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Business
UAE banks extend $232bn in credit to business and industrial sectors by May
UAE banks provided credit facilities worth 851.87 billion dirhams ($231.93 billion) to the business and industrial sectors by the end of May, reflecting a 3.18 percent year-on-year increase.
In its latest monthly statistical bulletin,…
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UAE banks’ savings deposits up 8.4% to reach $80.2bn
The UAE banking sector has demonstrated growth and stability in recent months. According to the latest data, the total value of savings deposits held by banks surged by 8.4 percent year on year, reaching 294.66 billion dirhams, equivalent…
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King Abdulaziz Port sets record with 20,645 containers handled on single ship
Saudi Arabia’s maritime sector is experiencing significant expansion, highlighted by the King Abdulaziz Port in Dammam achieving a milestone in container handling.
The port recently set a new record by managing 20,645 standard containers…
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Saudi Arabia’s SABIC to build thermoplastic compounding plant in China
Saudi Basic Industries Corp. has signed a potential investment agreement with the Fujian government in China to develop an engineering thermoplastic compounding plant in the Asian nation.
In a press statement, SABIC said the deal…
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Oracle launches 2nd public cloud region in Saudi Arabia, bolstering the Kingdom’s AI economy
Technology firm Oracle Corp. has launched its second public cloud region in Riyadh as part of a $1.5 billion investment to enhance Saudi Arabia’s digital infrastructure.
The Riyadh cloud region will provide both public and private sector…
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US electric carmaker Lucid Group secures $1.5bn from PIF
US automaker Lucid Group has secured $1.5 billion in new funding from its majority shareholder, Ayar Third Investment Co., an affiliate of Saudi Arabia’s Public Investment Fund.
The deal includes $750 million in convertible preferred…
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Saudi Arabia issues over 40k certificates of origin in July
Saudi exporters saw a more than 27 percent monthly rise in certificates of origin in July, reaching 40,588, according to official figures.
This marked the 15th consecutive month in which the Ministry of Industry and Mineral Resources…
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Saudi Arabia’s top banks see 17% earnings surge to $5.2bn in Q2
Saudi Arabia’s top 10 listed banks saw an annual surge in earnings of 17 percent in the second quarter of 2024, to reach SR19.54 billion ($5.21 billion).
According to data from Bloomberg, Saudi National Bank reported the highest net…
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Egypt posts 6.1% primary budget surplus for 2023/24
Egypt achieved a primary budget surplus of 6.1 percent in the fiscal year 2023/24, bolstered by a landmark sale of coastal land to the UAE, said the country’s finance minister.
At a press conference, Ahmed Kouchouk disclosed that Egypt’s…
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Qatar banking assets see 1.2% rise
An increase in domestic investments and credit led Qatar’s banking assets to see a monthly growth of 1.2 percent in June, to reach 1.99 trillion Qatari riyals ($543.9 billion).
According to QNB Financial Services, this growth contributed…
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