Business & Money | Thursday 27 July, 2023 9:44 am

NMDC Group doubles first half net profit to AED 881mn

National Marine Dredging Group (ADX: NMDC) has announced a significant surge in its net profit during the first half of 2023, reaching AED 881 million. This remarkable achievement reflects the success of the Group’s geographic expansion strategy and the successful execution of major...

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Business & Money | Thursday 27 July, 2023 9:42 am

CBUAE raises base rate by 25 basis points

The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points – from 5.15 to 5.40 percent, effective from Thursday, 27th July, 2023.This decision was taken following the US Federal Reserve Board’s announcement on...

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Business & Money | Thursday 27 July, 2023 9:23 am

Saudi Central Bank Makes Decisions on Repo and Reverse Repo Rates

The Saudi Central Bank (SAMA) decided to raise the rate of Repurchase Agreement (Repo) by 25 basis points to 6.00 percent, and the rate of Reverse Repurchase Agreement (Reverse Repo) by 25 basis points to 5.50 percent. These decisions are in line with SAMA’s mandate of preserving monetary...

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Business & Money | Thursday 27 July, 2023 8:37 am

Fed hikes interest rate to highest since 2001

The Federal Reserve raised interest rates by 25 basis points (bps), as widely expected, to the highest level in 22 years.   The Federal Reserve lifted its key interest rate at the range of 5.25% and 5.50%, the Federal Open Market Committee (FOMC) said in its policy...

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Business & Money | Thursday 27 July, 2023 4:04 am

Uber study reveals insights from female drivers in Saudi Arabia with financial independence

Following a survey shared by Uber among female drivers in Saudi Arabia and Egypt, data found sees an optimistic outcome of female empowerment in the Kingdom, with more than 76% of the participants citing financial independence as the reason they drive using Uber. More than 56% of the participants...

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Business & Money | Wednesday 26 July, 2023 11:14 am

Saudi Arabia boards show a preference for experienced directors with CEO backgrounds to power Vision 2030

Heidrick & Struggles today launched the second Board Monitor report in Saudi Arabia. With Vision 2030 driving accelerated growth for companies in the country, the composition of Saudi boards is evolving to meet the demands of this era of innovation, diversification and growth.   50...

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Business & Money | Wednesday 26 July, 2023 9:30 am

SAMA permits Tabby to provide BNPL solutions

The Saudi Central Bank (SAMA) gave the green light for Tabby to provide buy now pay later (BNPL) solutions. With Tabby, there are now five authorized companies offering BNPL solutions in Saudi Arabia, according to SAMA website. The BNPL solutions provide finance to customers wishing to...

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Business & Money | Wednesday 26 July, 2023 9:20 am

Emirates Integrated Telecommunications Company PJSC Reports its Q2 2023 Results

Emirates Integrated Telecommunications Company PJSC (“EITC”) announced its financial results for the quarter-ended 30 June 2023. On the back of strong demand for postpaid mobile and fixed services, service revenues grew by 8.9% supporting the growth of total quarterly revenue to reach AED 3.35...

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Business & Money | Wednesday 26 July, 2023 9:14 am

Azizi Developments’ Pearl achieves 31% construction milestone

Azizi Developments, a leading private developer in the UAE, has announced that Pearl, its recently launched development in Dubai’s growth corridor, Al Furjan, has reached 31% construction completion.  Since its launch just five months ago in February, the developer has already sold 70% of...

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Business & Money | Wednesday 26 July, 2023 9:11 am

81% of UAE professionals would leave their current company for better training opportunities

Bayt.com, the Middle East’s #1 job site, in partnership with YouGov, a market research agency, released the latest findings of its Career Development in the MENA 2023 survey. The survey offers valuable insights into the current state and future expectations of career development in ...

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