SAMA Licenses ‘Hala Financing’ to provide crowdfunding solutions
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) has licensed "Hala Financing" to provide debt-based crowdfunding solutions. With Hala...
Business
NEOM, Saudi Red Sea Authority to partner in marine tourism
NEOM, Saudi Arabia -- Saudi Red Sea Authority (SRSA) has signed a memorandum of understanding (MoU) with NEOM to collaborate...
Business
Business
Soqoor program: DEWA approves 50,567 NOCs
It is the first government program of its kind to evaluate consultants and contractors in Dubai.
- It is the first government program of its kind to evaluate consultants and contractors in Dubai
- The program creates a healthy competition among consultants, contractors to ensure their compliance with the highest quality
Business
Iran arrests 13 bank heist suspects: judiciary
Iran has arrested 13 suspected robbers accused of making off with the contents of more than 160 safe boxes from...
- The fugitives who fled abroad had been detained thanks to "good cooperation" with Interpol and were in the process of being transferred back to the Islamic republic
- The broadcaster aired footage of those it said had been detained in Iran, dressed in prison outfits and facing a wall
Business
Abu Dhabi bourse records highest trading value in Arab markets: AMF
Abu Dhabi Securities Exchange (ADX) recorded the highest increase in trading value among Arab financial markets in May 2022 at...
- IPOs have boosted the performances of Arab financial markets in May 2022, increasing the value of overall trading to nearly $107.22 billion.
- The Beirut Stock Exchange topped Arab exchanges in terms of market capitalization gains with an increase of 39.50 percent.
Economy
FAO predicts increase in global food bill in 2022
FAO predicts the global food import bill would rise by $51 billion compared to 2021, of which $49 billion would...
- FAO says global food import bill may reach a new record of $1.8 trillion in 2022
- It says global production of main cereals would decline in 2022 for the first time in four years
Economy
Abu Dhabi, China’s Shandong to enhance cooperation
Abu Dhabi, China’s Shandong agree to work towards boosting investment opportunities
- The MoU aims to enhance industrial cooperation, facilitate delegation visits, investor meetings
- It seeks to organize entrepreneurship, management consultancy training programs between companies
Business
Chinese firm bags $974m Madinah tunnel project
Saudi Arabia has awarded the building of a five-kilometer-long tunnel in the city of Madinah to a Chinese construction firm,...
- Canada’s WSP and US-based Parsons are among consultants working on the project while Rua al-Madinah Holding is the client
- Al-Amida road will serve as an alternative to the current ring road, through expanding the roadway to six lanes
Business
DMCC and Brooklyn Chamber of Commerce sign pact to promote trade
Dubai Multi Commodities Centre and Brooklyn Chamber of Commerce have signed an agreement to work together to promote trade and...
- DMCC will work with the Brooklyn Chamber to support New York-based businesses in setting up their operations in Dubai.
- Similarly, the partnership will look to facilitate the expansion of DMCC's member companies into the US market.
Business
UAE and European Union look to deepen cooperation
The UAE and European Union are looking to deepen cooperation in many fields, and in particular in sub-Saharan Africa. In...
- The two sides discussed political priorities and related programs, including the UN Sustainable Development Goals, the European Green Deal and global recovery
- They also discussed the latest economic and trade developments in Africa and a number of essential issues in the continent
Business
Savola Foods buys Egybelg
The Saudi firm plans to invest $91m in Egypt.
- Savola will allocate 730 million pounds toward rehabilitating the newly acquired firm and up to 400 million pounds to upgrade factories and raise production capacity
- With three factories across Egypt and five production lines, Cairo-based Egybelg manufactures and distributes bakery goods
Business
European equities retreat before US inflation data
European stock markets retreated at the open Friday following losses in Tokyo, with all eyes on US inflation data and...
- In the eurozone, Frankfurt's DAX index shed 0.7 percent to 14,103.61 points and the Paris CAC 40 lost 0.7 percent to 6,315.39
- Economists warn that surging inflation, driven by soaring energy prices, could push top economies into recession
SAMA Licenses ‘Hala Financing’ to provide crowdfunding solutions
Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) has licensed "Hala Financing" to provide debt-based crowdfunding solutions. With Hala...
Business
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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.
Business
Multiply Group profit soars
Its Q3 revenue posted a 24 percent jump to US$96 million.
- The group posted a 337 percent increase in net profit, excluding fair value changes, to $90.12 million for Q3 2023
- It acquired a 55% majority stake in Media 247, a leading UAE outdoor advertising firm, at an investment of $61.26 million
Navigating the complex landscape of cyber insurance
The cyber insurance industry will persistently evolve as the threat landscape expands. As the criteria for insurability rise, enterprises shouldn't...
- Due to escalating cybercrime, insurance premiums have surged, with 85% of organizations falling victim to ransomware attacks in 2022 alone.
- Insurance is a part of a broader digital resilience strategy, and businesses confront a 'reality gap' between perceived and actual data protection levels.