Capital One to buy Discover for US$35.3bn
Its shareholders will own 60% of the combined company.
Business
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
Business
SVC provides 75 startups with nearly $250m
Saudi Venture Capital Company (SVC) has funded nearly 75 startups since its birth in 2018, providing them with about $250...
- SVC has $750 million to invest and has deployed around $250 million thus far: CEO Nabeel Koshak
- The company is currently focusing on sectors that lack funding, such as the health and industrial sector: Koshak
Saudi Arabia gets a pat on the back from US
Saudi Arabia has received warm praise about its improved rankings on a number of global lists from the US State...
- It highlights the great progress made by the kingdom in its ‘investment and business climate’ over the past two years
- Efforts to provide more jobs for Saudis and diversify the economy raised some concerns in the annual Investment Climate Statements
SABIC’s net profit shoots up to 2.04bn
Saudi Basic Industries Corp. (SABIC) has reported a big jump in second-quarter profit as it sold more chemicals at higher...
- Net profit jumped 57 percent to $2.04 billion in Q2
- Selling prices increased 10 percent, sales volumes rose 3 percent
Business
Airlines suffer $126.4bn loss amidst Covid-19
Airlines across the world took a heavy beating from the Covid pandemic lockdown, posting on the whole net losses to...
- IATA said passenger numbers were down 60 percent year-on-year
- The Middle East was the worst impacted, with a 67.6 percent fall in passenger numbers compared to Asia-Pacific, the least impacted with a decrease of 53.4 percent
DIB ups foreign ownership limit to 40 percent
Group CEO says the bank geared towards benefitting from the re-opening of the Dubai economy post Covid-19 pandemic.
- Group CEO says the bank geared towards benefitting from the re-opening of the Dubai economy post Covid-19 pandemic.
- The enhancement of FOL was executed through the Dubai Financial Market.
$1.9 billion weeklong realty transactions in Dubai
An apartment in Marsa Dubai sold for AED 508 million and properties worth AED 4 billion mortgaged.
- 91 plots of land sold for AED 715.83 million and 1,083 apartments and villas for AED 2.53 billion.
- An apartment in Marsa Dubai sold for AED 508 million and properties worth AED 4 billion mortgaged.
Fujairah Chamber keen to foster ties with Iraqi businesses
Businessmen on both sides to exchange knowledge and ideas to create opportunities for collaboration.
- A delegation from Kurdistan region was briefed about investment environment in Fujairah.
- Businessmen on both sides to exchange knowledge and ideas to create opportunities for collaboration.
Best July in 12 years for Dubai real estate market
4,384 real transactions worth AED 11.18 billion made, majority of these in secondary, ready properties.
Saudi British Bank posts $245m net profit in Q2, year after big losses
A year after posting billions in losses, Saudi British Bank (SABB), an affiliate of HSBC Holdings, has posted a sizeable...
Investors expect Aramco to post high profit after strong first half
Investors are waiting with bated breath for Saudi Aramco to post its first half results and the expectation is that...
Capital One to buy Discover for US$35.3bn
Its shareholders will own 60% of the combined company.
Business
Company News
Latest News
$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...
Business
Twitter website replaces bird logo with X, rebrand yet to be finalized
The social media network's website showed the company's new logo, but its URL was still showing as twitter.com and the...
Business
Strong growth key to GCC’s FDI appeal
Saudi Arabia has reentered into this year's Kearney FDI Confidence Index, which ranks the markets likely to attract the most...
Infographics
Most Read
Business
ANB profit up 51Â percent in H1
The growth was backed by net special commission income.
- The bank reported an increase in the net provisions for expected credit losses and other provisions.
- The second-quarter net profit jumped 39 percent to SAR 986 million from SAR 707.69 million in Q2 2022.Â
Business
Dubai Customs processes over 14m transactions in first six months of 2023
DUBAI, UAE - Keeping pace with the UAE’s strong economic growth, Dubai Customs cleared 14 million customs transactions during the...
- Dubai Customs revealed that business registration service transactions went up 7 percent, recording 143,000 service requests.
- Customs declarations stood at 12.3 million transactions, accounting for 88 percent of the total number of customs transactions.
Business
Dubai seeks to unleash high-powered growth for its family business sector
DUBAI, UAE - In Dubai’s economic growth story, family businesses stand tall as architects of growth, innovation and value creation....
- The government is introducing initiatives to future-proof family businesses and bolster their competitiveness and growth capabilities in a global environment.
- Dubai has introduced new legislative measures aimed at helping them navigate the challenges and opportunities brought by a global economy in transition.