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Fuel, shopping subsidies to be rolled out immediately, other measures by September
UAE's Ministry of Community Development (MoCD) will begin receiving inflation allowance applications from today (July 5), with the new social welfare programme to be rolled out in September 2022, announced Hessa bint Essa Buhumaid, the Minister of Community Development.
Saudi Aramco signs 55 deals in a major expansion of its industrial investment program
Saudi Aramco has signed 55 agreements across sustainability, digital, industrial, manufacturing and social innovation sectors, as part of a major expansion of its Namaat industrial investment programs.
Kuwait’s CSB: Consumer Prices Index up 4.52 pct in May 2022
Consumers Price Index (CPI) increased in Kuwait by 4.52 percent in May 2022 on annual basis compared with the same period in 2021, said the Central Statistical Bureau (CSB) on Tuesday.
Saudi-listed shipping firm Bahri closes $1.04bn sukuk issuance
National Shipping Co. of Saudi Arabia, better known as Bahri, has completed the issuance of SR3.9 billion ($1.04 billion) sukuk, denominated in Saudi Riyals and maturing in seven years.
Council adopts 22 new policies to speed up transition to circular economy
The UAE Circular Economy Council convened its second meeting of 2022, presided over by Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment.
Global sukuk issuance drops to $74.5bn in H1
Global sukuk issuance dropped to $74.5 billion in the first half of 2022, compared to $93.3 billion during the same period in 2021, according to a report issued by S&P Global Ratings.
Crypto Moves — Bitcoin, Ether down; Kuwait-based Islamic bank enters the metaverse
Bitcoin, the leading cryptocurrency internationally, traded lower on Monday, falling by 0.01 percent to $19,106 as of 10:55 p.m. Riyadh time.
King Salman approves $5.32bn to help citizens affected by rise in global commodity prices
Saudi Arabia’s King Salman on Monday issued a royal order approving allocation of SR20 billion ($5.32 billion) to help citizens mitigate the impacts of rising global prices.
Saudi banks’ real estate lending grows to $161 billion in Q1
Saudi banks’ real estate lending witnessed a year-on-year increase of SR131 billion ($34.9 billion) to SR605.5 billion in the first quarter of 2022, from SR474.5 during the same period last year, according to latest figures released by the Saudi Central Bank, also known as SAMA.
TRSDC signs first JV worth $400m with Al Mutlaq Group
The Red Sea Development Co. has signed a joint venture agreement worth SR1.5 billion ($400 million) with Almutlaq Real Estate Investment Co., a subsidiary of the Al Mutlaq Group.
Here’s what you need to know before Tadawul trading on Monday
Saudi stocks ended their first trading session of July in red, extending losses after an 11-percent decline in June due to fears over inflation and recession.
Fuel, feedstock prices for Saudi industrial sector to be adjusted from Q4 of 2023
Saudi Arabia’s Ministry of Industry and Mineral Resources has decided to adjust the fuel and feedstock prices for the industrial sector from the fourth quarter of 2023, according to a ministry statement to companies.
TASI finishes H1 5% higher despite recent losses, market fears
The Tadawul All Share Index managed to end the first half of 2022 higher than the previous year, despite market fears that have surfaced recently as investors’ optimism was dampened by interest rate hikes.
GCC stocks down for second straight month in June amid recession fears
Stock exchanges in the Gulf Cooperation Council states logged their second straight monthly decline in June as fears over inflation and recession rattled investors.
Saudi Aramco awards $16m steel pipes order to Arabian Pipes
Saudi oil giant Aramco has given out an order worth SR60 million ($16 million) to homegrown Arabian Pipes Co. to supply steel pipes.
ACWA Power approves payout of $150m annual dividends for 2021
Saudi Public Investment Fund-owned ACWA Power Co. announced that its shareholders have approved a dividend payout of SR563 million ($150 million) for 2021.
Saudi National Bank to pay $1.3bn in dividends for H1 2022
The Saudi National Bank, one of the Kingdom’s biggest lenders, will distribute SR4.92 billion ($1.31 billion) in dividends for the first half of 2022.
UAE-Indonesia to increase annual bilateral trade to $10 billion
The UAE signed its third Comprehensive Economic Partnership Agreement (CEPA) with the Republic of Indonesia on July 1. Following the partnership agreements with India and Israel, the CEPA with Indonesia is designed to increase annual bilateral trade to $10 billion within five years, state news agency WAM reported.
UAE retailer Union Coop to list on Dubai stock market
The Union Coop Friday announced its intention to list its shares on the Dubai Financial Market (DFM) on July 18, as the first retail cooperative in the UAE to take this step.
Unemployment among Saudis falls to 10.1% in Q1, 2022 - lowest in 7 years
Unemployment among Saudis fell to 10.1 percent in the first quarter of 2022 from 11 percent in the fourth quarter of 2021, according to official data.
Riyadh no longer one of the 100 most expensive cities for expats: Mercer
Saudi Arabia’s capital, Riyadh, has dropped 72 places in a ranking of the world’s most expensive cities for expats as it tumbled out of the top 100, according to a report issued by Mercer.
France eyes ‘good investment opportunities’ in Saudi Arabia: Official
France is intensifying efforts to take advantage of Saudi investment opportunities in all sectors, mostly energy, technology, water and other industrial services, the country's Ambassador in Saudi Arabia said.
Dubai's real estate sector most 'transparent' in Mena: JLL Index
The real estate markets of Dubai and Abu Dhabi have been recognised as the top global improvers in 2022, according to JLL’s latest Global Real Estate Transparency Index (GRETI).
Arabian Drilling Co. gets approval to IPO 30% stake on Saudi stock market
Saudi-based Arabian Drilling Co. has received approval for an initial public offering of 26.7 million shares, representing 30 percent of the firm’s capital, on the Kingdom’s stock exchange.
Dubai property: More people opting to buy plots to build homes
With property prices touching new highs, more people are opting to buy plots and build their own custom-made homes rather than buying readymade houses from developers.
SAMA’s net foreign assets remain virtually unchanged at $435.5bn
Net foreign assets of Saudi Arabia's central bank remained virtually unchanged at the end of May, standing at SR1.63 trillion ($435.5 billion), according to a monthly statistical bulletin from the Kingdom's regulator.
Kuwait’s May crude oil exports to Japan up 2.2 Pct
Kuwait’s crude oil exports to Japan in May rose 2.2 percent from a year earlier to 5.55 million barrels, or 179,000 barrels per day (bpd), up for the third month in a row, government data showed Thursday.
SABIC Agri-Nutrients declares $508m dividends for H1
Saudi petrochemical firm SABIC Agri-Nutrients Co.’s board has decided to distribute SR1.9 billion ($508 million) in dividends for the first half of 2022.
Saudi Arabia fuels 34% of OPEC exports increase in 2021
Saudi Arabia was responsible for a third of the 77 percent increase in exports from the Organization of the Petroleum Exporting Countries in 2021, according to the latest figures.
SAIB closes issuance of $533m Sukuk aimed at fulfilling financial needs
The Saudi Investment Bank, known as SAIB, has completed a private placement of Tier 1 Sukuk worth SR2 billion ($533 million) in a bid to meet the lender’s financial needs.
SAMA’s net foreign assets remain virtually unchanged at $435.5bn
Net foreign assets of Saudi Arabia's central bank remained virtually unchanged at the end of May, standing at SR1.63 trillion ($435.5 billion), according to a monthly statistical bulletin from the Kingdom's regulator.
Bank announces first-ever plot finance as demand for land ownership increases
The Abu Dhabi Islamic Bank (ADIB) has announced the launch of its first-ever plot financing offering. The scheme enables customers to purchase a piece of land for purpose of investment or to fulfil their homeownership goals.
Saudi Derayah REIT to restructure $200m financing for cost reduction
Derayah REIT’s board has approved restructuring the fund’s outstanding financing facility, which was valued at SR748 million ($200 million) by 2021-end.
Growth in Saudi Arabia’s liquidity slows to 7.8% year-on-year in May
Saudi Arabia’s M3 monetary aggregate, known as “broad money,” grew in May by SR171.6 billion ($45.7 billion) from the same month a year ago to SR2.38 trillion.
Here’s what you need to know before Tadawul trading on Tuesday
Saudi stocks dropped on Monday amid a continued fluctuation in oil prices and inflation fears that weighed on investor sentiment.
Saudi-Italian forum to explore opportunities to boost bilateral trade
Saudi Arabia’s Ministry of Investment will host a high-level Italian business delegation led by Italian Minister for Foreign Affairs and International Cooperation Luigi Di Maio on Monday.
Saudi contracting firm number reaches 165K as projects value crossed $5.3tln
The number of companies operating in Saudi Arabia’s contracting sector has crossed 165,000, with small to large enterprises employing 3 million workers, Saudi Press Agency reported citing the Saudi Contractors Authority.
Saudi developer Retal Urban posts 62% profit growth after debuting on TASI
Retal Urban Development Co. has posted a 62 percent profit surge for the first quarter of 2022, a day after it was listed on Saudi Arabia’s main stock market.
Kuwait oil falls to USD 110.81 pb – KPC
The price of Kuwaiti oil went down by 15 cents to USD 110.81 per barrel on Thursday, compared with USD 110.96 pb a day earlier, said the Kuwait Petroleum Corporation (KPC) on Friday.
Here’s what you need to know before Tadawul trading on Monday
Saudi stocks gained in the first trading session of the week, recovering slightly following steep declines due to fears over interest rate hikes and a potential recession.
Saudi Arab National Bank to pay $200m dividend for first half following strong Q1 result
Arab National Bank’s board has proposed a dividend payout of SR750 million ($200 million) for the first half of 2022 following strong earnings in the first quarter of the year.
Dubai: Over 25,000 expats employees enrol for govt savings scheme
More than 1,500 employers and 25,000 employees have enrolled in the Dubai government scheme DEWS, said a senior official.
Financial support increased for citizens with low incomes
Financial support for limited-income citizens in Dubai has been increased to 58 per cent this year to reach Dh438 million. The amount will be distributed to existing beneficiaries registered with the Community Development Authority (CDA) in Dubai, as well as new ones.
Saudi Exchange to allow single-stock futures in July on selected shares to bolster liquidity
Saudi Arabia’s stock exchange will launch futures trading on single stocks on July 4, amid efforts to bolster liquidity and lure investors into the region’s biggest bourse.
Kuwait laws fail to provide SME entrepreneurs with financial motivation: Economist
According to Kuwait’s Chamber of Commerce and Industry and Ministry of Commerce and Industry, there was a decline in the number of micro, small and medium enterprises after the pandemic.
Kuwait oil dips by $5.16 to $110.96 pb
The price of Kuwaiti oil plunged by $5.16 to $110.96 per barrel on Wednesday, compared with $116.12 pb a day earlier, said the Kuwait Petroleum Corporation (KPC) on Thursday.
Dubai economy climbs 5.9% in Q1 as investors repose trust in govt policies
Dubai’s gross domestic product sustained an upward growth momentum with the economy rising 5.9 per cent in the first quarter of 2022, as investors reposed trust in the emirate’s consistent economic policies and flexible legislative environment.
Here’s what you need to know before Tadawul trading on Sunday
Saudi Arabia's stock market declined to one of its lowest levels in months last week due to concerns that rising interest rates could push the global economy into recession.
Kuwait prepares framework for northern economic zone
A ministerial committee has begun procedures to prepare a clear framework for work environment in the northern economic zone as it awaits a new government, following the National Assembly elections in few months.
Oman’s Duqm refinery works 92% complete
Oman’s Duqm refinery works are nearly 92 percent complete, according to the country’s state energy holding company OQ.
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