Business & Money | Friday 22 September, 2023 5:46 pm

ADIB redeems $750 million perpetual Sukuk issued in 2018

Abu Dhabi Islamic Bank (ADIB), a leading financial institution, announced that it has successfully completed the planned redemption of its USD 750 million additional tier-one (AT1) perpetual sukuk on the first call date, September 20, 2023. These sukuks were issued on 20th September 2018 at a...

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Business & Money | Friday 22 September, 2023 3:05 am

MODON says SAR 500 mln vaccine firm to be set up in Sadeer

The Saudi Authority for Industrial Cities and Technology Zones (MODON) agreed with Vaccine Industrial Co. (Vaccine) to set up a SAR 500 million factory in Sadeer City to strengthen the pharmaceutical security system and localize the manufacturing of vaccines and biomedicines in the...

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Business & Money | Friday 22 September, 2023 1:39 am

Tam Development, SAB sign SAR 25 mln facility agreement

Tam Development Co. announced, on Sept. 20, the signing of a SAR 25 million Shariah-compliant facility agreement with Saudi Awwal Bank (SAB).  The facility has a 12-month duration, with a promissory note worth the amount of...

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Business & Money | Friday 22 September, 2023 1:36 am

RCRC publishes tender for design, implementation of Wadi Laban Bridge

The Royal Commission for Riyadh City (RCRC) announced the launch of a tender for the design and implementation of Wadi Laban Cable-Stayed Bridge. According to the commission’s data, the tender aims to design and implement the development of the Wadi Laban Cable-Stayed Bridge and increase its ...

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Business & Money | Friday 22 September, 2023 1:21 am

Azizi Developments partners with Finnish brand ‘Lappset’ for Riviera

Azizi Developments, a leading private developer in the UAE, has partnered with renowned Finnish brand Lappset for the supply of premium kids’ play equipment, including play planetariums, slides, swings and more, for the second and third phases of Azizi’s mega-project Riviera, located in the...

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Business & Money | Thursday 21 September, 2023 3:34 pm

The opportunities of the blue economy will be the focus of Tomorrow. Blue Economy

The event will be held as part of the Smart City Expo World Congress Promoting and developing the potential of the blue economy and encouraging the preservation of marine and ocean resources as an engine for economic growth. This is the aim of the Tomorrow.Blue Economy congress, which will...

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Business & Money | Thursday 21 September, 2023 10:44 am

CBUAE maintains Base Rate at 5.40%

he Central Bank of the UAE (CBUAE) has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) without change at 5.40%, effective from Thursday, 21 September 2023.This decision was taken following the US Federal Reserve Board’s announcement on 20 September 2023 to...

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Business & Money | Thursday 21 September, 2023 10:34 am

Sadr board approves construction of SAR 149 mln logistics park

Sadr Logistics Services Co. announced that its board of directors approved the construction of the Logistics Services Complex Project (Sadr Park) on the company's land in the Industrial Gate City in Riyadh at the cost of SAR 149 million.    ...

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Business & Money | Thursday 21 September, 2023 9:36 am

Mars marks a decade of industrial sustainability in Saudi Arabia

U.S-headquartered food manufacturer Mars. Incorporated recently marked ten years of operations in the Kingdom of Saudi Arabia.  To commemorate the event, Mars hosted a special event attended by government officials from the Saudi Food & Drug Authority (SFDA); U.S. Consulate General...

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Business & Money | Thursday 21 September, 2023 3:15 am

Fed holds interest rates for second time since March 2022

The Federal Reserve left today, Sept. 20, interest rates unchanged at their highest level since 2001, as widely expected.   In its two-day meeting, the the Federal Open Market Committee (FOMC) maintained policy rates at the current range of...

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