Abu Dhabi records real estate deals worth $1.36 billion in Jan
Abu Dhabi, UAE -- Real estate transactions in the Emirate of Abu Dhabi amounted to over AED 5 billion ($1.36...Business
Air cargo demand rebounds in 2023 amid economic uncertainty
Geneva, Switzerland-- Air cargo demand rebounded in 2023 with a particularly strong fourth quarter performance despite economic uncertainties, according to...Business
Bahrain and Egypt share solid relations: Fawzia bint Abdulla Zainal
Bahrain and Egypt share solid long-standing brotherly relations, and there is steady progress in it due to their deep partnership...The two sides discussed ways to enhance parliamentary relations between the two countries, in addition to the mechanisms to develop joint action.
They also exchanged points of view on regional and global issues of mutual interest affirming the importance of cooperation between the two.
Saudi firm BinDawood eyes expansion by way of acquisition
Future Tech Retail, a firm owned by Saudi retailer BinDawood Holding, will acquire a sixty-two percent stake in International Applications...Future Tech Retail, which is fully owned by BinDawood Holding, signed the deal with Amwaj Real Estate Co. and First Commercial Application Co
The potential acquisition comes in a bid to strengthen BinDawood’s position in the e-commerce sector and enhance its omnichannel presence
2021 edition of World’s Coolest Winter raises UAE hotel revenues by 50 percent
UAE government's World's Coolest Winter campaign, which was launched in December 2021, has raised revenues of hotel establishments to AED1.5...The campaign promoted tourism, natural sites and entertaining destinations and experiences across the seven emirates of the UAE.
The campaign also raised the number of domestic tourists from 950,000 to 1.3 million, an increase of 36 percent over the first edition of the campaign.
Al-Dawaa of Saudi Arabia to launch IPO at $17.3 per share
Al-Dawaa, a pharmaceutical retail firm in Saudi Arabia, has set the price range for its initial public offering at SR65...The company earlier announced it was offering 25.5 million shares in an IPO, or 30 percent of its capital of SR850 million through a sale by existing shareholders
Institutional subscription has also started on Sunday, where they are initially allocated 100 percent of the offering
QLM net profit up 8 percent
The insurer reported a growth of 16 percent in underwriting income.The Company’s net profit for the Year 2021 is QAR 106.2 million compared to QAR 98 million in 2020, a growth of 8 percent.
The company’s board has recommended a cash dividend of 22 percent (QAR 0.22 per share).
Ras Al Khaima issues 1,749 business licenses in 2021
The Emirate of Ras Al Khaima has given out 1,749 business licenses in 2021, a thirty-six percent jump over the...Commercial sector licenses increased by 921, accounting for 53 percent of the total issued licenses, an annual growth of 30 percent compared to 2020
It was followed by industrial and professional licenses at annual growth rates of about 47 percent and 46 percent respectively
Expo 2020 Dubai warns of fraud over Coldplay concert tickets
Some free tickets for the February 15 concert of British music band Coldplay were apparently being resold online for money.Expo 2020 Dubai has warned that the many copies of the same ticket may be sold online
Each ticket has a QR code that can be scanned only once, to deter exactly such practices
Saudi crown prince transfer 4% Aramco shares to PIF
The transfer was part of Saudi Arabia’s long-term strategy to support the restructuring of its economy, in line with Vision...The shares are expected to bolster the PIF’s strong financial position and high credit ratings in the medium term
The transfer will support the PIF’s plans to grow its Assets under Management to around SAR4 trillion (around $1.07 trillion) by 2025
Big oil firms rebuked
Big oil companies said their 2021 profits were $66.7 billion.The whopping 2021 profits of Shell and BP triggered calls for a windfall tax on the profits of energy firms in the UK
French Presidential candidate Yannick Jadot also spoke out against profits made "on the back of French men and women"
UAE indices witness a great week
The Saudi Stock Exchange’s main index TASI started and ended the week with a 0.5 percent rise despite the fluctuation.Al-Rajhi Bank and Riyad Bank led the Saudi index higher on Sunday as both saw their shares rise by 0.5 percent
TASI continued to fall on Wednesday, as it offset losses in the financial sector with increases in the telecommunications industry
