| UAE Central Bank moves a step closer to digital currency launch
The Central Bank of UAE (CBUAE) has signed a deal with G42 Cloud and R3 to provide infrastructure and technology to commence implementation of the Central Bank Digital Currency (CBDC) Strategy, one of the nine initiatives of the CBUAE’s Financial Infrastructure Transformation (FIT) Programme. |
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| Saudi development fund and UNDP discuss developing cooperation
The CEO of the Saudi Fund for Development, Sultan Al-Marshad, met with Nahid Hussein, the resident representative of the UN Development Programme for the Kingdom, and her accompanying delegation in the capital, Riyadh, the Saudi Press Agency reported on Wednesday. |
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| Saudi real estate rental deals up 81% to reach $20.2bn
Saudi Arabia’s residential and commercial rent deals almost doubled in value last year to reach SR76 billion ($20.2 billion) compared to SR41.9 billion in 2021. |
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| Saudi Arabia’s NDMC closes March sukuk issuance at $897m
Saudi Arabia’s National Debt Management Center announced the closure of the Riyal-denominated sukuk program issuance for March with the total bid amount received at SR8.34 billion ($2.2 billion). |
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| Refineries get ‘advanced ranking’
Mina Abdullah and Ahmadi Refineries have got an ‘advanced international ranking’ of risk engineering quality, the Kuwait National Petroleum Company (KNPC) said Wednesday. |
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| Bolster supply chain management to ensure food security: Economist
Food security is in focus recently due to the political and economic situations around the world including the Russia-Ukraine war, financial crises and debates whether to raising the interest rate to control growing inflation. |
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| Boubyan Bank distributes 6% in cash dividends and 6% in bonus shares
Chairman of Boubyan Bank Abdulaziz Abdullah Dakheel Al-Shaya reiterated the bank’s ongoing endeavors to achieve excellent and accelerating growth of financial indicators and market shares in a manner that benefits all its shareholders and the Kuwaiti economy, in addition to focusing on quality customer service and upskilling the bank’s human resources, which turns Boubyan into a banking and digital powerhouse in Kuwait and the region. |
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| PIF-backed Rakiza raises $1bn to invest in Oman and Saudi Arabia
Public Investment Fund-backed Rakiza has raised $1 billion to invest in three projects in Oman and is close to signing off on several deals in the Kingdom, according to a statement. |
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| Saudi Venture Capital launches $80m Saudi fintech fund
Saudi Arabia’s booming fintech sector is set to be boosted by an $80 million investment fund launched by Saudi Venture Capital Co.. |
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| Saudi National Bank says its Credit Suisse investment has ‘no impact’ on growth plans or profits
Credit Suisse's largest shareholder Saudi National Bank has confirmed there is “no impact” on its growth plans or profitability after the troubled Swiss lender was bought out by UBS. |
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| Dubai inflation rises close to 5% in February on higher F&B prices
In line with the global trend, Dubai saw its annual inflation rate rising to 4.9 percent in February driven by an increase in food and beverages costs, the latest data from the emirate's Statistics Center showed. |
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| Moody’s affirms UAE’s Aa2 rating, maintains stable outlook
International credit rating agency Moody’s on Tuesday affirmed the Aa2 long-term local and foreign currency issuer ratings of the UAE’s government with the outlook predicted to remain stable. |
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| Closing bell: TASI rises 141.6 points on recovering oil prices
Saudi Arabia’s Tadawul All Share Index increased 141.62 points on Tuesday – or 1.39 percent – to close at 10,359.74, from 10,218.12, thanks to oil price rise, extending a recovery. |
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| Saudi Arabia’s Agricultural Development Fund approves $610m in investment loans
Farmers in Saudi Arabia saw their funding from a dedicated investment organization rise by 167 percent year-on-year in the first three months of 2023, it has been revealed. |
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| Saudi Arabia issues 46 mining licenses in January
Saudi Arabia’s Ministry of Industry and Mineral Resources issued 46 new mining licenses in January 2023 – a 33 percent drop compared to the previous month. |
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| Aramco, DHL form new procurement and logistics hub JV
The Saudi Arabian Oil Co., also known as Saudi Aramco, announced a new end-to-end procurement and logistics hub joint venture with logistics firm DHL Supply Chain. |
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| Saudi Arabia’s factory sector sees 50% growth since Vision 2030’s launch: Deputy minister
The number of factories in Saudi Arabia has increased 50 percent since the launch of Vision 2030 in 2016, according to the Deputy Minister of Industry and Mineral resources Osama bin Abdulaziz Al-Zamil. |
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| Closing bell: TASI rises 60 points
Saudi Arabia’s Tadawul All Share Index increased 60.39 points on Monday – or 0.59 percent – to close at 10,218.12. |
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| Boubyan Bank and Mastercard partner on remittance transfers
Boubyan Bank and Mastercard have partnered to simplify and speed up cross-border remittance payments. Through Mastercard Cross-Border Services, Boubyan Bank customers are now given greater choice and flexibility when sending money to destinations around the world. |
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| Global banking crisis unlikely to affect GCC banks, says Moody’s
Banks in the Gulf Cooperation Council (GCC) region are strongly interlinked with their respective sovereigns and are unexposed to recently failed US banks, stated the global credit rating agency Moody’s Investor Service. |
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| Dubai prime property prices cheaper by 80% compared to global cities, even after 2-year rise
Prime property prices in Dubai are cheaper by 20 to 80 per cent when compared to major cities such as Monaco, Hong Kong, New York, London, Geneva, Paris, Beijing, Tokyo etc. despite a massive increase in rates during the post-pandemic period |
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| Saudi retail pharmacy chain Nahdi posts $236m profit for 2022
Nahdi Medical Co., one of Saudi Arabia's leading retail pharmacy chains, recorded SR888 million ($236.40 million) in net profit for the fiscal year 2022, recording a 9.3 percent rise over the previous year. |
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| PIF-owned Saudi Investment Recycling to acquire 60% of Masab Plastic Factory
Public Investment Fund-owned Saudi Investment Recycling Co. has signed an agreement to acquire 60 percent of plastic resin manufacturer Masab Plastic Factory Co. |
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| GCC banks resilient to US banks’ recent distress: Moody’s
Banks in the Gulf Cooperation Council region are strongly interlinked with their respective sovereigns and are unexposed to recently failed US banks, stated the global credit rating agency Moody’s. |
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| Saudi National Bank says its Credit Suisse investment has ‘no impact’ on growth plans or profits
Credit Suisse's largest shareholder Saudi National Bank has confirmed there is “no impact” on its growth plans or profitability after the troubled Swiss lender was bought out by UBS. |
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| UAE Central Bank, Reserve Bank of India to join hands in enabling fintech innovation
The Central Bank of the United Arab Emirates (CBUAE) and the Reserve Bank of India (RBI) signed today a Memorandum of Understanding (MoU) in Abu Dhabi, to enhance cooperation and jointly enable innovation in financial products and services. |
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| Moody’s revises Saudi Arabia’s outlook to ‘Positive’ and affirms ‘A1’ credit rating
The international credit rating agency Moody’s updated its credit report for Saudi Arabia, affirming its “A1” rating for the Kingdom and revising the stable outlook rating to positive. |
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| UIC, Vietnamese delegation discuss means to promote commercial ties
The Union of Investment Companies (UIC) held a meeting with a visiting investment delegation from Vietnam on March 14. The meeting comes within the framework of UIC’s efforts to promote local and international investments and encourage investment opportunities in Vietnam. |
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| Why you should invest in gold in these uncertain times
Is this the right time to invest in cryptocurrencies? What are the pitfalls, more so after the FTX disaster and the banking collapse in the US? |
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| Al-Futtaim heralds new e-mobility era
Al-Futtaim , the UAE’s leading diversified business group, has announced the launch of its electric mobility company – and the UAE’s first ever e-mobility focused dealership. |
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| Taqa announces special dividend, new policy
Abu Dhabi National Energy Company (Taqa) announced that its shareholders yesterday approved a new dividend policy for 2023 – 2025 based on a combination of fixed and variable dividends. |
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| UAE: Al Ansari announces IPO price range starting at Dh1; subscription begins today
Al Ansari Financial Services on Thursday announced details for its initial public offering (IPO), setting the price range between Dh1 and Dh1.03 per share. |
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| UAE raises $300m from second auction of T-bonds
The UAE has raised 1.1 billion dirhams ($300 million) from the second auction of conventional dirham-denominated treasury bond issuance,
as the second-largest economy in the Middle East region continues to diversify its funding base. |
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| Saudi Arabia eyes global money market to boost investment into economy
High on its economic diversification agenda, Saudi Arabia is looking to tap into the global financial market to attract investment in its economy with new initiatives, according to a top minister. |
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| Closing bell: TASI tanks 159 points as oil slide sparks selloff
Saudi Arabia’s Tadawul All Share Index fell 158.67 points — or 1.55 percent — to close at 10,048.50 on Wednesday as Brent crude fell 4 percent, hitting its lowest in over a year. |
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| Saudi inflation softens to 3% in February 2023: GASTAT
Saudi Arabia’s inflation rate has softened to 3 percent in February 2023, against 3.4 percent recorded in January, driven by a slight decrease in food and beverage prices, according to the latest report released by the General Authority for Statistics. |
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| Saudi ports record close to 8% growth in container traffic in February: Mawani
Saudi Arabia’s ports witnessed a 7.76 percent increase in container traffic in February 2023, handling 622,837 twenty-foot equivalent units compared to the same month a year earlier, according to the latest data released by the Saudi Ports Authority, also known as Mawani. |
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| Riyadh’s hotel occupancy hits 75.5%, highest since 2008: STR
Riyadh’s hotel occupancy rate hit 75.5 percent in February, the highest figure since 2008 according to preliminary data from hotel industry monitoring firm STR. |
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| Jubail Industrial City to see $2.1bn investment boost: Saudi industry minister
A hospital, a bookstore and a hydrogen plant are among the developments heading for Jubail after the Saudi government signed off a package of investment deals worth SR8 billion ($2.13 billion). |
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| Closing Bell: Saudi bourse slips for the second day in a row, falls 79 points
Saudi Arabia’s Tadawul All Share Index fell 78.73 points — or 0.76 percent — to close at 10,305.02 on Monday, extending Sunday’s 79.36 points loss. |
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| Saudi banking sector sees profit surge: Boston Consulting Group
Saudi Arabia’s banking sector boomed in 2022 on the back of potent revenue growth and is set for further gains, according to the Boston Consulting Group. |
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| Eight Kuwaiti banks confirm no exposure to SVB collapse
Eight Kuwaiti banks listed on Boursa Kuwait confirmed Monday they are not exposed to Silicon Valley Bank, which was closed by the US authorities after it collapsed last week. |
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| UAE's Adnoc Gas shares surge 25 percent in flotation: Stock exchange
Shares in the United Arab Emirates' Adnoc Gas soared 25 percent in the opening minutes of trade when they were listed on the Abu Dhabi stock exchange on Monday. |
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| Saudi Arabia promotes investment opportunities at Tokyo forum
The Japan Cooperation Center for the Middle East (JCCME) held a business forum on investment opportunities with the Saudi Arabian National Center for Privatization (NCP) in Tokyo on Monday. |
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| Biban sees signing of deals worth billions of dollars to propel Saudi SME sector
The Biban 23 Forum witnessed the signing of more than 10 deals and memorandums of understanding worth over SR10.6 billion ($2.8 billion) on its third day, the Saudi Press Agency reported. |
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| Saudi Arabia calls for a balanced approach to ESG investment
Amid global calls to increase environmental, social, and governance investments, asset managers and investors in Saudi Arabia want a more nuanced approach that balances ESG demand with today’s challenging economic reality, according to a Pricewaterhouse Cooper’s survey. |
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| Agthia Group eyeing $1.63bn annual revenue by 2025 amid Saudi expansion: CEO
Agthia Group PJSC, one of the leading food and beverage companies in the Middle East and North Africa region, is eyeing a 50 percent annual revenue increase by 2025 through expansion and acquisitions, a top official said. |
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| Dar Global raring to go after listing on London Stock Exchange
Saudi real estate developer Dar Al Arkan has achieved great success over the years, but getting its global arm listed on the London Stock Exchange with a valuation of SR2.25 billion ($600 million) was certainly a milestone event, Dar Global’s CEO told Arab News in an interview. |
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| Boursa Kuwait rings bell for gender equality for 6th consecutive year with Kuwait Clearing Company
Boursa Kuwait rang the bell for the sixth consecutive year on International Women’s Day in commemoration of gender equality and women’s empowerment and with the participation of the Kuwait Clearing Company (KCC), recognizing the significant role women play in the development of the Kuwaiti capital market and the private sector. |
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| UAE Central Bank helps improve hawala operators’ compliance
The term hawala is used in a number of jurisdictions and is associated with a money transfer mechanism that operated extensively in South Asia many centuries ago, and which still exists there, as well in the Middle East, and in Africa. |