Business & Money | Monday 16 September, 2024 9:08 am

Saudi imports from GCC hit SAR 17.6B in Q2 2024

Saudi Arabia’s imports from GCC countries rose 0.1% year-on-year (YoY) to SAR 17.6 billion in Q2 2024, according to a recent report by the General Authority for Statistics (GASTAT).The UAE accounted for 67%, or SAR 11.8 billion of the total Saudi imports, up 9% YoY. The...

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Business & Money | Monday 16 September, 2024 9:07 am

UAE’s ARMS Group Partners with Australian Firm to Import Hydrogen and Electric Trucks

UAE-born ARMS Group today announced signing a strategic agreement with Australian clean energy company Pure Hydrogen Corporation Limited (ASX: PH2 or ‘Pure Hydrogen’). The partnership will set up distribution and sale of Taurus Prime Mover, Hydrogen Fuel Cell (HFC) Garbage Trucks and Box Trucks ...

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Business & Money | Monday 16 September, 2024 8:51 am

SMEs account for 90% of Saudi industrial sector: Minister

The industrial base in most countries consists of small and medium enterprises (SMEs), Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said during an interview at Monshaat Support Council in Riyadh. He added that SMEs dominate 90% of the industrial sector in Saudi...

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Business & Money | Monday 16 September, 2024 8:51 am

Naseej Tech awarded SAR 13.8M contract with NELC

Naseej for Technology Co. (Naseej Tech) was awarded a SAR 13.8 million contract, including value-added tax (VAT), with National eLearning Center (NELC). According to a statement to Tadawul, the documents were completed on Sept. 15, 2024. The project aims to build short university programs ...

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Business & Money | Monday 16 September, 2024 8:45 am

Ministry of Industry aims to cut new project costs in Saudi Arabia

Bandar Alkhorayef, Minister of Industry and Mineral Resources, said that opening a factory in Saudi Arabia is now easier than opening a restaurant, thanks to the facilitated procedures.   In his speech today at the SME's Support Center, Alkhorayef explained that the...

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Business & Money | Sunday 15 September, 2024 9:32 am

ADGM grants PGIM Financial Services Permission

PGIM, the global investment management business of Prudential Financial, Inc., has received Financial Services Permission (FSP) to operate in Abu Dhabi Global Market (ADGM) and has opened a new office in Abu Dhabi, located in the city’s financial district. Establishing its local entity marks ...

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Business & Money | Sunday 15 September, 2024 9:31 am

Ajman real estate transactions reach AED1.57 billion in August

Omar bin Omair Al Muhairi, Director-General of Ajman's Department of Lands and Real Estate Regulation, said that the total number of real estate transactions in the emirate reached 1,264 in August with a total value of over AED1.57 billion.The total trading volume amounted to AED950 million from...

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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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