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Press Dossier   News Category    Economy   
ADCB posts net profit of Dhs4.456b in H1’24
Abu Dhabi Commercial Bank PJSC (ADCB) today reported its financial results for the second quarter of 2024 (Q2’24). Strong performance in H1’24 driven by double-digit YoY growth in net interest income and non-interest income in the context of robust UAE fundamentals.According to the financial results’ statement,
Emirates reports no impact on flight operations amid global IT disruption
An Emirates spokesperson confirmed that there has been no impact on Emirates’ flight operations.
Kingdom stands at forefront of leisure and entertainment in region
RIYADH: When Saudi Arabia launched the General Entertainment Authority in 2016, skeptics were doubtful about its outcome as the Kingdom was just taking its nascent steps in the sector.
Masdar raises $1b through second Green Bond to fund new projects
Abu Dhabi Future Energy Company - Masdar, the UAE’s clean energy powerhouse, on Friday announced it has successfully raised $1 billion through its second green bond issuance, under its Green Finance Framework.
SIB reports 25.8% rise in net profit
Sharjah Islamic Bank (SIB) announced an increase in its net profit by 25.8%, amounting to Dhs622.4 million for the first six months of 2024, compared to Dhs494.6 million for the same period of the previous year.
UAE a beacon of science and knowledge, says Rashid Al-Saleh
Sharjah: Abdulaziz Rashid Al-Saleh, Director of Sharjah Real Estate Registration Department (SRERD), said, ‘Union Pledge Day’, which falls on the July 18, is a great historical day on which the Founding Fathers, led by the late Sheikh Zayed Bin Sultan Al-Nahyan, may God have mercy upon him, signed the declaration of the Union and the UAE Constitution, in which the statement of the Union and the official name of the United Arab Emirates was announced.
Saudi Arabia reports minimal impact from global outage; airports resume normal operations
RIYADH — The National Cybersecurity Authority (NCA) reported that the impact of the global technical disruptions on national entities in Saudi Arabia has been minimal.
Saudi weekly POS spending hits $3bn, driven by hotel sector surge
RIYADH: Saudi Arabia’s point-of-sale spending totaled SR11.9 billion ($3.19 billion) from July 7 to 13, driven by a 3.8 percent weekly surge in hotel sector transactions, official data showed.
Ajman’s DoF, FAB to enhance digital govt service experience
The Department of Finance in Ajman (DoF) has signed a service agreement with First Abu Dhabi Bank (FAB) to augment a unified digital payment platform for Ajman’s government, SADAD Ajman and its digital wallet.
Saudi economic growth to outstrip global average in 2025: IMF
RIYADH: Saudi Arabia’s economic growth is expected to outpace the global average in 2025 according to the latest International Monetary Fund study.
Saudi Cabinet approves establishment of national minerals program
RIYADH: Saudi Arabia is set to launch a new national minerals program, further strengthening its position as a regional and global center for the mining and metals sector.
Gold at record high as rate cut bets fuel demand
Gold prices rose to an all-time peak on Wednesday, driven by mounting hopes of a US interest rate cut in September after recent comments from Federal Reserve officials.
ADGM announces fee revision for commercial licences starting 2025
Abu Dhabi Global Market (ADGM) has announced significant revisions to its licencing fee schedule as part of its transitional arrangements for Al Reem Island businesses.
Boubyan Bank’s net profits grow 20% to KD 50 million for H1 2024
Boubyan Bank has announced KD 61 million in operating profits for the first half of this year as the bank recorded KD 50 million in net profits at a growth rate of 20 percent compared with last year, while the earnings per share amount to 11.1 fils.
Global gas demand to rise by 2.5% in 2024, says IEA
RIYADH: Global gas demand is expected to rise by more than 100 billion cubic meters or 2.5 percent this year, driven by continued expansion in fast-growing Asian markets, according to an analysis.
CBUAE and NBE sign currency swap agreement, two MoUs
Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Mamo E. Mihretu, Governor of the National Bank of Ethiopia (NBE), have signed a bilateral currency swap agreement for the UAE Dirham and Ethiopian Birr.
Global sukuk issuance hits $91.9bn in H1: S&P Global
RIYADH: Global sukuk issuances reached $91.9 billion in the first half of 2024, marking a marginal year-on-year increase of 0.87 percent, driven by issuers from Saudi Arabia and the UAE.
Saudi delegation visits Airbus in Hamburg to mark historical deal
A delegation from Saudia airline has made a special visit to Airbus’s factory in Hamburg to see for itself the progress of the largest aircraft deal in the Kingdom’s aviation history.
Abu Dhabi’s GDP grows by 3.3% in Q1, driven by non-oil sectors
Abu Dhabi’s gross domestic product increased by 3.3 percent annually during the first quarter of 2024, driven by the growth of non-oil economic activities.
Emirates SkyCargo places $1b order for 5 Boeing 777 Freighters
Emirates SkyCargo, the cargo arm of the world’s largest international airline, has announced a firm order for an additional five Boeing 777 freighters, with immediate delivery between 2025 and 2026. The US$ 1billion order will take the airline’s total order book to 315 wide-body aircraft.
Strategic partnership between Saudi Awwal Bank and UnionPay International fuels Saudi Vision 2030 tourism drive
In a strategic step towards enhancing the digital payment ecosystem in the Kingdom, Saudi Awwal Bank, a leading bank in the Kingdom of Saudi Arabia, announced its strategic partnership with UnionPay, a world-leading payment network.
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.
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.
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.
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.
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
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).
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.
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.
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.
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).
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.
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.
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.
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.
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
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
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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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