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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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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