.6% stake in Allfunds
Bank raised US$325m from its stake sale of Spanish firm.Credit Suisse acquired the minority stake in 2020 after selling its business-to-business investment fund platform, InvestLab, to Allfunds.
The bank was rocked last year by the collapse of the British financial firm Greensill.
Dubai records $2.17 billion in weekly real estate transactions
Dubai, UAE---A total of 2,703 real estate transactions worth AED8 billion ($2.17 billion) were conducted during the week ending 21...A total of 147 plots were sold for AED1.12 billion, and 2,023 apartments and villas were purchased for AED4.79 billion.
The top transactions were a land Fourth sold for AED85 million in Al Thanayah, and another sold for AED63 million in Island 2.
Arada closes $100m tap on its Sukuk
Its existing Sukuk valued $350m was issued in June.The tap was priced at 99 cents on the dollar, with an investor yield of 8.386 percent.
Arada said the tap witnessed demand from the global finance markets, with a lead order of US$185 million.
Dlala Holding to resume trading
The authorized capital of the company is US$78 million.The QSE announced after completing the process of reducing the company's issued capital from 284.16 million shares to 190.387 million shares.
Dlala Holding Company was established and listed on Qatar Stock Exchange in 2005.
Pound sinks against dollar on UK political uncertainty
The British pound sank against the dollar on political uncertainty after the resignation of UK Prime Minister Liz Truss, while...The dollar strengthened also on expectations that the US Federal Reserve would press ahead with its program of bumper interest rate hikes.
Traders were girding for another possible intervention by Tokyo after the dollar went above 150 yen.
