Amman, Jordan--Jordan's import bill for crude oil, derivatives, and mineral oils saw a notable decline in January this year, according to data released by the Department of Statistics on Tuesday. The figures revealed a decrease in the value of oil imports to the Kingdom, totaling $361 million for January, compared...
Dubai Islamic Bank issues $750m five-year sukuk
Dubai Islamic Bank has successfully priced its $750 million five-year senior sukuk, taking advantage of global interest in Islamic bonds. The bank is the largest Islamic lender in the UAE.
Fitness Time posts $54.9m net profit
The operator of the largest Saudi gym chain also sees growth in revenues.
Emaar EC reschedules SR976m loan with SABB
Emaar EC has signed a rescheduling agreement with the Saudi British Bank revising the terms of SR976.25 million Shariah-compliant outstanding long-term Tawarruq facility.
Dubai hosts 7m tourists in a ‘remarkable turnaround’
More than seven million foreign tourists visited Dubai last year, marking a "remarkable turnaround", the government of the Gulf city state hosting the Expo world fair announced Thursday. Dubai has since October 1 hosted Expo 2020 which runs until March 31.Why do Arabs pitch for European football clubs?
For several years, there has been a rush of investments from GCC countries into European sports. TRENDS explores the reasons that woo Gulf investors beside profits.Expo 2020 records close to 11m visits so far
Expo 2020 Dubai has recorded 10,836,389 visits as of 24th January, while the virtual visitation reached 72.5 million.REIT signs $200m financing commitment with FAB
Masdar Green Real Estate Investment Trust (REIT) has signed a financing commitment to the tune of $200 million with First Abu Dhabi Bank (FAB) to facilitate further acquisitions and portfolio growth.
Expo 2020 hits a new milestone with 10m visits so far
Expo 2020 Dubai visitor numbers continue to rise, reaching 10,188,769 visits as of 18th January, while Expo 2020 Dubai’s virtual visitation passed the 65 million mark.Saudi Customs impound 8.3m amphetamine pills
The Saudi Zakat, Tax and Customs Authority has made a large seizure of Captagon amphetamine pills at Jeddah Islamic Port, impounding some 8.3 million pills being smuggled into the kingdom.
Tibbiyah of Saudi Arabia to offer 5m shares through IPO
Tibbiyah of Saudi Arabia that also goes by the name of the Arabian International Healthcare Holding will offer 5 million ordinary shares — 25 percent of its $53.29 million capital.
Dana Gas’s 2021 collections spike 107% to $377 million
Dana Gas has announced that its collections from the KRI and Egypt rose 107% year-on-year in 2021 to $377 million from $182 million in 2020, enhanced by a strong rebound in oil prices.Chimera Capital fund closes at $75m
The company's first venture capital fund exceeds initial target.
SEDCO of Saudi Arabia to hike REIT fund by $187m
SEDCO Capital of Saudi Arabia has launched an additional offering of its real estate investment trust fund to increase asset value by SR702 million ($187 million).Jahez to raise $428m through IPO
HSBC is the financial advisor of the Saudi online food delivery startup.
OFID’s $80m loan expected to boost trade in Africa
The OPEC Fund for International Development (OFID) has signed an $80 million loan agreement with the African Export-Import Bank (Afreximbank) to finance international trade directly among corporates or through financial intermediaries.
Egypt to boost cotton gins capacity to 4.4m kantars
Egypt will increase cotton gins capacity to 4.4 million kantars annually up from 1.5 million kantars, according to a government report.
Khalifa University sets up a business unit with AED100m
Khalifa University of Science and Technology has launched a business and investment arm of the university named Khalifa University Enterprises Company (KUEC), with an endowment of AED100 million.
Saudi officials seize a big haul of drugs at border
Saudi officials of the Zakat, Tax and Customs Authority (ZATCA) have seized more than 2.1 million Captagon pills at Haditha Border Entry Point in some seven attempts to smuggle contraband into the kingdom.
Egypt’s export of LNG touches 1m tons in Q3
Egypt has edged out its Arab neighbors in natural gas exports and exported one million tons of liquefied natural gas during the third quarter of 2021.
Trade between Dubai and Israel grows to $700m
Trade between Dubai and Israel has grown to $700 million since September 2020 when the Abraham Accords were signed.
Saudi pavilion at Expo 2020 organizes a musical show
Saudi pavilion at Expo 2020 put on a splendid show at the Dubai Millennium Amphitheatre, the second artistic evening organized by the kingdom's pavilion at the international exhibition
Riyadh Season casts its spell on GCC
So far more than two million visitors have marked their presence in the five-month long arts and culture festival.Alibaba’s profit falls 81% as China cracks down on big tech
Chinese e-commerce leader Alibaba Group said on Thursday that its profit for the most recent quarter tumbled 81 percent as it grappled with a government crackdown on the country's big tech champions.
Joblessness in Egypt grows 7.5% to 2.2m in 3Q
The number of people out of work in Egypt grew 7.5 percent to 2.2 million in the third quarter of 2021, compared to 2.1 million in the second quarter of 2021.Saudi Arabia sets up $187m solar panel factory in Tabuk
Saudi Arabia has set up a $186.6 million worth solar panel factory in the Tabuk Industrial City to cater to growing demand for solar panels in the MENA region.Iraq to scale up oil exports to 3.4 million barrels a day in Q1 2022
Iraq is expected to scale up its oil exports to 3.4 million barrels per day in the first quarter of 2022. Ihsan Abdul Jabbar, the Iraqi oil minister, was quoted by the Iraqi state news agency as saying.Trade between Jordan and UAE grows to $891m in 2021
Trade between Jordan and the United Arab Emirates has grown to $891 million during the course of last year, and the UAE has invested some $17 billion in Jordan, in a sign of strong economic ties.ADFD provides Lesotho with $20m finance for water supply
Abu Dhabi Fund for Development (ADFD) will provide the Butha-Buthe District in Lesotho with $20 million in finance for the development of a water supply system in the area.Expo 2020 receives 3m visits in first five weeks
It has just been a little more than a month and Expo 2020 has received some three million visits, since it began in a grand fashion on October 1.
Tadawul of Saudi Arabia to list its IPO on the bourse
Tadawul, the owner of Saudi Arabia's stock exchange, will proceed with its initial public offering (IPO) and list the shares on the bourse.
Dubai to merge economy and tourism departments
Dubai intends to merge the departments of economy and tourism in order to attract some 25 million tourists by 2025 and to widen the emirate’s foreign trade. The merged entity will be headed by Helal Al Marri.
Infath of Saudi Arabia logs $159.9m sales in October
Entrustment and Liquidation Center (Infath) of Saudi Arabia has raked in its highest ever amount in October thanks to sales of more than $159.9 million.
Three Saudi companies to offer nine million shares in IPO
Three Saudi private companies will go public, offering around nine million shares in IPOs, according to the Saudi Exchange market (Tadawul).
UAE provides $10m in aid to Turkey
The United Arab Emirates has announced the provision of $10 million to contribute to the reconstruction of some Turkish regions that were affected by wildfires and floods that swept through these areas.
Baghdad pays Kuwait another $490m in war reparations
Kuwait has received additional reparations of almost $500 million for Iraq's 1990 invasion, the Iraqi embassy in Kuwait said.
Saudi British Bank posts 157% jump in net profit to $750m
The Saudi British Bank (SABB) has posted a 157 percent increase in net profit to $750 million for the first nine months of 2021.
Dallah buys 8.2% stake in IMC
Dallah Healthcare of Saudi Arabia has picked up an 8.2 percent stake in International Medical Company for $77 million in order to widen its business.
Saudi Investment Bank records 9% rise in net profit to $206.7m
The Saudi Investment Bank (SAIB) has recorded a 9 percent rise in net profit to $206.7 million in the first nine months of 2021, a bourse filing revealed.Advanced Petro Co. of KSA posts nearly 40% jump in net profit
Advanced Petrochemical Company of Saudi has posted nearly 40 percent increase in net profit to $58 million for the third quarter, because of a big jump in polypropylene sales.
NEOM Tech and OneWeb team up for $200m high-speed satellite
NEOM Tech & Digital Holding Company and OneWeb have signed a $200 million joint venture agreement to bring high-speed satellite connectivity to NEOM, Saudi Arabia and beyond in the MENA region.
Abu Dhabi-based fund exceeds target of $50m in second raise
The Chimera Global Fund has surpassed its target of $50 million in its second raise, as it aims to deploy investments to a dozen companies in Series A and pre-IPO stages.
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.
Qatar hopes to attract 1.2 million World Cup visitors
Organizers of the 2022 World Cup in Qatar hope to attract 1.2 million tourists to the Gulf country, an official said, hosting them in traditional hotels and "innovative" accommodation.
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.
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.
