14 UAE businesses to pitch on Beban 2 for investment

• The shortlisted entrepreneurs will receive training through a customised bootcamp delivered by international venture capital startup accelerator "Brinc MENA."
• UAE-based entrepreneurs will further develop their businesses before getting to pitch for equity investment and strategic business development opportunities on Beban

Bank digitization: Customers, convenience & cost

Bupa Arabia’s profit dips by 16%

• The company saw a big jump in payouts to $259 million on claims incurred during the six-month period
• The Saudi-based insurer said the decrease in profit was caused by a drop of 12.3 percent in underwriting income

Aramco buys Valvoline’s petro unit

• With the acquisition, Aramco deepens a bet on the long-term demand for petrochemicals
• The oil giant has been expanding its presence in the sector, known as downstream, and bought petrochemical maker Saudi Basic Industries Corp in 2020

SAMA approves merger of SABB Takaful and Walaa Insurance

• According to a bourse filing, the execution of the transaction remains subject to obtaining regulatory approvals and votes of the extraordinary general assemblies
• Once the deal is completed, SABB Takaful’s assets, liabilities, and rights will be transferred to Walaa Insurance and the former will cease to exist

CBUAE hikes DBR of SZHP loan beneficiaries to 60%

• The notice included details of the CBUAE decision, in agreement with SZHP and in line with Article (5) of the Regulations Regarding Mortgage Loans, issued in 2013
• The decision also stated that UAE nationals, with long-term loans, shall be provided the flexibility to obtain housing loans of SZHP

Rights group condemns Morocco’s ‘manual’ of press repression

• The New York-based group presented the findings in a 141-page report focusing on eight journalists and public figures
• Two of the most prominent cases are Omar Radi and Soulaimane Raissouni, both sentenced on appeal this year on sexual abuse charges to six years and five years in jail

Saudi Crown Prince ends Europe trip with deals, MoUs

• Strategic partnership remains in focus as Mohammed bin Salman left France today after heading a wide-ranging talks along with French President Emmanuel Macron
• Earlier, a delegation of senior Saudi ministers held separate talks with their French counterparts at at the Elysée Palace

Salama Coop Insurance to cut capital

• Salama Cooperative Insurance Company's capital will stand at SAR 100 million
• The Saudi company’s shares will now reduce from 25 million to 10 million.

Saudi construction contracts jump to $12.3 billion in Q1

• According to a US Saudi Business Council index which tracks spending in the sector, the kingdom has bounced back strongly after the sharp drop of 2020
• The leading sector in awarded contracts yet again was oil and gas, totaling SR15.1 billion worth of contracts in the first quarter of this year