Tower infrastructure sale among factors responsible for the performance.

The Group's third-quarter revenues grew by 9.5 percent.

The company recently reported a net loss of US$4.9bn in Q3.

The company posted a 44 percent growth in revenues for 9M-period.

Riyadh, Saudi Arabia-- Foreign direct investment (FDI) into Saudi Arabia amounted to $32.52 billion in 2022, revised upwards from $8 billion figure that had been published previously. According to SPA, the updated figure is a result of a new framework methodology for publishing FDI data in the kingdom which was...

The UN called for an overhaul of the global financial system to help the world's poorest countries and their struggle to fill "enormous financial gaps". A report from UNCTAD highlighted how multiple crises, from the Covid pandemic to soaring inflation, and declining foreign direct investment have hit poorer countries particularly...

ABU DHABI, UAE - The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, has announced the results of the fifth auction of the Islamic Treasury Sukuks (T-Sukuks). This is...

Riyadh, Saudi Arabia - In a step towards bolstering Saudi Arabia's renewable energy initiatives, the Saudi Power Procurement Company (SPPC) has announced the signing of Power Purchase Agreements (PPAs) for two solar projects. These projects are part of Round 4 of the National Renewable Energy Program (NREP), which aligns with...

Taif, Saudi Arabia -- Several investment contracts for projects in Taif Governorate, worth over SAR11 billion ($2.93 billion), have been signed at Taif Investment Forum by Saudi companies and Chinese and Korean counterparts. The contracts stipulate, among others, the establishment of the first phase of the space science fiction city...

GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an uncertain economic outlook is weighing on further growth, says the World Intellectual Property Organization report. Even as global filings for trademarks and designs dropped, innovators from around the world submitted...

Abu Dhabi, UAE -- AD Ports Group (ADPORTS) has purchased 10 offshore vessels for $200 million that will bolster offshore operations in the Middle East and Southeast Asia. The investment in the diversified fleet with an average age of around nine years is significantly less than the industry average. All...

The firm recently launched steps to optimize its cost structure.

Last year, the bank took over its Swiss rival Credit Suisse.

Riyadh, Saudi Arabia -- More than 70,000 transactions worth SAR 56 billion ($14.92 billion) have been conducted on Saudi Arabia's Real Estate Market since its launch about two months ago. The traded real estate areas amounted to about 550 million square meters (sqm), Argaam reported. Real Estate Market provides its...

Its revenue stood at US$323m in the first nine months of 2023.

Ajman, UAE-- The Department of Economic Development in Ajman (Ajman DED) has reported an 11 percent growth in the total number of economic licenses issued during the third quarter of 2023. According to a report published by Ajman DED, professional licenses came in first place with 51% of the total...

It posted an 11% jump in net revenue to US$890 million.

Dubai, UAE-- Describing the COP28 as a huge moment for the world and the UAE, Andrew Griffith, Economic Secretary to the UK Treasury, said the whole world's eyes "will be here." Speaking to the media in Dubai, he said that sustainable finance will be central to the global event. He...

Hong Kong, China - Markets rallied again Monday following another strong performance on Wall Street, as below-forecast US jobs data fanned optimism that the Federal Reserve had reached the end of its interest rate hiking cycle. After a tough year for traders, the bank's decision last week to pause on monetary...

Paris, France - The food and agriculture system adds at least $10 trillion in "hidden costs" to the global economy every year due to unhealthy diets, emissions and undernourishment, a UN agency said on Monday. The Food and Agriculture Organization said it conducted an analysis in 154 countries to determine the...

RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9 billion) in September, according to recent data released by the Saudi Central Bank (SAMA). On a month-on-month (MoM) basis, expat remittances in the Kingdom declined 8 percent, or US$229 million...

Dubai, UAE -- The first Emirates flights operating with sustainable aviation fuel (SAF) provided by Shell Aviation have taken off from Dubai International Airport (DXB). Emirates’ flight EK 412 bound for Sydney on 24th October was among the first to operate with SAF. Shell has supplied 315,000 gallons of blended...

ANAVIA focuses on developing unmanned helicopters.

RIYADH, SAUDI ARABIA – The Kingdom’s ministry of investment and ministry of foreign affairs launched the second phase of issuing a "Visiting Investor" business visit e-visa. This service is offered to foreign investors as part of the Kingdom’s efforts to boost investment, consistent with Saudi Vision 2030, which aims to...

Operating expenses and financing cost edged lower.

Its net profit is US$2.4bn in the six months to September end.

The company's third-quarter net profit dropped 28 percent.

Sharjah, UAE-- The emirate of Sharjah is seeking to boost economic and investment cooperation with Uganda and Kenya. In this connection, the Sharjah Chamber of Commerce and Industry (SCCI) will dispatch a trade mission to Uganda and Kenya to enhance ties with the two African nations. Led by the Sharjah...

DOHA, QATAR – Qatar's non-energy private sector continued to experience improving business conditions at the start of the final quarter of 2023, according to the latest Purchasing Managers’ Index™ (PMI®) survey data from Qatar Financial Center (QFC). Output, new orders and employment all expanded in October, and the 12-month outlook remained...

AL-KHOBAR, SAUDI ARABIA - The Federation of Egyptian Chambers of Commerce (FEDCOC) is scheduled to host the first Gulf-Egyptian Business Forum on November 22-23. Held under the theme "Business - Investment - Partnership," the event is organized by the Federation of Gulf Cooperation Council (FGCC) chambers in cooperation with FEDCOC,...

Riyadh, Saudi Arabia -- Saudi Arabia has announced it will continue the voluntary cut of one million barrels per day, which went into implementation in July 2023 and was later extended until the end of December 2023. The Kingdom’s production in the month of December 2023 will be approximately 9...

Washington DC, United States -- In spite of escalating instability in the Middle East, several American defense firms have reaffirmed their commitment to attending the upcoming Dubai Airshow, which is being held from Nov. 13-17, media reports said. The Dubai Airshow, to be held at Maktoum International Airport in the...

Washington, United States -- Central bank reserve management remained resilient during a historically volatile year, according to the fourth edition of the World Bank Reserve Management Survey Report. Central banks identified ESG, volatility and risk, and inflation as their main challenges in 2022, the report said. Central banks are becoming...

The social network that Musk bought a year ago launched the Premium+ plan last week for $16 per month, with benefits like no ads. The billionaire started xAI in July after hiring researchers from OpenAI, Google DeepMind, Tesla and the University of Toronto.

Abu Dhabi, UAE--Abu Dhabi Islamic Bank (ADIB) has published "Sustainable Finance Framework" establishing criteria and eligibility requirements that determine which projects are labelled “green”, “social”, or “sustainable”. The framework will determine the eligibility of projects for the bank to finance or refinance, including the issuance of green, social and sustainability...

RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Industry and Mineral Resources announced issuing 174 new industrial licenses in September, at a total value of US$1.4 billion (SAR 5.3 billion).  A total of 82 factories started actual production in September, with total investments of US$506 million (SAR 1.9 billion), the...

Firm paid cash dividend of US$115 million.

The company's Q3 net profit stood at $3.1 billion.

Abu Dhabi, UAE -- The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) have signed an MoU to enhance cross-border payments. The partnership aims to create a framework for cooperation between Buna, the cross-border payment system operated by the Arab Regional Payments Clearing and Settlement Organization (ARPCSO),...

The company's revenues increased by 9 percent during this period.

The third quarter net profit increased by 76 percent.

The tech giant said it made a profit of $23 billion.

The MoU will enable UAE-based firm to enter Angolan market.

38 million passengers travelled with the group's airlines in the third quarter.

The net profit increased by a substantial 29 percent during this period.

The agreement is aimed at producing biofuel in Maldives.

The first proposed interim dividend is of $81 million.

The aim is to advance digitalization in Saudi Arabia.

The company announces a buyback of shares worth $3.5bn.

The company said higher operating income was the main driver.