Business & Money | Sunday 23 July, 2023 12:55 pm

Saudi Arabia leads region in venture capital in H1 2023 at nearly about $446 mln

Saudi Arabia recorded a decline of 27% year-on-year (YoY) in venture capital (VC) to $446 million during the first six months of 2023, according to a recent report by MAGNiTT. The number of deals was also on a decline with a 44% annual retreat in H1 2023 to 54 deals. With the government...

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Business & Money | Sunday 23 July, 2023 12:38 pm

PIF Establishes Al Madinah Heritage Company to Develop and Enhance Production of Saudi Ajwa Dates

The Public Investment Fund (PIF) has announced the establishment of Al Madinah Heritage Company (“MHC” or “the Company”). The new company will play a key role in improving the quality and production capacity of Ajwa dates in the Madinah region. The launch of the Company will help further...

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Business & Money | Sunday 23 July, 2023 11:37 am

Riyadh Development Company signs sponsorship agreement with Jahez International Company

Riyadh Development Company (ARDCO) announces the signing of a sponsorship agreement with Jahez International Company for IT Services as the official Strategic Digital Sponsor of Otaiqah Dates Season. The announcement is in line with the launch of the 2nd edition of Otaiqah Dates Season, one of the...

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Business & Money | Sunday 23 July, 2023 11:03 am

NHC delivers 18,000 residential units across Kingdom YTD

National Housing Co. (NHC) have delivered more than 17,700 residential units across the Kingdom year to date.   The company maintains its strategies and plans to speed up the delivery of housing units. It recently announced the handover of more than 25,000 residential units across...

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Business & Money | Sunday 23 July, 2023 9:48 am

BT Group Transforms its Business Approach with a Cloud Core Network from Juniper Networks to Enable New Services at Exceptional Scale and Quality Globally

Juniper Networks (NYSE:JNPR), a leader in secure, AI-driven networks, today announced it is supporting BT Group’s ongoing transformation journey towards a highly scalable, automated and robust cloud core infrastructure for business and consumer customers. BT Network Cloud supports...

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Business & Money | Saturday 22 July, 2023 8:29 am

FAB logs net profit of AED 8.1 bn in H1 2023

First Abu Dhabi Bank (FAB) today announced its record performance with a first half 2023 net profit at AED 8.1 billion, the highest ever achieved by the Group in a half-year period. Return on Tangible Equity (ROTE) increased substantially to 18.6 percent, with strong capital accretion lifting...

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Business & Money | Saturday 22 July, 2023 8:26 am

ADCB reports 23% net profit hike reaching AED1.93bn in Q2’23

Abu Dhabi Commercial Bank PJSC (ADCB) today published its financial results for the second quarter of 2023 (Q2’23), reporting a net profit of AED 1.932 bn, an increase of 23 percent year-on-year (YoY). This strong performance is driven by broad-based income growth and improved efficiency...

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Business & Money | Saturday 22 July, 2023 7:23 am

Here's what you need to know about Real Estate Contributions Law

The Saudi Cabinet, chaired by King Salman, recently approved the Real Estate Contributions Law.   The official gazette Umm Al-Qura published today, July 21, the details of the law that aims to regulate real estate contributions, raise the level of transparency, as well as protect the ...

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Business & Money | Saturday 22 July, 2023 7:16 am

ACRSD issues SAR 1.2 bln fines on Dar Al Arkan traders for violations

The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announced the issuance of the Appeal Committee for the Resolution of Securities Disputes' (ACRSD) final decision in the public penal case filed by the Public Prosecution against some traders of Dar Al Arkan...

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Business & Money | Friday 21 July, 2023 12:43 am

EIH Ethmar International Holding Acquires Stake in Nirvana Holding

EIH Ethmar International Holding PJSC and Nirvana Holding, two leading companies based in Abu Dhabi, have announced a strategic acquisition deal, through which EIH acquired a stake in Nirvana Holding. This acquisition aims to strengthen Abu Dhabi's position as a leading tourist destination and ...

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