China records expansion in factory activity for first time in six months
Shenzhen, China--China's manufacturing activity expanded for the first time in six months in March. The official purchasing managers' index (PMI)...
Economy
Digital transformation fuels GCC banks’ growth
The banking sector across the GCC has demonstrated formidable growth and profitability, with Qatar leading in several key performance indicators,...
Business
Business
ADNOC Distribution to pay $349m
This is the first payment of a full-year AED2.57 billion dividend.
- The second and final dividend for 2022 expected to be paid in April 2023, subject to the Board of Directors’ recommendation and shareholders’ approval.
- The 2022 full-year dividend would offer a 4.9 percent annual dividend yield (based on a share price of AED4.21 as of 27th September 2022).
Business
ADC sets price for IPO
Its share will be available in the price range of $24-$27.
- the process for institutional investors, which will end on Oct. 5, will be led by HSBC Saudi Arabia, Goldman Sachs Saudi Arabia, and SNB Capital
- ADC is offering 30 percent of its capital, representing 26.7 million, and will list on Nomu
Business
ADQ and OIA discuss opportunities to boost Oman-UAE cooperation
Abu Dhabi, UAE--ADQ, an Abu Dhabi-based investment and holding company, discussed a range of investment opportunities with Oman Investment Authority...
- The meeting was held on the sidelines of President Sheikh Mohamed Zayed Al Nahyan's visit to Oman.
- ADQ and OIA recently entered into an AED10 billion ($2.72 billion) partnership agreement to facilitate investments between the UAE and Oman in sectors of mutual priority.
Business
GCC banks look at pre-Covid profitability level
Earnings of many Gulf banks may hit nearly pre-pandemic levels by the year end, owing to high oil prices and...
- Earnings of many Gulf banks may hit nearly pre-pandemic levels by the year end, owing to high oil prices and rising interest rates that will support their creditworthiness
- S&P forecasts a more visible strengthening of regional banks' interest margins and a manageable increase in risk cost in second half despite lingering COVID-19 effects
Business
Saudi Arabia urges cooperation in tourism for sustainable future
Riyadh, Saudi Arabia - Saudi Minister of Tourism Ahmed bin Aqeel Al-Khatib said more cooperation is a must for sustainable...
- Saudi Minister of Tourism Ahmed bin Aqeel Al-Khatib said the cooperation includes facing the issues spawned by Covid pandemic.
- Al-Khatib said the tourism sector is “more capable of providing wealth and opportunities in places where they are most needed.”
Business
MENA’s first NFT marketplace NIFTY Souq secures $1.5m investment
The UAE-based NIFTY Souq, the MENA region’s first NFT marketplace which launched in 2021, has announced they’ve secured $1.5 million...
- Confirmed investors include Palm Ventures, Falak Investment Hub and Fitzy Fund alongside angel investors from the UAE, KSA and the US.
- The seed-fund investment will be used on tech updates and the platform's expansion, says Talal Afghani, NIFTY Souq’s Co-founder.
Business
Tabby, Paymob announce partnership
They will create a Buy Now Pay Later solution for retailers.
- Tabby’s BNPL payment solution will be available to over 120,000 Paymob merchants.
- Tabby is a payments and shopping app, and Paymob, an omni-channel payments facilitator in MENAP.
Business
Metaverse could touch US$500bn by 2030: Arthur D. Little
The metaverse, Beyond Fantasy, the latest in a series of new reports from the company running under the ‘Blue Shift’...
- The report provides a cautious, low-end forecast, which estimates that the current Metaverse market is estimated to be worth $50 billion
- It looks at the key enabling technologies of the Metaverse, including artificial intelligence (AI), Internet of Things (IoT) and blockchain
Business
Villas and apartments worth $270 million sold in Dubai
Dubai, UAE--Dubai real estate market recorded deals worth AED1.7 billion ($462 million) on Monday, according to Dubai Land Department. These...
- The emirate's real estate market recorded deals worth AED1.7 billion ($462 million) on Monday, according to Dubai Land Department
- Mortgages included 51 villas and apartments worth AED141.5 million and 29 land plots valued at AED302.56 million.
UAE’s top banks post 10% profit jump in H1 of 2022
Signalling a broader economy recovery in the country, four largest banks of the UAE have posted a big surge in...
- The financial performance comes amid an improving environment in the UAE despite global macro-headwinds
- The recovery reflected improving consumer confidence particularly given loosening pandemic restrictions, a strong vaccination roll-out, recovering oil prices
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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
China records expansion in factory activity for first time in six months
Shenzhen, China--China's manufacturing activity expanded for the first time in six months in March. The official purchasing managers' index (PMI)...
Economy
Company News
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Insect farming ‘revolutionizes’ Gulf agriculture
Across the arid region, in which conventional agriculture is beset by many challenges, insect farming for livestock feed is perceived...
Economy
Emiratization: CBUAE to provide financial sector job opportunities
Abu Dhabi, UAE - The CBUAE will provide UAE nationals with job opportunities across various banking and insurance specializations in...
Economy
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Business
Reforms accelerate positive gender equality in MENA
"We are working towards creating a more balanced environment where women can succeed alongside men in overcoming future challenges. There...
- Sheikha Hessa Saad Al-Abdullah Al-Sabah, Chairwoman of the Council of Arab Businesswomen, emphasized the need for women's economic empowerment and increased opportunities
- Sheikha Hessa highlights the importance of collaboration for achieving workplace gender equality and the role of women in achieving the UN's 2030 Sustainable Development Goals.
Business
Dubai Airshow 2023 to see 1,400 exhibitors from 95 countries
DUBAI, UAE – The biggest edition of the Dubai Airshow, a significant global event for the aerospace, space and defense...
- More than 1,400 exhibitors from 95 countries and over 300 international speakers will gather at the at Dubai World Central.
- Dubai Airshow 2023 is also set to welcome leading and new airlines from across the globe, ready to showcase new concepts to the industry.
Business
Request for qualification issued for 3700MW Saudi solar projects
Riyadh, Saudi Arabia -- The Saudi Power Procurement Company (SPPC) has released request for qualification (RFQ) for the fifth round...
- The request for qualification has been released for the fifth round of solar projects under the National Renewable Energy Program.
- The combined capacity of Round 5 projects is approximately 3700 MW. These include the 2000 MW Al Sadawi IPP to be located in the Eastern province.