Najran extends MoU with Ayan for Commerce & Industry
Jeddah, Saudi Arabia - Saudi Arabia's Najran Cement Company has announced the extension of its non-binding memorandum of understanding (MoU)...Business
Saudi insurance sector shows 14.6 percent growth in Q3 of 2023
RIYADH, SAUDI ARABIA- The Insurance Authority (IA) has issued its first report on the performance of the sector in the...Business Banking & Finance
Dubai non-oil economy surges to two-year high in October
Dubai's non-oil economy continued to grow in October, courtesy of a sharp rebound in new orders and increased tourism activity...A sharp rebound in orders and Expo boost raise Purchasing Manager's Index.
Despite the growth of businesses, job hiring remained marginal. Overall expectations of firms at their highest since March 2020.
Mercer says UAE firms to hire more staff next year
UAE firms are expected to hire more staff and increase salaries next year to attract and retain talents as the...The expected average raise in the salary for companies in high-tech, life science and consumers goods would be around 4 percent
The survey covered 599 companies across UAE with response indicating that salaries in 2021 incremented at an average of 3.6 percent
Mashreq Bank of UAE reports 25% drop in net profit to $72m
Mashreq Bank, the UAE lender, has seen its net profit drop off by a quarter in the first nine months...Total net profit for the period ending September 30, 2021 reached 265 million dirhams ($72.14 million), down by 24.7 percent from 352 million dirhams a year earlier
Quarterly net profit stood at 180 million dirhams ($49 million), down by 1.6 percent from 183 million dirhams in the same period last year
CBRE study depicts upbeat future for Saudi hotel industry
With the Covid infection tapering off in Saudi Arabia, there has been a reasonable increase in hotel occupancy rates in...The average daily rate (ADR) at hotels across the Middle Estate jumped 9.9 percent in the first nine months of the year
The growth has been fueled by higher levels of tourism activity in major destinations like Jeddah, Khobar and Riyadh
ADNOC Distribution’s Q3 profit is $144m
The profit is 21 percent lower than Q3 2020 due to a lower fuel margin.The company's net profit for the first nine months of 2021 was AED 1.7 billion, six percent higher compared to the corresponding period in 2020.
ADNOC Distribution said it plans to open 40-45 new stations in Saudi Arabia in 2021 as part of its expansion plans for the UAE and the kingdom.
Standard Chartered starts sustainable account in UAE, Aldar first to open it
Abu Dhabi-based developer Aldar Properties became the first corporate in the UAE to open a sustainable bank account started by...Deposits in the accounts are used to fund sustainable projects.
The bank has said the surplus cash will be used in addressing the climate crisis and financial exclusion.
DFM picks new CEO
The Dubai Financial Market (DFM) has hand-picked Hamed Ahmed Ali as the new Chief Executive Officer (CEO) in the wake...The newly formed board of directors approved the appointment as part of efforts to “empower new leaders”
Ali was previously appointed Deputy CEO and Chief Markets Officer of DFM in July 2020
National Bonds ups stake in Taleem
Taleem Holdings is one of the largest education providers in the Middle East.National Bonds increased the stake in Taaleem, a company with paid-up capital of AED 750 million, from 19.6 percent to 23 percent.
By end of Q3 2021, National Bond's investment portfolio has grown by more than 32 percent to surpass AED 10 billion ($2.72 billion).
ADNIC nine-month profit at $90m
Its profit in the first nine months last year was $77 million.ADNIC’s overall premium retention ratio reached 33.5 percent for the nine months of 2021
This was in comparison with 32.7 percent for the same period last year
Toshiba to split business
New units to focus on infrastructure, devices, semiconductor memoryThe Nikkei business daily said the three units would focus on infrastructure, devices and semiconductor memory
The Nikkei noted that splitting up conglomerates had been a successful strategy for some firms in the United States, including Hewlett-Packard
