Saudi Arabia mandates tougher money laundering risk assessments
Dubai, UAE -- Saudi Arabia has updated the executive regulations of its Anti-Money Laundering Law, introducing stricter disclosure requirements for...
Business
Saudi tourist spending rises to $22 billion in Q1 despite drop in foreign arrivals
Domestic travel helped sustain Saudi Arabia's tourism sector in the first quarter, with total visitor numbers rising to 37.2 million...
Business
Business
NEOM announces its new luxury ecotourism destination Zardun
NEOM, SAUDI ARABIA - NEOM's Board of Directors has announced the launch of Zardun - an exclusive resort and natural...
- This move will help in supporting NEOM's efforts to develop luxury ecotourism in the Kingdom.
- Zardun Nature Resort will feature four ultra-luxurious buildings that will blend with the landscape.
Business
UAE plans to issue bonds, Sukuk valued at $1.3bn in Q1 2024, says official
HONG KONG - UAE Ministry of Finance Undersecretary Younis Haji Al Khoori announced that the ministry's issuance of bonds and...
- The Islamic Treasury Sukuk launched in 2023 and valued at US$299 million experienced robust demand, with bids received worth US$2.2 billion.
- The UAE is Hong Kong's largest trading partner in Middle East, with non-oil trade reaching $6 billion (AED22.2 billion) in the first half of 2022.
Business
Jabal Omar secures $509m Murabaha
The financing agreement was signed with Al Rajhi Bank.
- The term of the facility is two years, Jabal Omar said in a statement to Tadawul, according to Argaam. Â
- The facility will be used to accelerate the completion of project phases under construction and pay financial obligations.Â
Business
Deals worth $26.66 billion signed at Real Estate Future Forum 2024
Riyadh, Saudi Arabia -- Deals worth more than $26 billion were signed at the Real Estate Future Forum 2024, which...
- Over 50 agreements and memoranda of understanding (MoUs) were signed during the event that focused on discussing new innovations.
- The event was attended by 300 speakers from 85 countries, including government officials, private-sector representatives, economists, investors and decision makers.
Business
US approves inspection program to return Boeing 737 MAX to service
The FAA announcement is a major step after the agency grounded 171 MAX 9 planes after the January 5 incident...
- Shortly after Federal Aviation Administration announced inspection protocols on Boeing 737 MAX 9, United Airlines said it expects grounded aircraft to return to service starting
- "We will only return each MAX 9 aircraft to service once this thorough inspection process is complete," said a statement from Toby Enqvist, United's chief operations officer
Business
UAE-Hong Kong non-oil foreign trade surges to US$16.23 billion
Hong Kong--Non-oil foreign trade value between the UAE and Hong Kong expanded in the past year, reaching $16.2 billion in...
- The Hong Kong official said that the non-oil foreign trade value grew between the UAE and Hong Kong in the past year, reaching $16.2 billion in 2023
- He said the Hong Kong companies are keen to invest in the UAE in sectors such as infrastructure, information technology, financial technology and health technology
Business
Nokia sees ‘challenging’ 2024
Last year, the company reported a profit of $739 million.
- Nokia and its Swedish rival Ericsson have launched cost-cutting programmes as their customers have reduced spending amid a slowing global economy.
- Nokia said last year it could cut its workforce by up to 14,000 people, reducing costs by up to 1.2 billion euros by 2026
Business
Emirates Islamic profit rises 71%
The Bank’s total income reached AED 1.2 billion ($326.69 million)
- The growth can be attributed to the upward trajectory of both funded and non-funded income, indicating enhanced business sentiment
- The Bank’s total income reached AED 1.2 billion ($326.69 million) in the fourth quarter of 2023, marking a noteworthy 24% year-on-year growth
Business
SK Hynix posts US$259.4m profit
The chip maker said the profit was boosted by strong sales.
- The company said it returned to profit after four consecutive quarters of losses driven by demand for chips used in AI
- The chip maker posted a quarterly profit in Q3 of 2022, after which it was hammered by an industry-wide downturn
Business
DMCC launches global trade roadshow in London to attract FDI from UK
Dubai, UAE--DMCC has kicked off the ninth edition of its global trade roadshow, Made For Trade Live, in London, seeking...
- During the four quarters to the end of Q2 2023, the UAE-UK bilateral trade grew 47.3% year-on-year to reach $32.40 billion
- In 2023, more than 200 British companies joined DMCC’s business district alone, representing a 10% year-on-year growth
Saudi Arabia mandates tougher money laundering risk assessments
Dubai, UAE -- Saudi Arabia has updated the executive regulations of its Anti-Money Laundering Law, introducing stricter disclosure requirements for...
Business
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Saudi leads MENA in VC funding for H1, surpassing 2024’s full-year total
Riyadh, Saudi Arabia --Â Saudi Arabia retained the top spot across the Middle East and North Africa region in terms of...
Business
Salini awarded $600m contract for 400 retail units in Diriyah Square
Riyadh, Saudi Arabia -- Diriyah Company has announced the award of a major new $600 million (SAR2.249 billion) contract for...
Business
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Business
Syria signs $800 mn port deal with DP World to develop Tartus port
Damascus, Syria -- Syria signed a $800 million deal with UAE-based company DP World on Sunday to develop the port...
- DP World operates dozens of marine and inland ports and terminals globally, particularly in Asia, Africa and Europe.
- The Syrian civil war devastated the country's infrastructure, and the new authorities hope to use the lifting of Western sanctions to attract investments and fuel reconstruction.
Arts & Culture
The $10 mn bag: Original Birkin smashes records at Paris auction
Paris, France -- The first-ever Birkin bag designed by French luxury brand Hermes for celebrity Jane Birkin sold for 8.58...
- The modern design classic, owned by a Paris-based handbag collector, sparked a telephone bidding war up to seven million euros, with the final sale price set at 8.58 million.
- The final buyer, who eclipsed eight other rivals, was a "private collector from Japan", the auction house added, without giving further details.