UBS reports lower net profit in 2023
The Swiss government pushed it to buy Credit Suisse last year.
Business
Investcorp Capital names new CFO
Rohit Nanda, the new CFO, will take up his new job next month.
Business
Business
Fitch Ratings says Saudi corporates’ funding mix is evolving
Saudi corporates’ funding mix is evolving, with the debt capital market for firms increasing noticeably and averaging a 10 percent...
- Fitch also expects the large Islamic banking sector to drive domestic sukuk growth
- Local Sukuk issuances have steadily grown in the local capital market, totalling 41 percent of DCM activity in 2021
Business
UAE and Saudi stocks post gains this week
The UAE and Saudi stock markets posted considerable gains this week even as oil prices took a dip with the...
- TASI rose 15.7 percent during the first quarter of 2022
- Abu Dhabi index rose 17.2% over this quarter while the Dubai index grew by more than 10%
Business
DEWA to increase shares for retail investors to 760 million
DEWA has decided to increase number of shares from 260 million to 760 million to be offered to retail investors...
- This means the number of shares offered in the DEWA IPO has increased from 8.5 billion ordinary shares to 9 billion ordinary shares
- Based on the previously announced price range of AED2.25 to AED2.48 per share, the Retail Tranche will now be between AED1.71 billion and AED1.88 billion
Business
Iraq exports oil worth $11bn in March, a fifty-year record
Iraq exported $11.07 billion of oil last month, the highest level for half a century, as crude prices soared amid...
- The figures published late Friday are preliminary data but final data "generally does not vary" much
- Oil revenues are financially crucial for Iraq's government, with the country mired in a financial crisis
Business
Iran to face off with US and England in football World Cup
Having fought to win the respect of Iran's football public, Dragan Skocic now has a World Cup showdown with England...
- England manager Gareth Southgate admitted he knew little about the Iranian team his side will face on the opening day of the World Cup
- FIFA has been urged to punish Iran for refusing to let women into a stadium for their last World Cup qualifier against Lebanon this week
Business
Binance, crypto firm, to hire more than 100 people in UAE
Binance, the world's biggest crypto exchange in trading volume, will hire more than 100 people in the UAE, days after...
- The firm's links with the Gulf state have deepened in recent months as the UAE tries to style itself as the world’s new digital assets hub and develops regulation
- The $2.1 trillion crypto sector is still subject to patchy regulation across the world. US sees high risks in crypto
India and Australia sign trade deal to cut tariffs
India and Australia signed an interim free trade deal on Saturday that cuts tariffs on billions of dollars of commerce...
- Both signatories are members of the Quad alliance with the United States and Japan, which is seen as a counterweight to an increasingly assertive China
- Two-way trade reached around $27.5 billion last year according to New Delhi, with resource-rich Australia exporting coal and other commodities, along with sheep meat
Business
Aldar buys Ras Al Khaimah’s Rixos Bab Al Bahr hotel in $210m deal
Aldar Investment acquired the 715-room hotel that opened its doors in 2014, marking the company's second investment in the emirate...
- Aldar Investment acquired the 715-room hotel that opened its doors in 2014, marking the company's second investment in the emirate this year
- Aldar Investment has also secured development rights for an additional 250,000 square feet for residential and commercial use, it said in a statement
Business
Dubai’s real estate market to ramp up going forward: Report
Over 84 percent of real estate professionals expect competition within Dubai’s real estate market to ramp up going forward, according...
- More than two-thirds (68 percent) of respondents in Dubai said they had experienced growth over the previous twelve months
- In November 2021, Dubai registered the best month of sales on record, with a total of 6,989 transactions worth AED17.95 billion
Geostrategy
Jordan, US discuss ways to enhance strategic partnership
Jordan’s Deputy Prime Minister Ayman Safadi and US Secretary of State Antony Blinken discussed the new MoU for the strategic...
- A new MoU between the two countries frames the US aid for Jordan, replacing the current memorandum, which expires in September 2022
- According to the current MoU, the US has provided Jordan with annual support over the past four years, which amounted to 1.65 billion in 2021
UBS reports lower net profit in 2023
The Swiss government pushed it to buy Credit Suisse last year.
Business
Company News
OQGN inks $1.2bn financing deal
Business
ADNOC L&S buys VLCC
Business
Latest News
Dubai Chamber of Digital Economy to host global tech firms at Expand North Star
Dubai, UAE--Dubai Chamber of Digital Economy is all set to welcome the global business community to Expand North Star, the...
Business
Libya and Italy sign MoU to boost cooperation in civil aviation
Tripoli, Libya--Libya and Italy have signed an agreement to enhance cooperation to enable air transport companies to operate charter and...
Business
Global economic concerns hit GCC equity performance
Influenced by global inflation concerns and high rates, Gulf markets faced second consecutive monthly dip in September. Only Dubai and...
Market Report
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Business
Saudi Arabia’s consumer spending up 8% to reach $30bn in Aug
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from...
- Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada".
- E-commerce sales through Mada cards increased 27 percent YoY to SAR 14.4 billion in August, marking the highest-ever sales value.
Business
Crypto industry grapples with FTX fallout as boss goes on trial
London, United Kingdom -- The collapse of cryptocurrency platform FTX, whose disgraced former boss goes on trial this week, sparked shock...
- Sam Bankman-Fried, once the wunderkind of crypto, will appear in a federal New York court on Tuesday facing seven counts of fraud.
- FTX, once the world's second-biggest crypto exchange, collapsed last November amid accusations that client money was being funneled to prop up its investment arm Alameda.
Business
Expo 2023 building in Guinness World Records for largest green roof
Doha, Qatar -- The main building of Expo 2023 in Doha has made it to the Guinness World Records for...
- The roof of the building, implemented by Qatar's Public Works Authority (Ashghal), has an area of 4,031 square meters.
- The new global achievement is the sixth world record achieved by Qatar's Public Works Authority in the previous years.