EU gives accent to landmark rules on artificial intelligence
Brussels, Belgium - The European Union's 27 member states on Friday approved landmark rules on reining in artificial intelligence, passing a key...Business Tech & Media
Widam Food signs $27mn pact with Egypt’s Frigo
The company, in a statement, said it exported two meat shipments to Egypt in March and July.The company, in a statement, said it exported two meat shipments to Egypt in March and July
Widam Foods said that the agreement is in line with its strategy to expand its foreign trade
QFB completes rights issue
It issued 420,000,000 shares in order to raise capital of $307m.Its net profit shot up 2.55 percent to $11.53 million in the first half of this year, compared to $11.23 million in the same period last year
In 2019, the bank had reduced the capital by 65 percent from $549 million to $192 million to extinguish consolidated losses of $357 million
Gulf countries get more adaptable to open banking
The GCC region is now witnessing an increase in adoption of open banking system and implementation plans are being put...The GCC region is now witnessing an increase in adoption of open banking system and implementation plans are being put in place as regulators set new market policies
Tarabut Gateway -- the first and largest open banking platform in MENA and a licensed AIS and PIS provider -- obtained the first open banking license ever issued in the UAE
GMC, Fix Network sign agreement
Twelve new service and collision repair centers will be set up in Saudi.The new partnership will launch with six collision centers and six quick service centers spread across KSA.
The collision repair services will be known as Fix Auto Collision, while the mechanical service and repair centers will be called Fix Auto Service.
SRC, Riyad Bank sign $133m deal
This is the second largest mortgage refinancing deal in the kingdom.Tareq Al-Sadhan, CEO of Riyad Bank, said the long-term partnership with SRC will provide housing finance solutions that fulfill the needs and requirements of Saudi families.
Saudi Vision 2030 aims to raise the percentage of residential ownership of Saudi families from 47 percent to more than 60 percent within four years.Â
Listed insurance firms’ in UAE net profits at $222m in H1 2022
The total premiums of insurance companies listed in local financial markets in the first half of 2022 increased by 7.64...The total premiums of insurance firms listed in local financial markets in H1 2022 increased by 7.64 percent year-on-year to $302 million
The total net profits of insurance companies listed in local financial markets in H1 2022 totaled $222 million
Weeklong real estate transactions in Dubai amount to $2.8bn
The real estate and properties transactions valued at $2.8 billion (AED10.3 billion) in total during the week ending 19 August...A total of 344 plots were sold for $694 million, 2,239 apartments and villas were sold for $1.07 billion
The top two transactions were a land in Al Wasl sold for $108 million, followed by a land sold for $55 million in Hadaeq Sheikh Mohammed Bin Rashid
UAE gave foreign aid worth $3.5bn, says MoFAIC
The UAE is providing sustainable humanitarian aid worldwide, underscoring its commitment to promote regional, global peace and prosperity. As per...The total value of foreign aid provided by the UAE from the start of 2021 to mid-August 2022 amounted to $3.5 billion
While Yemen accounted for most of Emirati aid with over $315 million, the list also included several Arab, Asian and Western countries
Middle East nations to gain $1.3 trn in additional oil revenues by 2026: IMF
The gains, due to high oil prices, will provide 'firepower' to the region's sovereign wealth funds, said Jihad Azour, IMF's...Recently, Saudi Arabia said it achieved a rare budget surplus of over $20bn in the second quarter of 2022, as oil revenues surged 90 percent compared to a year ago.
Saudi PIF has invested over $620 billion in total, $7.5 billion alone in US stocks during the second quarter, when the share prices were relatively low.
Saudi, Uzbekistan sign cooperation pact in several energy sectors
Saudi Arabia and Uzbekistan have signed an agreement to develop cooperation and exchange information and experiences in all fields of...They will develop cooperation and exchange information and experiences in all fields of energy though research and studies besides exchanging policies and laws related to these.
The agreement was signed by the acting Minister of Energy Dr. Essam bin Saad bin Saeed and the First Deputy Minister of Energy of Uzbekistan Azim Ahmed Khojayev.
