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Emirates Islamic first UAE bank to issue a dirham sukuk
Emirates Islamic has become first bank in the UAE to issue a dirham sukuk in the wake of rising demand for local currency issue.
UAE central bank granted licence to Russia’s MTS bank
MTS Bank is registered in Abu Dhabi and received the licence last year, the information shows.
Integration of zakat, tax bodies with customs to be completed in Q1: ZATCA governor
The complete merger of the General Authority of Zakat and Tax with the General Authority of Customs will be completed by the end of the first quarter of 2023, revealed ZATCA Gov. Suhail Mohammed Abanmi.
SABIC plans $1.3bn investments in second stage of energy transition
Saudi Basic Industries Corp. is set to invest $1.3 billion in the second phase of its energy transition, said Fahad Al-Sherehy, vice president of Energy Efficiency and Carbon Management.
Saudi Arabia sees 54% jump in investment licenses to 4,358 in 2022
Saudi Arabia issued 4,358 investment licenses in 2022, up 53.9 percent compared to 2021, as the Kingdom steadily emerges as an investment destination in line with the goals outlined in Vision 2030.
LEAP announces 8 investment funds worth $646m
Investment funds are set to plough $646 million into Saudi Arabia’s digital sector to boost innovation and entrepreneurship.
KD 357.7 million net profit for KFH shareholders for 2022 Al-Marzouq
Chairman of Kuwait Finance House (KFH) Hamad Abdulmohsen Al-Marzouq said that, by the grace of Allah, KFH has reported net profit of KD 357.7 million attributable to the shareholders of the bank for the year ended 2022; an increase of 47.0 percent compared to 2021.
Saudi National Bank profits surge 46.7% in 2022
The Saudi National Bank reported a 46.7 percent surge in annual profits in 2022 on the back of a rise in operating income.
Saudi British Bank meets with Hong Kong delegation to elevate investment opportunities
Top officials from Saudi British Bank met with a high-level business delegation from Hong Kong to discuss cross-border business and investment opportunities between Saudi Arabia and the special administrative region of China.
UAE foreign trade hits record Dh2.2 trillion, grows by 17% in 2022
The UAE’s non-oil foreign trade grew by 17 per cent in 2022 to hit a new record of Dh2.23 trillion. The country has crossed the Dh2-trillion milestone for the first time in history.
New visas, Dubai landmarks: 3 reasons why tourism is booming in the emirate
Tourism in Dubai is booming, and how! According to the latest statistics released by Dubai’s Department of Economy and Tourism (DET), the Emirate is closing in on its pre-Covid visitor numbers.
Closing bell: TASI plunges 143 points to close at 10,589
Saudi Arabia’s Tadawul All Share Index on Sunday lost 143.21 points — or 1.34 percent — to close at 10,588.58.
Dubai hotels occupancy hit 73% in 2022, highest in the world
Dubai’s hospitality industry staged a strong rebound in 2022 as average occupancy rates climbed to 73 per cent due to tourist influx after the revival of travel and opening of international borders, latest data shows.
UAE, India, France unveil plan for cooperation under trilateral framework
India, France and the UAE on Saturday unveiled an ambitious roadmap for cooperation in areas of defence, nuclear energy and technology under a trilateral framework. After a phone conversation among their foreign ministers, a joint statement said the three sides agreed that the trilateral initiative will serve as a forum to promote the design and execution of cooperation projects in the fields of energy, with a focus on solar and nuclear energy.
Business confidence hits 2-year high in Saudi Arabia as PMI climbs 58.2 in January
Saudi Arabia’s Purchasing Managers’ Index touched 58.2 in January 2023, the second-highest since September 2021, as the Kingdom steadily diversifies its economy in line with the goals outlined in Vision 2030, according to a report.
Saudi Arabia, GCC taking holistic, far-sighted approach to city building, expert says
Saudi Arabia and the Gulf region have seen a significant shift in the concept of city building with modernized infrastructure plans taking into account ways to improve people’s lives and experiences as opposed to “purely a functional response,” according to a UK-based architecture expert.
Abu Dhabi's Borouge announces $400m cost savings drive; Q4 profit drops
Abu Dhabi's Borouge announced a $400 million cost savings drive on Thursday to navigate inflation and supply chain disruptions, as it reported a 17 percent decline in fourth-quarter profit on pricing compression for polyethylene and polypropylene.
Dubai Islamic Bank to sell dollar sustainable sukuk
Dubai Islamic Bank has hired banks to arrange an issuance of US dollar-denominated sustainable sukuk, or Islamic bonds, a bank document showed on Thursday.
Basra Oil Co. head expects Qatar to take 20-25% stake in TotalEnergies’ Iraq project
The head of Iraq's Basra Oil Co. told Reuters on Wednesday that he expects Qatar to acquire a 20-25 percent stake in TotalEnergies' $27 billion cluster of energy projects in the country, with the Baghdad government aiming to hold around 40 percent.
Saudi tourism sector spending surges 93% to hit $49bn in 2022, minister reveals
Saudi Arabia’s tourism spending surged 93 percent in 2022 to hit SR185 billion ($49 billion), up from SR95.6 billion in 2021, as the Kingdom continues to diversify its economy as part of Vision 2030.
KD 3994.9 average monthly salary for Kuwaiti family; KD 939.8 for non-Kuwaiti family
The Kuwaiti family’s average monthly income in 2021 reached an estimated KD 3994.9 without calculating the rental value, posting a 2.2% increase, the Central Statistical Bureau said in a report Tuesday.
UAE fuel prices rise: Transport authority announces increase in taxi fares
Ajman Transport, the transport authority for the emirate of Ajman, has announced a change in taxi fares.
PIF signs deal to build indoor vertical farms in Saudi Arabia
Saudi Arabia’s Public Investment Fund has signed a joint venture agreement with US-based AeroFarms to establish a company in Riyadh to build and operate indoor vertical farms in the Kingdom and the wider Middle East and North Africa region.
CBD net profit surges 25.8% to Dh1.825 billion in 2022
Commercial Bank of Dubai (CBD) has delivered a record net profit of Dh1.825 billion for the year ended December 31 2022, reflecting a year-on-year increase of 25.8 per cent.
KPC announces liquefied gas prices for Feb
Kuwait Petroleum Corporation (KPC) announced Tuesday the new prices of liquefied petroleum gas (propane) and (butane) for the month of February.
Rising consumer confidence set to drive UAE economy
The UAE's consumers are becoming more confident and spending more that will fuel growth in the economy despite rising inflation and interest rates worldwide, experts say.
Kuwait projects KD 5bn deficit
The finance ministry on Tuesday released the draft state budget for the 2023/2024 fiscal year, projecting a huge deficit of KD 5 billion due to a sharp drop in oil revenues and a rise in expenditures, the ministry said in a statement.
Sharjah shorter workweek: 3-day weekend a success; 88% increase in productivity
Sharjah’s shorter workweek has paid rich dividends, with employees reporting an 88 per cent increase in productivity and a 90 per cent rise in job satisfaction. The move has also left happier customers, with a satisfaction rate of 94 per cent.
UAE’s first T-bond auction of 2023 gets bids worth Dh6.85b
The UAE’s first auction of treasury bonds for 2023 received bids worth Dh6.85 billion, oversubscribing 6.2 times as investors repose trust in the Treasury Bonds programme.
UAE set to announce retail fuel prices for February
The UAE is expected to announce retail fuel prices for the month of February tomorrow.
Saudi banks’ profits up 21% in December, central bank data shows
Deposits in Saudi banks grew by 9 percent year-on-year to SR2.29 trillion ($609.97 billion) with the major chunk deposited by government agencies, the monthly bulletin issued by the Saudi Central Bank, also known as SAMA, showed.
IMF lowers Saudi Arabia’s economic growth to 2.6% for 2023
The International Monetary Fund has lowered Saudi Arabia’s economic growth forecast to 2.6 percent for 2023, 1.1 percentage points lower than its October estimate of 3.7 percent, its latest report showed.
Saudi Arabia’s real GDP grows by 5.4% in Q4 2022: GASTAT
Saudi Arabia's real gross domestic product grew by 5.4 percent in the fourth quarter of 2022, compared to the same period in 2021, driven by a high increase in non-oil activities, according to the latest report released by the General Authority for Statistics.
Mashreq’s 2022 net profit climbs to Dh3.7 billion as customer deposits rise
Mashreq, a leading Dubai-based lender, on Monday reported a remarkable jump in 2022 net profit to Dh3.7 billion as operating profit surged 39. per cent to Dh4.4 billion year-on-year.
Oil activity boosted Oman’s economy by 30.4% in September 2022
Oman’s economy grew by 30.4 percent in September 2022 year-on-year, thanks to increased oil production, local media reported, citing figures issued by National Centre for Statistics and Information.
Qatar replaces Russian company in Lebanon’s gas exploration
Lebanon announced on Sunday that Qatar has entered a consortium to explore for offshore gas in the Mediterranean Sea off the Lebanese coast.
Saudi Arabia’s benchmark index inches up 0.16% to close at 10,839.49
Saudi Arabia’s Tadawul All Share Index on Sunday inched up 17.84 points — or 0.16 percent — to close at 10,839.49.
King Abdullah Port records 3.25% growth in container throughput
Saudi Arabia’s King Abdullah Port recorded a 3.25 percent increase in container throughput in 2022 and cemented its position among the world’s fastest-growing ports, said a statement issued on Sunday.
Saudi Arabia plans to boost listing of agricultural firms on Tadawul
Saudi Arabia plans to list agricultural firms on its stock market in a push to raise the financial efficiency of such firms as it looks to boost investment in the sector.
Jeddah Islamic Port receives 3 ship-to-shore cranes
Saudi Arabia’s  Jeddah Islamic Port has received a new batch of three ship-to-shore cranes amid efforts to boost operational efficiency of the port, the Saudi Press Agency reported.
Kuwait Airways losses drop by KD 52m
Kuwait Airways will acquire the “T4” building after renting it out for about KD 1 million annually, said Captain Ali Al-Dukhan, chairman of the board of directors at Kuwait Airways Company (KAC) during a press conference held by the company to announce its 2022 financial results.
UAE stock markets poised for another stellar year
The UAE stock markets were the second-best performing stock market in 2022, and the best in US dollar terms with a gain of 37 per cent, recent research showed. The interest in the country’s equities is likely to continue this year as 11 initial public offerings are slated for this year.
CBK raises discount rate to 4.0%
The Governor and the Chairman of the Board of Directors of the Central Bank of Kuwait (CBK), Basel A Al-Haroon stated that the CBK Board of Directors decided to raise the discount rate by 0.50 percent from 3.5 percent to 4.0 percent effective January 26, 2023.
Emirates NBD’s 2022 profit jumps 40% to Dh13 billion
Dubai’s largest lender Emirates NBD reported on Thursday a 40 per cent jump in 2022 annual profits to Dh13 billion on the back of “an exceptionally strong” fourth quarter performance.
FAB posts ‘historic-high’ profit of Dh13.4 billion in 2022
First Abu Dhabi Bank (FAB) reported on Thursday record annual profitability of Dh13.4 billion, up seven per cent year-on-year for 2022.
Emirates Islamic profit surges 51% to Dh1.24b
Emirates Islamic said on Thursday that its 2022 net profit soared 51 per cent to a record Dh1.24 billion “on higher funded income and non-funded income with a significant reduction in the cost of risk reflecting the strong economic recovery.”
Saudi Arabia’s oil exports value rises 11.8% in November 2022: GASTAT
Saudi Arabia’s oil export value rose by 11.8 percent to SR9.5 billion ($2.53 billion) in November 2022, compared to the same month in 2021, according to the latest data released by the General Authority for Statistics.
NBF records best-ever operating performance in 2022
National Bank of Fujairah (NBF) on Wednesday announced that its operating income surged 25.8 per cent to Dh1.8 billion last year while operating profit climbed 29.4 per cent to Dh1.2 billion due to a solid turnaround supported by robust capital adequacy and sound improvement in asset quality.
Saudi Arabia estimates borrowing around $12bn in 2023, approves plan
Saudi Arabia expects its financing needs to be around SR45 billion ($12 billion) this year, the National Debt Management Center said on Wednesday.
DIB posts record Dh5.6 billion profit for 2022
Dubai Islamic Bank, the largest Islamic bank in the UAE, posted on Wednesday a record-breaking annual net profit of Dh5.6 billion for 2022, up 26 per cent year-on-year.
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