The company's revenue grew by 40 percent year-on-year.

Istanbul, Turkey--Recapturing Istanbul, the "jewel" of Turkey, in Sunday's local elections has become President Recep Tayyip Erdogan's obsession ever since losing the country's economic capital to the opposition in 2019. Erdogan's route to Turkey's presidency was launched in Istanbul, where he was elected mayor in 1994, and his allies held the...

Riyadh, Saudi Arabia -The Middle East Financial Investment Company (MEFIC Capital) has unveiled the establishment of the Saudi Film Fund, boasting a total capital of SR375 million ($100 million), with a substantial 40% investment from the Cultural Development Fund. This collaborative effort signifies a significant stride in the Kingdom's film...

Abu Dhabi, UAE--The total public expenditure of Arab countries combined jumped by 9.8% to $957.5 billion in 2022, compared to $878.9 billion in 2021, according to the Arab Monetary Fund (AMF). AMF, in its Joint Arab Economic Report, explained that current expenditure in Arab countries increased by about 9.9% to...

The company's capital now stands at US$266 milion.

Muscat, Oman--The Oman Investment Authority (OIA) has unveiled a new fund called “Future Fund Oman” valued at US$5.19 billion. The fund will serve a wide range of investment categories, develop the national economy and attract foreign investments. According to the Oman News Agency (ONA), According to the Oman News Agency...

The 2023 annual net profit rose 14 percent from 2022.

Dubai, UAE--Expo City Dubai and Universal Materials Incubator (UMI), a Japanese venture capital firm, have teamed up to identify and support groundbreaking startups, particularly those in the technology and sustainability sectors, establishing an incubation and accelerator programme that will nurture innovators and provide mentorship, resources and workspace. The two parties...

According to the Syrian Observatory for Human Rights, a Britain-based war monitor, the strikes had targeted "Hizbollah sites" in the Sayeda Zeinab district and near Damascus airport. Strong explosions were reported in the suburbs of Damascus, which have been previously targeted by strikes that Syrian authorities have blamed on Israel.

Dubai, UAE--The Dubai Financial Market (DFM), Nasdaq Dubai, and Shanghai Stock Exchange (SSE) have signed a memorandum of understanding (MoU) to further strengthen the ties between the capital markets of Dubai and China. This partnership marks a significant milestone in cross-border collaboration. It will not only facilitate the exchange of...

Doha, Qatar--Qatar National Bank (QNB) said that the global macro trends are starting to present short-term challenges to emerging markets (EM), weighing on capital flows. In its weekly commentary, QNB said, "Late last year and early this year, emerging markets (EM) started to benefit from significant tailwinds, driven by the...

The listing of shares on ADX is set for November 17.

MANILA, PHILIPPINES - The Asian Development Bank (ADB) approved capital management reforms that unlock US$100 billion in new funding capacity over the next decade to address the region’s overlapping crises. The expansion of available funds will be further leveraged through mobilizing private and domestic capital to move from the billions...

Abu Dhabi, UAE - The Abu Dhabi Securities Exchange (ADX) signed an agreement with the Expo Center Sharjah to enhance its services for Sharjah’s investor community, local media reports said. The agreement was signed at Expo Centre Sharjah, with Abdulla Salem Al Nuaimi, CEO of ADX, and Saif Mohammed Al...

Baghdad, Iraq-- The UAE and Iraq have held discussions to boost economic, investment, educational, cultural, agricultural, food, technological, and energy cooperation. The discussions were held in the tenth session of the UAE-Iraq Joint Committee in the Iraqi capital, Baghdad, co-chaired by Khalifa Shaheen Al Marar, UAE Minister of State, and...

Baghdad, Iraq--A road accident killed 18 people, mostly Iranian pilgrims, north of the Iraqi capital Baghdad overnight, the state news agency INA reported Saturday. The "horrible accident" between Dujail and Samarra also injured 15 people, INA said, citing the toll from Khaled Burhan, director of health services in Salaheddine province....

It will be hiked by US$79.6m through a public offering.

Kuwait City, Kuwait -- The Arab Monetary Fund has said that the market capital in Arab bourses reached US$4.5 trillion at the end of last week's trade, climbing by 1.2 percent.The fund's weekly report said the market capital of BouKuwait amounted to US$137.5 billion, that of the Abu Dhabi stock...

The company suffered a net loss of US$0.79 million.

It is highest ever profit achieved by FAB in a half-year.

It is for capital expenditure of T4-NGS satellite program.

The rules will apply from January 1, 2025, two years later than the 2023 deadline agreed under the reforms.

ABU DHABI, UAE - Aggregate capital and reserves of banks operating in the UAE rose by 10 percent year-on-year (YoY) to US$118.5 billion (AED435.3 billion) at the end of April 2023 from US$107 billion (AED395.9 billion) at the end of April 2022, according to the Central Bank of the UAE’s...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of the private sector in the country, evident in the strong demand growth for loans that were coupled with financial institutions’ increased willingness to lend in the first quarter of this...

It is expected to propel Qatar as an investment hub.

RIYADH, SAUDI ARABIA -  The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million (SAR 1.15 billion) in Q1 2023, from US$381 million (SAR 1.43 billion) in the same period last year, the Capital Market Authority (CMA) said in a recent report. Revenues fell...

Abu Dhabi, UAE-- The number of private joint-stock companies which listed in the UAE's capital markets during 2022 went up to 13, with a total capital of US$2.24 billion, according to the Securities and Commodities Authority (SCA). In a recent report, the SCA said that the companies are divided into...

Dubai, UAE--The UAE and Russia have held the second round of negotiations on the double taxation agreement on income and capital. The talks follow the ministry’s efforts to further strengthen cooperation frameworks for tax matters, provide full protection to taxpayers from double taxation and avoid the obstruction of the free...

Some 207mn shares will be on QSE through direct listing.

Abu Dhabi, UAE-- In order to advance the United Nations Social Development Goals, the UAE institutional investors should concentrate on transition investment, taking advantage of their access to emerging markets. This is the conclusion of a NYU Abu Dhabi (NYUAD) report. The annual report "Transition Investment Lab (TIL)" was launched...

The US$218mn capital infusion will foster bank's growth.

The share buyback is expected to enhance shareholder value.

Luxembourg--European Investment Bank (EIB) Global, a branch of European Investment Bank, announced on Monday that it will provide $27 million participation in the $150 million Middle East Venture Fund. This is the largest ever venture capital engagement by the EIB in the Middle East. The new venture capital fund launched...

Amman, Jordan--Jordanians are increasingly adopting electric cars in a push towards abandoning the fuel-guzzling cars that have become so hard to run in the face of high fuel prices. Speaking at a workshop on the future of eco-friendly vehicles in Jordan, Khalaf Humeisat, Chairman of the Board of Directors of...

Merger of its Malaysian subsidiary with a firm helped.

Doha, Qatar-- As a windfall of the FIFA World Cup, banks in Qatar are expected to build profits and shore up their capital base and liquidity position in 2023, according to media report citing analysts. Qatari lenders had immense tournament-linked lending opportunities that began years ago, and it will help...

Tripoli, Libya- -The Council of Arab Information Ministers chose the city of Jerusalem as the permanent capital of Arab media, in an affirmation of the centrality of the Palestinian cause, and in appreciation of the emotional status and the special historical and legal character of this holy city, media reports...

The deal is expected to boost capital markets in the region.

Paris, France—Iran on Monday executed a second man convicted over the protests that have shaken the regime for almost three months, defying an international outcry over its use of capital punishment against those involved in the movement. Rights groups had at the weekend warned that several other people arrested over...

Abu Dhabi, represented by Abu Dhabi's Department of Municipalities and Transport, and Bishkek City have signed a twinning agreement to strengthen cooperation between the two cities and further enhance relations between the UAE and the Kyrgyz Republic.

Riyadh, Saudi Arabia— Egypt's Sovereign Fund has accumulated assets worth $621-660 million as it seeks to double it by the same size next year. The CEO of the fund, Ayman Soliman, said that the issued capital of the fund has been fully covered at $5 billion. The fund's financing sources,...

Riyadh, Saudi Arabia— Foreign companies will be able to obtain approval for dual listing on the Saudi market, according to Tadawul’s CEO. Mohammed Al-Rumaih told media that companies need finance to expand in particular industries, noting that the capital market aims to be the first partner to provide finance for...

Signalling its tough approach toward protestors, Iran has put on trial five people charged with offenses that can carry capital punishment over protests sparked by Mahsa Amini's death. The country has witnessed a wave of protests after the death of Amini. The street violence has led to dozens of deaths,...

SEOUL, SOUTH KOREA - The sixth round of revived negotiations between the Riyadh-based Gulf Cooperation Council (GCC) and the Republic of Korea to reach a free trade agreement was launched in the South Korean capital of Seoul Tuesday and lasts until October 28. The two sides expressed readiness to advance...

The two firms signed a partnership to provide bespoke credit solutions.

The authorized capital of the company is US$78 million.

Striking down the previous government's decision to recognize West Jerusalem as Israel's capital, Australia has said the city's status should be decided through peace talks between Israelis and Palestinians, and not through unilateral decisions. The country's Foreign Minister Penny Wong said it supports a two-state solution.

It has sought shareholders' nod for 65% capital reduction.

The firm won the nod from CMA to increase capital by 700%.

The capital will be raised through a rights issue.