Digital transfers reshape MENA’s financial landscape
The region sees a robust future for digital cross-border transfers in the Middle East, marked by innovation and a strong...
British Airways profit soars six-fold
The company said it was 92% booked for the first quarter of 2024.
Business
UK and Saudi Arabia sign pact to promote direct investment
Saudi Arabia and the United Kingdom signed a Memorandum of Understanding, which is aimed at the promotion of direct investment...
- British and Saudi companies will be established and expanded in both countries.
- Exchange of visits and expertise as well as sharing of rules and regulations in direct investment opportunities part of the MoU
Business
Sharjah-Sao Paulo Business Forum explores economic cooperation
A forum organized by the Sharjah Chamber of Commerce and Industry (SCCI) brought together more than 100 businesspersons from the...
- More than 100 businesspersons from the two countries attended the forum organized by the Sharjah Chamber.
- Sau Paulo state accounts for 30 percent of the entire Brazilian economy and has the largest manufacturers of sugar, juices, coffee, and fruits.
Business
Al Seer Marine expands fleet
The IHC subsidiary has entered commercial shipping segment.
- Founded in 2002, Al Seer Marine's total assets are AED3.98 billion as of the end of June 2021.
- After a fall of 3.4 percent in 2020, world seaborne trade rose 4 percent in 2021.
Business
Saudi British Bank posts 157% jump in net profit to $750m
The Saudi British Bank (SABB) has posted a 157 percent increase in net profit to $750 million for the first...
- “We are investing considerably across the business front-to-back, to ensure that we remain relevant and can create a sustainable banking organization”
- The chairman reiterated the bank’s efforts to support Saudi’s Vision 2030 plan and unlock the opportunities brought by the economic transformation plans
Business
ADNEC launches expansion plans in Abu Dhabi, London
The Abu Dhabi National Exhibitions Company (ADNEC) has announced plans to expand its facilities and infrastructure in Abu Dhabi and...
- Building the largest exhibition hall in the Middle East and North Africa region is part of the expansion plans.
- The company said the expansion plans boost its competitiveness and ability to attract and hold major international events.
Business
UAE and Blue Origin to explore space economy and space tourism opportunities
The UAE will explore investment opportunities in the space economy and space tourism services besides other related ventures with Blue...
- The two sides also discussed expanding the scope of R&D in space to develop emerging space technology in the UAE.
- Space sector provides more than 3,200 jobs, and over 57 space firms are currently operating in the UAE.
Business
First Abu Dhabi records 26% rise in net profit to AED9.2bn
First Abu Dhabi Bank has recorded a 26 percent rise in net profit to AED9.2 billion in the first nine...
- The bank's revenue was up 17 percent supported by business growth, solid fee generation and strong trading performance, helping to offset headwinds from low-interest rates
- The Group’s foundation remains robust across liquidity, capital and asset quality metrics
Business
Dallah buys 8.2% stake in IMC
Dallah Healthcare of Saudi Arabia has picked up an 8.2 percent stake in International Medical Company for $77 million in...
- Dallah Healthcare said that it had acquired the SAR 289 million ($77 million) stake as part of a plan to eventually acquire 25 percent as well as to expand its presence to Jeddah
- International Medical Co posted a revenue of SAR 1.2 billion annually for the last three years
Business
SABIC records 412% spike in net profit to $1.5bn in Q3
Saudi Basic Industries Corp. (SABIC) has posted a nearly 400 percent spike in net profit to $1.5 billion for the...
- Sales jumped by 49 percent year on year to 43.7 billion riyals, while operational profit climbed 266 percent to 7.7 billion riyals
- The company also noted that sales volumes in the third quarter were slightly down by 2 percent when compared with the second quarter of 2021
Business
Middle East to see boost in tourism in 2021 and beyond
The tourism and travel sector in the Middle East is expected to grow 27.1 percent in 2021, a little behind...
- According to the World Travel and Tourism Council (WTTC) the region’s local economy has benefited from a rise in its domestic tourism spend of 38.6 percent in 2021
- Employment in the sector could approach pre-pandemic levels in 2022, rising by 8.2 percent to 6.6 million, following a loss of 1.2 million jobs in 2020
Digital transfers reshape MENA’s financial landscape
The region sees a robust future for digital cross-border transfers in the Middle East, marked by innovation and a strong...
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Gulf Air, Emirates sign deal
Business
Saudi minister, Chinese firms seek collaboration in housing development
Beijing, China -- Saudi Arabia's Minister of Municipal, Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, has held a meeting...
Business
Oman LNG signs gas-export deal with Germany’s SEFE
Muscat, Oman-- Oman LNG has signed an agreement with Securing Energy for Europe (SEFE) to supply 400,000 tonnes of liquefied...
Business
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Business
AD Ports Q2 revenue grows 66%
The company attributed growth to increased volume across key sectors.
- On a like-for-like basis (LFL), which excludes the impact of M&A activity, the revenue growth was still significant, reaching 44 percent YoY
- The growth drivers were primarily the Maritime Cluster with a substantial 208 percent YoY increase, followed by the Digital Cluster with 26 percent
Business
Ma’aden, BADC ink agreement
Firm to supply 600,000 tons of fertilizers to BADC.
- The renewal is further proof of the company’s commitment to meet global market demand for phosphate fertilizers.
- Ma’aden supplies approximately 42 percent of Bangladesh’s estimated requirement of diammonium phosphate.
Geostrategy
Russia open to defense cooperation with several countries, says Putin
Moscow is open to equal defense cooperation with all nations seeking to protect their interests, Russian President Vladimir Putin said...
- The Russian leader stressed that the forum had earned recognition as one of the world’s largest exhibitions of advanced military equipment.
- Putin said the event makes a significant contribution to the development of Russia’s multifaceted ties with other countries.