| Dubai: Rents increase by up to 24% in 3 'best areas to live'
Dubai Marina, Downtown Dubai and Business Bay are the most popular areas for residence in Dubai in 2022 for their vibrancy and unique lifestyle offerings. |
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| Saudi Steel Pipe Co. secures $24m contract from Uruguay’s Tenaris Global
Saudi Steel Pipe Co. won a contract worth SR88 million ($24 million) from Uruguay-based Tenaris Global Services. |
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| Saudi Arabia, Thailand sign deals to form business council, facilitate trade
Saudi Arabia and Thailand signed agreements on Monday to establish a Saudi-Thai Business Council and facilitate bilateral trade. |
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| Monsha’at offered over 200 training programs to Saudi entrepreneurs as Kingdom bets on SMEs
The Small and Medium Enterprises General Authority, or Monsha’at, has been offering training programs to entrepreneurs to enhance the sector’s contribution to the gross domestic product. |
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| Here’s what you need to know before Tadawul trading on Tuesday
Saudi stocks ended Monday’s session flat after starting the week lower on Sunday, as weak market sentiment dampened equity performance. |
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| UAE In-Focus — Emirati women invest $9.4bn in Abu Dhabi financial market in 2022
Emirati women invested 34.6 billion dirhams ($9.4 billion) at the Abu Dhabi bourse from the beginning of the year until mid-August, Abu Dhabi Securities Exchange figures show. |
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| Saudi M3 money supply decelerates in July: SAMA
The rate of change in Saudi M3 monetary aggregate decelerated in July to 8.1 percent year-on-year from 8.9 percent in June, according to data published on Saudi Central Bank’s website on Sunday. |
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| Gulf buy now, pay later firm Tamara says it raised $100 million
Gulf buy now, pay later (BNPL) firm Tamara said on Monday it raised $100 million in a second round of fundraising from investors including Sanabil Investments, which is owned by Saudi Arabia’s sovereign wealth fund PIF. |
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| Saudi banks’ July claims on private sector edge up 0.3%: SAMA
Saudi Arabia’s commercial banks’ claims on the private sector edged up 0.3 percent in July compared to June, according to data published on the Saudi Central Bank’s website on Sunday. |
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| SAMA assets reach SR2tn in July for the first time since February 2017
Total assets of the Saudi Central Bank, also known as SAMA, surpassed the SR2 trillion ($535 billion) in July for the first time since February 2017. |
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| Here’s what you need to know before Tadawul trading on Sunday
Saudi Arabia’s stock market ended the previous week on a high note as its first-half earnings season came to an end. |
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| Rents increase by up to 24% in 3 'best areas to live'
Dubai Marina, Downtown Dubai and Business Bay are the most popular areas for residence in Dubai in 2022 for their vibrancy and unique lifestyle offerings. |
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| Saudi largest lender SNB announces start of SR-denominated sukuk offering
Saudi National Bank has announced the commencement of its additional sukuk offering on Aug. 28, in a bid to strengthen the bank’s capital base. |
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| Saudi Arabia’s June fuel oil imports increase 60% annually as supply rises
Saudi Arabia’s fuel oil imports in June surged 60 percent to 307,000 barrels per day compared to the same month last year to meet the increasing energy demand for air conditioning to quell the summer heat. |
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| Rua Al Madinah project to add $37m to GDP, will create 93,000 jobs: CEO
The Rua Al Madinah project launched by Crown Prince Mohammed bin Salman will add SR140 million ($37.25 million) to Saudi Arabia’s gross domestic product upon its completion, according to its CEO. |
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| CBK to test first product for open banking
Keen to enable new fintech and support open banking to help bring about innovative business models in the field of financial services, the Central Bank of Kuwait (CBK) has given the green light to test a first-of-its kind product within the regulatory sandbox. |
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| KSA records 21% growth in residential real estate transactions in Q2: CBRE
Saudi Arabia recorded SR36 billion ($9.58 billion) worth of transactions in the residential real estate sector in the second quarter of 2022, recording a 21.4 percent increase over the same period last year, the latest market report by the global real estate adviser CBRE revealed. |
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| UAE stocks gain Dh8.3 billion on Friday
The UAE financial markets on Friday posted gains of around Dh8.3 billion in market cap driven by upbeat sentiments at the realty, banking and telecom sectors and cash inflows by institutions and individuals alike. |
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| Kingdom Holding reports massive 1,162% profit surge to $1.7bn
Saudi Arabia’s Kingdom Holding Co. has seen its profits skyrocket by 1,162 percent to SR6.35 billion ($1.7 billion) in the first half of 2022 from SR503 million in the same period last year. |
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| Here’s what you need to know before Tadawul trading on Thursday
Saudi Arabia’s stock market rebounded on Wednesday, tracking a recovery in oil prices as they surpassed $100 a barrel. |
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| Saudi IT firm Al Moammar sees slight decline in H1 profits to $6m
Al Moammar Information Systems Co. reported a 6 percent drop in profits for the first half of 2022, weighed down by poor first-quarter results. |
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| Kuwait crude oil up USD 2.52 Tues. to USD 103.97 pb – KPC
Kuwait crude oil gained USD 2.52 during Tuesday’s trading sessions to readh USD 103.97 per barrel compared with USD 101.45 pb the day before, Kuwait Petroleum Corporation (KPC) said Wednesday. |
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| Another Palm Jumeirah penthouse sold for whopping Dh163 million
The largest penthouse on Palm Jumeirah’s Atlantis The Royal Residences has been sold for Dh163 million. |
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| Saudi Arabia’s non-oil exports surge by 31% in Q2 to $23bn
Saudi Arabia’s non-oil exports surged by 31 percent in the second quarter to SR86.2 billion ($22.9 billion) from SR65.8 billion in the same period last year, the General Authority for Statistics, also known as GASTAT, said in a report. |
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| Here’s what you need to know before Tadawul trading on Wednesday
Saudi stocks slipped on Tuesday, tracking a trend in the region as market sentiment remained negative due to continued recession fears and oil volatility. |
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| Saudi Arabia’s NDMC closes August issuance of sukuk program at $820m
Saudi Arabia’s National Debt Management Center has closed the issuance of SR3.09 billion ($820 million) SR-denominated sukuk in August. |
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| Kuwait Oil Min. announces oil production to meet increased demand
Kuwaiti Deputy Prime Minister and Minister of Oil and Minister of Cabinet Affairs Dr. Mohammad Al-Faris announced Wednesday that, in keeping with Kuwaitآ’s commitment to ensure secure and stable supplies of oil to the international markets, Kuwait has increased its crude oil production in line with its 2.811-million-barrels-a-day quota under the OPEC+ agreement. |
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| Non-oil foreign trade exceeds record Dh1.05 trillion in 6 months
The UAE’s non-oil trade surpassed the Dh1 trillion mark in the first half of 2022, registering an increase of 17 per cent over the last half of 2021, thanks to a host of initiatives taken by the government to support non-oil sectors after the pandemic. |
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| Investors to repose trust on UAE real estate market with more investments
The government’s recent measures on real estate investment will increase market credibility, transparency and boost investor confidence in the growing sector, experts say. |
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| Saudi banks outperform regional counterparts with assets growing by 10% to $880bn
Saudi Arabia’s banking sector continued to outperform its regional counterparts in 2021 with assets growing by a record 10 percent to SR3.3 trillion ($880 billion), said a report by The Banker. |
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| Development projects should not encounter snags
The Cabinet on Monday emphasized the importance of a number of planned development projects that should come to fruition shortly, saying these initiatives need to proceed without any glitches. |
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| CMA Kuwait becomes a member of Global Financial Innovation Network
Kuwait’s Capital Markets Authority (CMA) has become a member of the Global Financial Innovation Network (GFIN), an international network that seeks to support financial innovation for the benefit of consumers, acts as a regulatory tool and focuses on emerging technology. |
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| Plastic manufacturer APICO posts 29% profit jump ahead of Saudi IPO
Arabian Plastic Industrial Co., which is in the process of joining the Saudi stock exchange, has reported a 29 percent profit increase for 2021. |
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| State-owned utility SEC's profit drops 7% despite higher sales of $8.8bn
Saudi Electricity Co. has reported a slight drop in its first-half profit to SR7 billion ($1.9 billion), as higher operating costs make a dent in the earnings. |
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| Allianz Group’s Saudi unit posts 13% profit surge amid potential stake sale
Allianz Saudi Fransi Cooperative Insurance Co. reported stronger earnings for the first half of 2022, amid news that its German parent company is planning to sell its stake in the Saudi unit. |
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| UAE investments in Egypt rise by more than 169% in 6 months
UAE investments in Egypt increased by 169.1 percent during the first half of the 2021-2022 fiscal year, latest economic data show. |
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| Saudi developer Sumou signs $144m contract to develop residential units
Sumou Real Estate Co. has signed an agreement with National Housing Co. to build residential units for SR540 million ($144 million). |
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| Saudi insurers post mixed H1 profits; MEDGULF posts losses of $35m
Major Saudi-listed insurers reported mixed earnings for the first half of the year in their announcements on Sunday, according to a report by the Saudi Stock Exchange. |
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| Saudi developer Jabal Omar’s losses widen 316% despite revenue surge
Jabal Omar Development Co., one of Saudi Arabia’s largest listed developers, has seen its losses widen by 316 percent in the first half of 2022, despite a surge in revenues. |
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| Non-oil Kuwaiti exports jump 60%
With a 60 percent increase, non-oil Kuwaiti exports during the first half of this year reached KD 209.1 million, an increase of KD 78.5 million, compared to KD 130.6 million in the same period last year. |
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| Kuwait’s economic data, inflation prompted CBK rate hike: Bouresli
The Central Bank of Kuwait (CBK) raised the discount rate for the fifth time this year by about a quarter of a percentage point, from 2.5 to 2.75 percent, with the aim of maintaining the attractiveness of the dinar, expanding the margin between the domestic discount rate and the US interest from its narrowest level in a century, according to the latest banking data. |
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| Saudi Arabian Amiantit’s losses shrink 83%, reveals $107m project award
Saudi Arabian Amiantit Co. saw its half-year losses shrink by 83 percent, bolstered by continued sales growth. |
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| OPEC chief says blame policymakers, lawmakers for oil price rises
Policymakers, lawmakers and insufficient oil and gas sector investments are to blame for high energy prices, not the Organization for the Petroleum Exporting Countries, the producer group’s new secretary-general, Haitham Al-Ghais, told Reuters on Thursday. |
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| Saudi Jamjoom Pharma to invest $52m in Uzbekistan as it eyes Central Asia expansion
Saudi Arabian pharmaceutical firm Jamjoom Pharma has signed an agreement to invest over $52 million in Uzbekistan, as the firm continues its expansion into the Central Asian region, the company's vice chairman said. |
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| Abu Dhabi Securities Exchange tops Arab region in market value increase
The Abu Dhabi Securities Exchange (ADX) was the leading Arab financial market in terms of performance last week, as its index surged by 3.6 per cent, and its market value by 3.03 per cent, according to the Arab Monetary Fund (AMF). |
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| Kuwait oil price down USD 1.28 to USD 98.07 pb – KPC
The Kuwaiti crude oil price fell by USD 1.28 to USD 98.07 per barrel on Wednesday, compared with USD 99.35 per barrel the previous day, said the Kuwait Petroleum Corporation (KPC) on Thursday. |
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| UAE economy is expected to grow by over 5% in 2022: UBS
Michael Bolliger, chief investment officer Emerging Markets at UBS Global Wealth Management, has stated that he expects the UAE’s economy to grow by over five per cent in 2022. |
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| IMF sees Saudi inflation contained at 2.8% as GDP growth hits decade-high
Saudi Arabia’s gross domestic product is expected to grow at the fastest rate in almost a decade at 7.6 percent with inflation likely to remain at 2.8 percent in 2022, the International Monetary Fund’s Article IV Consultation report has predicted. |
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| Now, pay government fees using mobile payment apps, bank transfer, credit cards
The Ministry of Finance announced on Wednesday that customers can now pay government services fees using the various payment options accepted in the UAE. |
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| Saudi Arabia issues over 4.4k licenses, attracting $932m investment in Q2
Saudi Arabia has recorded a massive jump of 673.4 percent in the number of investment licenses, with 4,455 licenses issued in the second quarter of 2022 in comparison to 576 in the same period last year, the latest government data showed. |