Press Dossier   News Category    Economy   
FAB Q1 net profit rises 3% to Dh2.5 billion
First Abu Dhabi Bank (FAB), the UAE’s largest bank, reported on Wednesday a three per cent increase in net profit to Dh2.5 billion year-on-year for the first quarter in spite of “a slower than expected recovery in business activity.”
Saudi Tadawul Group said to narrow banks for IPO process
Saudi Tadawul Group has short-listed three local and three foreign banks for potential advisory roles in the financial market company’s upcoming initial public offering (IPO), three sources said.
Saudi trade name requests jump amid signs of FDI rebound
Saudi commercial chiefs have reported a rise in trade name requests, the latest indicator of a rebound in business activity in the Kingdom.
Saudi Arabia aims to help SMEs expand their export potential
The Saudi Export-Import (EXIM) Bank has approved nearly SR8 billion ($2.13 billion) in lending to non-oil exporters since it was launched early last year, helping them to distribute their goods to more than 45 countries around the world.
UAE Central Bank extends stimulus package till mid 2022
The Central Bank of the UAE (CBUAE) on Tuesday extended integral parts of its Targeted Economic Support Scheme (Tess) until mid-2022 to help individuals and private sector companies overcome the impact of the Covid-19 pandemic.
Emirates Islamic posts 37% surge in first-quarter net profit
Emirates Islamic, a leading Islamic financial institution in the UAE, announced on Tuesday that its first quarter net profit surged 37 per cent to Dh212 million year-on-year supported by higher non-funded income and proactive cost management.
Emirates NBD's Q1 net profit up 12% to Dh2.32b
Dubai largest banking group, Emirates NBD, reported on Tuesday a 12 per cent year-on-year surge in net profits to Dh2.32 billion for the first quarter on the back of lower provisions, improved costs and higher income from improved economic conditions.
Surge in demand for companies looking to set up in KSA
Sovereign AEI, a firm which specializes in helping companies set up operations in the Kingdom, has seen a spike in business activity.
Company ordered to pay delayed 5-month salaries
The Public Authority of Manpower gave a security company 24 hours to pay school guards their salaries as per its contract with the education ministry, Al-Qabas Arabic daily reported yesterday.
Nasdaq Dubai to list Middle East's first Bitcoin Fund
The first ever Bitcoin-focused fund in the Middle East region will be listed on Nasdaq Dubai, its promoter said.
Saudi Red Sea tourism plan to clinch a $3.7bn green loan
Saudi Arabia is weeks away from clinching the first significant funding package for a key part of Crown Prince Mohammed bin Salman’s program to diversify the Kingdom’s economy, Bloomberg reported.
Oilfields Supply Center to invest $570m in new facility at Saudi energy park
Oilfields Supply Center Limited (OSC) is to invest $570 million building a center at the King Salman Energy Park (SPARK).
More than 1,000 Saudi businesses benefit from $586.5m in Monshaat funding
The General Authority for Small and Medium Enterprises (Monshaat) has financed 1,130 SMEs with about SR2.2 billion ($586.5 million) over 15 months through the end of March 2021.
Saudi public debt issuance up 50% in 2020 to $43.4bn
Saudi public debt issuance increased by nearly 50 percent in 2020 to SR163 billion ($43.4 billion), the Capital Market Authority reported.
Dubai CommerCity launches first phase of its new facilities
Dubai CommerCity on Sunday launched first phase of its new facilities to facilitate businesses and investors to establish base in the emirate.
Emirates NBD and ECI sign agreement on trade finance
Etihad Credit Insurance (ECI) and Emirates NBD have signed an agreement that will improve the liquidity of UAE exporters and businesses and enhance their global competitiveness.
Dubai residents continue to enjoy low rents in Q1
Tenants in Dubai continued to enjoy low rents during the first quarter of 2021 as it declined by 11 per cent year-on-year basis due to stiff competition in the residential market, latest data showed on Monday.
Saudi unemployment rate drops in Q4 2020
The unemployment rate in Saudi Arabia decreased to 12.6 percent in the fourth quarter (Q4) of 2020, down from 14.9 percent the previous quarter, according to the latest data from the General Authority for Statistics (GaStat).
Dubai Islamic Bank sees no impact from NMC law suit
Dubai Islamic Bank (DIB) said on Sunday it does not expect any “negative impact” from a case against it brought by the administrators of hospital operator NMC Group.
Dubai completes first phase of e-commerce free zone
The first phase of a new Dubai fee zone dedicated to e-commerce has been completed.
Dubai gold prices rise on stronger US data
Gold prices in Dubai and worldwide rose on Wednesday morning as a bigger-than-expected rise in US inflation boosted bullion's appeal as a hedge and weighed on the dollar and Treasury yields.
Saudi Aramco part of $50 million funding for US software firm
Saudi Aramco’s investment arm was among a group of investors who awarded SR187.5 million ($50 million) to a Seattle-based manufacturing and technology software company.
Saudi Arabia’s EIC buys assets from bust Belgian power firm
Saudi Arabia's Electrical Industries Company has agreed to buy some assets of CG Power Belgium from its liquidator for about €5 million.
Saudi insurance sector eyes more mergers and acquisitions
The Kingdom’s insurance sector closed the financial year 2020 on a high note with the aggregate net profit of local insurance firms, except for the Saudi Indian Company for Cooperative Insurance, rising to SR1.443 billion ($0.38 billion) in Q4, an increase of 47 percent year-on-year, according to data compiled by the financial news service Argaam.
Sharjah, Belarus explore ways to boost economic, investment ties
The Sharjah Chamber of Commerce & Industry (SCCI) discussed ways to boost the economic ties and strategic partnerships with the Republic of Belarus in a way that serves the interests of business communities in the two countries.
Dubai Customs completes 5 million transactions in Q1
Dubai Customs completed 5 million transactions in Q1 this year, according to latest figures. This is equivalent to double the number of transactions in the same period in pre-pandemic 2019, and 20% more than Q1 2020, in which 4 million transactions were completed.
Saudi GDP can spike on automation
Intelligent automation offers the potential to double the economy of Saudi Arabia to $1.6 trillion, adding an additional $293 billion by 2030, according to new research commissioned by Automation Anywhere.
Oman becomes fourth GCC country to introduce VAT
Oman introduced a 5 percent value-added tax (VAT) on Friday, the fourth Gulf Cooperation Council country to implement a so-called consumption tax.
Saudi Public Transport Authority launches 15 business centers across the Kingdom
Saudi Public Transport Authority has launched business centers in 15 cities across the Kingdom, to provide licensing and customer support services.
Saudi inflation slows to 4.9% in March as VAT effect lingers
Saudi Arabia’s annual inflation rate fell marginally in March as last July’s increase in value-added tax (VAT) continued to assert an effect on prices.
More than 6,000 Saudi companies operating in Egypt
There are 6,017 Saudi companies in Egypt, with investments of SR122 billion ($32.5 billion), according to data from the Egyptian General Authority for Investments.
UAE sees 21% jump in online shops
The UAE recorded an increase in online consumer spending primarily driven by a 21 per cent jump in the number of online shops as the world witnessed an exponential boom in retail eCommerce with an additional $900 billion being spent in 2020.
SABIC to distribute $1.2bn in H2 2020 dividends
The Saudi Basic Industries Corporation (SABIC) has approved cash dividends amounting to SR4.5 billion ($1.2 billion) to shareholders for the second half of 2020.
PIF-backed fund to help UAE HR firm expand into KSA with $20m investment
A Dubai-based human resources consultancy firm has become the first company to receive financing from a new $300 million Shariah credit fund anchored by Saudi Arabia’s sovereign wealth fund, it was announced this week.
Emirates NBD’s E20. partners with MoniMove to support SMEs
Emirates NBD has announced that it is partnering with fintech platform, MoniMove, to complement the bank's E20. digital business bank initiative that aims to empower entrepreneurs, startups, SMEs and other businesses in the UAE.
SABIC unit aims to ramp up investment support for industrial SMEs
Nusaned Investment, the localization initiative from Saudi Basic Industries Corp (SABIC), was set up in 2018 as part of the Kingdom’s Vision 2030 plan to diversify the non-oil economy by encouraging the growth of local companies and small and medium-sized enterprises (SMEs) in the industrial sector.
Saudi fintech startup secures $670k seed funding
Saudi fintech startup Prexle has raised SR2.5 million ($670,000) in seed funding from angel investors, the company announced this week.
Saudi MoF launches financial claims platform for private sector
The Saudi finance ministry has launched an online service to handle claims from contractors and suppliers.
Dubai Aerospace signs 48 lease deals amid aviation slowdown
The aircraft leasing division of Dubai Aerospace (DAE) has signed 48 lease deals during the first three months of the year, amid a global slowdown in the aviation sector.
Advanced signs $485m contracts for two new Jubail plants amid rising polypropylene demand
Advanced Petrochemical has agreed a deal to build two new plastics plants in Jubail at a total cost of $485 million.
Batic expands stake in Saudi smart cities firm
Saudi investment firm Batic has signed an initial agreement to acquire 34.4 percent of of Smart Cities Solutions Company, it said in a bourse filing on Wednesday.
Dubai posts Dh24.7 billion FDI, creates 18,325 new jobs
Dubai continued its dominance as a preferred destination of global investors by recording a foreign direct investment (FDI) inflow of Dh24.7 billion into 445 projects, creating an estimated 18,325 new jobs in 2020.
UAE’s first digital community bank receives nod to start operations
The UAE Central Bank has granted licence to Al Maryah Community Bank to launch operations in the country.
Saudi Citizen Account pays $507m in April
Saudi Arabia’s Citizen Account program paid out about SR1.9 billion (about $507 million) in April, Al Arabiya reported. Eligible beneficiaries for the payment reached 10.4 million, the program said in a statement.
Bahrain Bourse expects to attract two more listings, says CEO
Bahrain Bourse is expected to attract two new public offerings this year, its CEO told Asharq Business.
Abu Dhabi Mubadala invested record amount in 2020, eyes aluminum IPO
Abu Dhabi state investor Mubadala invested a record amount in 2020 as it doubled down on growth sectors, and is close to making a decision on the listing of Emirates Global Aluminium, its chief executive said on Monday.
Labor authority promotes e-services
The Public Authority for Manpower (PAM) announced that the electronic service As’hal and the electronic forms for the labor market were launched to automate governmental procedures during the pandemic.
Al Mazrouei unveils roadmap for managing energy, housing, infrastructure and transportation sector
Suhail Mohamed Faraj Al Mazrouei, the UAE Minister of Energy and Infrastructure, has revealed a comprehensive development roadmap for the sectors supervised by the ministry, which includes the energy, housing, transportation, and infrastructure.
Alabbar to head UAE's first digital bank
The UAE’s first digital bank will soon be launched, and the financial institution will be headed by Emaar Properties’ former chairman Mohamed Alabbar.
Dubai Investments announces 8% cash dividend to shareholders
Dubai Investments, a leading UAE investment company listed on the Dubai Financial Market (DFM), approved all resolutions on its agenda during its annual general meeting, held on Sunday.
Page 1 of 194