Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
Business
Business
Emaar Properties and Emaar Malls get nod for merger
The proposed merger of Emaar Properties and Emaar Malls received a boost when the capital market regulator, Securities & Commodities...
- The proposed merger still requires shareholder approval
- As per the proposal, the existing business of Emaar Malls will be reconstituted in a wholly owned subsidiary of Emaar Properties
Geostrategy
South Korea mulls reviving FTA talks with GCC
The two sides have not had a mutual FTA for more than 10 years now.
- South Korea and the GCC agreed to negotiate an FTA in 2007, but talks have been stalled since 2009
- Now, Korean Trade Minister Yeo Han-koo will soon meet his UAE counterpart Thani Al-Zeyoudi virtually in this regard
Science
Boursa Kuwait launches ESG reporting guide
Through it, the bourse aims to drive the embrace of Corporate Sustainability in the Kuwaiti capital market.
- The guide will introduce the ESG universe to companies listed on the stock exchange
- It will also highlight the benefits of ESG disclosure and best practices
Zamil Industrial unit wins AC deal
The contract is to supply AC systems to Saudi schools.
- Zamil Industries unit Zamil Air Conditioners has got the contract from Tatweer Buildings Company
- The contract is worth SAR44.1 million ($11.7 million)
Emaar EC eyes $3bn capital hike
Its board of directors has okayed a 33% hike in its capital.
- Emaar EC will now put the approval plan to shareholders' vote
- This will happen at the extraordinary general meeting to be held on September 12
Business
Aramco rebar facility opened
IKK Mateenbar will produce non-corrosive fiberglass rebar.
- New corrosion-free material could support the kingdom in achieving its carbon neutrality targets.
- Extreme temperatures and high levels of salinity make the kingdom one of the most corrosive environments for steel rebar.
Interview
‘Transparency key to success for corporates in MENA’
Good corporate governance and best practices have been driving the shift in the regional market, says Jamal Fakhro, Managing Partner...
- Regulators across sectors are proactively evolving national laws and regulations to ensure that businesses perform as responsible stewards in the market, says Jamal Fakhro
- Majority of businesses in the region which have adopted corporate accountability and transparency are driving the shift in the market, adds the Managing Partner at KPMG Bahrain
Arts & Culture
American falcon sells for $467,000 in Saudi auction
The falcon was 16.5 inches both long and wide, and weighed 980 grams.
- An ultra-white Gyr Qarmousha Falcon, less than a year old, was sold for SAR1.75 million (around $467,000)
- It came from a noted international breeding facility called the Pacific Northwest Falcons farm, located in the US
Economy
1.8 million Saudis employed under Nitaqat program
Nitaqat is a nationalization scheme implemented, which requires Saudi companies to fill up their workforce to certain levels with Saudi...
- About 1.6 million establishments in the Saudi employment market are registered under the program.
- Under Updated Nitaqat, the number of economic activities will be reduced to 32 from 85.
Market Report
GCC equity markets shine in H1 2021
The growth was spurred by abundant liquidity created by easing monetary and fiscal policies besides a rebound in oil prices.
- The pharma and biotech index topped performance during H1 2021 with returns of 24.3 percent and 50.4 percent.
- Abu Dhabi Exchange topped the region’s equity markets by gaining as much as 35 percent.
Lloyds Group profit is $6.2bn
High interest rates benefitted the British lender and banking sector as a whole.
Business
Company News
QOIC reports 38% profit in Q1
Business
Latest News
Eshraq to buyback shares
Business
Ooredoo posts 20% profit rise
The net profit surged to US$493 million in the first half of 2023.
Business
Egypt energy-saving measures evoke satirical reaction among citizens
Sweltering without air conditioning during the day and plunged into darkness at night, many Egyptians have responded with anger and...
Arts & Culture
UAE finance ministry unveils new corporate taxation rules
ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the...
Geostrategy
Most Read
Business
UAE is fourth biggest market for Indian spices
NEW DELHI, INDIA -Â The UAE ranked fourth in the world among the top 12 markets for Indian spices in...
- World Spice Congress 2023 is being organized on the sidelines of the G20 Summit to be held in New Delhi in September.
- India produces 75 spices out of the 109 varieties listed by the International Organization for Standardization (ISO).
Business
Waha Capital H1 2023 profit up 221%Â
The company's total operating income was $135m.
- The company recorded total operating income of $135 million in the first six months of 2023
- Its total assets under management (AUM) stood at $2.43 billion at the end of June 2023
Business
Larsen & Toubro to collaborate with banks in the Middle East
Dubai, UAE - Larsen & Toubro (L&T), a Mumbai-based Indian company, has announced plans to collaborate with banks in the...
- The primary objective of this tie-up is not to seek financing for projects, as L&T will continue to self-finance its project execution in the Middle East
- By partnering with regional banks, L&T aims to build strong relationships in the Middle East and ensure smoother project operations