Qatar Islamic Bank (QIB) has exited the race to acquire United Bank, a state-owned Egyptian entity under the Central Bank of Egypt’s (CBE) control. Talks between the two parties reportedly reached an impasse due to a disagreement on valuation. According to a source cited by Shourouk News and reported by the Egyptian news website Enterprise, QIB’s offer fell short of the CBE’s expectations, failing to reach the […]
SINGAPORE – Media OutReach Newswire – 9 July 2024 – Terence Lau & Associates (TLA), a leading financial services agency in Singapore, has announced that it plans to grow the size of its organisation. Director and head of TLA, Mr Terence Lau, a veteran in the financial advisory industry of almost 15 years, has recognized the immense potential of the younger workforce in the financial advisory sector […]
The G7’s (Group of Seven) recent move to seize assets belonging to Russian oligarchs and government officials has triggered a potential financial ripple effect, with Saudi Arabia issuing a stark warning. The Saudis, a major oil producer and significant player in the global financial markets, have threatened to dump their holdings of US Treasuries if the G7 continues down this path. The crux of the Saudi concern […]
Saudi Aramco, the world’s largest oil producer by crude output, has re-entered the international debt market with a US dollar-denominated bond issuance. This marks the company’s first foray into the global debt market since 2021, signifying its continued financial strength and strategic investment plans. The details of the bond offering were announced on the Saudi Stock Exchange (Tadawul) on July 9th, 2024. The bonds will be senior […]
SINGAPORE – Media OutReach Newswire – 9 July 2024 – On 9 July 2024, the Institute of Singapore Chartered Accountants (ISCA) signed a Memorandum of Understanding (MOU) with the Shanghai Institute of Certified Public Accountants (SHICPA), to further areas of collaboration between both professional accountancy bodies. Taking place at the 5th Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) meeting on the same day, the MOU was signed by Mr […]
Saudi Arabia and China are poised to solidify their ties in the construction and housing sectors, following a recent meeting between high-level officials in Riyadh. The get-together, which included Saudi Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail and China’s Ambassador to Saudi Arabia Chang Hua, focused on bolstering collaboration across real estate development, contracting, and municipal services. This strategic dialogue marks a significant step forward […]
Qatar National Bank (QNB), the leading financial institution by assets in the Gulf region, reported a positive performance in the first half of 2024. The bank’s net profit climbed by 7% year-on-year, reaching QAR 8. 2 billion (approximately USD 2. 2 billion) by the end of June. This growth was fueled by a 9% increase in operating income, which reached QAR 20. 1 billion during the same […]
PHU YEN, VIETNAM – Media OutReach Newswire – 9 July 2024 – The Indochina Kajima Development Company Limited (Indochina Kajima) is delighted to announce that Mandarin Oriental, Bai Nom has been awarded its construction permit from the Department of Construction – the People’s Committee of Phu Yen Province on June 11, 2024. This marks a significant milestone in Indochina Kajima’s development of the ultra-luxury resort in Vietnam. […]
HONG KONG SAR – Media OutReach Newswire – 9 July 2024 – The annual BUSINESS GOVirtual (BGOV) Expo & Conference, focused on innovation and technology, will be held on 11-12 July 2024 at the Hong Kong Convention and Exhibition Centre. Event to Highlight Two Major Technology Trends: Generative AI and Digital Assets Generative AI and Digital Assets are the two new drivers of future economic growth. Over […]
Gulf International Bank (GIB) recently released its 2023 Sustainability Report, outlining the bank’s environmental, social, and governance (ESG) efforts throughout the past year. The report highlights GIB’s commitment to integrating sustainable practices into its core operations and financial products. GIB emphasizes its strategic approach to sustainability, showcasing its initiatives and achievements measured against established ESG metrics. The report details the bank’s adherence to the Global Reporting Initiative […]
BEIJING, CHINA – Media OutReach Newswire – 8 July 2024 – The Shenzhen-Zhongshan Link, a mega cross-sea passage in south China that consists of one underwater tunnel, two bridges, and two artificial islands, opened to traffic on Sunday. A view of the Shenzhen-Zhongshan Link, a mega cross-sea passage in the Great Bay Area, June 27, 2024. Seven years on, Chinese designers and constructors have overcome some of […]
Dubai-based company Revibe is on a mission to transform the perception of refurbished electronics, aiming to not only be a leader in the region but also disrupt the global market. Founded in September 2022 with a focus on sustainability and affordability, Revibe is capitalizing on the growing demand for high-quality, pre-owned devices. The brainchild of co-founder Hamza Iraqui, Revibe was born out of a concern for the […]
KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 8 July 2024 – With its well-rounded functionality, OctaTrader aims to cover the entire traders’ experience across four fundamental areas: payments, education, trading, and decision-making. This all-in-one architecture allows the application to form a trading ecosystem designed for clients of various experience levels, trading styles, and asset preferences. As such, the platform continuously evolves, receiving updates with new enhancements […]
Ajman Bank, a leading Islamic financial institution in the United Arab Emirates, has joined forces with Positive Zero to implement a comprehensive energy-saving initiative. This strategic partnership aims to significantly reduce the bank’s energy consumption and environmental impact. Positive Zero, a specialist in fully financed energy efficiency solutions, will equip Ajman Bank’s headquarters with cutting-edge technologies and operational improvements. These measures are anticipated to generate a substantial […]
SINGAPORE – Media OutReach Newswire – 8 July 2024 – The Institute of Singapore Chartered Accountants (ISCA) has launched its pioneering “Do Good” initiative, which signifies ISCA’s commitment to foster a culture of social responsibility and enhance corporate governance within Trade Associations and Chambers (TACs) and charity boards. Announced in February this year, the Board of Directors (BOD) Masterclass Programme is an all-encompassing board training programme prescribed […]
Officials from the United Arab Emirates (UAE) and China have taken a significant step towards bolstering security ties between the two nations. During a high-profile visit by China’s Minister of Public Security, Wang Xiaohong, to Abu Dhabi in February 2024, a strategic police dialogue was launched. This initiative signifies a growing focus on collaboration in combating transnational crime threats. The launch of the dialogue follows a broader […]
Artificial intelligence (AI) has become a transformative technology across various industries, from streamlining manufacturing processes to personalizing customer experiences. However, a recent chorus of warnings from industry leaders – Nvidia, Microsoft, and Meta – has shed light on the potential financial risks associated with AI development and implementation. Nvidia, a leading manufacturer of graphics processing units (GPUs) crucial for AI computations, highlighted the significant financial resources required […]
Saudi Reinsurance Co. (Saudi Re) announced a significant financial boost on July 4th, securing a $71 million capital increase through a strategic subscription agreement with the Public Investment Fund (PIF). This move strengthens Saudi Re’s financial standing and positions the company for continued growth within the Kingdom’s insurance sector. The binding agreement entails the issuance of 26. 73 million new ordinary shares by Saudi Re, each valued […]
Arabian Post Staff -Dubai The allure of long-term residency in Dubai is driving a surge in property purchases among professionals holding the coveted Golden Visa. This ten-year visa, awarded to investors and skilled workers in various fields, is prompting a shift from renting to owning as residents seek stability and potentially higher returns on their investments. Several factors are contributing to this trend. Recent policy changes have […]
Dubai’s forward-thinking approach to energy production is reaping rewards. The Dubai Electricity and Water Authority (DEWA) has attracted a staggering AED 43. 6 billion (USD 11. 9 billion) worth of projects over the past decade through its Independent Power and Water Producer (IPWP) model. This public-private partnership strategy has not only secured substantial investments but has also positioned Dubai as a global leader in cost-effective solar energy. […]
Saudi Arabia’s residential property market received a significant boost in May 2024, with banks approving a substantial $2. 05 billion in new home loans. This figure, revealed by the Saudi Central Bank (SAMA), represents a 13% increase year-on-year and marks a 16-month high for the Kingdom’s mortgage market. The data indicates a robust and sustained demand for housing in Saudi Arabia. This trend aligns with the country’s […]
The Grayscale Ethereum Trust (ETHE), a financial vehicle allowing investors exposure to Ethereum without directly owning the cryptocurrency, has undergone a significant shift. After trading at a discount for nearly three years, ETHE’s share price now sits at a premium to its underlying net asset value (NAV) for the first time since November 2021. This development, reported on July 3rd, 2024, by financial data provider ycharts. com, […]
