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Aramco to buy Shell’s 50% stake in Saudi refining joint venture for $631m
Saudi Aramco will acquire Royal Dutch Shell’s 50 percent stake in their Saudi refining joint venture SASREF for $631 million, the two companies said on Sunday.
Top five trends shaping KSA retail industry
The Kingdom has a vast, young, tech-savvy population that is shifting behavior in Saudi Arabia, according to Ahmed Reda, MENA consumer industry leader for Ernst and Young (EY).
Bahrain's GIB establishes Saudi arm with $2bn capital
Bahrain-based Gulf International Bank converted its Saudi operation into a locally incorporated bank with 7.5 billion riyals ($2 billion) capital, as the lender looks to boost its presence in the kingdom.
Dubai's economic growth will accelerate in 2019 and 2020
Dubai's economic growth will accelerate in 2019 and 2020, with tourism, logistics, transport, wholesale and retail sectors replacing the real estate as main growth driver next year, official data showed.
IMF urges Kuwait to deepen fiscal reforms
Kuwait needs to implement deeper fiscal reforms to ensure adequate savings for future generations, according to a report by the International Monetary Fund (IMF).
Auditing professionals urged to focus on ethics, credibility
The auditing fraternity should focus not just on technology and adapting new practices but also on ethics and credibility of the profession due to scams happening worldwide, senior industry professionals said at a conference in Dubai on Saturda
Saudi recruitment firm said to plan $200m share sale
Saudi Arabia’s Maharah Human Resources is seeking to raise more than $200 million in an initial public offering that’s likely to start next week, according to people familiar with the matter.
IMF urges Kuwait to deepen fiscal reforms
Kuwait needs to implement deeper fiscal reforms to ensure adequate savings for future generations, according to a report by the International Monetary Fund (IMF).
Kuwait economy to grow in 2018, says S&P
Ratings agency S&P has said that Kuwait’s economy will likely return to growth in 2018 after a difficult past 12 months. It reaffirmed a rating of “AA/A-1+” and stated that the country is stable.
IMF forecasts UAE's nominal GDP to grow 4.7%
The International Monetary Fund (IMF) has forecast the UAE's nominal Gross Domestic Product (GDP) to grow 4.7 per cent to Dh1.673 trillion in 2019, compared to Dh1.589 trillion a year ago.
Digital business is the future: Microsoft
The UAE is known to bring forth the innovation and development and this has further being affirmed as the it signed various agreements with Microsoft recently during the visit of Jean-Philippe Courtois, executive vice president and president, global sales, marketing and operations, Microsoft.
Saudi miner sees growth in African fertilizer
Saudi miner Ma’aden is investing in an African fertilizer company as it looks to diversify operations beyond the Kingdom.
Saudi Arabia-backed SoftBank fund to invest $333m in Uber
Japanese car giant Toyota and the Saudi Arabia-backed investment fund SoftBank Vision Fund on Friday unveiled an investment of $1 billion in US company Uber to drive forward the development of driverless ridesharing services.
Trade, connectivity make millionaires flock to Dubai
To prioritise its residents' and citizens' happiness is part of the UAE's policies, making it a global hub for businesses, said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.
UAE startup ecosystem unlocks regional talent
The world has set eyes on the UAE and it only gets now more prominent when the very powerful hub like Techstars with a network of 1,600 companies with a market cap of $17 billion under Techstars accelerator portfolio consolidates its operations in Dubai.
BP and SOCAR sign new Azeri oil deal
Oil major BP and Azerbaijan’s state energy company SOCAR signed an agreement on Friday to build a new exploration platform for the South Caucasus nation’s three major oilfields, BP-Azerbaijan said in a statement.
UAE job growth picks up
As companies across the UAE prepare their workforce for a future that will increasingly be impacted by the technologies of the Fourth Industrial Revolution
Expats can now own freehold property in Abu Dhabi zones
Abu Dhabi will now allow all foreigners to own land and property in investment areas on a freehold basis after making changes to its real estate law, state news agency WAM reported on Wednesday.
Oil rises on tightening supplies; ample US output caps gains
Oil prices edged higher, supported by ongoing OPEC-led supply cuts and a surprise fall in US crude inventories, although gains were capped by strong US production.
Second ‘Tamheer’ forum held in Riyadh to help people find jobs
The Saudi Human Resources Development Fund (HRDF) held its second “Tamheer” forum at its headquarters in Riyadh on Wednesday, offering workshops and schemes to help unemployed people find work via the Tamheer Training Program.
Zain partners with Falcon’s Nest pitch competition
Zain, the leading digital service provider in Kuwait, announced its partnership with Falcon’s Nest, the first of its kind pitch competition in Kuwait in collaboration with 500 Startups. The competition, held from 7 April – 2 May, offers a great opportunity for Kuwaiti startups to compete on a world-class level.
Non-oil sector key growth driver for UAE, GCC
The UAE and Gulf economies are expected to strengthen this year, helped by elevated levels of government spending, Dh50-billion stimulus plans, reform measures for ease doing of business in the UAE and higher oil production, said a new study released on Wednesday.
Saudi Arabia launches training program to build skills in exports sector
The Saudi Exports Development Authority (SEDA) has launched the first phase of its export certification support program in cooperation with the International Chamber of Commerce (ICC) Academy to enhance knowledge and skills, and develop human capabilities in the exports sector.
Conventional bond, sukuk listings hit Dh284 billion on Nasdaq Dubai
The total value of conventional bonds and sukuk listed on Nasdaq Dubai continued to grow, reaching $ 77.47 billion (Dh284.3 billion) with local entities taking the lead.
Aramco in talks to buy stake in Reliance Industries’ refining and petchem businesses: sources
State oil giant Saudi Aramco, the world’s biggest oil producer, is in talks to buy a stake in the refining and petrochemicals businesses of India’s Reliance Industries, two sources familiar with the matter told Reuters on Wednesday.
Arabian Centres to float in $1bn-plus test of Saudi market strength
Arabian Centres, the Kingdom’s leading malls operator, is to raise up to $1.2 billion through a share listing on the Tadawul.
NREC shareholders approve 10% stock dividends, elects board
National Real Estate Company (NREC) yesterday held its annual general meeting of shareholders for the financial year ended December 31, 2018, which approved the Board recommendation to distribute 10 percent in stock dividends and elected a new Board for the next three years.
Bahrain jails 138 for planning Iran-linked 'terror' group
Bahrain on Tuesday jailed 138 people and revoked their citizenship for plotting to form a "terror" group with links to Iran's Revolutionary Guards, the public prosecutor said.
Oil prices reach 5-month-high led by OPEC supply curbs
The supply cut-led oil price rally that started at the start of the year got further support this month as OPEC produced at pre-oil crisis levels.
Saudi financial conference to attract hundreds of regional and international experts
A major conference taking place in Saudi Arabia this month will attract 2,000 business and financial leaders from the Kingdom, the region and across the world.
Jeddah property outlook ‘positive’ despite fall in prices
The long-term outlook for Jeddah’s property market is “positive” despite a 6 to 8 percent drop in sale prices last year, according to a report by KPMG.
Dubai Expo 2020 to give $33 bn boost to UAE economy: study
Dubai’s Expo 2020 global trade fair is expected to give the United Arab Emirates an economic boost of over $33 billion, consultants Ernst and Young said in a study released Monday.
Saudi civil aviation authority starts issuing drone permits
The General Authority of Civil Aviation (GACA) has begun handing out commercial and recreational drone operator permits in the Kingdom.
Sakani Expo Jeddah 2019 to kick off Monday
Sakani Expo Jeddah 2019, the housing fair organized by the Ministry of Housing and the Real Estate Development Fund (REDF), will open on Monday and run until April 24 opposite the Red Sea Mall in Jeddah.
Riyadh autism forum provides support to struggling families
“I can learn. I can work. I have feelings. I’m normal, just like you,” said 23-year-old Hattan to the audience at the Forum for Autism Consultants in Riyadh on Sunday.
Dubai Islamic Bank on the lookout for potential acquisitions
Dubai Islamic Bank (DIB) said it “regularly” looks at opportunities to acquire other banks, following a report that it is considering buying its smaller rival Noor Bank.
Two million TEUs have gone through Gulftainer's Iraq terminals since 2009
UAE-based Gulftainer, the world’s largest privately-owned independent port operator, has registered container volumes of two million twenty-foot equivalent units (TEUs) at the Iraq Container Terminal in the southern Iraqi port of Umm Al Qasr port since beginning operations there nine years ago, the company has announced.
ADX surges 2.4% on FAB's foreign ownership limit
Abu Dhabi stocks rallied 2.4 per cent on Sunday, recording a four-and-a-half year high as First Abu Dhabi Bank (FAB) surged after it obtained regulatory approval to increase its foreign ownership limit.
First Abu Dhabi Bank's foreign-ownership change lifts Abu Dhabi stocks
Stocks in Abu Dhabi reached their highest since September 2014 after the main gauge’s largest constituent implemented a decision to raise its foreign ownership limit.
UAE, South Korea renew Dh20b currency swap agreement
The central banks of the UAE and South Korea have renewed the bilateral currency swap agreement, according to a press statement on Saturday.
Damac raises Dh840M for its London project
Damac Properties has raised £175 million (Dh840 million) loan from three banks for its London project, the developer said in a statement on Saturday.
Expats in Bahrain get the most number of leave days globally
Workforce in Bahrain are likely the happiest when it comes to paid leaves, according to a study conducted by - a resume-writing online service. Bahrain labour law guarantees its workers up to 49 paid leaves in a year.
Trendy makeover for Saudi Arabia's delayed banking hub
There might not be any banks yet in the King Abdullah Financial District, but on a sunny afternoon, the once-stalled development in Riyadh is packed with people.
Saudi Arabia and South Korea announce new business alliance
Saudi Arabia and South Korea announced the launch of a new joint business committee to strengthen business ties and support new ventures among 400 companies on Wednesday.
UAE real estate offers one of the best returns
Abu Dhabi and Dubai offer one of the best rental returns as both the emirates are ranked among the world's top-10 cities where investments in property can get handsome gains.
Saudi private sector growth hits 15-month high
Growth in Saudi Arabia's non-oil private sector rose to its highest mark last month since December 2017, according to the Emirates NBD Purchasing Managers’ Index (PMI).
Over 9,600 jobs created in Dubai last month
Dubai witnessed stronger business activity in March through the establishment of nearly 2,500 new companies, creating over 9,600 jobs in a month alone.
Saudi Arabia on right economic road — even according to ‘Dr. Doom’ Nouriel Roubini
Economist Nouriel Roubini famously predicted the global financial crisis of 2008, earning himself the nickname “Dr. Doom” in the process.
Elon Musk rocket launches Saudi Arabsat satellite
Elon Musk’s SpaceX has launched its Falcon Heavy rocket carrying a satellite for Saudi Arabia’s Arabsat.
Embrace change or stagnate, leaders told at Top CEO in Bahrain
Ask Jassim Al-Seddiqi, CEO of Abu Dhabi Financial Group, what banking will look like in five years and he will admit — he doesn’t know.
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