UAE banks ride on growth, operational efficiencies
The country's banking sector emerges stronger, showcasing resilience and profitability with a notable 54.1% increase in net income, says a...
Business
Manufacturers pack smartphones with AI tools to boost sales
Barcelona, Spain - Smartphone makers are packing their latest devices with flashy new artificial intelligence tools such as real-time voice translation...
Business
Business
Obeikan Glass net profit up 900 percent
The Saudi manufacturer’s revenue rose 77 percent year-on-year.
- The firm, which recently joined the Saudi stock exchange, attributed the improved performance to an increase in sales volumes.
- Obeikan Glass Company says it is the largest glass manufacturing facility of its kind in the Middle East region.
Economy
Jordan’s real estate trading at JD73 5mn in 2022
The Department of Land and Survey (DLS) revealed that the revenue in the first two months of 2022 stood at...
- The Department of Land and Survey (DLS) revealed that the revenue in the first two months of 2022 stood at JD32.4 million up 15% from the figure reported in 2021
- Overall real estate sales in the Kingdom in the period decreased by 10 percent, as apartment sales declined by 5 percent
Economy
Aluminium, copper prices hit records on Ukraine fallout
Aluminium reached $4,026.50, the first time the lightweight metal had breached $4,000 per tonne.
- Aluminium reached $4,026.50, the first time the lightweight metal had breached $4,000 per tonne
- Commodities have been red hot since Russia's assault on its neighbour, with gold on Monday back above $2,000 an ounce
Business
Australian power firm rejects green billionaire’s takeover bid
AGL Australia's largest energy company said its board had over the weekend rejected a joint bid of $8.25 (US$6) per...
- AGL Australia's largest energy company said its board had over the weekend rejected a joint bid of $8.25 (US$6) per share from Cannon-Brookes, founder of the tech firm Atlassian
- The firm said in a statement to the Australian stock exchange that the buyout proposal was still "well below the fair value of the company."
Geostrategy
UAE, Israel work to secure region’s food needs
Government support, coupled with strong social systems, must ensure that no one goes hungry, says Nobel Laureate Dr Dan Shechtman
- Enhancing collaboration between research institutes and agritech companies in Israel and the UAE will be pivotal to secure region's food future, say Israeli experts
- Arab region needs to develop the knowledge to grow crops in arid conditions, says Dan Shechtman of Israel Institute of Technology
Business
Saudi Arabia teams up with China to produce UAVs in kingdom
Saudi Arabia has teamed up with China to manufacture unmanned aerial vehicle payload systems in the kingdom.
- The agreement was signed between Saudi Advanced Communications and Electronics Systems Co., ACES and China Electronics Technology Group
- This came after the Riyadh-based telecommunication firm established a new company for unmanned aircraft in the Kingdom, under the name of Aerial Solutions
Business
Yanbu Cement reports dip in profit
Yanbu Cement Co., one of Saudi Arabia's largest cement producers, has posted a forty three percent dip in net profit...
- The Jeddah-based company, apart from seeing a drop in the net profit, saw its annual revenue fall slightly from SR940 million to SR934 million year-on-year
- The company attributed the dip in earnings to lower selling prices that weighed on the company's revenue.
Business
Saudi Arabia hikes oil price as Russia-Ukraine war presses on
Saudi Arabia has hiked oil prices for all regions after the crude oil prices soared to more than $115 a...
- Saudi Arabia's state oil producer Aramco raised the official selling price
- Aramco hiked all prices for the American customers by $1
Business
Turkey tourism industry bemoans Russia-Ukraine war
Every Sunday Noori Sani welcomes his old friends around a bountiful Turkish breakfast in Istanbul. But surrounding him now are...
- Within a few days of Russia's invasion of Ukraine on February 24, Ukrainians and Russians cancelled reservations for trips of Turkey
- Visitors from Ukraine and Russia made up over a quarter of all tourists who arrived in Turkey last year, tourism ministry reported
Geostrategy
Saudi Arabia and Egypt to cooperate in telecommunications
Saudi Arabia and Egypt have signed an agreement to strengthen cooperation between the two countries in the fields of telecommunications,...
- The memorandum serves to work on cooperation and exchange of experiences in the field of smart cities also
- It also includes agreements to coordinate joint events, and to design training programs and workshops
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UAE banks ride on growth, operational efficiencies
The country's banking sector emerges stronger, showcasing resilience and profitability with a notable 54.1% increase in net income, says a...
Business
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UAE crypto registration cost highest in GCC
Infographics
IsDB to finance projects worth US$800m in member states
JEDDAH, SAUDI ARABIA - The Board of Executive Directors (BED) of the Islamic Development Bank (IsDB) approved to finance projects...
Geostrategy
$17.32bn projects launched on first day of Cityscape Riyadh
Riyadh, Saudi Arabia -- The Cityscape Global Exhibition, which kicked off Sunday in Riyadh, witnessed the launch of real estate...
Business
Saudi Arabia’s first social network Jaco attracts 1m users in 2 months
RIYADH, SAUDI ARABIA: The supervisor of the Kingdom's first social network Jaco - Saudi entrepreneur Fahd Al-Shidi announced that the...
Business
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Business
ADES prices IPO $3.33-$3.60 per share
The book-building process starts Sunday and run through Sept. 14.
- ADES International Holding, an oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, PIF, expects to raise more than $1 billion.
- The offer will comprise 338.7 million ordinary shares-- 101.62 million shares by ADES, the PIF and Zamil Investment Company, and 237.10 million new shares through capital hike.
IMF head urges G20 leaders to deliver promised US$100bn for climate finance
New Delhi, India-- Appealing to G20 members to lead by example in delivering on the promise of US$100 billion per...
- Ahead of COP28, the IMF managing director said that target must be raised to reduce emissions to prevent grave risks to economic well-being
- She urged countries to mobilize domestic resources to finance and manage the green transition through tax reforms, efficient public spending
Business
QFCA, QSE sign agreement with Malaysian firm to advance bonds and sukuk
Doha, Qatar--The Qatar Financial Centre Authority (QFCA), Qatar Stock Exchange and Malaysian Rating Corporation Berhad (MARC) have entered into a...
- The agreement entails organizing events to foster knowledge, develop market infrastructure to support Qatar's bonds and Sukuk market
- The partnership extends to exploring opportunities to establish best standards and practices in the domains of sustainability and debt capital markets