Saudi EXIM bank surpasses 2023 credit goals by 33%
Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the...
Business
China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...
Geostrategy
Business
Saudi Arabia inks several deals at Farnborough airshow
The General Authority for Military Industries led and organized the Saudi pavilion under the slogan "Invest in Saudi."
- The national company for defense industries in the kingdom, SAMI, inked a deal with Airbus Helicopters Arabia.
- The deal will help SAMI build its technical capabilities to provide technical support for helicopters for Saudi forces.
Business
Saudi construction contracts jump to $12.3 billion in Q1
Saudi Arabia has seen a staggering increase in the award of construction contracts to the tune of $12.3 billion in...
- According to a US Saudi Business Council index which tracks spending in the sector, the kingdom has bounced back strongly after the sharp drop of 2020
- The leading sector in awarded contracts yet again was oil and gas, totaling SR15.1 billion worth of contracts in the first quarter of this year
Business
Wheat prices fall as Russia-Ukraine export agreement takes off
Wheat prices tumbled Friday, retreating to levels last seen prior to the Russian invasion of Ukraine following a landmark agreement...
- Russia and Ukraine together produce about 30 percent of the world's wheat exports
- Despite Friday's retreat in wheat prices, analysts expressed skepticism about the accord's ability to sidestep the realities of the grinding Russia-Ukraine conflict
Business
Commercial Bank International launches virtual location in Metaverse
CBI is the first-ever bank in the UAE and the Middle East region to have a location in the Metaverse.
- CBI is the first-ever bank in the UAE and the Middle East region to have a location in the Metaverse
- Metaverse is a virtual world, where people can interact, explore, and access services as digital avatars of themselves
Business
Saudi Arabia unveils plan to automate 4,000 factories
Saudi Arabia will automate some 4,000 factories in order to enhance competitiveness, efficiency and quality of industry.
- Saudi Ministry of Industry and Mineral Resources has launched a program aiming to move factories away from relying on low-skilled workers to instead automating their manufacturing
- It has also announced the adoption of the Smart Industry Readiness Index methodology to assess the operational readiness of factories
Business
Twitter takes a dig at Elon Musk for bad results
Twitter blamed disappointing results Friday on "headwinds," including the uncertainty imposed on the company by Elon Musk's chaotic buyout bid....
- Despite the less than stellar results, Twitter's stock closed up nearly one percent at $39.84, as investors seemed relieved the news wasn't worse
- Twitter notched a victory earlier this week in its fight with Musk, when a judge agreed to a fast-track trial on whether to force the billionaire to complete the buyout
Analysis
Crises put Gulf investments in Sri Lanka at stake
The region has invested billions of dollars across sectors in the South Asian nation as recent past witnessed an expansion...
- The region has invested billions of dollars across sectors in the South Asian nation in the recent past
- Sri Lanka has been enduring shortages of food, fuel, medicines and other essentials for months
Economy
Abu Dhabi records $6.13bn of real estate transactions in H1 2022
Abu Dhabi's real estate market sustained growth driven by investor optimism, recording 7,474 property transactions amounting to over US$6.13 billion...
- Abu Dhabi's real estate market recorded 7,474 property transactions worth over US$6.13bn in H1 2022
- Department of Municipalities and Transport half-yearly report says all kinds of land, buildings and real estate were purchased, sold and mortgaged
Business
Twitter Q2 revenue at $1.18bn
Twitter reported disappointing results on Friday, a miss that the social network attributed to "headwinds" including the uncertainty related to...
- Twitter missed expectations with revenue of $1.18 billion, due to "advertising industry headwinds"
- Uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk is also touted as a reason for the results
Geostrategy
‘Bilateral ties strengthened with UAE President’s France visit’
The French Ambassador to the UAE, Xavier Chatel, described the first official visit to France of UAE President Sheikh Mohamed...
- The French Ambassador to the UAE described the first official visit to France of UAE President as successful
- Sheikh Mohamed bin Zayed Al Nahyan's visit underscores deep-rooted friendship between the two countries
Most Read
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
Saudi EXIM bank surpasses 2023 credit goals by 33%
Riyadh, Saudi Arabia -- The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the...
Business
Company News
Latest News
Tencent Q2 net income $3.6 bn
Business
EHS and Burjeel Hospital for Advanced Surgery sign MoU
Dubai, UAE--Emirates Health Services (EHS) and Burjeel Hospital for Advanced Surgery have signed a memorandum of understanding (MoU) to bolster...
Business
Nearly 5,000 member companies join Sharjah Chamber in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has logged an impressive surge in new memberships this...
Business
Most Read
Business
Mobily 9M 2023 profit up 41%
Revenues for the period grew by 7.5 percent year-on-year.
- Higher top line pushed gross profit up 3.4 percent YoY to SAR 7.1 billion. Operating profit jumped 31.6 percent YoY to SAR 1.97 billion.
- Reflecting the increase in interest rate, finance charges for the current period increased by 22 percent YoY to SAR 510 million.
Business
Dubai’s top 10 land deals in 2023 is worth US$2.3bn
DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since...
- The recovery in land sales reflects developers’ efforts to acquire the best plots for launching real estate and commercial projects.
- Several sale deals in Dubai focus on investors’ desire to buy land for investment purposes and get high returns as prices continue to rise.
Business
Emaar EC and Orascom to develop tourism destination
Dubai, UAE -- Emaar, The Economic City, the master-developer of King Abdullah Economic City (KAEC), has signed a strategic agreement...
- Orascom will be the main investor to develop a world-class mix-use tourism city across a mega-parcel of 9.5 million square meters.
- The project will feature a marina, a fully-fledged downtown along with resorts, high-end residential developments.