RIYADH: All airports in Saudi Arabia that received passengers’ complaints in March resolved them on time, according to the General Authority of Civil Aviation. In its monthly classification for air transport service providers, GACA highlighted the performance of airlines and 13 airports based on traveler complaints filed during the third month of 2024. As per the … Read more
Startup Wrap – OSN+, AhnLab, and Mubashir among firms to see funding success during Ramadan CAIRO: Startups in the Middle East and North Africa region have closed Ramadan and started Eid Al-Fitr on a positive note as venture activity continued. Among the most significant announcements during the holy month was UAE-based online streaming platform OSN+ and … Read more
RIYADH: Buoyed by the millions of Umrah performers and worshippers throughout the holy month of Ramadan, Saudi Arabia braces for a surge in travel for Eid Al-Fitr. The spike is expected to result in a significant rise in the number of arriving and departing passengers from key Umrah airports. Air travel between the UAE and … Read more
RIYADH: Japan’s Mitsubishi Power is committed to supporting Saudi Arabia’s growing demand for energy to help it achieve the prosperity outlined in Vision 2030, according to a top official. Adel Al-Juraid, CEO of Mitsubishi Power in Saudi Arabia, shared profound insights into the company’s transformative journey in an interview with Arab News, offering a comprehensive overview … Read more
RIYADH: Abu Dhabi sovereign wealth fund Mubadala Investment Co. has picked banks for its debut 10-year sukuk, a document seen by Reuters on Monday showed. Mubadala, through its unit Mamoura Diversified Global Holding, has appointed ADCB, First Abu Dhabi Bank and HSBC as joint global coordinators, while ADIB, BOFA Securities, and Citi are working on the … Read more
WASHINGTON: IMF Managing Director Kristalina Georgieva warned on Thursday that central banks face growing political pressure to cut interest rates during a major election year but policymakers need to maintain their independence. Georgieva said in a blog posted on the IMF website that central banks with stronger independence scores are more successful in controlling inflation … Read more
RIYADH: Saudi Arabia concluded its riyal-denominated sukuk issuance above the $1 billion mark for the fourth consecutive month in March, government data showed. The Kingdom’s National Debt Management Center revealed three tranches of the Shariah-compliant debt product were closed at SR4.44 billion ($1.18 billion). It was in November that Saudi Arabia’s sukuk issuance dropped below the $1 billion mark at … Read more
DUBAI: The ruler of Dubai Sheikh Mohammed bin Rashid Al-Maktoum issued a law imposing an annual tax of 20 percent on foreign banks operating in the emirate on Thursday. Banks which are licensed to operate in Dubai’s international financial centre are exempt from the tax, Dubai Media Office said.
RIYADH: The UAE’s non-oil private sector expanded in February as it delivered the strongest output growth since June 2019, according to S&P Global’s purchasing managers’ index report. The analysis saw the Middle Eastern country given a PMI standing of 57.1 – up from 56.6 in January – with increased new business, more robust client activity, and intensified marketing and … Read more
RIYADH: Saudi Arabia’s money supply surged 10 percent in January to reach SR2.72 trillion ($726 billion), the central bank data showed. The growth was primarily driven by a substantial rise in banks’ term and savings accounts, which recorded a rise of 31 percent to reach SR864.32 billion. The overall figure, however, also includes currency outside … Read more