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
‘Dubai, Abu Dhabi, Riyadh, Bahrain have reinforced position as top GCC tourist spots’
GCC region is a hidden gem, offering a distinct blend of Arabic culture and history, Fahim Jalalli, CEO of Kanoo...
Market Report
UAE, KSA bourses to stay range-bound until 2022-end
The volatility in oil prices will affect the markets. If there is a higher-than-expected decline, the markets may feel the...
- The volatility in oil prices will affect the markets. If there is a higher-than-expected decline, the markets may feel the heat, Junaid Ansari of Kamco Invest tells TRENDS.
- Higher interest rates are expected to benefit banks in the region that account for the second-biggest sector in the region by market cap
Economy
Egypt to sign wheat-for-goods swap deal with India to fight shortage
Moses Elhy met with the Indian ambassador to Egypt on Wednesday to discuss the potential swap agreement for 500,000 tons...
- Moses Elhy met with the Indian ambassador to Egypt on Wednesday to discuss the potential swap agreement for 500,000 tons of wheat
- The Egyptian government has also in talks with the UAE, the US and western Europe in a bid to ease potential shortages
Economy
Govt says 200 Qatari nationals got jobs in private firms in May
The Labor Ministry has made a lot of efforts to ensure that Qatari nationals get employment in private sector companies...
- 10 companies and institutions had cooperated with Labor Ministry to employ Qatari nationals in May
- Since January 729 Qatari nationals have been employed in private sector companies and institutions
Business
Jordan’s exports to US rise by six percent in first quarter
Jordan's trade balance with the United States registered a surplus of JD105 million ($147.85 million) in the first quarter of...
- Garments and textiles are key exports to the US market, followed by engineering industries, foodstuff, Dead Sea cosmetics, and jewellery.
- The trade balance recorded a surplus of $147 million in Q1.
Business
OIFL to pay GMTN interest
The Ooredoo subsidiary said it will pay $9.3 million on June 22.
- Ooredoo Group reported a revenue of QR 30 billion ($8.23 billion) for the full year ended 31 December 2021.
- Group net profit attributable to shareholders stood at QR47m.
Economy
Jordan’s wholesale price index up 5.6 percent as fuel, mineral prices surge
Jordan’s wholesale price index in Q1 2022 increased by 5.66 percent, reaching 102.64 points against 97.14 during the same period...
- The wholesale price index in the first quarter of 2022 went up by 2.08 percent compared to the fourth quarter of 2021.
- The boost in price of machine trade and their supplies by 5.33 percent or 0.49 points played a role in the index increase.
Business
Jordan’s energy ministry signs two MoUs for copper, gold exploration
The Ministry of Energy and Mineral Resources on Sunday inked an MoU with a local company to explore for copper...
- The Jordan Integrated Mining and Exploration Company will conduct a 16-month copper exploration of a 78-square-kilometre area.
- The Turkish "Solvest Trade and Industry Limited Company" will conduct a 14-month gold exploration in the Abu Khashiba Valley.
Economy
Kuwait backs Turkish-Arab foray into job-oriented philanthropy
Kuwait's Ambassador to Turkey and several Kuwaiti organizations have supported the concept of Core Istanbul
- Kuwait Islamic Charity Organization backs Core Istanbul for its initiative to help young people get jobs
- The concept of Core Istanbul is called as a more business-oriented approach towards philanthropy
Business
PIF, Capital Bank Group sign pact
The deal worth $185m makes PIF a strategic investor in the group.
- The deal aims to increase the capital of the Capital Bank Group, and thus raise the total shareholders’ equity to more than 3.2 billion riyals, media reports said.
- It also aims at strengthening its plans for digital transformation by providing the latest electronic services that include the launch of digital banks.
Business
Saudi authority to hold real estate auctions in Riyadh, Madinah
Saudi Arabia's Center for Attribution and Liquidation, or Infath, has said that between June 7 and 15, it will be...
- The Center for Attribution and Liquidation, or Enfath, will hold these auctions between June 7 and 15 in attendance and online.
- Auctions display 117 real estate assets, including commercial, residential, and agricultural lands, villas, and commercial and residential buildings.
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
Company News
Latest News
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...
Business
Indian firm halts uniform sales to Israel police over Gaza war
Maryan Apparel in the southern state of Kerala said it had supplied around 100,000 uniforms to Israel's police force for...
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Business
Stocks slide as investors worry over Middle East crisis
London, United Kingdom - European and US stock markets fell Thursday as investors worried over rising US Treasury yields and the...
- Wall Street opened higher after falling the previous day, but slid into loss during morning trading, while Europe's main stock markets extended losses
- Risk aversion among traders was increased by concerns the Federal Reserve would hike interest rates again, or at least keep them elevated for an extended period
Business
EU okays takeover of Seagen
Pfizer announced in March its deal with Seagen.
- The European Commission, the bloc's powerful anti-trust authority, said it had "unconditionally approved" the transaction after a market investigation
- The firm came to major drugmakers' attention with its work on antibody-drug conjugates that are "designed to preferentially kill cancer cells"
Business
PIF announces pricing of inaugural $3.5bn global sukuk issue
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) on Thursday successfully priced its first dollar-denominated Shariah-compliant trust certificates (sukuk)....
- The issuance will be listed on the London Stock Exchange’s International Securities Market (ISM).
- The sukuk issuance was more than seven times oversubscribed, with orders exceeding $25 billion,