UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Shipping insurance rates soar on Red Sea missile attacks
Maritime container transport has sunk by almost one third so far in 2024 compared with a year earlier, according to...
Business
Business
UCAC gets nod to amend insurance practice
The company had sought Saudi Central Bank's approval for the amendment.
- After approval, the UCAC would be limited to the practice of insurance activity only.
- In a bourse filing on Sunday, the company said it will reduced accumulated losses to SAR 113.6 million.
Business
Apple fix for Pegasus breach
Researchers found the problem while analysing a Saudi activist's phone
- Researchers found the problem while analysing a Saudi activist's phone
- Hours after releasing the fix, Apple said it had "rapidly" developed the update
Economy
$250bn GCC rail project on track after hiccups
The project linking the six GCC countries is expected to boost exports, diversify mode of transportation and reduce carbon emissions...
- Once the project is completed in the GCC, the developers plan to link the railway line with the ones in Jordan, Syria and Turkey and connect to Europe from thereon.
- GCC Railway project not only benefits the six countries economically but attracts investments, both local and foreign
Business
Space tourism: What’s on offer for those who can pay?
The era of space tourism comes with many options: a few minutes of weightlessness, or a few days or a...
- SpaceX's INSPIRATION4 set this week is the first orbital mission involving four non-professional astronauts.
- A trip in a module of Space Perspective, hoisted by a space balloon the size of a football stadium costs $125,000.
Business
UAE to tighten the screws on money laundering
Taking a strong stance against money laundering, the Central Bank of the UAE (CBUAE) has issued a new guidance on...
- The guidance serves as a key point of reference for licensed financial institutions to ensure their compliance with anti-money laundering
- The guidance, which comes into effect today, requires LFIs to demonstrate compliance with CBUAE’s requirements within one month
Business
Boursa Kuwait suspends 10 companies from trading
The reasons behind the penalty included not declaring quarterly financials, and not paying their annual subscription fees.
- Boursa Kuwait listed seven reasons why the companies had been suspended from trading
- Some companies have been penalized for multiple reasons
Business
Apicorp to allot $1bn for green energy
The bank will make the investment over the next two years.
- Currently, green assets comprise more than 13 percent of the bank’s overall portfolio
- This is equal to around $550 million in loans and direct investments
Business
Sohar Int’l raises Tier 1 capital by $130m
The Omani bank's new rights issue has been fully subscribed.
- Issuance fully subscribed, drew interest from HNWIs, retail investors, corporates
- “Such overwhelming participation demonstrates the robust capabilities of Sohar International in terms of attracting capital to advance its strategic agenda"
Economy
Bahrain’s value of indigenous exports rises 103%
The value of exports of national origin of Bahrain increased to BD386 million ($1.06 billion) in August 2021, compared to...
- Saudi Arabia ranked first among countries receiving Bahraini exports of national origin, importing BD77 million (around $205 million) from Bahrain
- The United States was second with BD62 million (around $165 million) and the United Arab Emirates third with BD53 million (around $141 million)
Business
Hedge funds in Middle East post gains, after a full dull year
Hedge funds in Middle East are abuzz with excitement, posting double digit gains in August this year, after a weak...
- Yields for August alone were at 2.27 percent, higher than the global average.
- Year-to-date returns for funds focused on region averaged 17.64%
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Company News
BMW Q1 net profit at $4.1bn Â
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SODICÂ posts $0.10bn Q1 sales
Business
Latest News
UK launches first postal deliveries by drones
Royal Mail said the drone service expected to improve service levels and delivery times to Graemsay and Hoy, where weather...
Business
SABIC AN profit slumps 71% in H1
The drop was even higher (79 percent) in the second quarter.
Business
Most Read
Toyota posts bumper Q1 net profit
The automaker's profit surged 78 percent to US$9.1 billion.
- Toyota said net profit in the three months to June was $9.1 billion on sales of 10.55 trillion yen, up 24.2 percent from a year
- The company also maintained its annual targets, including net profit of 2.58 trillion yen and sales of 38 trillion yen
BP profit plunges to $1.8bn
Despite the drop, BP hiked dividend.
- Profit after tax plunged to $1.8 billion in the three months to the end of June compared with $9.3 billion in the second quarter last year, BP said in a statement
- Oil prices have tumbled, partly on fears of falling demand as the global economy slows, with major consumer China's post-Covid recovery stumbling
Business
Brazil midfielder Fabinho quits Liverpool, signs deal with Al-Ittihad
Fabinho, the Brazil midfielder, will join Karim Benzema and N'Golo Kante at Al-Ittihad, one of four Saudi clubs controlled by...
- He joined Liverpool from Monaco in 2018, winning the Champions League, Premier League, FA Cup, League Cup and Club World Cup
- Fabinho's departure comes after Liverpool captain Jordan Henderson decided to move to Saudi Arabia to play for Al-Ettifaq