Saudi jewelry sector records 36 percent sales jump in Q2

• The kingdom has also seen an upsurge in consumer spending in the second quarter exceeding $33 billion with an annual growth rate of 7 percent
• Referring to data issued by the Jazan Chamber of Commerce, the report said the gold and jewelry sector was followed by clothing and footwear, which grew by 24 percent

Saudi Helicopter Co to buy six Airbus choppers for its fleet

• The new helicopter comes in line with the firm’s aims to deliver an improved environmental footprint and lower fuel consumption
• The PIF had established THC as part of its strategy to activate new sectors in Saudi Arabia and generate long-term commercial returns

Tadawul posts 23% fall in profit

• It reported an 8.3 percent decline in revenue to $157 million, mainly due to the decrease in trading services and post-trade services
• Higher salaries and employee-related benefits further weighed on profit during the six-month period, leading to a rise of 9.8 percent in expenses to $80 million

Dana Gas posts $110m profit

• The company said that its profitability was driven by elevated hydrocarbon prices, in addition to the company's commitment to maintaining a low-cost base in Kurdistan
• The company's board expects to maintain its semi-annual dividend payment in keeping with its dividend policy

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