Foreign investments boost Saudi financial market
Saudi Arabia's financial market is on an upward trajectory, fueled by substantial foreign investments and strategic economic diversification under Vision...
Business
Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
Business
Business
SAMI, Lockheed Martin sign pact
A center for manufacturing composite materials will be set up in Riyadh.
- The center will be established with support from the General Authority for Military Industries, in an effort to enhance aircraft manufacturing capabilities in the kingdom.
- SAMI Composite Materials Limited and Lockheed Martin will evaluate and develop the center in several phases, in addition to developing national cadres.
Business
Germany to partner with Egypt to build hydrogen economy
Germany is looking to partner with Egypt to build the hydrogen economy as Europe seeks to diversify away from its...
- Scholz believes electricity and hydrogen will be the key to transforming industry in Germany
- He sees a big opportunity for countries like Egypt to supply hydgrogen to Germany
Business
Equities slide in Asia as Apple report fuels economic worries
Most stocks fell Tuesday after a Wall Street sell-off fueled by fresh recession worries following a report that Apple planned...
- The losses among equities ate into Monday's gains, which came after a forecast-beating US retail sales report suggested consumers remained resilient
- In a sign of concern among big-cap firms about an economic slowdown or recession, Bloomberg News said tech titan Apple was pulling back on hiring and some investments
Analysis
Investors stay away as oil fuels tension in Iraq
The long-simmering dispute came to a head in February when the federal supreme court ordered Kurdistan to hand over oil...
- Iraq, the second largest OPEC producer, sits on enormous oil reserves, and revenues from the sector feed 90 percent of the federal government budget.
- The country exports an average of 3.3 million barrels of crude oil per day (bpd), while production in Kurdistan amounts to just over 450,000 bpd.
Business
European Union seeks to double gas import from Azerbaijan
Azerbaijani President Ilham Aliyev said last week that "an important document on energy security will be signed between the European...
- Last year, Azerbaijan supplied some 8 billion cubic meters of natural gas to Europe through pipelines running via Georgia and Turkey.
- In May, EU leaders agreed to stop most Russian oil imports by the end of 2022, as part of unprecedented sanctions they slapped on Moscow.
Business
Farnborough show raises Boeing hopes
Boeing plans to show off several planes including the MAX 10.
- The MAX 10 offers Boeing the opportunity to show off the latest version of the aircraft and seek to recover from the deadly and costly crashes of an earlier model.
- The crashes in October 2018 and March 2019 led to the aircraft being grounded for 20 months. Airlines cancelled hundreds of orders and demanded compensation.
Economy
UAE honors firms which tripled Emiratization within 2 months
UAE's Ministry of Human Resources and Emiratization (MoHRE) has honored 16 companies that achieved over triple their Emiratization ratios in...
- UAE's Ministry of Human Resources and Emiratization has honored 16 companies that tripled their Emiratization targets in two months
- These companies will benefit from several incentives including upgrading their classification to the first category
Business
UAE-France non-oil trade from 2012-2021 up 8 percent
The non-oil trade between the UAE and France increased by 8 percent from 2012 to 2021, from AED23.2 billion ($6.3...
- Their non-oil trade over the past decade amounted to over AED256.15 billion, with a total weight of 8.28 million tons.
- Ornaments, jewellery and related products on top of the list of five leading goods imported from France in 2021, with a value of AED2.46 billion.
Business
DFM welcomes listing of Union Coop
Dubai Financial Market (DFM) Monday welcomed the listing of Union Coop’s shares, becoming the first cooperative society in the UAE...
- Union Coop is the first cooperative society in the UAE to list its shares and Dubai Financial Market welcomes the step
- The listing supports the efforts of market participants to further develop Dubai's financial markets
Business
21,000 new companies join Dubai Chamber in H1 2022
Dubai Chamber of Commerce achieved record growth in new membership in the first half of 2022 as more than 21,000...
- A total of 2,326 ATA Carnets were issued and received by the Chamber in H1-2022, recording a 32 percent y-o-y increase.
- The number of e-transactions increased 10 percent over the same period to reach over 378,000.
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Foreign investments boost Saudi financial market
Saudi Arabia's financial market is on an upward trajectory, fueled by substantial foreign investments and strategic economic diversification under Vision...
Business
Company News
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Yalla Group H1 revenue $152m
Business
KIB posts $19.5m net profit
Business
APIC H1 net profit down 39%
Business
KSA, Kuwait lead as Islamic banking prospers in GCC
With the support of Vision 2030 projects and a surge in real estate lending, the banking sector's performance in the...
Business
Most Read
Business
DCT signs MoU with Microsoft to transform Abu Dhabi tourism
Dubai, UAE -- The Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi) and Microsoft have signed an...
- Activities under the MoU will also drive growth, foster innovation and enhance knowledge among DCT Abu Dhabi employees.
- The MoU spans across the optimization, automation, and modernization of IT and security infrastructure and will be enabled by Microsoft’s cloud computing platform Azure.
Business
Air Arabia launches non-stop flights between UAE’s Sharjah, Egypt’s Giza
SHARJAH/ ABU DHABI, UAE - Air Arabia announced the launch of a new route operating between Sharjah and Giza city...
- The non-stop flights will connect Sharjah International Airport with Giza and will have a frequency of five weekly flights.
- British Airways announced that it will launch daily flights from London to Abu Dhabi next year.
Business
MAWANI and SGP sign $266m contract
They will establish a logistics zone in King Abdulaziz
- The zone will provide major logistics services, unique solutions, integrated services, and environmental systems, including warehouses and yards.
- It will also include a warehouse and re-export area to provide sorting, regional distribution, and value-added operations.