HSBC posts record profit of US$30.3bn
The bank would initiate a share buyback of up to US$2 billion.
Business
Bank plays crucial role in funding sustainable future
"We continue to capitalize on the promising opportunities in this market through innovative offerings and solutions, while strengthening our substantial...
Business
Business
Saudi SMES exempted from commerce register fees
Eligible for exemption are those wishing to issue a new trade register from the financial equivalent for three years and...
- Startup costs for commerce fees register decreased by 96 percent for companies, according to ministry of commerce.
- Decrease in commerce fee register for enterprises decreased from 33-75 percent.
Arts & Culture
Graft, security issues feed trade in Iraq’s past
Do you want to buy a more than 3,000-year-old Sumerian tablet, listed as the property of a gentleman from Sussex...
- The purchased antiquity may not be handed down but handed on, via smugglers and middlemen
- Also, the ownership history of some such objects can be harder to prove
Business
UAE introduces 22 new licenses under Basic Industries Project
The project promotes local industrial investment in key sectors such as medical, food, steel, cement.
- A total investment of AED 286 million has been reported by ADDED, IDB in the new licenses.
- IDB seeks to add 50 new local industrial facilities over the next three years.
Business
ADNOC emerging as UAE’s FDI magnet
Besides wooing $74 billion investments, the oil giant has helped the country gain the top position in the Middle East...
- ADNOC has set its eyes on developing green hydrogen and blue ammonia products.
- The company plans to spend $122 billion between 2021 and 2025 to develop its businesses.
Ajman Chamber, China’s Dahua explore tech investment opportunities
The two discussed opportunities for cooperation to support multinational companies in the Emirate of Ajman
- The two discussed opportunities for cooperation to support multinational companies in the Emirate of Ajman
- Dahua is a leading Chinese tech solutions provider specialising in video surveillance products, data security, alarms, motion sensors and access control
Economy
Saudi Arabia to create million tourism jobs by 2030
Saudi Arabia has developed cultural, heritage tourism projects in more than 25 tourist destinations and eyes 100 million tourists by...
- Saudi Arabia has developed cultural, heritage tourism projects in more than 25 tourist destinations
- By 2030, the country expects to enhance its airport capacity by 30 percent
Business
Egypt looks to neighbors, and beyond, for power supply
In order to make sure that Egyptians get an uninterrupted supply of electricity, Egypt has taken steps to strengthen power...
- The ministry is studying a huge project for power linkage with Cyprus, Crete and Greece
- Shaker said the launch of power projects to connect with Libya is a strategic goal for the two countries
Business
Uber Reserve launches in Dubai
Allows riders to book rides up to 30 days in advance.
- The feature comes in Premium and Economy categories.
- Reserve rides can be cancelled any time up to an hour ahead of the scheduled pick up time with no costs.
Business
Shaker H1 net profit SAR 15.3m
The company attributes growth to robust sales in four quarters.
- H1 earnings per share improved to SAR 0.24.
- The revenue grew by 18.2 percent compared to H1 2020.
Business
One ton of honey sells in Saudi Arabia in 10 days
At least one ton of honey has been sold in just 10 days at a festival in Baha, Saudi Arabia,...
- Beekeeper Yahya bin Tayran said Baha honey was one of the finest, especially if its source was far from where people lived
- It has a display of different types of liquid honey and honey wax typical of the Baha region
HSBC posts record profit of US$30.3bn
The bank would initiate a share buyback of up to US$2 billion.
Business
Company News
Gulf bank Q1 net profit $56.50m
Business
NBF Q1 net profit up 151 percent
Business
Latest News
Boeing Q1 loss $425m
Business
Xlinks secures $37m funding
Business
Proton says will analyze VPN sign-ups to identify attacks on democracy
GENEVA, SWITZERLAND - Internet privacy company Proton announced Wednesday a new VPN Observatory, tracking demand for its services to detect attacks...
Business
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Business
ADCP partners with AP Moller
ADCP is a JV between Mubadala and Alpha Wave Global.
- AP Moller Capital focuses on, among other areas, opportunities in upper middle market infrastructure investments in sectors such as transportation and renewable energy.
- This venture reinforces ADCP’s commitment to the development of the institutional financial ecosystem from its headquarters at the ADGM, the firms said in a statement.
Business
Masdar, Iberdrola to invest in US$1.77bn German wind farm
The UAE's firm signed an agreement with Iberdrola to co-invest in the 476-megawatt Baltic Eagle offshore wind farm in the...
- Masdar's CEO Mohamed Jameel Al Ramahi and Iberdrola's Executive Chairman Ignacio Galan signed the deal
- For close to seven years now Masdar has revolutionized the clean energy sector in the UAE, and beyond
Business
L&T Construction secures orders in Saudi Arabia, Malaysia, India
Dubai, UAE - L&T Construction, part of Larsen & Toubro, has secured new orders in Saudi Arabia, Malaysia, and India....
- The company will construct a ±525kV High Voltage Direct Current (HVDC) transmission segment in Saudi Arabia
- In the Sarawak region of Malaysia, L&T Construction has won an order to establish a 275kV Substation