Business & Money | Friday 19 April, 2024 9:40 am

SNB Capital expects Saudi banking sector to grow 9% from 2023

The Saudi banking sector is expected to achieve a year-on-year (YoY) growth rate of 8-9%, during the first quarter of 2024, buoyed by increased lending activity, enhanced profit margins, and steady deposit costs, Iyad Ghulam, Head of Equity Research at SNB Capital, told Argaam. In his...

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Business & Money | Friday 19 April, 2024 9:17 am

Alkhorayef Water awarded SAR 1.72B contract by NWC

Alkhorayef Water and Power Technologies Co. (AWPT) won on April 17 a long-term operation and maintenance contract from National Water Co. (NWC) for sewage treatment plants (Package 7) in Al-Ahsa city. The contract is valued at SAR 1.72 billion, exclusive of VAT, according to a filing to...

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Business & Money | Friday 19 April, 2024 7:30 am

Sure inks SAR 94.2M contract to build, develop, operate e-platform

Sure Global Tech Co. signed, on April 17, a project contract with a legal entity to build, develop and operate an electronic platform at a total value of SAR 94.17 million, including value-added tax (VAT). The contract has a term of three years, the company said in a statement to Tadawul,...

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Business & Money | Thursday 18 April, 2024 10:50 am

The Most Reliable Trading App: UAE's Top Pick

The Most Reliable Trading App: UAE's Top Pick Having a reliable trading app in the online trading world is vital for success. The main reason for this is to shape the financial future of a UAE trader.  That's why it is important to choose the one that fits you most through various...

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Business & Money | Thursday 18 April, 2024 10:49 am

Emirates Islamic concludes debut USD 500 million financing facility

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has announced the successful conclusion of its debut USD 500 million syndicated Financing Facility. The landmark three-year term financing facility is the first of its kind raised by a Shariah-compliant financial...

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Business & Money | Thursday 18 April, 2024 10:17 am

Allianz SF says Allianz SE sold entire stake to ADNIC

Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) received a notice from Allianz SE on selling its entire shares in the Saudi-listed insurer to Abu Dhabi National Insurance Co. (ADNIC), according to a statement to Tadawul. Allianz SE offloaded 30.6 million shares at a weighted price...

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Business & Money | Thursday 18 April, 2024 10:13 am

Jebel Ali Port operations continue normally: DP World

DP World affirmed that port operations are continuing normally at Jebel Ali despite the recent adverse weather conditions, and all terminals and gates remain open. In a statement today, DP World said that while some minor delays are possible due to road congestion, work is underway to minimise ...

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Business & Money | Thursday 18 April, 2024 10:10 am

UAE, Costa Rica committed to developing resilient and sustainable economies based on innovation: Al Zeyoudi

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stated that Costa Rica and the UAE share many areas of strategic cooperation, culminating in the signing of a Comprehensive Economic Partnership Agreement (CEPA). This reflects their commitment to developing resilient,...

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Business & Money | Thursday 18 April, 2024 9:29 am

NEOM plans to issue SAR 5B sukuk: Report

NEOM plans its first issuance of SAR-denominated sukuk later this year. The issuance could reach up to SAR 5 billion in value, Bloomberg reported, citing informed sources. NEOM appointed HSBC Saudi Arabia Co., Al Rajhi Bank, and The Saudi National Bank (SNB) to provide consultation on...

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Business & Money | Thursday 18 April, 2024 9:04 am

Zoujaj's 6th glass containers line to be completed in Dec. at SAR 47M

National Co. for Glass Industries (Zoujaj) said today, April 16, that the sixth glass container production line will cost SAR 46.6 million and is expected to be completed in December 2024. The expected financial impact of the project will appear starting in the first quarter of 2025. It...

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