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
Twitter suspends verified accounts impersonating @elonmusk
A decision that will likely raise question marks over its commitment to free speech, Twitter has suspended many verified accounts...
- Comedian Kathy Griffin, whose blue-ticked account has two million followers, was among those who were locked out after crossing the mercurial CEO
- Actions so far have included firing half the firm's global workforce, and announcing an $8 a month charge for the previously free blue tick verification
Economy
China sees steady foreign trade growth in first 10 months
The European Union and the United States were China's second-largest and third-largest trading partners during the period, respectively.
- The European Union and the United States were China's second-largest and third-largest trading partners during the period, respectively
- China's trade with countries and regions participating in the Belt and Road Initiative posted robust year-on-year growth
Business
Microsoft co-founder’s art to fetch US$1bn at auction
Expected to fetch more than $1 billion at the two-day sale in New York, late Microsoft co-founder Paul Allen's art...
- The collection is also unique for its value: several masterpieces are estimated to fetch more than $100 million
- Allen left Microsoft in 1983, due to health problems and a deteriorating relationship with Gates, who remained in charge of the company until 2000
Business
EU warns of retaliation against US electric car subsidies
Paris, France - The European Union threatened Monday to take retaliatory measures against the United States for electric car subsidies...
- EU is upset about Washington's "Inflation Reduction Act", which includes vast spending on green energy initiatives.
- If US doesn't take into account the views of EU, the bloc could "go to the WTO" and make its arguments against it.
Economy
Food prices declined in October, says Jordan trade minister
AMMAN, JORDAN - Jordan Minister of Industry, Trade and Supply and Minister of Labor Yousef Shamali said Monday that food...
- The minister attributed the decline to falling oil prices and its impact on production and transport costs.
- He said that the fall in the prices of food is also due to measures taken by the government.
Infographics
Oman’s Loan-to-Deposit ratio best in GCC
The Gulf region’s loan-to-deposit ratio fell by 160 basis points in the second quarter of 2022, due to higher customer...
- The loan-to-deposit ratio dropped below 80 percent for the first time in seven quarters in August.
- A drop in LDR means increased level of liquidity, which in turn indicates that banks are more capable of dealing with unforeseen events like loan losses.
Geostrategy
‘UAE President’s speech at COP27 outlined vision for climate action’
SHARM EL SHEIKH, EGYPT - UAE Minister of Industry and Advanced Technology Dr. Sultan bin Ahmed Al Jaber said that...
- UAE Minister of Industry said effective climate action accelerates opportunities for sustainable economic and social development.
- The minister said that the President's speech emphasized that continuity and perseverance are at the core of the UAE’s strategy.
Market Report
Stocks rise, oil falls tracking China lockdown policy
Stock markets mostly rose, extending last week's strong gains, while oil prices fell after China reaffirmed its commitment to its...
- The dollar was down against key rivals ahead of this week's US midterm elections.
- Global markets and oil prices were buoyant last week on hopes Beijing may begin to roll back policies aimed at stamping out the disease within its borders.
Business
2 Emirates NBD India branches
The branches cater to northern, southern areas.
- In 2017, the bank inaugurated its first full-fledged branch in India’s commercial centre, Mumbai.
- The bank’s 60-second zero-fee digital funds transfer service to India, DirectRemit, has facilitated 2.5 million remittances to India.
Economy
Jordan’s real estate trading up 23% in January-October of 2022
AMMAN, JORDAN - Jordan's real estate trade picked up by 23 percent to US$6.8 billion (JD4.875 billion) in 2022's January-October...
- State's revenue from the real estate market stood at US$344 million by the end of October in Jordan.
- Trade volume in the Jordanian real estate market went up in October 2022 by 21 percent compared to October 2021.
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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
Sonatrach sacks CEO
Business
Latest News
Birkenstock declares IPO prize
Business
DP World and IRENA sign agreement to cut emissions in maritime sector
Dubai, UAE--DP World and the International Renewable Energy Agency (IRENA) have signed a cooperation agreement to accelerate the use of...
Business
Qatar’s North Field expansion fuels optimistic outlook
"Looking ahead, our focus is on the North Field Expansion and sustainability projects. We are collaborating with our contractors to...
Business
Most Read
Business
Bank of Sharjah joint lead manager for $350m Ittihad sukuk
SHARJAH, UAE - Bank of Sharjah announced its selection as joint lead manager and bookrunner in the debut US$350 million...
- The Sukuk issuance was 1.7 times oversubscribed, with the orderbook reaching approximately US$600 million.
- “This demonstrates Ittihad’s solid business fundamentals and confirms its strong credit appetite,” CEO of Bank of Sharjah said.
Business
SEVEN to build $347m entertainment destination in Saudi Arabia’s Aseer
Riyadh, Saudi Arabia -- Saudi Entertainment Ventures (SEVEN), a PIF subsidiary, has announced the fifth entertainment destination in the Kingdom,...
- Designed by Gensler, a global architecture, design, and planning firm, the architecture was inspired by the ancient stone buildings of the area to highlight the identity of Aseer.
- SEVEN, a wholly owned subsidiary of the Public Investment Fund (PIF), has appointed Modern Building Leaders to undertake the construction works.
Business
ADDED launches program to improve SMEs’ access to financial services
Abu Dhabi, UAE -- The Abu Dhabi Department of Economic Development (ADDED) has launched a program to improve the access...
- The program was launched in partnership with the Emirates Classification Society “Tasneef” and support of Abu Dhabi Chamber of Commerce and Industry (ADCCI), and leading banks.
- Small and Medium Enterprises are one of the vital sectors in Abu Dhabi’s economy, accounting for 98 percent of businesses.