Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
Business
Consumer products sector grows amid rising prices
The consumer products sector enjoys tremendous growth, with retail sales value for the industry globally rising by close to 10...
Business
Geostrategy
MENA connectedness ranking rising: Survey
The UAE is the highest ranked in the region, and the fourth country globally, in terms of overall global connectedness.
- Ranks third among the world’s seven regions and is well above the global average.
- UAE is the highest ranked in the region, and the fourth country globally, in terms of overall global connectedness.
Business
ADNOC Distribution H1 net profit $313m
Higher fuel volumes, improvement in non-fuel and commercial gross profit margin and increased operational efficiencies made in the first half...
- The company’s fuel volumes saw progressive recovery towards pre-COVID-19 levels.
- In H1 2021, the company received no objection certificates from the Saudi General Authority for Competition to acquire 35 stations in the kingdom.
Business
Emaar Malls net profit leaps to $169m in H1
The owner of Dubai Mall attributes 80 percent jump in net to recovery in retail sector.
- Mall operator reports higher visitor spends, online sales
- Net profit for January to June 2021 reached 622 million dirhams ($169 million), registering an 80 percent increase
Dubai exports, re-exports to West Africa rise by 42% during H1
Nigeria was the largest West African export market for member companies, accounting for a 32 percent share of the value...
- Plastics accounted for 31 percent of exports, followed by electrical machinery/electronics (14 percent)
- Commodities with the highest untapped potential for export and re-export include polyethylene, sugar cane and rice, trigger batteries.
Business
ADNOC and Fertiglobe to sell blue ammonia to Idemitsu
The sale is part of UAE-Japan industrial cooperation and development of ammonia supply chains.
- ADNOC sold its first cargo of blue ammonia to Japan's Itochu on Aug. 3.
- Sales part of UAE-Japan industrial cooperation and development of ammonia supply chains.
Business
Investors may prefer this new Abu Dhabi license
New license for professionals to be issued by ADDED allows 100 foreign ownership of a business. ADDED also highlighted that...
- ADDED will also issue a form of service agent agreement to streamline the relationship between partners.
- 604 activities covered under the license, including accounting, training, consultancy, beauty centers.
Business
Dubai airport to host a million travelers
More than a million passengers are expected to arrive at Dubai International (DXB) over the next 11 days in what...
- The airport says it is bracing for exceptionally busy weekends
- Between August 12 and 22, average daily travelers passing through the DXB gates will peak to around 100,000
Business
Umrah permits for double-jabbed Saudis aged 12-18
Saudi nationals aged 12-18 can obtain Umrah permits if they have received two doses of Covid-19 vaccine, the ministry of...
- Hajj and Umrah ministry’s announcement follows the inauguration of 2021 Umrah season.
- Permits must be obtained through the Eatmarna and Tawakkalna apps.
Business
Pact signed to measure Abu Dhabi workers’ quality of life
The aim of the cooperation is to activate the role of DCD and SCAD within a set of future programs...
- The agreement will help policymakers, decision-makers to support labor force in Emirati capital.
- Need felt for collection of accurate statistics and data related to work environments and workers’ quality of life.
Business
Riyadh leads Q2 Saudi Arabia residential market boom
Latest review by global property consultant Knight Frank says apartment values in Saudi capital grew by 7.6 percent year on...
- Latest review by global property consultant Knight Frank says apartment values in Saudi capital grew by 7.6 percent year on year.
- Riyadh and Jeddah likely to witness a 25 percent and 36 percent increase in total office supply in the next three years.
Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
Business
Company News
Stc to buy assets in Europe
Business
Latest News
Al Rajhi Bank’s profit dips marginally
The decline was attributed to decrease in total operating income.
Business
Bank Albilad H1 profit up 14%
The H1 profit reached SAR 1.14bn ($303m) and Q2 profit SAR 585.9m.
Business
Binance US has been involved in wash trading activities, say reports
The Wall Street Journal (WSJ) reported that CZ confirmed that $70,000 worth of Bitcoin, traded on Binance US's launch day,...
Business
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Twitter to be renamed X
Its parent firm has been named the X Corporation.
- Tweeting a picture of the company's new logo -- a white X on a black background -- late Sunday night, Twitter chief executive Linda Yaccarino said "X is here! Let's do this"
- late Sunday night, Musk changed his profile picture to the company's new logo, which he described as "minimalist art deco," and changed his Twitter bio to "X.com,"
Business
Abu Dhabi Maritime signs MoU with ADNOC Distribution
It seeks to enhance emirate's coastal and marine locations.
- The agreement between the two underscores the ongoing effort to strengthen Abu Dhabi's maritime sector
- Director-General of Operational Affairs at the DMT said that "together, we will unlock the untapped potential of our shores"
Business
$1.3trn mineral reserves shift Saudi focus to mining
The Kingdom, leveraging its significant copper reserves across the nation, seeks to address the global shortage, particularly crucial amid the...
- The Kingdom, leveraging its significant copper reserves across the nation, seeks to address the global shortage, particularly crucial amid the transition towards clean energy
- The Kingdom, despite facing challenges in logistics and water provision at mining sites, is harnessing technology and collaborations to improve production quality