Central Bank of Bahrain Sukuk Al Ijara oversubscribed by 186 percent
Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al...
Business
Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
Economy
Business
Judge halts Twitter-Musk case, sets Oct. 28 deadline to close deal
Delaware Judge Kathaleen McCormick, ruling on a Musk request to freeze the case that had drawn a biting retort from...
- The move buys time for a potential reconciliation between two parties
- Twitter said Tuesday it expects to close the buyout deal at the $54.20 price
Economy
UAE becomes a growing business, brand hub, followed by Saudi Arabia
To draw firms from around the world, the UAE and KSA have been working hard over past few years to...
- The UAE and Saudi Arabia have been developing infrastructure on par with developed nations to attract businesses from around the world
- Dubai is also great for businesses from the rest of the globe because it is relatively simple to register a property, obtain building licenses, and enforce contracts
Economy
IMF chief urges action as global recession risks rise
IMF chief Kristalina Georgieva urged global policymakers to take concerted action as the risks of a worldwide recession are driven...
- The IMF chief said that if central banks move too aggressively to tamp down price pressures, it could trigger a prolonged economic downturn.
- Finance ministers and central bank governors from over 180 nations will gather in Washington for a meeting of the IMF and WB.
Market Report
ADX adds 5 single stock futures
The move will help develop ADX derivatives market.
- The addition of new contracts has doubled the total number of derivative products on ADX to 10 in less than a year.
- Market participants will be able to trade on leverage and hedge their equity exposure using these contracts.
Business
Air travel rebounds but still suffering from pandemic
Air travel rose sharply in the northern hemisphere summer, traditionally the peak vacation travel season, but still remains considerably affected...
- Total air traffic in August soared up by two thirds from the same time last year, but was still only at 73.7 percent of its pre-Covid level.
- Asia experienced the biggest rebound, where traffic more than tripled.
Business
TAQA to sell Netherlands business
TAQA Energy will sell upstream oil and gas business to Waldorf.
- The financial terms of the deal were not disclosed. TAQA said the sale was made following its 5 July 2022 announcement that it had completed a review of oil and gas business.
- On September 23, TAQA and ADNOC announced the financial closing of their $3.8 billion project to power and decarbonize ADNOC's offshore production operations.
Business
For Saudi fan, road to World Cup is a desert trek
Wearing a wide-brim hat and a backpack to which Abdullah Alsulmi'd affixed Saudi and Qatari flags, he said: "I consider...
- To keep his load light, Alsulmi subsists on food he can buy at petrol stations, often chicken and rice, while showering and washing his clothes at mosques
- Alsulmi sets out at sunrise and walks until 10 or 10:30 am, but then the heat forces him to break for a few hours before resuming in the afternoon and continuing until sundown
Business
Mubadala Health, G42 to form new firm
Both companies will merge their healthcare businesses.
- Hasan Jasem Al Nowais has been appointed CEO of the new entity and will continue to lead Mubadala Health.
- The new entity will also focus on collaboration with leading researchers and pharmaceutical and health-tech ecosystems.
Business
UK in talks with Qatar and Norway to import energy
Amid crippling energy shortages, the British government is negotiating with Qatar and Norway to secure new long-term gas contract, according...
- Senior civil servants are more hesitant, with figures in the Treasury warning that Britain would be stuck with higher prices if the cost of gas more generally dips after the hike
- Truss told Sky News that no agreement had been signed as it stands, but that she was committed to providing long-term energy security for the UK
Business
Investopia partners discuss investment opportunities in ME region
The discussions took place during a business session held in collaboration with Abu Dhabi Department of Economic Development.
- The discussions took place during a business session held in collaboration with Abu Dhabi Department of Economic Development
- The global investment platform also announced its next annual conference on 1 and 2 March 2023 in Abu Dhabi
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
Central Bank of Bahrain Sukuk Al Ijara oversubscribed by 186 percent
Manama, Bahrain--The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al...
Business
Company News
Latest News
ADNOC Gas net income $3.37bn
The company's third-quarter revenue grew by 8% to $5.80 billion.
Business
Dubai Airports expect to cross pre-pandemic passenger numbers in 2023
Dubai, UAE--Dubai Airports is expecting annual passenger traffic at Dubai International (DXB) to touch 86.8 million – surpassing 2019 traffic,...
Business
Iran to link up electricity grid with Russia via Azerbaijan
Tehran, Iran-- Iran is linking up its electricity grids with Russia via Azerbaijan in order to make up for its...
Business
Most Read
Business
AD Ports net profit up
It posted a 189% jump in revenue in Q3 to US$1.15bn.
- Its EBITDA rose by 28% YoY to $207 million during the third quarter, largely supported by the acquisition of Noatum and Karachi Gateway Terminal
- The company said that the negative net operating cash flows of $158 million were impacted by a temporary deterioration in working capital
Business
Google warns against downloading its AI model from external sources
Washington, US--Google has warned users against trying to obtain its Cold generative artificial intelligence (AI) model from external sources currently...
- According to Google the download delivers malware to victims, stealing sensitive data and starts from a user's social media accounts
- The company is working on Bard tools to integrate them into many of the different services it provides from search engine to Pixel phones
Business
Black Friday is a $74bn opportunity for MENA retail. But is it losing sheen by ‘blindly copying’ the West?
The expected injection of billions of dollars into the retail business through sale of varied items can turn out to...
- In 2021, Black Friday sales notched up $61 billion, followed by a further upswing in sales to $70 billion in 2022, and this year sales are expected to cross the figure
- According to several experts, the annual event continues to draw consumers across the GCC, with nearly 85 percent of them expected to participate in Black Friday