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Dubai prime property prices cheaper by 80% compared to global cities, even after 2-year rise
Prime property prices in Dubai are cheaper by 20 to 80 per cent when compared to major cities such as Monaco, Hong Kong, New York, London, Geneva, Paris, Beijing, Tokyo etc. despite a massive increase in rates during the post-pandemic period
Saudi retail pharmacy chain Nahdi posts $236m profit for 2022
Nahdi Medical Co., one of Saudi Arabia's leading retail pharmacy chains, recorded SR888 million ($236.40 million) in net profit for the fiscal year 2022, recording a 9.3 percent rise over the previous year.
PIF-owned Saudi Investment Recycling to acquire 60% of Masab Plastic Factory
Public Investment Fund-owned Saudi Investment Recycling Co. has signed an agreement to acquire 60 percent of plastic resin manufacturer Masab Plastic Factory Co.
GCC banks resilient to US banks’ recent distress: Moody’s
Banks in the Gulf Cooperation Council region are strongly interlinked with their respective sovereigns and are unexposed to recently failed US banks, stated the global credit rating agency Moody’s.
Saudi National Bank says its Credit Suisse investment has ‘no impact’ on growth plans or profits
Credit Suisse's largest shareholder Saudi National Bank has confirmed there is “no impact” on its growth plans or profitability after the troubled Swiss lender was bought out by UBS.
UAE Central Bank, Reserve Bank of India to join hands in enabling fintech innovation
The Central Bank of the United Arab Emirates (CBUAE) and the Reserve Bank of India (RBI) signed today a Memorandum of Understanding (MoU) in Abu Dhabi, to enhance cooperation and jointly enable innovation in financial products and services.
Moody’s revises Saudi Arabia’s outlook to ‘Positive’ and affirms ‘A1’ credit rating
The international credit rating agency Moody’s updated its credit report for Saudi Arabia, affirming its “A1” rating for the Kingdom and revising the stable outlook rating to positive.
UIC, Vietnamese delegation discuss means to promote commercial ties
The Union of Investment Companies (UIC) held a meeting with a visiting investment delegation from Vietnam on March 14. The meeting comes within the framework of UIC’s efforts to promote local and international investments and encourage investment opportunities in Vietnam.
Why you should invest in gold in these uncertain times
Is this the right time to invest in cryptocurrencies? What are the pitfalls, more so after the FTX disaster and the banking collapse in the US?
Al-Futtaim heralds new e-mobility era
Al-Futtaim , the UAE’s leading diversified business group, has announced the launch of its electric mobility company – and the UAE’s first ever e-mobility focused dealership.
Taqa announces special dividend, new policy
Abu Dhabi National Energy Company (Taqa) announced that its shareholders yesterday approved a new dividend policy for 2023 – 2025 based on a combination of fixed and variable dividends.
UAE: Al Ansari announces IPO price range starting at Dh1; subscription begins today
Al Ansari Financial Services on Thursday announced details for its initial public offering (IPO), setting the price range between Dh1 and Dh1.03 per share.
UAE raises $300m from second auction of T-bonds
The UAE has raised 1.1 billion dirhams ($300 million) from the second auction of conventional dirham-denominated treasury bond issuance, as the second-largest economy in the Middle East region continues to diversify its funding base.
Saudi Arabia eyes global money market to boost investment into economy
High on its economic diversification agenda, Saudi Arabia is looking to tap into the global financial market to attract investment in its economy with new initiatives, according to a top minister.
Closing bell: TASI tanks 159 points as oil slide sparks selloff
Saudi Arabia’s Tadawul All Share Index fell 158.67 points — or 1.55 percent — to close at 10,048.50 on Wednesday as Brent crude fell 4 percent, hitting its lowest in over a year.
Saudi inflation softens to 3% in February 2023: GASTAT
Saudi Arabia’s inflation rate has softened to 3 percent in February 2023, against 3.4 percent recorded in January, driven by a slight decrease in food and beverage prices, according to the latest report released by the General Authority for Statistics.
Saudi ports record close to 8% growth in container traffic in February: Mawani
Saudi Arabia’s ports witnessed a 7.76 percent increase in container traffic in February 2023, handling 622,837 twenty-foot equivalent units compared to the same month a year earlier, according to the latest data released by the Saudi Ports Authority, also known as Mawani.
Riyadh’s hotel occupancy hits 75.5%, highest since 2008: STR
Riyadh’s hotel occupancy rate hit 75.5 percent in February, the highest figure since 2008 according to preliminary data from hotel industry monitoring firm STR.
Jubail Industrial City to see $2.1bn investment boost: Saudi industry minister
A hospital, a bookstore and a hydrogen plant are among the developments heading for Jubail after the Saudi government signed off a package of investment deals worth SR8 billion ($2.13 billion).
Closing Bell: Saudi bourse slips for the second day in a row, falls 79 points
Saudi Arabia’s Tadawul All Share Index fell 78.73 points — or 0.76 percent — to close at 10,305.02 on Monday, extending Sunday’s 79.36 points loss.
Saudi banking sector sees profit surge: Boston Consulting Group
Saudi Arabia’s banking sector boomed in 2022 on the back of potent revenue growth and is set for further gains, according to the Boston Consulting Group.
Eight Kuwaiti banks confirm no exposure to SVB collapse
Eight Kuwaiti banks listed on Boursa Kuwait confirmed Monday they are not exposed to Silicon Valley Bank, which was closed by the US authorities after it collapsed last week.
UAE's Adnoc Gas shares surge 25 percent in flotation: Stock exchange
Shares in the United Arab Emirates' Adnoc Gas soared 25 percent in the opening minutes of trade when they were listed on the Abu Dhabi stock exchange on Monday.
Saudi Arabia promotes investment opportunities at Tokyo forum
The Japan Cooperation Center for the Middle East (JCCME) held a business forum on investment opportunities with the Saudi Arabian National Center for Privatization (NCP) in Tokyo on Monday.
Biban sees signing of deals worth billions of dollars to propel Saudi SME sector
The Biban 23 Forum witnessed the signing of more than 10 deals and memorandums of understanding worth over SR10.6 billion ($2.8 billion) on its third day, the Saudi Press Agency reported.
Saudi Arabia calls for a balanced approach to ESG investment
Amid global calls to increase environmental, social, and governance investments, asset managers and investors in Saudi Arabia want a more nuanced approach that balances ESG demand with today’s challenging economic reality, according to a Pricewaterhouse Cooper’s survey.
Agthia Group eyeing $1.63bn annual revenue by 2025 amid Saudi expansion: CEO
Agthia Group PJSC, one of the leading food and beverage companies in the Middle East and North Africa region, is eyeing a 50 percent annual revenue increase by 2025 through expansion and acquisitions, a top official said.
Dar Global raring to go after listing on London Stock Exchange
Saudi real estate developer Dar Al Arkan has achieved great success over the years, but getting its global arm listed on the London Stock Exchange with a valuation of SR2.25 billion ($600 million) was certainly a milestone event, Dar Global’s CEO told Arab News in an interview.
Boursa Kuwait rings bell for gender equality for 6th consecutive year with Kuwait Clearing Company
Boursa Kuwait rang the bell for the sixth consecutive year on International Women’s Day in commemoration of gender equality and women’s empowerment and with the participation of the Kuwait Clearing Company (KCC), recognizing the significant role women play in the development of the Kuwaiti capital market and the private sector.
UAE Central Bank helps improve hawala operators’ compliance
The term hawala is used in a number of jurisdictions and is associated with a money transfer mechanism that operated extensively in South Asia many centuries ago, and which still exists there, as well in the Middle East, and in Africa.
Dubai recordsDh12.9b in weeklong real estate transactions
A total of 3,332 real estate transactions worth Dh12.9 billion were conducted during the week ending 10th March, 2023, according to figures released by the Dubai Land Department (DLD).
Saudi privatization program records investments over $50bn
The pace of Saudi Arabia’s privatization program is accelerating with investments now exceeding $50 billion, Mohammed Al-Jadaan, the minister of finance and chairman of the National Center for Privatization Projects, has revealed.
Saudi Arabia’s GDP rises 5.5% in 2022 Q4
The Saudi economy grew 5.5 percent in the fourth quarter of 2022 compared to the prior-year period, estimates from the General Authority for Statistics showed on Thursday, as non-oil activities boosted overall growth.
Global construction firm Egis to acquire Saudi architectural and engineering consultancy Omrania
International construction engineering firm Egis is set to acquire Saudi-based architectural and engineering consultancy Omrania, according to a statement.
Saudi Arabia’s Industrial Production Index rises 6.8% in January
Saudi Arabia’s Industrial Production Index rose 6.8 percent year-on-year in January, driven by high production in mining and quarrying, and manufacturing activities, according to the latest report released by the General Authority for Statistics.
Long-term sovereign sukuk issuance will settle at $80bn: Moody’s
Improved fiscal positions of energy-exporting issuers like Saudi Arabia will help stabilize long-term sovereign sukuk issuance at around $80 billion in 2023 and $80-$85 billion in 2024, according to credit rating agency Moody’s Investors Service.
ADIB shareholders approve Dh1.7b cash dividend for 2022
Abu Dhabi Islamic Bank (ADIB) a leading financial institution, has announced that its general assembly has approved a cash dividend of Dh1.7 billion, or 49 fils per share, for the fiscal year ending December 31, 2022.
Salik to distribute Dh491.4 million dividend to shareholder for H2 2022
Dubai’s road toll company Salik will pay Dh491.4 million as second-half 2022 dividend to shareholder, according to a regulatory filing on DFM on Tuesday.
Saudi Arabia records 6% growth in SMEs amid growing startup ecosystem
Saudi Arabia’s rapidly expanding startup ecosystem is driving small and medium enterprises in the Kingdom, with the number of such firms climbing to 1.14 million by the end of the fourth quarter of 2022.
UAE’s Emirates Global Aluminium reports a 34% rise in 2022 net profit
The Emirates Global Aluminium reported 7.4 billion dirhams ($2 billion) in 2022 net profit, a 34 percent rise from a year earlier.
UAE: Sheikh Mohammed announces $100 billion Asian Infrastructure Investment Bank office
An office of the Asian Infrastructure Investment Bank (AIIB) will be established in the UAE, the country’s Vice-President announced on Monday as he chaired a Cabinet meeting.
Oman’s Abraj Energy sets IPO price at top of range
Oman’s Abraj Energy Services, the oil and gas drilling business of state energy company OQ, has set the price for its initial public offering at 249 baizas ($0.65) per share, Oman’s state news agency said on Monday, which would value the company at about $498 million.
Saudi Vision 2030 tops investor attention in the region: EFG Hermes
Saudi Arabia’s push to diversify its economy under Vision 2030 is increasing its attractiveness in the region for investments, revealed a recent poll conducted by Egyptian financial services firm EFG Hermes.
Saudi-US petrochemicals and transformation industries to benefit from Industrial Investment Conference
Saudi Arabia and US petrochemicals industry representatives are set to explore investment goals and the development of green technology at a conference set to be held in Houston on March 15.
Eni agrees deal with UAE’s ADNOC as Italy rebuilds relationship
Italian oil and gas group Eni said it would cooperate with Abu Dhabi National Oil Co on energy transition projects, as Rome’s new government works to rebuild ties with the UAE.
Kuwait’s budget surplus is likely to stabilize around KD 5 billion
By the end of February 2023, the 11th month of the current fiscal year 2022/2023 ended with the monthly average price of Kuwaiti oil reaching $83.2 per barrel.
Gold prices: Will rates cross $2,000 mark this year?
Gold prices will sustain an upward trend and are expected to cross the psychological barrier of $2,000 per ounce this year as interest rate hikes and recession fears keep markets volatile, experts say.
Saudi non-oil private sector growth accelerates as PMI hits 8-year high in February
Saudi Arabia’s non-oil private sector witnessed tremendous growth in February, as the Kingdom’s Purchasing Managers’ Index hits 59.8, up from 58.2 in January.
32% of Shadadiya industrial project complete: Al-Nahedh
Commerce and Industry Minister Mazen Al-Nahedh revealed the completion rate of the Shadadiya industrial project has reached 32 percent, showing the keenness of all concerned parties to finish the project within the planned period.
Alpha Dhabi net profit soars 104% to Dh40 billion in 2022
Alpha Dhabi Holding PJSC, one of the fastest-growing investment holding companies in the Mena region, on Friday reported full-year net profit for 2022 of Dh10.6 billion, up 104 per cent year-on-year from Dh5.2 billion. Revenues grew significantly to Dh40.0 billion, representing an increase of 114 per cent year-on-year
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