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Saudi Arabia announces 44 multinational companies to open regional HQs in Riyadh
A total of 44 multinational companies (MNCs) decided to make Riyadh their regional headquarters as announced by the Royal Commission for Riyadh City (RCRC).
Hub71 accepts latest cohort of startups to join its community in UAE capital
Hub71, Abu Dhabi’s global tech ecosystem, has selected its new cohort of startups to join its community in the UAE capital.
All eyes on Jeddah ahead Aramco Saudi Ladies International presented by Public Investment Fund and Aramco Team Series
The biggest names in women’s golf have turned their attention to Saudi Arabia as they head east ahead of next month’s back-to-back Aramco Saudi Ladies International presented by Public Investment Fund and Aramco Team Series – Jeddah events.
Saudi Press: Saudi Arabia's commitment to facing the challenges of climate change is demonstrated in holding MGI Summit
The biggest names in women’s golf have turned their attention to Saudi Arabia as they head east ahead of next month’s back-to-back Aramco Saudi Ladies International presented by Public Investment Fund and Aramco Team Series – Jeddah events.
Dubai CommerCity signs strategic MoU with Mashreq
DUBAI, 26th October, 2021 (WAM) -- Dubai CommerCity, the first and leading e-commerce free zone in the region, has signed a strategic Memorandum of Understanding (MoU) with Mashreq, one of the leading financial institutions in the UAE.
CBUAE measures shielded UAE economy, accelerated pandemic recovery
The Central Bank of the UAE’s (CBUAE) timely and integrated measures to support the financial system helped shield the UAE economy from the impact of the Covid-19 pandemic and accelerated post-Covid-19 recovery, said AbdulAziz Al-Ghurair, chairman of the UAE Banks Federation (UBF).
MODON signs deal for 1st factory to manufacture prosthetic limbs in Kingdom
The Saudi Authority for Industrial and Technology Zones, known as MODON, signed on Sunday a contract with a company to manufacture prosthetics in the Kingdom.
Bank shares lead 0.77% TASI fall: Market wrap
Declining bank shares led a fall of the Tadawul All-Share Index, which was down 91 points on Sunday, or 0.77 percent, closing at 11,848,05 points.
Saudi Non-oil exports rose by 26.8 percent in August, official data shows
Saudi Arabian non-oil exports rose by 26.8 percent in August from a year ago, according to the General Authority of Statistics (GASTAT).
UAE banks' assets to grow 8% in 2022, says banking official
Emirati banks' assets are expected to grow 8 percent in 2022, the head of the UAE Banks Federation Abdul Aziz Al Ghurair told Al Arabiya on Sunday.
Low-interest rates boost mortgage transactions in 2021
The mortgage market in Dubai has grown at an exponential rate in the first three quarters of 2021, growing by 68 per cent compared to last year and 71 per cent more than in 2019, according to the latest official data revealed on Sunday.
Saudi bank Al Rajhi reports 44% rise in the first nine months of 2021 net profits
Al Rajhi Bank reported a 44 percent increase in net profit for the first nine months of 2021, from SR 7.474 billion in the same period last year, to SR 10.73 billion.
Saudi National Bank posts 20% rise in quarterly profit
Saudi National Bank (SNB), the country’s biggest lender, on Sunday posted a nearly 20 percent rise in third-quarter profit from higher fees.
Saudi insurer MEDGULF to increase capital by 50% to $279mn for more solvency
The Mediterranean and Gulf Insurance and Reinsurance Company (MEDGULF) plans to increase its capital by 50 percent to boost its solvency and leverage business expansion opportunities.
Economists revise Saudi growth forecasts upward in 2022, Reuters poll showed
Saudi Arabia, the world's largest crude oil exporter and the region's economic and political heavyweight, will see 5.1% economic growth next year after a modest 2.3% expansion this year and a sharp 4.1% contraction last year, according to a Reuters' economists poll.
Etisalat builds a modern network for Expo 2020
Etisalat has built a dedicated modern network for Expo 2020 Dubai to meet its exclusive requirements and provide telecom services for the millions of visitors expected from around the world throughout the six-month event, its top official says.
'stc' profits hit $2.3 billion in 9 months, an increase of 3.5%
Saudi telecom giant 'stc’ reported a 3.5-percent increase in its net profit for the first 9 months of 2021, compared to the same period last year, reaching SR8.7 billion ($2.32 billion).
Islamic Development Bank announces its final issuances
The Islamic Development Bank of Saudi Arabia has announced the price of its second and final issuances as part of its plan to mobilize financial resources.
Tadawul aims to offer incentives for tech startup firms: Bloomberg
Saudi Arabia’s stock exchange is discussing introducing incentives for tech startups backed by venture capital investors and technology firms, Bloomberg reported citing people familiar with the matter.
Kuwait has begun increasing oil production: KUNA
Kuwait has begun to increase its crude production in accordance with an agreement reached by the Organisation of Petroleum Exporting Countries and its allies, a group known as OPEC+, Oil Minister Mohammad al-Fares said on Thursday.
Expo 2020’s impact on Dubai property to be evident in Q4 2021 onwards
Residential property prices in Dubai are still shy of one-fourth of their previous market cycle peak of 2014 with Expo 2020’s positive impact becoming more visible in Q4 this year or early next year, which is accelerating recovery in the sector, say industry executives.
UAE sovereign bonds listed on Nasdaq Dubai
Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs, rang the market-opening bell to celebrate and mark listing the UAE sovereign bonds on Nasdaq Dubai.
Saudi energy min sees demand from gas-to-oil switching at up to 600,000 bpd
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said users switching from gas to oil could account for demand of 500,000-600,000 barrels per day, adding that the world was now waking up to shortages in the energy sector.
Kuwait’s Boubyan Bank net profits grow by 37%, plans ESG framework
Kuwait’s Boubyan Bank net profits rose by 37 percent during the first nine months of 2021 while operating profits recorded a growth of 18 percent to reach 140 million dinars ($145.8 million).
IMF has most favorable outlook for the Saudi economy in 2021 compared to other organizations
The International Monetary Fund expects the Saudi economy to grow by 2.8 percent in 2021 — higher than forecasts by other global and local institutions.
Kuwait’s Boubyan Bank net profits grow by 37%, plans ESG framework
Kuwait’s Boubyan Bank net profits rose by 37 percent during the first nine months of 2021 while operating profits recorded a growth of 18 percent to reach 140 million dinars ($145.8 million).
Weak tourism to weigh on Dubai economy until late 2022, says S&P report
Dubai is set for a "modest" recovery this year on the back of a high vaccination rate in the United Arab Emirates and limited COVID-19 restrictions, but weak international tourism will drag on the economy until late 2022, S&P Global Ratings said.
Etihad Credit Insurance, SkyPower sign sustainability partnership
Etihad Credit Insurance (ECI), the UAE Federal export credit company, has entered into a strategic sustainability partnership with SkyPower to reinforce the country’s commitment to the United Nations’ sustainable development goals (SDGs).
Saudi economy to grow by 7.3% next year: Capital Economics
Economic research firm Capital Economics expects the Saudi economy to grow by 2.5 percent this year and by an impressive 7.3 percent in 2022.
Saudi Arabia issues $2.27bn in domestic sukuk
Saudi Arabia issued SR8.5 billion($2.27 billion) in domestic sukuk for the month of October, the National Debt Management Center said on Tuesday.
Saudi holdings of US treasury bills fell to lowest in 14 months
Saudi Arabia's holding of US Treasury securities decreased by the end of August to $124.1 billion, the lowest since May 2020, according to new data from the US government.
ECZA, SIDF, Emaar EC signs deal to develop KAEC’s ‘Land and Loan’ program
Saudi Arabia's Economic Cities and Special Zones Authority (ECZA) signed a memorandum of understanding (MoU) with the Saudi Industrial Development Fund (SIDF) and Emaar Economic City (EEC) to enhance the investment environment in King Abdullah Economic City (KAEC).
15,000 jobs to come up at Dubai Internet City in the next four years
Dubai Internet City (DIC) expects the number of people working in the region's leading technology hub will increase by 15,000 to 40,000 by 2025, said a senior official.
Saudi Venture Investment Co. launches initiative to support startups
The Saudi Venture Investment Co. has launched the “Investment in Accelerator Funds and Startup Studios" initiative, the Saudi Press Agency reported on Monday.
Saudi Arabia sees gasoline, diesel demand rise in 2021
Average motor and aviation gasoline demand in Saudi Arabia jumped to 470 thousand barrels per day (kbd) in 2021, compared to 455 kbd in 2020, data compiled by Arab News from Jodi revealed.
Saudi Arabia gets a boost in maritime connectivity rankings
Saudi Arabia made impressive progress in maritime connectivity at the regional level, according to the UN Conference on Trade and Development report for the third quarter of 2021.
Over 86,000 Saudi families benefit from Sakani subsidized loans
More than 86,000 Saudi families benefited from the Housing Ministry’s Sakani program subsidized real estate loans since the beginning of the year till September, the Saudi Press Agency reported on Sunday.
Saudi, Jordan investors launch Fly Aqaba
Jordan’s Aqaba Special Economic Zone Authority signed an investment agreement to establish a privately-owned Saudi-Jordanian airline with a capital of $20 million, Jordan’s PETRA news agency reported on Sunday.
Dubai consumer confidence surges to 10-year high
Propelled by increased economic activity, consumer confidence in Dubai surged to its highest level in 10 years during the third quarter of 2021, the Consumer Confidence Index tracked by Dubai Economy showed.
Saudi petroleum firm Aldrees records 50% net profit growth as pandemic threat eases
In another sign that Saudi Arabian economy is recoverying from COVID-19 pandemic, Aldrees Petroleum and Transport Services Co., one of the biggest operators of fuel stations in the Kingdom, reported a 50 percent net profit rise in the first 9 months of 2021.
Dubai Supreme Council of Energy launches Circular Economy Committee
The Dubai Supreme Council of Energy has launched the Circular Economy Committee to bring public and private entities together to support the circular economy.
Al Ansari Exchange sees 69% jump in non-resident transactions
Al Ansari Exchange has reported a surge in its foreign currency exchange transactions made by non-residents during the first 10 days of October 2021, coinciding with the start of Dubai Expo 2020.
Sharjah Islamic Bank’s 9-month net profit increased by 30%
Sharjah Islamic Bank (SIB) on Saturday said its nine-month net profit surged 29.6 per cent to Dh458 million this year compared to Dh353.4 million in the same period in 2020.
Brent tops $85 as Saudi oil minister vows to stick to output plan
Brent crude passed $85 a barrel and WTI was headed for an eighth consecutive weekly advance as Saudi Oil Minister Abdulaziz bin Salman Al Saud insisted OPEC+ will stick to its plan to increase output at a steady pace in the coming months.
Saudi Commerce Ministry issues 31 licenses for steel, cement export
Saudi Arabia’s Commerce Ministry has issued 31 licenses to export steel and cement since the beginning of 2021, Al-Eqtisadiah reported on Saturday.
Manpower authority praises KFH’s role in recruiting national labor
The Public Authority of Manpower (PAM) honored Kuwait Finance House (KFH) for its pioneering role in providing field training opportunities during summer holidays to a group of Kuwaiti students, thus affirming KFH’s continuous endeavor to enhance all activities related to the growth and development of the national factor and the calibers of the Kuwaiti youth in various ages and turn them into an effective working youth who can serve their country and society.
Sakani pays taxes on behalf of first-time homebuyers, issues 558,367 certificates
Saudi Arabia’s Housing Ministry’s Sakani program paid real estate tax on behalf of first-time homebuyers and issued 558,367 certificates among beneficiaries since the beginning of the program until September 2021, the Saudi Press Agency reported on Saturday citing the program’s monthly report.
Saudi non-oil exports surge to record $33.4bn in H1 2021
Saudi non-oil exports jumped 37 percent to a record SR125.3 billion ($33.4 billion) in the first half of 2021, SPA reported.
Brent tops $85 as Saudi oil minister vows to stick to output plan
Brent crude passed $85 a barrel and WTI was headed for an eighth consecutive weekly advance as Saudi Oil Minister Abdulaziz bin Salman Al Saud insisted OPEC+ will stick to its plan to increase output at a steady pace in the coming months.
UAE’s non-oil exports jumps 44% in first half of 2021
The UAE's non-oil exports jumped by 44 percent in the first half of 2021 to reach SR919 billion ($245 billion), according to the UAE’s ministry of economics.
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