Business

FAB plans $4.08bn rights issue

UAE’s largest bank seeks capital for growth.

flydubai launches new flights

Riga, Salzburg, Vilnius flights begin from Dec

ADNOC Gas Q3 profit $1.34bn

Stronger earnings support higher full-year outlook

Agthia 9M profit nearly triples

Third-quarter revenue increased 14.4 percent.

UAB nine-month profit rises 6%

Loan growth, lower impairment charges boost earnings

China records expansion in factory activity for first time in six months

Shenzhen, China--China's manufacturing activity expanded for the first time in six months in March. The official purchasing managers' index (PMI)...

Economy

Digital transformation fuels GCC banks’ growth

The banking sector across the GCC has demonstrated formidable growth and profitability, with Qatar leading in several key performance indicators,...

Business
Business

Saudi Arabia licenses 109 new factories worth $667m in March

The total number of factories that began actual production in Saudi Arabia reached 261 in March, with investments reaching $1.6...
  • With the new licenses, the total number of factories across the country is now 10,489
  • Meanwhile, the total number of workers in these licensed factories stands at 3,497
Business

AMF signs MoU with Afreximbank

Buna and PAPSS will act as payment gateways that link the Arab region to the African continent
  • Buna and PAPSS will act as payment gateways that link the Arab region to the African continent
  • The collaboration will support the growth of trade and investments between the Arab region and Africa
Business

Meta renews bid for Giphy

Britain's competition authority had stopped the FB-Giphy merger.
  • Created in 2013, Giphy — a platform and search engine for GIFs — has some 700 million daily users
  • Britain’s competition authority found Meta’s proposed takeover of Giphy would give it too much market share
Interview

GCC FMCG market faces headwinds

Certain FMCG companies benefited from the pandemic since people spent more time at home baking and spending time together. As...
  • Rising worldwide raw material and transportation costs have put pressure on FMCG profits
  • The current global issues caused by rising oil prices is also impacting consumers and prices
Business

Global markets slide on Fed chief’s warning

Global stock markets slid Friday after the Federal Reserve warned of an aggressive tightening of monetary policy to tame runaway...
  • Frankfurt and Paris stocks were down almost two percent in late afternoon deals while London lost one percent
  • In Asia earlier, Tokyo stocks slid more than 1.5 percent even as inflation data from Japan was in line with market expectations
Business

ADNEC’s launches, successes in 2021

The company said it added about $653m to Abu Dhabi's economy.
  • The company said it made significant investments and expanded its mandate to the leisure tourism sector, which contributed to a strategic approach to diversifying the portfolio.
  • In collaboration with SEHA, ADNEC was a key player in delivering critical support for Abu Dhabi and the UAE in mitigating the impact of COVID-19, the company said.
Business

Tadawul sets up SAC

The stock exchange established Shariah Advisory Committee.
  • The committee consists of representatives from the Kingdom’s largest financial institutions, who will work towards a unified Shariah-compliant rulebook
  • The committee will also undertake the responsibility of overseeing and approving the list of Shariah-compliant listed companies on a periodic basis
Business

Dubai records weeklong real estate transactions worth $1.71 billion

About 2,145 real estate and property transactions worth AED 6.3 billion ($1.71 billion) were conducted in Dubai during the week...
  • A total of 250 plots were sold for AED1.12 billion, and 1,436 apartments and villas were sold for AED3.2 billion.
  • The top transactions were a land sale in Hadaeq Sheikh Mohammed Bin Rashid for AED96 million, and another plot of land that was sold for AED52.5 million in Palm Jumeirah.
Business

China dumps 15 coal plants abroad after Xi pledge: study

More than a dozen Chinese coal power projects overseas were cancelled after a ban last year on funding such plants,...
  • China is the world's biggest emitter of the greenhouse gases driving global warming
  • The cancelled projects would have generated 12.8 gigawatts of electricity -- or the total power generation capacity in Singapore, the think tank added
Business

Twitter weighs ‘poison pill’ to hold off Elon Musk

The so-called "poison pill" Twitter has proposed to use against Elon Musk's potential hostile takeover is a mechanism with a...
  • To halt a takeover, the board plans to activate the pill if the Tesla CEO comes to own more than 15 percent of Twitter
  • The "poison pill" was invented 40 years ago by business lawyer Martin Lipton to counteract a wave of hostile takeovers on Wall Street

China records expansion in factory activity for first time in six months

Shenzhen, China--China's manufacturing activity expanded for the first time in six months in March. The official purchasing managers' index (PMI)...
Economy

Company News

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Saudi Arabia’s Tabuk region produces over 28m roses annually

TABUK, SAUDI ARABIA - The Tabuk region's agricultural sector is making steady progress towards achieving the goals of Saudi Arabia's...
Business

El Nino forced sugar price to hit 13-year high in September, says FAO

Paris, France - Global sugar prices soared to their highest level in almost 13 years in September as the El Nino...
Economy

Aramco’s Luberef resumes bitumen exports after 20 years

RIYADH, SAUDI ARABIA - King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa onboard bulk...
Business

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Business

Luxembourg, EU’s richest country, grapples with housing crisis

Luxembourg, Luxembourg -- Luxembourg's residents may be classified as the wealthiest in the European Union, but the sky-high cost of buying...
  • In the capital city, new-build flats sell for around $1,300 per square foot and older ones go for 10,700 euros. The average cost of a house is 1.5 million.
  • Housing crisis has become the number one concern in the Grand Duchy of 660,000 people -- smaller than Rhode Island, the smallest US state -- as it goes to the polls on Sunday.
Business

Saudi Arabia’s cement sales fall by 8.5 percent in September

Riyadh, Saudi Arabia -- The aggregate sales of 17 Saudi cement producers decreased by 8.5 percent to 4.1 million tons...
  • Locally, eight market players reported better sales, led by Al-Safwa Cement Co. with a 20 percent year-on-year (YoY) surge.
  • Six companies exported 183,000 tons of cement in September. Saudi Cement led the way with around 128,000 tons of exports.
Business

Saudi MATARAT inks pact with Brazil’s Union of Airports

Rio de Janeiro, Brazil - The Saudi MATARAT Holding Company signed Wednesday a memorandum of understanding (MoU) with Brazil’s Union...
  • The agreement aims to enhance cooperation and integration between the two parties in aviation and airport management
  • The signing of the MoU took place on the sidelines of the Saudi-Brazilian Aviation Conference in Rio de Janeiro