Waldorf Astoria to open in Madinah by 2028
With more than 300 luxury rooms, three dining concepts, and various facilities, the hotel will merge global luxury with Madinah’s...
Business
No peak oil demand ‘on the horizon’, phaseout a ‘fantasy’: OPEC
Paris, France - OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would...
Economy
Business
ADIB-Egypt introduces Shariah-compliant private banking services for HNWIs
Cairo, Egypt – ADIB-Egypt has launched its exclusive portfolio of Private Banking Services, providing a Shariah-compliant banking proposition for its high-net-worth...
- ADIB-Egypt’s Private Banking platform also provides access to Financial Advisory services led by specialized experts, to help clients' wealth achieve its full potential
- ADIB is also introducing a new service granting clients exclusive access to premier banking products and services in the United Arab Emirates
Business
Gupco begins pumping oil in Egypt
The production started at the first well in the Gulf of Suez.
- Egypt's petroleum minister said the project first phase aims to reach 6,000 barrels per day by mid-January
- The completion of the second well is expected by mid-January to raise production to targeted levels
Business
New investors throng Dubai Financial Market to open accounts
Dubai, UAE--Brokerage firms at the Dubai Financial Market (DFM) opened 57,054 new investor accounts in 2023, marking a significant increase...
- The expansion in the growth resulted from the listing of the government and semi-government companies and also rising popularity of online trading
- The brokerage firms numbering 29 on the bourse executed over 3.83 million transactions in 2023, a 32.7% increase compared to 2022's 2.88 million
Economy
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)...
- This extension comes as a result of the ongoing valuation and due diligence processes, which are yet to be completed
- The original MOU, signed on October 19, 2023, was set to pave the way for a potential collaboration between the two companies
Business
Maisarah leads Oman government’s successful sukuk issuance
MUSCAT, OMAN - Maisarah Islamic Banking Services, Islamic window of BankDhofar, acted as an Issue Manager for the Sovereign Sukuk...
- The Sukuk-Al-Ijara structure has a seven-year maturity and was conducted through private placement to sophisticated investors in Oman.
- The issuance has been listed on the Bonds and Sukuk Market, operating under the Muscat Stock Exchange.
Business
Cerberus buys HSBC France retail
The takeover was finalized for an undisclosed amount.
- The operation will see HSBC France's nearly 250 retail branches with their 800,000 clients and 3,500 staff become CCF
- The move is part of London-headquarters HSBC's efforts to simplify and refocus operations on its major region of Asia
Business
Albilad Capital to pay dividendÂ
The distribution ratio of the NAV stands at 0.10 percent.
- Albilad Capital confirmed that the dividends would be based on the unitholder register as of the end January 3, 2024.
- The total amount of distributed dividends has been declared at US$24,183, an indication of the fund's robust performance
Business
IsDBI begins building digital marketplace for Islamic finance
Jeddah, Saudi Arabia -- The Islamic Development Bank Institute (IsDBI) has kicked off the development of the Islamic Finance Knowledge...
- The Pavilion will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development.
- This project aligns with the IsDBI’s objective to provide fintech knowledge solutions to the Islamic finance industry to support sustainable development in member countries.
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...
- The report has been issued to provide transparent and accurate information about the performance of the insurance sector.
- The report showed a 2.2 percent increase in the insurance sector’s penetration ratio to non-oil GDP in Q3 of 2023.
Business
Makeen, Rolls-Royce forge partnership
They will manufacture, test, sell and service mtu engines in Saudi.
- The deal marks a milestone for the industrial development of the Kingdom’s rapidly growing marine and off-grid power generation sectors, according to the release, Aramco said.
- Makeen aims to deliver state-of-the-art solutions to meet the evolving demands of our valued customers in oil and gas, said Makeen CEO Abdullah Al-Ghamdi.
Waldorf Astoria to open in Madinah by 2028
With more than 300 luxury rooms, three dining concepts, and various facilities, the hotel will merge global luxury with Madinah’s...
Business
Company News
QFC signs two MoUs
Business
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Air France-KLM posts profit
Business
AstraZeneca to buy Amolyt for $1bn
It will pay $800 million upfront for the Lyon-based company.
Business
Brighter US economic outlook fuels global oil demand growth forecast
Rising fuel needs of ships rerouted away from the Red Sea also to increase demand, the International Energy Agency said....
Geostrategy
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Business
Foxconn net profit jumps 33%
Its net profit for October-December rose to US$1.6bn.
- The company said net profit for October-December rose to Tw$53.1 billion (US$1.6 billion)
- The strong figures follow better-than-expected profits in its third quarter thanks to rising demand
OpenAI partners with Le Monde and Prisa Media
Prisa Media chief executive Carlos Nunez called the OpenAI alliance a "step toward the future of news" where technology and...
- OpenAI will be able to use content from Le Monde and Prisa Media publications including El Pais, Cinco Dias, and El Huffpost to train the models powering its AI
- In the coming months, ChatGPT users will be able to get summaries of news content from the publishers along with links to original articles, according to OpenAI
Business
ADNEC to organize first Bitcoin MENA Conference in Abu Dhabi
Abu Dhabi, UAE--ADNEC Group has announced the launch of the region's first Bitcoin MENA Conference 2024 set to take place...
- The even will be co-organised by Capital Events and BTC Inc., the parent company of Bitcoin Magazine and the Bitcoin 2024 conference
- The hosting of the conference marks a significant milestone in the world's largest Bitcoin conference’s expansion into the MENA region