Spain grabs 3% Telefonica stake after concerns over Saudi deal
Madrid, Spain - Spain's government has acquired a three-percent stake in telecoms giant Telefonica following concerns over a Saudi firm taking...
Business
OPEC chief calls for more investments in oil industry to meet energy demand
Abu Dhabi, UAE--The Organisation of the Petroleum Exporting Countries (OPEC) has called for increased investments in the oil industry to...
Business
Business
Dubai real estate market’s July performance best in decade
Dubai real estate market recorded a total of 7,092 transactions in July 2022, which is its best performance in the...
- A total of 7,092 transactions in July 2022 overtook July transaction’s peak in 2013 which recorded 5,024 deals.
- The secondary market recorded the largest transactions, up by 59 percent in terms of volume and 70.60 percent in terms of value.
Business
Raydan posts loss of $6m in H1
The Saudi food company's revenue shot up to $21.33m.
- Its accumulated losses, however, hit $47.73 million at the end of the first six months of the year, representing 53 percent of its capital which amounted to $90.13 million
- According to a bourse filing, the company saw its first-half revenue surge 22 percent to reach $21.33 million
Business
KHC’s profit vaults by 1,162%
Kingdom Holding Co. posted $1.7 billion profit in H1.
- KHC’s revenue more than doubled to $320 million during the same period, thanks to higher hotel and property sales
- During the first half of the current year, KHC closed an $3.41 billion investment program, following the sale of shares to the Saudi sovereign wealth fund
Emirates NBD joins fight against illegal wildlife trade
The banking group is supporting efforts to combat global wildlife trafficking by joining the United for Wildlife financial task force.
- The banking group is supporting efforts to combat global wildlife trafficking by joining the United for Wildlife financial task force
- NBD will work with its peers to promote the welfare and safety of wild animals, Group Chief Compliance Officer Victor Matafonov said
Business
RAK DED allots 837 licenses worth $39.48m in H1
The department's report highlighted the fact that professional licenses accounted for 49 percent of total numbering 8,986, followed by commercial...
- The number of commercial licenses were 449, representing 51.4 percent, followed by professional licenses numbering 406, along with 17 industrial licenses
- The total number of renewed licenses in the first half of 2022 was 6,947, compared to 6,606 during the same period in 2021
Business
Slow tech adaptation hurts online banking in GCC
Smaller banks may be left behind if they don't invest appropriately in digitalization, Redmond Ramsdale, Head of Middle East Bank...
- Smaller banks may be left behind if they don't invest appropriately in digitalization, Redmond Ramsdale, Head of Middle East Bank Ratings at Fitch Ratings, tells TRENDS
- Banks and other financial organizations that don't adopt this technology risk losing consumers to competitors in the market, Ramsdale adds
Economy
Saudi Arabia’s merchandise exports in June up 75 percent: GASTAT
Saudi Arabia’s merchandise exports during June 2022 increased by more than 75 percent to 148 billion riyals ($39.37 billion) compared...
- The non-oil exports (including re-exports) rose by 26.8 percent to 30 billion riyals in June 2022, compared to 24 billion riyals in June 2021.
- The kingdom’s merchandise imports during June 2022 amounted to 60 billion riyals, compared to 47 billion riyals during June 2021, an increase of 28.9 percent.
Business
Palms Sports wins its biggest contract
The 30-month UAE government contract is worth $83.31m.
- Under the new contract it will provide 350 expert Jiu-Jitsu and close combat instructors in locations across all seven emirates.
- Palms Sports reported the first half profit of AED47.2 million, a 37 percent increase for the same period last year.
Business
Majid Al Futtaim H1 EBIDTA $517m
The EBITDA rose 18 percent from $435 million a year ago.
- Majid Al Futtaim said it recorded a 73 percent rise in digital grocery retailing and opened Carrefour UAE’s first BIO store.
- The conglomerate said in a statement that it recorded a 15 percent increase in revenue to AED18 billion.
Business
TikTok stars boycott Amazon in activism push
It's the latest example of creators lending their online stage to a cause on the massively growing platform more known...
- The group is pushing for the firm's workers to get a minimum hourly wage of $30, improved medical leave and easing of productivity requirements
- It is also calling on Amazon, which has long resisted unionization efforts in its US facilities, to stop its opposition
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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
Spain grabs 3% Telefonica stake after concerns over Saudi deal
Madrid, Spain - Spain's government has acquired a three-percent stake in telecoms giant Telefonica following concerns over a Saudi firm taking...
Business
Company News
Lavoie buys e-bike firm VanMoof
Business
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Iran ramps up oil production to 3.4m bpd, up from 2.9m bpd
Tehran, Iran-- Iran has ramped up its oil production to 3.4 million barrels per day (bpd), up from about 2.9...
Business
Middle East conflict alters regional energy dynamics
Chevron's Tamar gas field halt, rising global oil prices, and jeopardized gas supplies to Egypt and Jordan underscore the impact...
Business
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Business
Mwani Qatar posts 39% increase in transshipment containers
Doha, Qatar -- The Qatar Ports Management Company (Mwani Qatar) announced a 39 percent increase in transshipment containers in October,...
- Mwani Qatar data released Wednesday revealed an increase in building and construction materials shipments by 21 percent.
- Vehicles and equipment shipments on the other hand increased by 8 percent to reach 6,494 units.
Business
Agreements worth $3.54bn inked at Global Health Exhibition
Riyadh, Saudi Arabia -- A total of 138 agreements, MoUs and deals worth more than SAR 13.3 billion ($3.54 billion)...
- More than 300 local, regional and international companies from 29 countries presented the latest healthcare innovations and technologies at the event.
- The exhibition, in its sixth edition, offered health practitioners 30-credit-hour of Continuing Medical Education (CME) programs.
Business
Second quarter foreign investments in Saudi Arabia hit $666bn
Riyadh, Saudi Arabia -- Foreign investments in Saudi Arabia increased 4 percent year-on-year (YoY) to SAR 2.50 trillion ($666. 39...
- The foreign investment balance recorded an increase of 5 percent quarter-on-quarter, or nearly SAR 109.9 billion.
- Foreign direct investments (FDIs) represent 41 percent, or SAR 1.02 trillion, of total investments, Argaam reported.