| EDB reports Dhs11.14b in H1 cumulative financing
Emirates Development Bank (EDB) has reported outstanding H1 2024 results, marking a significant impact on the UAE’s economy. The Bank’s cumulative total financing since launching its new strategy in April 202 |
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| 3,752 licences issued, 30,910 renewed in Sharjah in H1
The Sharjah Economic Development Department (SEDD) has released its report for the first half of 2024, which showed an increase in the total number of business licences issued and renewed in Sharjah to 34,662, a 3 per cent growth year-on-year (YoY). |
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| Diriyah Club ownership transferred to PIF-backed firm, boosting Saudi sports sector
RIYADH: Saudi Arabia’s sports sector is set for a major boost as ownership of Diriyah Sports Club transfers from the Ministry of Sport to Diriyah Co., a firm owned by the Public Investment Fund. |
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| Kingdom's banks lead GCC in credit quality
RIYADH: Saudi banks showcased a notable improvement in credit quality in the first three months of the year as the non-performing loan ratio decreased to 1.4 percent, according to data from the Saudi Central Bank. |
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| Oman sees hotel revenue rise 10.2% thanks to European-led tourist surge
European travelers to Oman helped fuel a 10.2 percent rise in hotel revenue in the first five months of 2024, official data has revealed. |
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| Saudi Arabia leads GCC IPO market with $2.1bn raised in first half of 2024
RIYADH: Saudi Arabia led the Gulf Cooperation Council’s initial public offering market in the first half of 2024, raising $2.1 billion in what was an annual increase of 141 percent, an analysis has revealed. |
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| Jordan-Qatar trade at $123m in H1
The volume of Jordan-Qatar trade exchanges recorded a growth of 4% during the first half of this year, compared to the first 6 months of 2023. |
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| Saudi stock market’s nominal value split benefits 42 companies in 2023
RIYADH: Investors saw increased affordability and liquidity as 42 companies on Saudi Arabia’s benchmark index and parallel market benefitted from the nominal value split mechanism in 2023, official data showed. |
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| NWC initiates $150m in projects to enhance water services in Qassim region
RIYADH: Saudi Arabia’s Qassim region is set to see improvements in water services, with the National Water Co. initiating 14 projects valued at over SR561 million ($150 million). |
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| Saudi main index rose to close at 11,881
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 89.14 points, or 0.76 percent, to close at 11,881.55. |
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| Oman’s Islamic banks report 13.2% asset growth to $19.5bn
Islamic banks in Oman reported total assets of about 7.5 billion Omani riyals ($19.5 billion) by the end of April, a 13.2 percent increase from the previous year. |
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| Saudi Arabia and Thailand strengthen economic ties with new investment office in Riyadh
RIYADH: Saudi Arabia is set to enhance private sector cooperation with Thailand as the Southeast Asian nation opens its first Board of Investment office in Riyadh, a top official announced. |
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| UAE-backed cashew processing factory opens in Côte d’Ivoire
Dr Thani Bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and the Prime Minister of the Republic of Côte d’Ivoire, Robert Beugré Mambé, have inaugurated a new UAE-backed cashew processing factory in the West African country, signaling an important milestone in the two nations’ economic relations. |
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| Investment in green projects coupled with sustainable finance could help the GCC countries to unlock up to $2 trillion (Dhs7.3 trillion) in GDP contribution by 2030
Green investment in GCC could unlock up to $2tr in GDP value |
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| UAE banks’ investments up 0.3% to Dhs666.2b
The total investments by banks operating in the country continued to rise steadily, reaching Dhs666.2 billion at the end of April 2024 |
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| Saudi MSMEs see 16% growth in credit offerings in 1st quarter
RIYADH: Credit facilities provided to micro, small, and medium enterprises in Saudi Arabia saw an annual rise of 16 percent in the first three months of 2024, according to recent data. |
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| Federation of Saudi Chambers a catalyst for economic growth and international cooperation, experts agree
RIYADH: Reestablishing a business council with Canada after a five-year hiatus is the latest example of the pivotal role the Federation of Saudi Chambers is playing in facilitating international trade, experts have insisted. |
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| Dubai Mall records 57m visitors in H1 of 2024
Dubai Mall, the Most Visited Place on Earth in 2023, has achieved further growth in 2024 |
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| Offa launches buy-to-let Islamic finance for British expats
Offa, the UK’s first Shari’ah-compliant bridge finance fintech, has today launched an innovative new buy-to-let finance (BTL) service providing fast funding decisions for British expats, delivered via a modern paperless process. |
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| Ajman Bank Visa sign Partnership deal
Ajman Bank has announced the launch of Ajman Bank AccelRight Business Credit Card in collaboration with Visa. The Memorandum of Understanding between Ajman Bank and Visa was signed at an exclusive signing ceremony attended by Mustafa Al Khalfawi, CEO of Ajman Bank and Dr Saeeda Jaffar, Group Country Manager, and Senior Vice President, GCC, Visa. |
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| Dhs13.1b rise in monetary deposits during April: CBUAE
The Central Bank of the United Arab Emirates (CBUAE) announced that monetary deposits increased by over 1.74 per cent or Dhs13.1 billion in April, reaching Dhs764 billion, compared to Dhs750.9 billion in March. |
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| UAE is building a competitive intellectual property system
Abdulla Bin Touq Al Marri, Minister of Economy, led the UAE delegation participating in the 65th session of the Assemblies of the World Intellectual Property Organization (WIPO) member states, which began at the Organization’s headquarters in Geneva, Switzerland, and runs until July 17. |
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| Diriyah awards $2bn construction contracts for mixed-use district
Diriyah Company has awarded contracts worth more than SAR7.8 billion ($2 billion) for the development of a mixed-use district in the ancient Saudi city. |
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| Saudi POS spending hits $3.5bn; hotel sector sees greatest increase
RIYADH: Saudi Arabia’s point-of-sale spending increased by 7.7 percent to reach SR13.2 billion ($3.51 billion) from June 30 to July 6, with the greatest rise coming in hotel payments, according to official data. |
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| Saudi Arabia’s Industrial Production Index up 0.9%
RIYADH: Manufacturing of chemicals and food items helped drive Saudi Arabia’s Industrial Production Index up 0.9 percent in May compared to the previous month, official data showed. |
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| NEOM renews partnership with Asian Football Confederation to 2029
RIYADH: Collaboration between Saudi Arabia’s $500 billion giga-project NEOM and the Asian Football Confederation will run until 2029 after a partnership deal between the two was renewed. |
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| MoEI’s programme to ensure highest level of sustainability
The Ministry of Energy and Infrastructure (MoEI) has launched the National Green Certificates Programme, which aims to promote environmentally friendly building practices in line with the objectives of the National Demand-side Management Programme and the National Green Building Regulation. |
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| Private-public partnerships driving investment in Saudi Arabia’s booming real estate market
RIYADH: Private-public partnerships have become a cornerstone for attracting substantial investment to Saudi Arabia’s real estate market over the past five years, an expert has told an industry forum. |
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| Saudi SBF approves designs for world's tallest sports tower
His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Board of Directors of Sports Boulevard Foundation, has approved the designs of the Global Sports Tower designs, a prominent landmark within the Sports Boulevard project on Prince Mohammed bin Salman bin Abdulaziz Road. |
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| KSA leads regional VC activity with $412m in funding in H1
Saudi Arabia has maintained its lead in regional venture capital funding for the second consecutive year, securing $412 million in the first half of 2024, according to new data. |
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| Saudi Arabia, Romania sign deal to propel logistics services
RIYADH: Saudi Arabia and Romania have signed a memorandum of understanding to promote logistics services between the two countries. |
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| Qatar’s real estate trading volume hits $302m in June: official data
Qatar’s real estate trading volume totaled 1.11 billion Qatari riyals ($302 million) in June, showing an 11.90 percent decline from the previous month, official data showed. |
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| Sharjah Chamber to foster a culture of innovation and creativity
The Sharjah Chamber of Commerce and Industry (SCCI) recently hosted a graduation ceremony of 11 participants of the Strategic Business Leadership Programme, which spanned several months under the theme “Begin your Successful Leadership Journey”. |
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| Saudi Aramco begins issuing US dollar-denominated bonds
Saudi Arabia has maintained its lead in regional venture capital funding for the second consecutive year, securing $412 million in the first half of 2024, according to new data. |
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| Saudi-China housing partnerships to enhance as officials meet in Riyadh
RIYADH: Strategic partnerships between Saudi Arabia and China across the municipal and housing sectors are set to be enhanced following a high-level meeting in Riyadh. |
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| Riyadh projected amongst top 15 fastest-growing cities by 2033: Savills report
RIYADH: Saudi Arabia’s capital is projected to be amongst the top 15 fastest-growing cities by 2033, driven by a 26 percent population increase and continued government infrastructure spending. |
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| ADX welcomes the listing of Chimera JP Global Sukuk ETF
Abu Dhabi Securities Exchange (ADX), one of the fastest-growing exchanges in the world, announced on Monday the listing of the Chimera JP Global Sukuk ETF. |
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| Saudi banks’ money supply surges over 8% in May
RIYADH: Saudi banks’ money supply hit record levels in May, reaching SR2.825 trillion ($753.31 billion) after seeing an annual increase of 8.56 percent, official data showed. |
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| Aafaq Islamic Finance partners with DLD
Aafaq Islamic Finance has entered into a strategic partnership with the Dubai Land Department (DLD) through the signing of a Memorandum of Understanding (MoU). |
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| Tadawul All Share Index closes in green
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 29.56 points, or 0.25 percent, to close at 11,718.17. |
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| MENA startups raise $116m in June, pushing first half of 2024 to $882m
RIYADH: Investment activity in the Middle East and North Africa region’s startup space slowed in June with 38 tech startups raising $116 million, bringing the half-year total to $882 million, according to the latest data. |
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| ‘Shurooq’ a driving force in local, regional economic development
Since its establishment in 2009, the Sharjah Investment and Development Authority (Shurooq) has become a driving force in local and regional economic development. |
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| Saudi main index rose to close at 11,688
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 29.95 points, or 0.26 percent, to close at 11,688.61. |
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| World economic growth resilient in June despite PMI dip: S&P Global
RIYADH: International economic growth showed resilience in June, maintaining the second-highest level observed in the past 13 months, according to S&P Global’s latest report based on the Purchasing Managers’ Index. |
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| DEWA attracts projects worth AED 43.6 billion through IPWP model over 10 years
Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), has emphasised that DEWA works in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai a global hub for the green economy. |
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| Jinko Solar wins L&T supply contract for NEOM project
Jinko Solar, a leading solar and energy storage company based in China, has announced that it has secured a contract from Indian engineering and construction giant Larsen & Toubro (L&T) for supply of solar modules for one of its premium projects at the Saudi futuristic city NEOM. |
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| Saudi banks’ aggregate profit hits 14-month high; mortgage lending up
RIYADH: Saudi banks aggregate profit reached a 14-month high of SR7.33 billion ($1.96 billion) in May, marking an annual 16 percent rise, newly released data has revealed. |
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| UAE announces participation in Expo 2025 Osaka in Japan
The UAE Pavilion at Expo announced their participation in Expo 2025 Osaka in Japan, which will commence in April 2025 under the theme “Designing Future Society for Our Lives”. |
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| UAE-led operation deals serious blow to transnational environmental crime, with $32 million worth of items seized, 25 suspects arrested
Sheikh Ahmed Bin Saeed Al Maktoum, Emirates Group Chairman and Chief Executive, on Friday announced senior appointments to support the organisation’s growth and strengthen its leadership bench. |
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| Saudi Arabia keen to get more women in the workforce
RIYADH: Tourism and hospitality in Saudi Arabia are experiencing a remarkable transformation driven by the increased participation of women, thanks to inspirational leaders and strong government action. |