The funds, according to the King Salman Humanitarian Aid and Relief Centre (KSrelief), would support UNRWA's "humanitarian relief efforts in the Gaza Strip", where the Israel's war has raged for more than five months. The funding will provide food for more than 250,000 people and tents for 20,000 families.
Picasso masterpieces fetch $108.9 million
Eleven masterpieces by Pablo Picasso fetched $108.9 million at a Sotheby's auction in Las Vegas on Saturday. Two iconic portraits from the last years of the painter's life were also sold.
Al Rajhi Bank’s net profit vaults 44% to $2.86bn
Al Rajhi Bank of Saudi Arabia posted a 44 percent rise in net profit to $2.86 billion for the first nine months of 2021. The bank had earned $1.992 billion in the same period last year.
Saudi National Bank posts 20% jump in net profit to $1bn
Saudi National Bank (SNB), the kingdom’s biggest lender, has posted a nearly 20% jump in net profit to $1 billion in third quarter from higher fees.
Bitcoin drops off record high as ETF-frenzy subsides
Cryptocurrencies declined on Friday following an ETF-fueled rally that saw it reach a record $67,016 on Wednesday, as investors questioned whether the new investment vehicle will attract as much new money to the assets as some have speculated.STV sets its sights on $1bn Middle East tech fund
STV is aiming to raise at least $1 billion for its second Middle East technology investment fund, making it potentially the biggest fund of its kind in the regionBitcoin hits new record above $65,000 after Wall Street foray
Bitcoin hit a new record on Wednesday, surging past $65,000 after it took another step towards mainstream status as the world's biggest cryptocurrency forayed onto Wall Street.
Boeing says MENA will need 3,000 new aircraft in 20 years
The MENA region will need some 3,000 new aircraft worth $700 billion in the next 20 years to cater to the demand for air travel. The conclusion was drawn by Boeing in its Commercial Outlook for 2021.
UN report says global FDI rebounds to $852bn in H1
A United Nations report has depicted a positive picture of global foreign direct investment during the first half of 2021. As much as $852 billion in FDI was recorded by countries across the world on the back of growing investor confidence.
Gulf Islamic Investment of UAE to invest $500m in India
Gulf Islamic Investment of UAE will invest $500 million in India over the next three years as it takes steps to set up an office in Bangalore.
Tasi, the Tadawul All Share Index, vaults 0.4% to go past 11,800
The Tadawul All Share Index, TASI, vaulted 0.4 percent to surge past the 11,800 point level in early trade today.
Yansab of Saudi Arabia posts 8% drop in net profit to $47.7m
Yanbu National Petrochemical Co (Yansab), of Saudi Arabia, has revealed that its net profit declined 8 percent to $47.7 million for the third quarter.
Mubadala Capital leads Huboo Fulfilment’s $82m funding round
Mubadala Capital led a Series B funding round in Huboo Fulfilment, the UK-based logistics start-up, closing at $82 million in investments.
Foreign investment in Egypt’s oil sector drops 26% to $5.4bn
Foreign investment in the oil sector of Egypt has dropped 26.02 percent to $5.4 billion in the current financial years, compared to $7.3 billion a year before.
Response Plus Holding of UAE posts net profit of $10.9m
Response Plus Holding, the UAE healthcare investment and management firm, has posted a net profit of $10.9 million during the first nine months of the year.
Savola Group of Saudi Arabia buys out Bayara for $260m
Savola Group of Saudi Arabia has bought out the Emirati snack maker Bayara Holding for $260 million.US sees boom in cyber-extortion in 2021
New data out Friday showed $590 million in ransomware-related payments were reported to US authorities in the first half of 2021 alone, setting a pace to beat totals for the whole previous decade as cyber-extortion booms.
Dubai court directs Nissan to pay $354m to Al Dahana in damages
A court in Dubai has directed Nissan Motor Co. Ltd. and Nissan Middle East to pay $354 million as compensation to Al Dahana FZCO in the case filed by the latter back in 2019.
Saudi Arabia looks to boost the country’s GDP to $1.71 trillion
Saudi Arabia seeks to boost its economic output to reach $1.71 trillion, Saudi Investment Minister Khalid Al-Falih said on Wednesday.
Post merger, Emaar Properties and Emaar Malls form a single company
Shareholders of Emaar Properties have approved the merger of the company with Emaar Malls, according a bourse filing.
Qatar National Bank posts 8 percent jump in net profit to $2.83bn in 9 months of 2021
Qatar National Bank (QNB), the Gulf's biggest lender, posted an 8 percent increase in nine-month net profit to $2.83 billion, citing loan growth.
Pipeline to transport gas from Qatar to UAE secures $3bn in financing
The Dolphin Gas Project, a natural gas pipeline to transport Qatari natural gas to the United Arab Emirates and Oman is set to receive $3 billion in financing.
Egypt’s non-oil exports leap up to $7.5 billion in Q1 of 2021
Egypt's non-oil exports increased to $7.5 billion in the first quarter of 2021, compared to $6.5 billion in Q4-20, according to data by the cabinet's Information and Decision Support Center.
BitOasis, UAE-based crypto trading platform, raises $30m to fund MENA expansion
BitOasis, the UAE-based crypto trading platform, has obtained $30 million in funding, and intends to use the capital to expand its footprint across the MENA region.
Dana Gas doubles its earnings to $256m from its sites in Egypt and Iraq
Dana Gas, the UAE-based natural gas company, has seen its earnings double from its operations in Egypt and Iraqi Kurdistan so far this year.
Aramco’s market value jumps to $2 trillion for the first time in two years
The market value of Aramco has exceeded $2 trillion after its shares vaulted to their highest level since the start of 2020.
Egypt and Saudi Arabia sign $1.8bn contract for electrical connection
Egypt and Saudi Arabia have signed a $1.8 billion electricity interconnection project that aims to exchange some 3,000 MW during peak times.
Mace, global construction firm, to build $4.3bn lifestyle project in Riyadh
Mace, the global construction company, will be working on a big lifestyle destination project in Riyadh, its developer Majid Al-Futtaim said.
Dubai Expo ‘new city’ is here to stay for decades
Dubai has created a "new city" for Expo 2020 that will exist for decades, the head of the event said, promising most of the vast site will remain in use after the six-month world fair.
Al-Rajhi Capital predicts Saudi oil revenues to touch $145.3bn at the end of 2021
Al-Rajhi Capital believes that Saudi oil revenues will touch $145.3 billion at the end of 2021, while total state revenues could go up to $246 billion. The assessment was made on the Saudi budget forecast released on Thursday.
Saudi Arabia expects 2.7 percent budget deficit this year, 1.6 percent in 2022
Saudi Arabia expects to post a deficit of 2.7% of gross domestic product this year and to reduce it further next year, to 1.6% of GDP, it said in a preliminary budget statement for 2022.
$1bn Guggenheim Abu Dhabi to open in 2025
Guggenheim Abu Dhabi being built at a cost of one billion dollars is set for the inauguration in 2025, according to the UAE capital’s culture and tourism department.
UN fund urges rich nations to pay $100bn a year in climate finance to poor countries
Rich countries must deliver on a promise to channel $100 billion a year in climate finance to developing nations, otherwise they may jeopardize November’s critical negotiations to limit global warming, said the head of the UN-backed Green Climate Fund.
Dubai ups housing loan limit for UAE citizens to $272,000
The ruler of Dubai, and vice president and prime minister of the United Arab Emirates, Sheikh Mohammed bin Rashid Al Maktoum has raised the housing loan limit for all the UAE citizens to $272,000.Shuaa Capital of UAE to hand over $2.7bn London property projects at year’s end
Shuaa Capital, the United Arab Emirates (UAE) based company, has said that it intends to fully complete and deliver the $2.7 billion worth of property projects in London through Northacre.
Kuwait Fund’s $3.6bn development works earns it gratitude of Egyptian PM
Noting the wide contributions of the Kuwait Fund for Arab Economic Development (KFAED) to his country, the Prime Minister of Egypt, Mustafa Madbouli, has said that the Kuwait Fund was financing $3.6 billion worth of projects.
Rush to invest in Saudi mining sector heats up, 4073 applications received
Saudi Arabia has been flooded with license applications from investors at home and abroad to invest in its mining sector. The applications have been received on the portal of the kingdom’s Industry and Mineral Resources Ministry.
UAE’s Amanat sells stake in Saudi IMC for $118m
The United Arab Emirates-based healthcare and education investment company, Amanat Holdings, has sold its 13.13 percent of minority equity stake in the Saudi International Medical Center for $118 million.
Saudi CMA looks to double $213bn funds under its control
The Saudi Capital Market Authority (CMA) intends to double the $213 billion funds under its management.UAE allots $17.6bn to housing project for Emiratis in Dubai
Dubai ruler and prime minister of the United Arab Emirates, Sheikh Mohammed bin Rashid Al Maktoum, has given approval for the allocation of $17.6 billion to a housing program for Emirati citizens in Dubai.
Saudi Arabia saves $133.3bn in four years through budgetary discipline: Al-Jadaan
Saudi Arabia has succeeded in saving nearly $133.3 billion during the last four years by virtue of efficiency and budgetary discipline, according to the kingdom’s Finance Minister Mohammed Al-Jadaan.
Goldman Sachs says Lebanon’s banking system to suffer $65bn losses
Goldman Sachs, the US investment bank, has estimated that the restructuring of Lebanon’s financial system would leave the crisis-prone banks of the country with total losses of up to $65 billion, and might lead to insolvency.
Saudi Arabia seeks to attract $5.3bn in investments in data and AI
Saudi Arabia aims to be one of the top 10 countries in the world in data and artificial intelligence, and in this direction the kingdom is has put 25,000 data and AI specialists through training.
Kuwait Touristic to raise capital to $996m to boost tourism
Kuwait is looking to revitalize its tourism industry, and in this regard Kuwait Touristic Enterprises plans to increase its capital to $996 million.
Saudi Arabia to spend $6.4bn in 15 years on waste recycling
Saudi Arabia will invest $6.4bn in waste recycling over the next fifteen years in order to move to a more sustainable waste management system.
Dubai Chamber adds 16,000 new members this year
Some 16,000 new companies have joined Dubai Chamber this year, bringing the total membership to more than 275,000.
ESG wins $12.5m contract for upkeep of Abu Dhabi’s Corniche Road
Emirates Stallions Group, a subsidiary of the International Holding Company (IHC,) has secured a $12.5 million contract from the Abu Dhabi City Municipality to manage the landscaping and upkeep of Corniche Road.Saudi holdings of US treasury bills rose to $128.1bn in July
For the second month in a row, Saudi Arabia’s holding of US Treasury securities rose in July, touching $128.1 billion.
Most of $3.8bn remittances to the Philippines in July came from Middle East
Filipinos living overseas have sent back some $3.8 billion in July with most of the remittances coming from the Middle East.
Huawei to invest $15m in Middle East to widen cloud services market
Huawei, the Chinese tech giant, will invest $15 million across the Middle East during the next three years in order to widen its cloud services market in the region.Unifonic to focus on profit, IPO, after securing $125m SoftBank funding
Days after securing a $125 million Series B funding from SoftBank, the Saudi startup, Unifonic, says that it wants to be profitable first before listing on a stock market.
