NEOM wraps up China tour by confirming Sindalah island attraction to open in 2024 RIYADH: Saudi megacity NEOM on Sunday wrapped up a tour courting Chinese investors with an event at its last destination, Hong Kong. The event was organized in partnership with the Belt and Road Office under the Commerce and Economic Development Bureau … Read more
RIYADH: The UAE’s treasury sukuk auction received bids totaling 7.83 billion dirhams ($2.13 billion), signaling a promising trajectory for the country’s financial landscape. Represented by its Ministry of Finance and supported by the state’s central bank as the issuing and paying agent, the Gulf nation has disclosed the outcomes of its Islamic treasury bonds public … 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
RIYADH: Saudi Arabia’s technology space is poised for further improvement with the signing of an agreement between Dahua Technology and Alat, owned by the Kingdom’s Public Investment Fund. According to a press statement, the agreement is a part of Dahua’s recent expansion plan in the Middle East and North Africa region, after it opened an … Read more
RIYADH: Egypt is set to receive €7.4 billion ($8 billion) in aid from the EU to support its economy until 2027 amidst conflicts in Gaza and Sudan, according to reports. London-based newspaper the Financial Times claims the aid comes amid concerns that the situations could deepen the North African country’s financial challenges and increase migration pressures in Europe. Dimitris … Read more
RIYADH: Saudi healthcare is poised to benefit from advanced medical interventions after Johnson & Johnson’s technology firm, J&J MedTech KSA, announced the launching of its direct operations in the Kingdom. The company provides high-tech medical and surgical equipment and aims to bring customers closer to a more streamlined experience, according to a statement. This … Read more
RIYADH: Several prominent Saudi companies received affirmation on their credit ratings from Moody’s Investor Services, a leading global provider of financial assessments, research, and risk analysis. Following the agency’s recent update to its Government-Related Issuers Methodology, several firms, including Saudi Basic Industries Corp., Saudi Telecom Co., and Saudi Electricity Co., have maintained their A1 ratings, … Read more
Oil Updates – crude extends losses after dollar rises on shifting interest rate outlook SINGAPORE: Oil prices fell on Monday, extending losses from the previous session after the dollar rose on market views that higher-than-expected inflation could delay cuts to high US interest rates that have been capping global fuel demand growth, according to Reuters. … Read more
RIYADH: Chinese e-commerce giant Alibaba Group Holding plans to strengthen ties with the Gulf region by partnering with local firms in Saudi Arabia and the UAE. During a panel session at Dubai’s World Governments Summit, Michael Evans, president of Alibaba Group, highlighted the company’s successful partnerships within the Gulf Cooperation Council and expressed plans to replicate … Read more
Cenomi Centers secures $1.39bn Shariah-compliant, sustainability-linked financing RIYADH: Saudi Arabia’s lifestyle and leisure sectors have been infused with SR5.25 billion ($1.39 billion) after mall operator Cenomi Centers secured financing for the “next generation” of retail experiences. The firm’s Shariah-compliant, sustainability-linked funding agreement with a syndicate of top-tier banks is set to deliver a new take on retail within the … Read more