Wheels in motion for investors as two Gulf carriers plan 2025 IPOs
UAE's Etihad Airways and Saudi Arabia's Flynas are preparing to listing on local stock markets, the first IPO by Gulf...
Davos2025: 33 industrial clusters from 16 countries commit to economic growth, jobs creation and emissions cuts
The Transitioning Industrial Clusters initiative aims to improve collaboration and develop a shared vision among co-located companies and public institutions,...
Economy
Geostrategy
UAE, India mark first anniversary of signing CEPA with series of events
DUBAI, UAE - Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi has marked the first anniversary...
- The Federation of Indian Chambers of Commerce and Industry is on a four-day visit to the UAE to mark the signing of CEPA.
- The FICCI delegation comprises over 100 exporters, start-ups and business owners.
Business
Saudi Steel Pipe’s profit up
Its profit shot up more than 5,000% to $14.45m in 2022.
- Earnings per share also advanced to SR1.07 in 2022 from SR0.02 in 2021
- Gross profit rose to $29 million in 2022 from $7.28 million a year earlier because of better sales volume, improved efficiency and a mix of products sold
Business
Oman Qatar Insurance merges with Vision Insurance
The merger was settled with Vision Insurance Company’s existing shareholders by Oman Qatar Insurance Company.
- The merger was settled with Vision Insurance Company’s existing shareholders by Oman Qatar Insurance Company
- After the mergercertificate by Qatar Ministry of Commerce, Vision Insurance Company was delisted from Muscat Stock Exchange
Business
EDGE buys 70% stake in GRADEONE
It will focus on the development of defense trading.
- The announcement has comes ahead of the International Defence Exhibition (IDEX) to be held at the Abu Dhabi Exhibition Centre (ADNEC)
- GRADEONE specialises in providing various solutions to the military and defence sectors, including army, special forces, navy, air force, law enforcement, and search and rescue
Business
Giga projects attract more foreign banks to KSA
At least six banks, seeking to open branches in Saudi Arabia, have obtained licenses from the Saudi Central Bank to...
- At least six banks, seeking to open branches in Saudi Arabia, have obtained licenses from the Saudi Central Bank to conduct operations in the Kingdom in the coming months.
- New banks are expected to add value to the Saudi economy by strengthening the services sector, expanding financing options and boosting public confidence in financial system
Business
Saudi reports add to Manchester United takeover intrigue
London, United Kingdom--Saudi Arabia has joined the race to buy Manchester United ahead of Friday's bid deadline, according to a report...
- Saudi joined the race to buy Manchester United, according to a report in Britain's Daily Telegraph, raising the stakes in what could be the most lucrative deal in sports history.
- There have been suggestions of a possible Qatar bid, with The Guardian reporting the state's ruler, Sheikh Tamim bin Hamad Al-Thani, was interested in buying United.
Business
UAB 2022 net profit at US$42m
Total operating income rose 11% in 2022 compared to 2021.
- UAB is focused on positioning itself as the partner of choice among major corporate clientele segments.
- The bank's CEO said that their focus will remain on the delivery of an enhanced customer experience.
Business
Islamic insurance gross subscriptions reach $1.18 billion in 2021: CBUAE
Abu Dhabi, UAE— The gross subscriptions written by all Takaful insurance companies in the UAE reached AED4.35 billion in 2021,...
- These subscriptions accounted for 9.82 percent of the gross premiums written in the insurance sector in 2021.
- The health Takaful insurance activity represented the largest share, accounting for 43.6 percent of the gross subscriptions.
Business
Hermes 2022 net profit $3.6bn
Fashion house posted huge earnings despite inflation.
- Sales rose 29 percent to US$12.3 billion at current exchange rates.
- Hermes said its sales rose by 30.7 percent in the Asia-Pacific region, excluding Japan, in the last three months of 2022.
Business
Saudi transport authority signs largest bus transport project
Riyadh, Saudi Arabia---Saudi Arabia's Transport General Authority has signed the largest project for transporting passengers by buses through a network...
- The network, which involved major global alliances, will cover more than 200 cities and governorates.
- The network is expected to serve more than 6 million passengers annually through 76 routes, with a new fleet of buses equipped with the latest technologies.
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Wheels in motion for investors as two Gulf carriers plan 2025 IPOs
UAE's Etihad Airways and Saudi Arabia's Flynas are preparing to listing on local stock markets, the first IPO by Gulf...
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Amlak Q3 net profit AED $73m
Business
UAE’s budget carrier Air Arabia to launch daily flights to Kabul
Last month flydubai, another low-cost Emirati airline, became the first international carrier to resume flights to Afghanistan since the chaotic...
Geostrategy
AD Ports, RSPA to develop and operate terminal in Egypt’s Safaga Port
Cairo, Egypt -- AD Ports Group (AD Ports) has signed a concession agreement with the Red Sea Ports Authority (RSPA)...
Business
Cornerstone laid for $40 million logistics park at King Abdulaziz Port
Riyadh, Saudi Arabia -- The cornerstone was laid for an integrated SAR150 million ($39.99 million) Logistics Park at Dammam's King...
Business
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Business
SAMA seeks public feedback on financial governance amendments
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of...
- The amended key principles aim to keep alignment with the latest regulatory changes and updates in the new Companies Law and its Implementing Regulations.
- Suggestions and observations on the draft will be received within (15) days of this announcement for assessing their relevance in finalizing the draft, SAMA added.
Business
India’s L&T secures EPC contract for Saudi Arabia’s Amaala project
New Delhi, India - Larsen & Toubro (L&T) secured a major Engineering, Procurement, and Construction (EPC) contract for the Amaala...
- The contract, awarded by the consortium of Masdar and EDF, involves the establishment of renewable energy generation, power utilities, and water systems
- L&T, as the turnkey contractor, inked the EPC agreement with Amaala's developers, Masdar, and EDF, reports in Indian media said
Business
Abu Dhabi Maritime unveils new hub
Maritime Hub Abu Dhabi will boost the marine sector.
- The hub will benefit from interaction with influential bodies, policymakers and a vibrant community of players covering offshore, maritime suppliers
- It is expected to play a crucial role in facilitating the maritime industry’s sustainability, offering awareness, guidance in relation to decarbonisation