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Egypt Kuwait Holding achieves net profits of $179m; total revenue $801m for 2023
Egypt Kuwait Holding (EKH) closed FY2023 with revenues of $801 million, surpassing pre-Ukraine war historical averages.
NBK-Egypt reports EGP 4.021bn (KD 41.4m) in net profit in FY 2023
National Bank of Kuwait - Egypt (NBK-Egypt) has announced net profits of EGP 4.021 billion (Equivalent to KD 41.4 million) for the financial year 2023, a significant increase from the EGP 1.826 billion (equivalent to KD 30.7 million) reported in 2022, showcasing an impressive annual growth rate of 120.21 percent.
BP plans to invest $1.5bn in Egypt gas projects
BP is preparing to invest about $1.5 billion to develop gas projects and drilling in Egypt over the next three to four years, the company said on Wednesday.
Saudi Arabia introduces clean diesel and gasoline fuels in Kingdom’s market
Saudi Arabia’s sustainability drive is gaining momentum with the Ministry of Energy announcing the launch of clean diesel and Euro-5 compliant gasoline in the Kingdom’s market.
Saudi PIF sets 7-year sukuk yield at 85 basis points above US Treasuries: Reuters
Saudi Arabia’s Public Investment Fund has set the yield for its seven-year dollar-denominated sukuk at 85 basis points above US Treasuries, according to a banking document reported by Reuters on Tuesday.
Closing Bell: Saudi main index rebounds to close at 12,602
Saudi Arabia’s Tadawul All Share Index bounced back on Tuesday after recording declines on two days.
Dubai’s Parkin to sell 24.99% stake in IPO
The Dubai government is selling a 24.99 percent stake in Parkin, which oversees public parking operations in the emirate, through an initial public offering in the emirate’s first privatization deal this year, Parkin said in a statement on Tuesday.
Qatar unveils its first VC fund of funds with $1bn worth of investments
Local and regional entrepreneurs are set to benefit from an investment exceeding $1 billion through Qatar’s new venture capital fund of funds.
Saudi Arabia records 10% surge in number of factories
The number of industrial units in Saudi Arabia recorded a 10 percent surge year on year in 2023 to reach 11, 549, according to the Ministry of Industry and Mineral Resources.
Moody’s affirms credit ratings of key Saudi companies
Several prominent Saudi companies received affirmation on their credit ratings from Moody’s Investor Services, a leading global provider of financial assessments, research, and risk analysis.
Closing Bell: TASI drops to 12,532, records $2.4bn trade volume
Saudi Arabia’s Tadawul All Share Index closed at 12,531.76 points on Monday, marking a decrease of 72.83 points or 0.58 percent.
Saudi sovereign wealth fund knocks on debt market doors for second time this year with sukuk offering
Saudi Arabia's Public Investment Fund plans to tap the debt market for the second time this year with a seven-year dollar-denominated sukuk, a document showed on Monday, Reuters reported.
Saudi green projects set to see over $1.6bn investments by 2030, says minister
Environmental projects in Saudi Arabia are set to receive over SR6 billion ($1.60 billion) in investments until 2030, as revealed by a senior official.
Goldman Sachs, Mubadala sign $1bn private credit partnership to invest in Asia Pacific
Business entities in the Asia Pacific region are poised to benefit from a $1 billion partnership between Emirati firm Mubadala Investment Co. and Goldman Sachs.
Qatar to boost gas output with new field expansion
Qatar on Sunday announced new plans to expand output from the world’s biggest natural gas field, saying it will boost capacity to 142 million tons per year before 2030.
Egypt Kuwait Holding achieves net profits of $179m; total revenue $801m for 2023
Egypt Kuwait Holding (EKH) closed FY2023 with revenues of $801 million, surpassing pre-Ukraine war historical averages.
Closing Bell: Saudi main index slips to close at 12,605
Saudi Arabia’s Tadawul All Share Index slipped on Sunday, shedding 29.74 points, or 0.24 percent, to close at 12,604.59.
QatarEnergy to further boost LNG production from North Field
QatarEnergy chief Saad al-Kaabi announced on Sunday a new expansion of its liquefied natural gas production that will add a further 16 million tonnes per annum to existing expansion plans, bringing total capacity to 142 mtpa.
Oman’s insurance sector expected have recorded 10% growth in 2023
Oman’s insurance sector is expected to have achieved a 10 percent growth in 2023, paving the way for attracting additional regional investors, according to a top official.
GCC set to outperform global economy in 2024
The economies of the UAE and Gulf countries will outpace the global forecast for 2024, helped by the domestic multi-year investment cycle in the region, a report showed.
More jobs, lower bank fees: How UAE's exit from FATF 'grey' list will benefit residents
Lower bank fees, smoother foreign currency transactions and increased trade and investment resulting in more employment opportunities, are among the benefits following UAE’s removal from Financial Action Task Force (FATF) ‘grey’ list, experts told Khaleej Times.
New unified Gulf tourism visa to bolster Saudi economy
In November 2023 the Gulf Cooperation Council approved a landmark unified tourist visa set to launch between 2024 and 2025.
Saudi Arabia seeing rising interest in credit ratings amid broader investments and economy diversification: Moody’s exec
Saudi Arabia is seeing a growing interest in credit ratings, mainly driven by expanding global investments, regulatory reforms, and economic diversification, according to Moody’s.
Saudi, French FMs discuss bilateral ties on G20 sidelines
Saudi Foreign Minister Prince Faisal bin Farhan met on Thursday with his French counterpart Stephane Segournet on the sidelines of the G20 foreign ministers’ meeting in Rio de Janeiro.
Pakistan aiming to increase trade with Saudi Arabia to $20bn: minister
Pakistan wants to increase its trade with Saudi Arabia to $20 billion, up from the current $5.7 billion, through enhancing business conditions, according to a top official.
Saudi Arabia ahead of US, EU and UK when it comes to Basel IV compliance
Saudi Arabia’s dedication to financial stability has been underlined by figures from the Kingdom’s central bank showing its capital adequacy ratio stands at 19.5 percent – far above the 8 percent minimum requirement introduced in the wake of the 2008 economic crisis.
Oman opens its market to Brazilian live cattle
The Brazilian livestock sector is now authorized to export live cattle for slaughter and fattening to Oman.
Saudi Fund for Development set to enhance Tunisia’s railway network with loan
Tunisia’s railway network is set to improve as the Saudi Fund for Development is expected to finalize a loan agreement during its visit to the African country’s capital.
Saudi Arabia’s non-oil exports up 12% in December 2023: GASTAT
Saudi Arabia’s non-oil exports experienced a 12 percent surge in December 2023 compared to the corresponding month of the previous year, official data showed.
Saudi Arabia ranks 3rd in Global Retail Development Index: Kearney
An increase in non-cash transactions has helped Saudi Arabia rise nine places to third in the Global Retail Development Index.
Saudi financial market thrives with $106.6bn foreign investments: CMA chairman
Foreign investment in Saudi Arabia’s financial market has reached SR400 billion ($106.6 billion), comprising 12 percent of tradable shares, revealed a top official.
Closing Bell: Saudi main index steady to close at 12,606
Saudi Arabia’s Tadawul All Share Index was steady on Tuesday, marginally increasing by 11.93 points, or 0.09 percent, to close at 12,606.50.
ITFC signs $1.5bn annual work program with Egypt
Egypt’s economy is set to soar with the International Islamic Trade Finance Corp. finalizing its 2024 work program, paving the way for sustainable development and job creation.
Saudi Arabia’s credit card loans jump 17% annually to reach $7.2bn
Credit card loans in Saudi Arabia surged to SR27 billion ($7.2 billion) in 2023, marking a 17 percent annual increase, according to data from the Saudi Central Bank.
Restatex kicks off in Riyadh with $640m in real estate deals
Saudi developers received a funding boost with deals exceeding SR2.4 billion ($640 million) signed on the sidelines of the four-day Restatex Real Estate Exhibition in Riyadh.
Saudi and UK officials discuss cooperation and opportunities in energy sector
During a meeting in Riyadh on Monday, Prince Abdulaziz bin Salman, the Saudi energy minister, and Claire Coutinho, the UK’s secretary of state for energy security and net zero, discussed energy-sector cooperation between their countries.
UAE records 216% rise in use of digital signatures
The UAE government’s adoption of a proactive approach has resulted in a 216 percent increase in the use of digital signatures in 2023, the state-run news agency reported on Monday.
New derivates bourse members to join Saudi market in 2024
Saudi Arabia’s stock market will soon receive three new derivatives bourse members, as announced during the third edition of the Saudi Capital Market Forum.
PIF acquires 40% stake in Zamil Offshore Co.
Marine support services in Saudi Arabia are poised to grow, with Zamil Offshore Co. securing a funding boost from the Public Investment Fund for fleet expansion.
Open banking market could reach $43bn in 2026: Saudi Capital Market Authority chief
The open banking market has expanded significantly and is expected to grow to $43 billion by 2026 from $7 billion in 2018, the chairman of Saudi Arabia’s Capital Market Authority said on Sunday.
Saudi Arabia’s tax revenue surge fuels 2023 budget growth
Saudi Arabia saw an 11 percent boost in non-oil revenues, reaching SR457.73 billion ($122.06 billion) in 2023 compared to 2022, primarily driven by increased taxes on income, profits, and capital gains.
Closing bell: Saudi main index rises to close at 12,502
Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 17.41 points, or 0.14 percent, to close at 12,502.00.
UAE nears $1tn in non-oil foreign trade in 2023
UAE’s non-oil foreign trade reached a record-breaking 3.5 trillion dirhams ($953 billion) in 2023, significantly increasing from the 2.2 trillion dirhams recorded the year before.
Saudi Arabia’s holdings in US treasuries reach $131.9bn in December
Saudi Arabia’s holdings in US treasuries increased for the fifth consecutive month, rising by 2.96 percent to $131.9 billion in December from November.
Qatar inflation dips 1.3% in January 2024: PSA data
Qatar experienced a 1.3 percent decline in inflation in January compared to December 2023, driven by decreased prices for communication and recreation, official data showed.
Gulf Bank holds its year-end 2023 earnings webcast for investors
Gulf Bank held its investors webcast on Tuesday, Feb 13, 2024 to present and discuss the bank’s financial performance for year-end 2023.
NBK launches salary acquisition campaign with exceptional benefits up to KD 5,000
National Bank of Kuwait (NBK) always seeks to enrich customer banking experience by providing top-notch services and exceptional offers through unique campaigns and rewards.
Gulf Bank records a net profit of KD 71.2m in 2023, an increase of 15.2% over 2022
Gulf Bank KSCP (“Bank”) announced its financial results for the year ended 2023. The bank reported a net profit of KD 71.2 million, an increase of 15.2 percent compared to the year 2022.
Saudi Arabia plans to provide USD 1.8 tln investment opportunities
Saudi Arabia is planning to provide USD 1.8 trillion investment opportunities with global companies, Saudi Minister of Investment Khalid Al-Falih said.
Saudi Arabia’s first sukuk savings round for February closes at $229.5m
Saudi Arabia has concluded its first government sukuk savings round for February, with a total volume of requests reaching SR861 million ($229.5 million), fully allocated to 35,000 applicants.
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