UBS posts bigger loss

• Switzerland's largest bank UBS was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under
• UBS said that the third quarter included integration-related expenses of $2 billion, adding that "we have now stabilized Credit Suisse and continued to grow our franchise"

Yahsat net profit up

• The company has recorded an increase in net profit to $75 million in the first nine months of 2023
• Its CEO said the construction of the Thuraya-4 NGS satellite remains on track for launch in 2024

Iran president to travel to Saudi Arabia for Gaza summit

• The summit will take place one day after an emergency meeting of Arab League leaders on the war to be held in Riyadh
• Raisi and Mohammed bin Salman held their first phone call on October, both voicing support for the Palestinian cause

Ajman DED reports 11% increase in economic licenses issued in Q3

• According to Ajman DED, there were 1,428 licenses issued with most of the recipients hailing from the UAE, India and Pakistan
• The report noted that licenses of the "Taziz" program for SME development and "Reyada" licenses for practicing home activities grew by 9% each

Qatar leads by example in money laundering control

• MENAFATF Executive Secretary Suliman bin Rashid Al Jabrin lauds Qatar's adherence to global anti-money laundering standards.
• Highlighting the FATF's goals to block terrorists' cross-border funding, Al Jabrin urges strong measures against currency smuggling.

SCC 9M net profit $73m

• Gross income rose by 17.3 percent to SAR 435.30 million. Operating income increased by 11.8 percent to SAR 278.20 million.
• The surge in profits was primarily driven by higher sales revenue, resulting from increased total sales value and volumes, as well as other revenue streams.

No-oil trade between UAE, Jordan reached $4.5 bn in 2022

• The Abu Dhabi Fund for Development has contributed to financing numerous development projects in Jordan
• The fund, with an allocation of $10 billion, is geared to propel industrial development in the region and diversify economies

Intrinsic values, futuristic strategies elevate Dubai

Mashreq’s net profit surges 122% 

• The ROE also achieved a record high, reaching 32.1% during the same period, doubling compared to the performance in the first nine months of 2022
• The bank's non-interest income reached $626 million, marking an 8.1% year-on-year growth in the first three quarters of 2023

Saudi, Malaysia bilateral trade rose 160% in 2022

• The two countries decided to strengthen the existing cooperation in the supply of crude oil and its derivatives
• The Saudi side reaffirmed that the Kingdom will continue to be Malaysia's largest partner for crude oil supplies