Business & Money | Saturday 21 October, 2023 8:15 am

Monshaat says 17,000 'fast-growing' SMEs contribute 50% to GDP

Small & Medium Enterprises General Authority (Monshaat) seeks to support and develop 'fast-growing' small and medium-sized enterprises (SME), Saudi Press Agency reported, citing Monshaat Governor Sami Al Hussaini. He pointed to SMEs' vital role and impact on global economies, noting that...

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Business & Money | Saturday 21 October, 2023 8:12 am

New Collaboration Set To Ignite Dubai Real Estate Market

An exciting new addition to the UAE’s landscape is the recently announced strategic partnership between well-known luxury real estate company Karma Developers and Deca Properties, a dynamic development management company.Designed to enhance the fiercely competitive mid-size development offering...

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Business & Money | Saturday 21 October, 2023 8:00 am

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum visits du at GITEX Global 2023

du, from Emirates Integrated Telecommunications Company (EITC), welcomed His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the Minister of Finance of the UAE, Deputy Ruler of Dubai, and Chairman of Dubai Media Incorporated, to its stand at GITEX Global 2023. Under the theme of...

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Business & Money | Saturday 21 October, 2023 7:46 am

MAWANI, SGP sign SAR 1 bln contract to establish logistics zone

The General Ports Authority (MAWANI) and Saudi Global Ports (SGP) signed a contract to establish an integrated logistics zone in Dammam-based King Abdulaziz Port, at an investment value of SAR 1 billion.   The zone will span over one million square meters, MAWANI said in a...

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Business & Money | Friday 20 October, 2023 8:54 am

Gold prices rallied today, reaching their highest levels in two and a half months

Gold prices rose during today's trading, gaining more than US$4 in spot trading to approach its highest levels in two and a half months. As of 12:06 p.m. UAE time, the yellow metal rose 0.22 percent or $4.4 to reach $1,952.07 per ounce. In contrast, gold futures for December 2023 fell...

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Business & Money | Friday 20 October, 2023 8:50 am

FAB announces net profit of AED12.4 billion in first 9 months of 2023

First Abu Dhabi Bank (FAB) has achieved record performance in the first nine months of 2023, reporting that net profit for the period reached AED12.4 billion, up 58% year-on-year on an underlying basis (excluding Magnati-related gains in 2022). Revenue was AED20.5 billion, up 38% year-on-year, ...

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Business & Money | Friday 20 October, 2023 8:46 am

Emaar EC seals deal to develop tourist destination in KAEC

Emaar The Economic City (Emaar EC), the master developer of King Abdullah Economic City (KAEC), signed today, Oct. 19, a strategic cooperation agreement with Orascom Development Co. and Al Kholi Group to develop a world-class, mixed-use tourist destination in KAEC, the Saudi Press Agency...

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Business & Money | Friday 20 October, 2023 8:44 am

TGA launches concession for intercity bus transport in Southern region

The Transport General Authority (TGA) announced the launch of SAT services through a consortium between the Saudi Public Transport Company (SAPTCO) and the Spanish company ALSA, which won the concession for intercity bus transport in the southern region. This came within the framework of opening...

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Business & Money | Friday 20 October, 2023 8:40 am

PIF prices inaugural int’l sukuk issue at $3.5 bln, orders surpass $25 bln

The Public Investment Fund (PIF) successfully priced today, Oct. 19, its first dollar-denominated Shariah-compliant trust certificates (sukuk). The total amount of the issuance is $3.5 billion, consisting of two tranches: - $2.25 billion, five-year sukuk maturing in 2028. - $1.25 billion, ...

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Business & Money | Friday 20 October, 2023 8:33 am

Ajman DOF Invites Independent Government Entities to Join the ‘Tawreed’ Platform

As part of its engagement at GITEX Global 2023, the Ajman Department of Finance introduced the second phase of the ‘Tawreed’ platform, a consolidated digital portal for government procurement in the emirate. This platform allows independent government entities in Ajman to post tenders, assess...

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