Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
Business
Business
Saudi Enterprises Bank sets aside $2.79 billion to finance SMEs
Riyadh, Saudi Arabia -- The Small and Medium Enterprises Bank of Saudi Arabia's National Development Fund said Sunday it has...
- The Bank's direct and indirect lending programs, financing guarantee programs and investment programs will be financed over the next three years.
- These programs support the kingdom's Vision 2030 and to raise the contribution of SMEs to the GDP to 35 percent.
Business
Egypt’s exports to China increase by nearly 21 percent in 2022
Cairo, Egypt -- Egyptian exports to China rose by 20.8 percent to $1.7 billion in the first 11 months of...
- The trade exchange between Egypt and China increased by 2.6 percent during the first 11 months of 2022, reaching $14.9 billion.
- Fuel, mineral oils and distillate products, cotton, and fruits made up the top 10 categories of goods that Egypt shipped to China.
Business
Aramco reports bumper profits
It posted $161bn profits last year on high oil prices.
- The world's second most valuable company behind Apple, said in a filing with the Saudi stock market that net income for 2022 was $161.07 billion, up from $110 billion in 2021
- Energy prices are expected to stay elevated in 2023, in part because of production cuts approved last October by the OPEC+ cartel that Riyadh co-leads with Moscow
Business
SVB failure unnerves USDC, other cryptocurrencies
The FDIC on Friday took over SVB, a major lender to the tech world, in the second-largest bank failure in...
- It is widely believed that the process of liquidating the bank's assets can drag on for a long time, with no certainty of just how much will be recovered
- As per the California Department of Financial Protection and Innovation withdrawal orders from SVB reached a breathtaking $42 billion
Economy
Iraq impounds three million captagon pills on Syrian border
Iraq has scuttled a big smuggling operation of bringing into the country a large consignment of three million pills of...
- In recent months, Iraqi security forces have ramped up operations against such smuggling bids, with several high-profile drug seizures reported
- Iraqi police, a few weeks ago, announced a big seizure of more than six million pills of the stimulant in a major drug bust
Business
etisalat by e& announces first 5G satellite communications in UAE
ABU DHABI, UAE - etisalat by e& announced on Saturday the implementation of the Eutelsat Quantum satellite solution, becoming the...
- etisalat became the first telecommunications company in UAE to expand 5G network capabilities over a software-defined satellite.
- This deployment was a result of rigorous testing with customers for over a year to rapidly scale up the 5G mobile network deployment.
Business
Silicon Valley Bank demise has markets jittery, analysts say no contagion risk
Officially closed and put into receivership by US authorities on Friday, SVB was at risk due to a heavy concentration...
- SVB's woes are the result of "idiosyncratic stresses and not one that we see as systemic that would affect the banking industry," said CFRA Research's Ken Leon
- A note from analysts at Morgan Stanley put it simply, saying, "We want to be very clear here ... we do not believe there is a liquidity crunch facing the banking industry."
Business
Indonesia holds two-day event in Dubai to lure investment
Dubai, UAE--The Indonesian Investment Forum kicked off in Dubai to lure businesses and investments. The two-day event aimed to explore...
- The Dubai event will explore opportunities to lure foreign direct investment and widen markets for export products
- Bank Indonesia in collaboration with KJRI Dubai, the Indonesian Embassy in Abu Dhabi and many others hosted the event
Interview
Healthcare, education key focus of MENA: Amanat CEO
The region will benefit from investment in training institutes for nursing and health professionals, Amanat Holding CEO Mohamed Hamade tells...
- The region will benefit from investment in training institutes for nursing and health professionals, Amanat Holding CEO Mohamed Hamade tells TRENDS during an interview
- Hamade also sheds light on how Amanat Holding balances profitability with social responsibility. He also hints at potential future investment plans and IPOs in the region
Business
Meta confirms it is working on potential Twitter rival
SAN FRANCISCO, US - Facebook owner Meta is working on a new "text sharing" social media platform, it said Friday, in...
- Since billionaire Elon Musk's takeover of Twitter in October, the influential website has suffered outages, layoffs.
- Several advertisers have left the platform over the alleged lack of content moderation in recent times.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
Business
Company News
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Alstom to cut 1500 jobs
Business
ADNIC reports $82m profit
Business
Dubai leads way as GCC markets show mixed results
Amid market volatility influenced by geopolitical tensions and fluctuating oil prices, pharma, insurance, and healthcare indices led with substantial gains...
Business
Asia stocks track global losses as traders step back after rally
Hong Kong, China - Asian markets fell Wednesday in line with a sell-off across most of the world as traders took...
Business
UAE creates ‘Parkin’ to oversee parking space operations in Dubai
Dubai, UAE - The UAE has issued a law establishing ‘Parkin’, a public joint stock company (PJSC) that will oversee...
Business
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ROSHN recognized as best place to work in Saudi Arabia for 2023
Riyadh, Saudi Arabia -- ROSHN Group has been recently recognized as "The Best Place to Work in Saudi Arabia" for...
- ROSHN achieved its ranking based on anonymous surveys conducted by the Best Places to Work group
- ROSHN Group was certified by the organization in 2021, 2022 and 2023, securing the top position in 2022 and 2023
Business
Saudi Ports Authority invests US$3.46bn in maritime and logistics sectors
Riyadh, Saudi Arabia-- The Saudi Ports Authority also known as Mawani strengthened the maritime and logistics sectors with an investment...
- The investment into the maritime and logistics sectors corresponds with the targets of the National Transport and Logistics Strategy
- The authority signed several agreements in 2023 to establish 5 new logistics parks and centers, with investments exceeding $1.06 billion
BYD overtakes Tesla in EV sales
Tesla's stock slipped after the news was announced.
- Despite losing its quarterly sales crown, Tesla was still top on an annual basis, delivering more than 1.8 million EVs to customers in the year to December
- "Tesla sales is likely to be boosted by the introduction of its "long-promised mass market EV model later this year," says Garrett Nelson, an equity analyst at CFRA Research