Business & Money | Sunday 15 September, 2024 9:29 am

Moody’s forecasts Islamic finance to outpace conventional banking in GCC

Moody's Ratings has forecast that the profitability of Islamic banks in Gulf Cooperation Council (GCC) countries will remain strong over the next 12 to 18 months. In its report today, the agency attributed the strong profitability of Gulf Islamic banks to robust commercial activity driven by...

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Business & Money | Sunday 15 September, 2024 9:24 am

UAE's banking sector net international reserves increase by 8.1 percent in H1 2024

Net international reserves of the UAE’s banking sector increased by 8.1 percent, or AED92.3 billion, during the first half of 2024 (H1 2024), reaching AED1.238 trillion at the end of June, compared to AED1.145 trillion at the end of the same period last year. The Central Bank of the UAE’s...

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Business & Money | Sunday 15 September, 2024 9:23 am

Bank of Russia raises key rate by 100 bp to 19% per annum

The Bank of Russia raised the key rate by 100 basis points to 19 percent per annum and indicated the possibility of raising the figure once again at the next meeting, according to a press release issued following the meeting of the regulator's Board of Directors. "On 13 September 2024, the...

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Business & Money | Sunday 15 September, 2024 9:22 am

GCAA, Volar Air Mobility partner to establish UAE’s first green aviation technology hub

The General Civil Aviation Authority (GCAA) and Volar Air Mobility signed a Memorandum of Understanding (MoU) during the International Civil Aviation Organisation’s (ICAO) Advanced Air Mobility (AAM) Symposium 2024. This collaboration will lead to the development of the UAE's first Green...

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Business & Money | Sunday 15 September, 2024 9:15 am

Mawani Expands Jeddah Islamic Port Connectivity with ONE's RG2 Service

The Saudi Ports Authority (Mawani) has announced the addition of Ocean Network Express (ONE) new RG2 shipping service to Jeddah Islamic Port. This strategic move reinforces the port's global navigational connectivity, and highlights its competitive edge and operational efficiency.Aligned with...

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Business & Money | Sunday 15 September, 2024 9:14 am

With Saudi Participation, Startup20 Summit Kicks off in Sao Paulo, Brazil

The Startup20 Summit has commenced in Sao Paulo, Brazil. A Saudi delegation led by Prince Fahd bin Mansour bin Nasser bin Abdulaziz, Head of the Saudi Startup Group within the G20, is participating in the summit in partnership with NEOM, the entity supporting Saudi participation in Startup20.Saudi...

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Business & Money | Sunday 15 September, 2024 8:59 am

CMA’s new 3-year strategy supports investor protection: ElKuwaiz

The Capital Market Authority (CMA) achieved many ambitious goals in its previous strategies for our financial market, which helped the Saudi financial market rank among the world’s top 10 markets, Chairman Mohammed ElKuwaiz said.   Therefore, the authority’s recently announced...

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Business & Money | Sunday 15 September, 2024 8:58 am

GO to acquire 51% Stake in eJad for SAR 86.7 Million

Etihad Atheeb Telecommunication Co. (GO) signed on Sept. 14 a binding Memorandum of Understanding (MoU) to acquire a 51% equity stake in eJad Tech Co. for a total consideration of SAR 86.7 million.   In a statement to Tadawul, the company pointed out that the acquisition will be...

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Business & Money | Sunday 15 September, 2024 8:57 am

Al Akaria says Bayan’s guarantor ordered to pay SAR 187.5M

Saudi Real Estate Co. (Al Akaria) said that a final ruling was issued on Sept. 14 by the Commercial Court in Riyadh, ordering the defendant Mohammed Obeid Al-Hammad to pay the company SAR 187.5 million. In a statement to Tadawul, the company entered into an agreement with Al Bayan Holding...

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Business & Money | Saturday 14 September, 2024 12:09 pm

Al-Falih: 750 Chinese companies drive major projects in Saudi Arabia

Saudi Minister of Investment Khalid Al-Falih said that around 750 Chinese companies are currently operating in Saudi Arabia, contributing to major construction projects, including NEOM.   In an interview with Xinhua, Al-Falih stressed that the Kingdom aspires to have more Chinese...

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