Gold hits fresh record above $2,200 on rate cut hopes
The gains have been helped by a weaker dollar and the gold's attraction as a safe haven as geopolitical tensions...
Business
NFT cumulative trading volume exceeds $65bn in Q2 2022
According to the data from TradingPlatforms.com, the total volume of Non-Fungible Tokens (NFTs) exchanged recently surpassed 20 million ether (ETH)...
- The total volume of Non-Fungible Tokens, a cryptographic asset which is unique, surpassed 20 million ether (ETH) - a cryptocurrency - in Q2 2022
- The NFT market is expected to increase at a compounded annual growth rate of 35 percent.
Business
HSBC H1 pre-tax profit falls
Pre-tax earnings sank 15 percent to $9.2 billion.
- Executives are expected to field questions about a restructuring bid from its biggest shareholder Ping An Insurance Group.
- The bank rebuffed calls to spin off its Asian activities on the eve of a shareholder meet
Economy
Over 20K investor accounts join DFM in first 7 months of 2022
Brokerage companies in Dubai Financial Market added 20,552 new investor accounts in the first seven months of 2022. The market...
- Brokerage companies in Dubai Financial Market added 20,552 new investor accounts in the first seven months of 2022
- The market witnessed significant momentum since the announcement of the listing of 10 governmental and semi-governmental firms
Geostrategy
Focus on OPEC+ in Wednesday meet as crude prices surge
The 13 core members of OPEC find themselves at a crossroads. After the drastic output cuts they agreed to in...
- According to the London-based research institute Energy Aspects, OPEC+ could adjust its current agreement in order to keep raising crude production volumes.
- Any decision on Wednesday will have to be unanimous, which may lead to a longer meeting than normal.
Business
SAMA approves merger of SABB Takaful and Walaa Insurance
Saudi Central Bank has approved the merger of SABB Takaful with the rival insurer Walaa Insurance, following an agreement between...
- According to a bourse filing, the execution of the transaction remains subject to obtaining regulatory approvals and votes of the extraordinary general assemblies
- Once the deal is completed, SABB Takaful’s assets, liabilities, and rights will be transferred to Walaa Insurance and the former will cease to exist
Business
Saudi to organize esports and gaming event Next World Forum in Sept
The Next World Forum, an esports and gaming forum that will bring together sector leaders and experts from around the...
- More than 1,200 delegates from across the globe will gather in Riyadh to discuss the most pertinent issues in esports and gaming at the in-person Forum.
- Those attending the Next World Forum include ministers of sport from various leading nations, investors, gamers, developers, tech providers and start-ups.
Al Rajhi Bank H1 profit is up 21%
Operating income grew because of higher investment income, banking fees, and exchange income, the bank said.
- Operating income grew because of higher investment income, banking fees, and exchange income, the bank said
- But the depreciation, higher salaries, and employee benefits weighed on costs during the six-month period, leading to a 4.5 percent rise in operating expenses
Business
First wheat shipment leaves Ukraine as war heats up
The first shipment of Ukrainian grain left the port of Odessa on Monday morning, Turkey announced, as Kyiv said the...
- The blockage of deliveries from warring Russia and Ukraine -- two of the world's biggest grain exporters -- has contributed to soaring food prices
- The Joint Coordination Center, the organization overseeing the grain exports, said the Razoni is carrying "over 26,000 metric tonnes" of maize
Business
Dubai closes in on top spot for sea trade
The city, with a rich history of trading with the world through sea, looks to emerge as one of the...
- The investment to the tune of $38 million will go into building a network for sewerage, fire, storm water, telecommunication and roads
- The new work on the infrastructure is in line with the Dubai Maritime Vision 2030, positioning the city to emerge as a premier international maritime hub
Business
OPEC picks Haitham Al-Ghais of Kuwait as new chief
Haitham Al-Ghais of Kuwait has taken over as the new secretary general of the Organization of the Petroleum Exporting Countries...
- He is the first Kuwaiti to hold the position of OPEC chief, and will head the group for three years
- The Kuwaiti oil executive will replace Nigerian Mohammad Barkindo, who died in July
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Gold hits fresh record above $2,200 on rate cut hopes
The gains have been helped by a weaker dollar and the gold's attraction as a safe haven as geopolitical tensions...
Company News
Sukoon Insurance sets up OIWSS
Business
Latest News
Saudi industrial construction potential game-changer
The Kingdom is gearing up for a massive investment in industrial and mega projects, with plans to allocate $180 billion...
Business
Markets up, oil down as investors eye Middle East situation
Oil slid but most world stock markets rose in anticipation of a raft of strong US corporate earnings, even as...
Market Report
RCU inks pact with Artefact, Dassault Systèmes for AI, digital solutions
ALULA, SAUDI ARABIA – The Royal Commission for AlUla (RCU) has reinforced its commitment to technology innovation and cutting-edge digital...
Business
Most Read
Business
General Motors Q3 profit surge
Revenues rose five percent to $44.1 billion, the company said.
- The big US automaker reported third-quarter profits of $3.1 billion, down seven percent from the year-ago period but better than analyst estimates
- GM notched higher vehicle sales in the United States amid still-strong pricing trends for popular truck and sport utility vehicles
Business
Stora Enso posts loss again
Stora Enso registered a loss of $272m euros in Q2 2023.
- The Finland-based company said it lost 34 million euros in the third quarter, down from the 367-million-euro net profit during the July to September period last year
- After experiencing sales growth in 2021 and 2022, Stora Enso saw sales tumble by 28 percent in the third quarter compared to the same period last year, to 2.1 billion euros
Business
DEWA okays H1 dividend of $843m
The company had reported a net profit of $540 million for Q2.
- The Board of Directors of DEWA authorized the payment of H1 2023 dividend on 10th August 2023.
- On 26th October 2023, the dividend will be paid to all shareholders via Dubai CSD.