SAMA Licenses ‘Hala Financing’ to provide crowdfunding solutions
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) has licensed "Hala Financing" to provide debt-based crowdfunding solutions. With Hala...
Business
NEOM, Saudi Red Sea Authority to partner in marine tourism
NEOM, Saudi Arabia -- Saudi Red Sea Authority (SRSA) has signed a memorandum of understanding (MoU) with NEOM to collaborate...
Business
Business
Aramco profits down
The oil giant posted a 23% drop in profits for Q3 to US$32.58bn.
- The drop from $42.43 billion last year to $32.58 billion "principally reflects the impact of lower crude oil prices and volumes sold", the firm said
- It follows a drop in net profit for Aramco, one of the world's richest companies, of 19.25 percent in the first quarter and 38 percent in the second quarter compared to 2022
UBS posts bigger loss
Last year, the bank took over its Swiss rival Credit Suisse.
- Switzerland's largest bank UBS was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under
- UBS said that the third quarter included integration-related expenses of $2 billion, adding that "we have now stabilized Credit Suisse and continued to grow our franchise"
Business
Saudi Real Estate Market records transactions worth $14.92bn
Riyadh, Saudi Arabia -- More than 70,000 transactions worth SAR 56 billion ($14.92 billion) have been conducted on Saudi Arabia's...
- The traded real estate areas amounted to about 550 million square meters (sqm), Argaam reported. Real Estate Market provides its services around the clock.
- Launched two months ago, It allows easy buying and selling of properties, in addition to helping beneficiaries to leverage mortgage services electronically.
Business
Batelco launches mobile peering service in MENA region
Manama, Bahrain - Batelco, part of the Beyon Group, announces its latest service “Mobile Peering” for members of the platform....
- The many benefits of this service include enhanced network efficiency and reduced latency by establishing direct connections between mobile providers
- Exchanging mobile traffic directly with other mobile networks results in a better roaming experience for the mobile operators’ end users
OpenAI sees a future of AI ‘superpowers on demand’
Dreams of the benefits of generative AI -- along with fears of the technology's risks -- have been hot topics...
- OpenAI is rolling out the ability to create custom "agents," called "GPTs," capable of handling specific tasks such as business negotiation advice
- Later this month, OpenAI will launch a GPT "store," and plans to add a way for developers to make money based on how many people use their GPTs
Business
Agthia Group revenue soars
It posted an 11% jump in net revenue to US$890 million.
- Its net profit jumped 12.7% year-on-year to $56 million, with the faster rate of growth relative to revenue reflecting EBITDA margin expansion
- The company holds cash and equivalents of $136 million with net debt to EBITDA ratio of 1.4x (net debt of $245 million) down from 2.3x
Business
COP28 huge moment for world and UAE: UK Economic Secretary to Treasury
Dubai, UAE-- Describing the COP28 as a huge moment for the world and the UAE, Andrew Griffith, Economic Secretary to...
- Applauding the UAE's COP28 Presidency and leadership, Griffith believes sustainable finance will be central to the global event
- Noting the UAE's diversification of its sources of revenue, he said the oil-rich country is a great example of "what the world needs to emulate"
Market Report
Stocks extend global rally as US jobs data cements rate hopes
Hong Kong, China - Markets rallied again Monday following another strong performance on Wall Street, as below-forecast US jobs data fanned...
- All three main indexes on Wall Street jumped Friday after the jobs reading, which also fueled bets on an interest rate cut by June.
- Asian markets tracked the rally in New York, with Tokyo more than two percent higher, while Hong Kong, Wellington, Manila and Jakarta were up more than one percent
Economy
$10 trn of ‘hidden costs’ on food and agriculture system per year, says UN
Paris, France - The food and agriculture system adds at least $10 trillion in "hidden costs" to the global economy every...
- The Food and Agriculture Organization said it conducted an analysis in 154 countries to determine the "true" cost of the agrifood system.
- The global quantified hidden costs totaled around $12.7 trillion in 2020, representing almost 10 percent of the global gross domestic product.
Economy
Expat remittances in Saudi Arabia fall to $2.6bn in September
RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9...
- On a month-on-month (MoM) basis, expat remittances in the Kingdom declined 8 percent, or US$229 million.
- Remittances by Saudi nationals to other countries also fell 11 percent YoY to US$1.2 billion in September.
SAMA Licenses ‘Hala Financing’ to provide crowdfunding solutions
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) has licensed "Hala Financing" to provide debt-based crowdfunding solutions. With Hala...
Business
Company News
QatarEnergy, Mitsui ink pact
Business
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Over 6,000 F&B companies join Dubai Chamber of Commerce in 2023
DUBAI, UAE – President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah has revealed that 6,478 new Food and...
Business
e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
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Business
HSBC posts record profit of US$30.3bn
The bank would initiate a share buyback of up to US$2 billion.
- HSBC reported pre-tax profits of $30.3 billion, up from $17.1 billion the year before, in a statement to the Hong Kong stock exchange
- The bank said the profits included a "favorable year-on-year impact" of $2.5 billion due to the sale of its French retail banking operations
Business
Dubai food and beverage sector stirs up with investment of US$577m
Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...
- The sector in the UAE generated $16.4bn in retail sales, including fresh food and packaged food
- Last year, consumers across the country spent some $1.1bn on food ordered on e-commerce platform
Business
ADIB unveils new payment hub
It will help customers to seamlessly process transfers.
- The bank said customers can now seamlessly process transfers, providing a solution that transforms payment processing capabilities
- Its chief digital officer, Fernando Plaza Lopez, said the bank is focused on driving digital-first solutions throughout the bank’s operations