Business & Money | Tuesday 12 January, 2021 11:31 am

eXtra sees 36% higher net profits in 2020

The estimated financial results of United Electronics Company (eXtra) recorded a 36.33% increase in net profits after Zakat and tax to SAR 280.3 million in 2020, compared to SAR 205.6 million in 2019. The higher net profits are driven by a 16.121%...

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Business & Money | Tuesday 12 January, 2021 11:28 am

Credit Suisse opens branch in Riyadh

Riyadh – Mubasher: Credit Suisse has inaugurated its branch in Riyadh to promote wealth management services in Saudi Arabia, according to a press release on Monday. The new branch will enable its clients in Saudi Arabia to benefit from an extended wealth management...

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Business & Money | Tuesday 12 January, 2021 11:25 am

Saudi Arabia grants licenses to 903 factories in 2020

Saudi Arabia has granted new licenses to 903 factories with total investments of SAR 23.5 billion in 2020 and with 39,404 licensed workers. A total of 515 factories have started their operations in 2020, the Saudi Ministry of Industry and Mineral...

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Business & Money | Tuesday 12 January, 2021 11:09 am

ADIO accelerates opportunities in Abu Dhabi for startups through partnerships with Microsoft and Plug and Play

The Abu Dhabi Investment Office (ADIO) is partnering individually with Microsoft and Plug and Play on a range of initiatives to provide founders and entrepreneurs with tools and resources to successfully scale their businesses and realise ideas that drive positive impact.Abu Dhabi has built an...

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Business & Money | Tuesday 12 January, 2021 11:05 am

FAB issues five-year US$500 million Sukuk

First Abu Dhabi Bank (FAB) has issued the lowest-ever yield on any five-year MENA bank USD issuance with a US$500 million five-year Sukuk issued at MS+90bps (all-in yield of 1.411 percent) through FAB Sukuk Company Limited.The deal is FAB’s first USD benchmark offering and the first Sukuk issue...

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Business & Money | Tuesday 12 January, 2021 10:48 am

Arada records 35% rise in sales during 2020 to reach AED1.75 billion

SHARJAH, 11th January, 2021 (WAM) -- Arada has reported a robust sales performance for 2020, as the developer benefited from a raft of project handovers and the stable Sharjah real estate market to overcome the effects of the pandemic.During a challenging year for the UAE property sector as a...

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Business & Money | Monday 11 January, 2021 9:45 am

MAWANI implements key logistical transformation initiatives despite coronavirus

The Saudi Ports Authority (MAWANI) has to its credit several major accomplishments during the year 2020 by implementing a raft of initiatives in the process of Saudi Arabia’s unhindered transformation into a global logistics center, despite the repercussions of the coronavirus pandemic. In a ...

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Business & Money | Sunday 10 January, 2021 2:33 pm

Emirates NBD introduces contactless identity verification to open new accounts on mobile

 Bank's new TruID digital identity verification solution leverages the power of Near-Field Communication (NFC) technology Customer identification information read electronically from Emirates ID and biometric passport Solution built as part of fintech collaboration with VisionLabs...

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Business & Money | Sunday 10 January, 2021 2:26 pm

tabby, the Region’s Leading Buy Now Pay Later Fintech Raises $23m in one of the Largest Series A Funding Rounds in the Middle East

tabby (tabby.ai), the leading UAE and KSA-based BNPL provider announced that it has raised Series A financing of $23m in debt and equity led by Arbor Ventures and Mubadala Capital, with participation from STV, Raed Ventures, Global Founders Capital, JIMCO, Global Ventures, Venture Souq, Outliers...

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Business & Money | Sunday 10 January, 2021 2:19 pm

ACCIONA completes the construction of the Al Khobar I desalination plant in Saudi Arabia

Al-Khobar 1, built by ACCIONA and owned by Saline Water Conversion Corporation (SWCC), is one of the biggest desalination plants in Saudi Arabia. It will provide a service to 350,000 people ACCIONA has completed the commissioning phase for the plant and is now producing water beyond its...

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