Feeding fit: Saudi Arabia redefines the poultry sector
In February 2024, Saudi Arabia's poultry industry reached a milestone by producing 100 million kilograms of poultry, thereby setting new...
Business
Nike’s long international struggle with Adidas
German newspapers reported that the American sports equipment giant overcame their rival's home advantage with a bid of around 100...
Business
Malaysia Airlines to acquire 20 planes
The airline will buy 10 planes and lease the 10 others from Avolon.
- The plane was worth $296.4 million according to the last published catalogue prices in 2018.
- The A330neo will gradually replace 21 older-generation A330neo planes in the Malaysia Airlines fleet.
Economy
Jordan’s anti-corruption body launches National Integrity Index
The Jordan Integrity and Anti-Corruption Commission (JIACC) on Monday launched the National Integrity Index (NII), which aims to gauge public...
- Jordan Integrity and Anti-Corruption Commission launches National Integrity Index to gauge public bodies adherence to anti-corruption standards
- The NII aims to support the commission's efforts to combat corruption and foster an anti-corruption public culture
Economy
Museum, DEWA partner for sustainable development
The Museum of the Future has signed a strategic partnership agreement with Dubai Electricity and Water Authority (DEWA) to showcase...
- The Museum of the Future with Dubai Electricity and Water Authority will showcase solutions for sustainability and renewable energy
- The agreement between the two organizations aims for constructive research that helps solve today’s ecological challenges
Business
Bahrain central bank’s monthly Sukuk issue oversubscribed by 152%
The Central Bank of Bahrain (CBB) said Monday the monthly issue of the Sukuk Al-Salam has been oversubscribed by 152...
- Subscriptions worth BD 65.445 million ($173.5) were received for the BD 43 million issue, which carries a maturity of 91 days.
- The expected return on the issue, which begins on 17 August and matures on 16 November, is 3.80 percent compared to 3.96 percent of the previous issue on 13 July.
Business
DGCX licensed brokerage firms can now become DFM derivatives members
Dubai Financial Market (DFM) said Monday that it has obtained the approval of the Securities and Commodities Authority (SCA) to...
- Securities and Commodities Authority approves DFM to allow such firms to become DFM derivative members and provide their services in the market for the first time.
- Currently, there are approximately 21 DGCX brokers licensed by SCA and this significant step caters to the growing demand from these companies to access the DFM.
Economy
Saudi real estate fund signs 58,000 housing support contracts in H1
Saudi Arabia’s Real Estate Development Fund has signed more than 58,000 financing contracts for the kingdom’s various housing support programs...
- One of the goals of kingdom's transformative Vision 2030 is to raise the percentage of house ownership to 70 percent,
- The number of the beneficiaries of housing support programs from June 2017-June 2022 is more than 660,000.
Business
Solutions by stc to buy Giza
The 89.49% stake in Giza Systems will cost it $158m.
- The company had entered a binding deal for the takeover of the stake in Giza Systems in addition to 34 percent of its unit, Giza Arabia
- The transaction is expected to be completed by the fourth quarter of 2022
Business
Saudi digital payments go up, represent 94% of all trades
The study highlighted how the government sector in the kingdom has almost completely converted to electronic payment methods for all...
- The use of electronic payments increased to 62 percent last year from 44 percent in 2019 across all areas of economic activities
- When it comes to the business sector, the share of electronic payments reached a substantial 84 percent of all business payments in 2021, up from 51 percent in 2019
Economy
Saudi economy, GDP see upswing in H1 2022
Real GDP increased at a growth rate of 11.8% in Q2 2022, driven by the significant increase in oil activities...
- The report says Saudi Arabia's economy and GDP are on an upswing due to several factors
- Even the World Economic Outlook July 2022 projected the Kingdom to record highest GDP growth among G20 countries.
Business
Halwani Bros’ profit falls by 65%
The profit fell to $5m in HI due to rising cost of raw materials.
- The food company said the devaluation of the Egyptian currency also weighed on profits from its subsidiary in Egypt
- The rising raw material costs and increased marketing costs due to global inflation were also responsible for weaker financial results
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Feeding fit: Saudi Arabia redefines the poultry sector
In February 2024, Saudi Arabia's poultry industry reached a milestone by producing 100 million kilograms of poultry, thereby setting new...
Business
Company News
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Saudi Ministry of Investment and Agility sign MoU to boost healthcare sector
Riyadh, Saudi Arabia-- Saudi Arabia and Agility have signed a memorandum of understanding (MoU) to introduce cutting-edge health technology and...
Business
‘ESG, AI and robotics remain FII’s investment focus’
FII Institute remains committed to innovative and sustainable technology investments, Anthony Berkley, ACT Director and Head of Investments, tells TRENDS.
Interview
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Business
Saudi Exchange to launch Single Stock Options contracts
Riyadh, Saudi Arabia – The Saudi Exchange on Sunday announced its intention to launch the Single Stock Options (SSOs) contracts,...
- SSOs contracts will be available to trade on 27 November 2023, enabling local and international investors to hedge and manage portfolio risks effectively
- The contracts will be cleared and settled by the Securities Clearing Center Company (Muqassa) in line with international best practices
Business
Arab Bank posts net profit
It posted a profit of $630 million in January-September 2023.
- The Group maintained its strong capital base with a total equity of $10.8 billion.
- Excluding the impact of devaluation of several currencies against the US dollar, loans grew by 4 percent.
Business
Hamriyah Freezone Authority, Amazon UAE ink pact for logistics center
SHARJAH, UAE - Hamriyah Freezone Authority (HFZA) and Amazon UAE have signed a lease agreement for a new logistics center...
- Once launched, the new center will enable a seamless delivery experience across the Northern Emirates.
- HFZA’s location and over 20 years of Amazon’s technology and operational expertise will enhance convenience for customer orders.