UAE plans to issue bonds, Sukuk valued at $1.3bn in Q1 2024, says official
HONG KONG - UAE Ministry of Finance Undersecretary Younis Haji Al Khoori announced that the ministry's issuance of bonds and...
Business
Dubai leads way as GCC markets show mixed results
Amid market volatility influenced by geopolitical tensions and fluctuating oil prices, pharma, insurance, and healthcare indices led with substantial gains...
Business
Business
Service fees of real estate owners, investors reduced in UAE
The UAE's Department of Municipalities and Transport (DMT) said that service fees for real estate units’ owners and investors in...
- In 2020, the service charges were reduced by 18.1 percent, with another 8.3 percent reduction introduced in 2021.
- DMT introduced a comprehensive mechanism to monitor and regulate residential units' service charges in 2020.
Business
Saudi Arabia regulates reporting of capital market violations
This regulation reportedly aims to improve the manner of the reporting of violations of the Capital Market Law and its...
- The Board of Directors of Saudi Arabia’s Capital Market Authority gave its approval to this regulation
- The move is said to be part of the authority’s efforts to better control and develop the local capital market
Business
Bangladesh to partner with UAE to boost trade in Middle East
The Federation of Bangladesh Chambers of Commerce and Industries, or FBCCI, will launch a UAE-Bangladesh Business Council next month to...
- Bangladesh’s Prime Minister Sheikh Hasina is likely to launch the business council
- The business council is expected to strengthening the trade relations with the UAE
Business
Saudi Arabia and UAE drive real estate growth in the region
Saudi Arabia and the UAE are driving the real estate market in the Middle East region with the backing of...
- Kingdom’s residential real estate prices increased by 1.7 percent on an annual basis in the fourth quarter of 2021
- Apartment values in Riyadh and Jeddah accelerated by 17 percent and 12 percent, respectively, in the last 12 months
Economy
Russian central bank to intervene as ruble, Moscow exchange plummet
The ruble-dominated Moex index opened down 13.97 percent, while the dollar-dominated RTS was down 20.16 percent.
- The central bank measures are intended to provide ‘additional liquidity to the banking sector’ in Russia
- This, as Western sanctions loom after the military operation announced by Vladimir Putin against Ukraine
Business
Aramco stock rises 4%
Recently, a 4% stake of the oil giant had been transferred to PIF in an $80bn deal.
- The share price hit SR39.3 ($10.5) yielding a market cap of $2.09 trillion
- Earlier in the session, the shares hit an all-time high of SR40 ($11)
Business
Nahdi posts $226million profit
The Jeddah-based pharma retailer plans to float 30 percent of its capital.
- The Jeddah-based pharma retailer made revenues of SR8.6 billion ($2.3billion) during the year
- Nahdi currently operates over 1,150 pharmacies across the Kingdom and a rising number in the UAE
Business
UAE to allow cooperative associations to trade in markets
The UAE has announced that it will allow cooperative associations to trade their shares in financial markets, according to media...
- United Arab Emirate's cabinet of ministers has approved this new decision
- The move aims to strengthen the regulatory environment of the cooperative sector
Business
UAE Cabinet okays trading cooperative shares on financial markets
The move is said to be conducive to strengthening the regulatory environment of the cooperatives sector and driving their economic...
- The development is apparently the first of its kind in the region
- It is aimed at growing the cooperative sector’s contributions to the economy
Business
PIF to bid for Starbucks stake
Owners of the Starbucks franchise value the business at $15 bn.
- Abu Dhabi’s ADQ and Mubadala Investment Co. also submitted separate non-binding offers to buy 30 percent stake.
- Brookfield Asset Management Inc., CVC Capital Partners also have shown interest in buying the shares of Starbucks.
UAE plans to issue bonds, Sukuk valued at $1.3bn in Q1 2024, says official
HONG KONG - UAE Ministry of Finance Undersecretary Younis Haji Al Khoori announced that the ministry's issuance of bonds and...
Business
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Stock markets slip on auto woes, economy fears
Market Report
Rise in foreign sukuk offset by local currency decline
Saudi Arabia's reduced banking liquidity and lower oil prices have led to a decline in local currency sukuk, but a...
Business
Rise in foreign sukuk offset by local currency decline
Saudi Arabia's reduced banking liquidity and lower oil prices have led to a decline in local currency sukuk, but a...
Business
Asian markets decline as US data spark interest rate fears
Asian stocks tumbled again after another round of strong US data reinforced expectations the Federal Reserve will resume its interest...
Market Report
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Business
Iraq’s finance and business center to be a hub for trading, selling
BAGHDAD, IRAQ - The Finance and Business Center in Iraq is set to become a hub for trading and selling...
- The Prime Minister's financial advisor emphasized the center's role in Iraq's financial and banking development strategy.
- He said that the center would cater to both the banking and non-banking financial businesses, such as insurance companies.
Business
Arada’s US$500m Sukuk lists in Nasdaq Dubai
DUBAI, UAE - Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada...
- This marks Arada’s first listing in the UAE, following its Sukuk listing last year on the London Stock Exchange.
- Arada has embarked on projects worth US$10 billion under development in Sharjah and Dubai.
Business
Combined profit of capital market institutions in Saudi Arabia falls
RIYADH, SAUDI ARABIA - The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million...
- The combined profit of capital market institutions in KSA was S$381 million in Q1 2022.
- Revenues fell 2 percent to US$730 million in Q1 2023 from $744 million in Q1 2022.