Reforms help Saudi banking sector post robust growth
The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase...
Business
Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
Business
Business
Multiply Group Q2 2023 profit is $108m
The group's public market portfolio stands at $9.1bn.
- The profit from Multiply Group’s operating entities witnessed a surge of 33.6% in Q2 2023, compared to the same period last year
- Multiply Group is seeing more value accretive acquisition opportunities emerge globally across its operating verticals and investment arm
Business
KNPC exports first shipment of 95 octane motor fuel to Europe
Kuwait City, Kuwait--The Kuwait National Petroleum Company (KNPC) has exported the first shipment of 95 octane motor fuel and low-sulfur...
- The deputy CEO of the company said that the first shipment was loaded on board the oil tanker Pacific Sarah from Mina Al-Ahmadi
- He said the shipment was dispatched in close cooperation and coordination with Kuwait Petroleum Corporation's international marketing sector
Business
Saudia Cargo signs deal with Jan de Rijk
It will enable Saudia Cargo to widen network in Europe.
- As per the terms of the deal, Saudia Cargo will use Jan de Rijk's extensive trucking network to shore up its operations in Europe
- Set up in 1971, Jan de Rijk Co, is a leading provider of European transportation, distribution services, and supply chain management solutions
Business
Abu Dhabi records 363% growth in FDI in the real estate sector during H1 2023
Abu Dhabi, UAE - The foreign direct investment (FDI) in the individual category within Abu Dhabi's real estate sector has...
- Saadiyat Island claimed the top spot with 34%, followed by Yas Island at 28%, Al Jurf at 12%, Al Reem Island at 11%, and Al Shamkha area at 8%
- Earlier in June, Fortinbras Enterprises, a New York-based firm, made a strategic investment in Peninsula Real Estate, an Abu Dhabi-based property investment company
Business
Flying taxis: Saudi Arabia stares at sustainable skies
NEOM, the Kingdom's futuristic city, hosts Volocopter's pioneering eVTOL aircraft test flights, marking a substantial stride towards sustainable, smart mobility.
- NEOM, the Kingdom's futuristic city, hosts Volocopter's pioneering eVTOL aircraft test flights, marking a substantial stride towards sustainable, smart mobility
- 'Taxi ports', air traffic systems, private sector participation, and new regulations are crucial to futuristic transportation to ensure safety and efficiency in mobility
Economy
Eurozone witnesses steepest downturn in eight months in July
The painful PMI data comes as the European Central Bank is eyeing a further rate hike this week in its...
- "The eurozone economy will likely move further into contraction territory in the months ahead, as the services sector keeps losing steam."
- The eurozone's struggles were fueled by steep downturns signaled by surveys from economic powerhouses France and Germany.
Business
PSG allows Al Hilal to contact Mbappe over $333 million deal
Osaka, Japan - Paris Saint-Germain have given Saudi club Al Hilal permission to speak to Kylian Mbappe after tabling a world...
- The Riyadh-based club has made a formal offer by letter, a source told AFP, but such a transfer could only be made with the agreement of Mbappe.
- Mbappe has one year left on his contract with PSG, who want him to leave now rather than for nothing next summer.
Business
DIFC Courts posts staggering 692% rise in value of first-half claims
Dubai, UAE -- Dubai's position as the leading hub for international dispute resolution has been further strengthened as the Dubai...
- The total value of 455 cases filed reached AED 15 billion. The Court of First Instance (CFI) witnessed 52 cases with a total value of AED 14.9 billion.
- The cases spanned various sectors, including banking and finance, real estate, construction, manufacturing, retail, hospitality, and maritime.
Business
Al Rajhi Bank’s profit dips marginally
The decline was attributed to decrease in total operating income.
- There was a decrease in impairment charge for financing from SAR 1.15 billion to SAR 719 million by 38 percent.
- The second-quarter net profit declined 3 percent to SAR 4.15 billion from SAR 4.25 billion in Q2 2022.
Business
Bank Albilad H1 profit up 14%
The H1 profit reached SAR 1.14bn ($303m) and Q2 profit SAR 585.9m.
- Albilad said net income has increased in the first half due to the increase in total operating income by 4 percent.
- The Q2 2023 net profit rose by 15 percent to SAR 585.9 million from SAR 510.98 million in Q2 2022.
Reforms help Saudi banking sector post robust growth
The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase...
Business
Company News
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EDGE Group, São Paulo government partner on public security initiative
Abu Dhabi, UAE -- EDGE, one of the world’s leading advanced technology and defense groups, has announced that it will...
Business
Oman Investment Authority launches fund worth US$5.19 billion
Muscat, Oman--The Oman Investment Authority (OIA) has unveiled a new fund called “Future Fund Oman” valued at US$5.19 billion.The fund...
Business
Europe new car sales rebound in 2023: industry group
Automakers are facing a 2035 deadline set by the European Union to phase out sales of new combustion engine vehicles....
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Business
Bayer to cut jobs in Germany
The slashing of jobs follows huge third-quarter losses.
- According to a company press release, the job cuts will be enforced immediately and completed by the end of 2025
- The pharmaceutical giant, the makes Aspirin, employs around 22,000 in Germany and more than 100,000 worldwide
Business
Apple loosens grip on iPhone apps
Apple will permit developers to include buttons or links in apps.
- The move came after the US Supreme Court on Tuesday declined to hear appeals by Apple and Epic of a lower court ruling in which the iPhone maker was seen as the victor.
- Epic in 2020 launched a case aiming to break Apple's grip on the App Store, accusing the tech giant of operating a monopoly in its shop for digital services
Business
Sharjah Chamber discusses collaboration with AAAID on trade, investment
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) has held discussions with the Arab Authority for Agricultural Investment and...
- The discussions centered upon supporting business community and developing the agricultural sector and fostering trade and investment
- The two sides discussed initiatives in creating a conducive business environment for innovation and investment in the agricultural sector