Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report
SCCI and Thailand look to boost economic cooperation
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry and Thailand have explored ways to boost trade and economic cooperation. In...
Business
Geostrategy
Two more grain ships leave Ukraine, says Turkey
Two more ships carrying grain have left Ukraine's Chornomorsk port, Turkey's Defense Ministry said on Saturday, bringing the number of...
- Ukraine's Sea Ports Authority said three seaports had begun loading food onto seven ships which would deliver 66,500 tonnes of wheat, corn and sunflower oil.
- The Authority said Ukrainian-origin food would be delivered to France, Sudan, Turkey and the Netherlands.
Market Report
ADX tops Arab region in market value increase, says AMF
The Abu Dhabi Securities Exchange was the leading Arab financial market in terms of performance last week, as its index...
- The AMF said that the market value of Arab stock exchanges rose by 2.5 percent, equivalent to some $110.64 billion at the end of trading last week
- The market value of the 13 Arab stock exchanges listed in the AMF’s database rose to $4.58 trillion at the end of last week
Business
Asia Cup 2022 trophy unveiled in Abu Dhabi
The Asian Cricket Council’s marquee event returns after a four-year interval with the 2022 edition of the Men’s Asia Cup.
- The Asian Cricket Council’s marquee event returns after a four-year interval with the 2022 edition of the Men’s Asia Cup
- Dubai International Cricket Stadium will host nine games including the final, while Sharjah Cricket Stadium will host four games
Business
Widam Food signs $27mn pact with Egypt’s Frigo
The company, in a statement, said it exported two meat shipments to Egypt in March and July.
- The company, in a statement, said it exported two meat shipments to Egypt in March and July
- Widam Foods said that the agreement is in line with its strategy to expand its foreign trade
Business
QFB completes rights issue
It issued 420,000,000 shares in order to raise capital of $307m.
- Its net profit shot up 2.55 percent to $11.53 million in the first half of this year, compared to $11.23 million in the same period last year
- In 2019, the bank had reduced the capital by 65 percent from $549 million to $192 million to extinguish consolidated losses of $357 million
Business
Gulf countries get more adaptable to open banking
The GCC region is now witnessing an increase in adoption of open banking system and implementation plans are being put...
- The GCC region is now witnessing an increase in adoption of open banking system and implementation plans are being put in place as regulators set new market policies
- Tarabut Gateway -- the first and largest open banking platform in MENA and a licensed AIS and PIS provider -- obtained the first open banking license ever issued in the UAE
Business
GMC, Fix Network sign agreement
Twelve new service and collision repair centers will be set up in Saudi.
- The new partnership will launch with six collision centers and six quick service centers spread across KSA.
- The collision repair services will be known as Fix Auto Collision, while the mechanical service and repair centers will be called Fix Auto Service.
Business
SRC, Riyad Bank sign $133m deal
This is the second largest mortgage refinancing deal in the kingdom.
- Tareq Al-Sadhan, CEO of Riyad Bank, said the long-term partnership with SRC will provide housing finance solutions that fulfill the needs and requirements of Saudi families.
- Saudi Vision 2030 aims to raise the percentage of residential ownership of Saudi families from 47 percent to more than 60 percent within four years.
Business
Listed insurance firms’ in UAE net profits at $222m in H1 2022
The total premiums of insurance companies listed in local financial markets in the first half of 2022 increased by 7.64...
- The total premiums of insurance firms listed in local financial markets in H1 2022 increased by 7.64 percent year-on-year to $302 million
- The total net profits of insurance companies listed in local financial markets in H1 2022 totaled $222 million
Business
Weeklong real estate transactions in Dubai amount to $2.8bn
The real estate and properties transactions valued at $2.8 billion (AED10.3 billion) in total during the week ending 19 August...
- A total of 344 plots were sold for $694 million, 2,239 apartments and villas were sold for $1.07 billion
- The top two transactions were a land in Al Wasl sold for $108 million, followed by a land sold for $55 million in Hadaeq Sheikh Mohammed Bin Rashid
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Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
Market Report
Company News
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Saudi Arabia’s Q3 real GDP falls by 4.5% on decreased oil activities
Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) decreased by 4.5 percent in the third quarter of...
Economy
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Business
Stocks mixed, oil subdued as traders eye Mideast and central banks
There is a sense of relief on trading floors that the Israel-Hamas conflict has been contained so far, with optimism...
- With worries about supplies from the crude-rich Middle East subsiding for now, both main oil contracts edged up slightly Tuesday
- Data showing China's factory sector activity shrank in October weighed on sentiment, dragging on Hong Kong and Shanghai
Business
EITC Q3 profit soars 57.7%
Its revenues grew 3.7% to US$896 million in the quarter.
- The company posted a 57.7% jump in net profit to $137.23m, its highest quarterly level over the last three years
- The company has been pushing further the deployment of 5G network which reached 98.5% coverage
Business
Politics in fashion: Luxury brands react to Gaza crisis
From L'Oréal's controversy involving model Amena Khan to Chanel's significant financial pledge, the fashion industry is deeply entwined in political...
- From L'Oréal's controversy involving model Amena Khan to Chanel's significant financial pledge, the fashion industry is deeply entwined in political discourse amid Gaza crisis.
- As luxury brands navigate the delicate balance amid the ongoing Israel-Hamas conflict, the role of social media influencers and corporate philanthropy comes to the forefront.