China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...
Geostrategy
Bahrain and France sign MoU to boost tourism education
Lyon, France--Vatel Hotel and Tourism Business School Bahrain signed a memorandum of understanding (MoU) with EKLYA School of Business in...
Business
Business
QLM net profit up 8 percent
The insurer reported a growth of 16 percent in underwriting income.
- The Company’s net profit for the Year 2021 is QAR 106.2 million compared to QAR 98 million in 2020, a growth of 8 percent.
- The company’s board has recommended a cash dividend of 22 percent (QAR 0.22 per share).
Business
Ras Al Khaima issues 1,749 business licenses in 2021
The Emirate of Ras Al Khaima has given out 1,749 business licenses in 2021, a thirty-six percent jump over the...
- Commercial sector licenses increased by 921, accounting for 53 percent of the total issued licenses, an annual growth of 30 percent compared to 2020
- It was followed by industrial and professional licenses at annual growth rates of about 47 percent and 46 percent respectively
Expo 2020 DUBAI
Expo 2020 Dubai warns of fraud over Coldplay concert tickets
Some free tickets for the February 15 concert of British music band Coldplay were apparently being resold online for money.
- Expo 2020 Dubai has warned that the many copies of the same ticket may be sold online
- Each ticket has a QR code that can be scanned only once, to deter exactly such practices
Business
Saudi crown prince transfer 4% Aramco shares to PIF
The transfer was part of Saudi Arabia’s long-term strategy to support the restructuring of its economy, in line with Vision...
- The shares are expected to bolster the PIF’s strong financial position and high credit ratings in the medium term
- The transfer will support the PIF’s plans to grow its Assets under Management to around SAR4 trillion (around $1.07 trillion) by 2025
Business
Big oil firms rebuked
Big oil companies said their 2021 profits were $66.7 billion.
- The whopping 2021 profits of Shell and BP triggered calls for a windfall tax on the profits of energy firms in the UK
- French Presidential candidate Yannick Jadot also spoke out against profits made "on the back of French men and women"
Analysis
UAE indices witness a great week
The Saudi Stock Exchange’s main index TASI started and ended the week with a 0.5 percent rise despite the fluctuation.
- Al-Rajhi Bank and Riyad Bank led the Saudi index higher on Sunday as both saw their shares rise by 0.5 percent
- TASI continued to fall on Wednesday, as it offset losses in the financial sector with increases in the telecommunications industry
Business
Gulf insurance set to cross $31bn mark by 2026
The market is expected to grow at an annualized growth rate of 3.2 percent, from $26.5 billion in 2021 to...
- UAE's GWP share is predicted to rise at a CAGR of 4.1% between 2021 and 2026
- A CAGR of 1.6% is predicted for Saudi Arabia thanks to Vision 2030 infrastructure plans
Business
The annual Sharjah Heritage festival to kick off in March
Armenia will be the official guest of honor this year due to its rich and diverse cultural stock, while Indonesia...
- The Sharjah Institute for Heritage (SIH) announced that the festival’s slogan will be "The Heritage and the Future"
- A total of 33 countries would participate in the event including Saudi Arabia, Oman, Kuwait and Qatar from GCC
Business
Turkey slashes sales tax on food items as inflation surges
Turkish President Recep Tayyip Erdogan on Saturday slashed sales tax on dairy products, fruit, vegetables and other basic food items...
- The rising cost of living has become a major source of public discontent in Turkey, where it is expected to feature prominently in next year's presidential election
- Inflation hit 48.69 percent in January, the highest level since Erdogan's Islamic-rooted party stormed to power two decades ago
Business
Saudi Tourism hires Radisson Blu to run a four-star resort
Radisson Blu has been hired to manage and operate a new four-star resort with retail stores in Al-Ahsa governorate.
- The property will be developed by the Saudi Tourism Development Fund and the Abdul Latif Al Abdul Latif Hotel Group
- The project's annual gross domestic product is expected to be as much as SR42 million ($11.2 million)
China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...
Geostrategy
Company News
Vodafone, Microsoft ink pact
Business
Latest News
Emirates NBD Group invests in sustainability startup Erguvan
Dubai, UAE - Emirates NBD made an investment in Erguvan, a climate and financial technology venture aimed at providing financial...
Business
UAE’s internet quality world’s best, but e-security concerns remain
The UAE's achievement in internet quality marks a significant improvement from its previous third-place ranking in this category. However, in...
Business
Diverse business models needed for trade with China, say Union of Arab Chambers
BEIRUT, LEBANON – The secretary general of the Union of Arab Chambers has called for diversified business models to facilitate...
Geostrategy
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Geostrategy
Relations with Iran will be strong, says Saudi envoy
TEHRAN, IRAN - Saudi Arabia's Ambassador to Iran Abdullah bin Saud al-Anzi has said that relations between the two countries...
- The Saudi envoy expressed satisfaction with his country's ties with Iran and the two sides' resumption of bilateral diplomatic relations.
- He said that any pact between Saudi Arabia and Iran will lead to the enhancement of peace and security in the entire region.
Business
Mubadala launches ‘Capital Solutions’
The new platform offers bespoke solutions to investors.
- The Mubadala Capital Solutions platform is comprised of three fully integrated strategies to provide investors with access to a range of fund managers and direct opportunities.
- The first strategy within the Mubadala Capital Solutions platform is a diversified, evergreen investment product focusing on private market opportunities.
Business
Online beauty products sales in MENA grow by over 20% in 1H 2023: study
Dubai, UAE - Online sales of beauty products in the MENA region experienced significant growth, surpassing global trends In the...
- Global sales in the beauty and self-care industry increased by more than 15% during this period
- The research was based on over 6.5 million orders globally and more than 400,000 orders in the MENA