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Saudi Central Bank approves stc pay transition to STC BankIn a significant move, Saudi Arabia's leading mobile wallet, stc pay, has received approval from the Saudi Central Bank (SAMA) to proceed with its transformation into STC Bank, thus entering into its next phase of its transformation journey into STC Bank. More… |
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Abu Dhabi's private sector grows 35pc to $92.3bnAbu Dhabi’s private sector continued its strong growth, reaching AED338.9 billion ($92.3 billion), up 35% compared to 2016 as the emirate’s non-oil sector grew 9.1% in 2023 to AED610 billion to contribute 53.4% of total real GDP. Building on its ef More… |
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EDB finances record $2.83bn of industrial projects since 2021Emirates Development Bank (EDB) has financed a record AED10.4 billion ($2.83 billion) of industrial projects since the launch of its strategy in 2021, taking its cumulative impact to the nation’s industrial GDP to AED4.9 billion ($1.3 billion). More… |
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GDA adds 20th bitcoin mining site in global expansionGDA, one of the world’s leading bitcoin mining companies in terms of hash rate, today announced the latest phase of an expansion programme which places a major emphasis on the use of renewable energy in its global operations. More… |
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Oman debt capital market contracting amid prepayments: FitchThe Omani DCM market is in an early stage of development, and is the second-smallest amongst GCC countries, stated Fitch in its report. However, the government has taken initiatives to develop the market, including the Financial Services Authority’ More… |
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OQ Group posts robust $2.52bn in net profit for 2023OQ, Oman’s global integrated energy group, has posted a robust net profit of OMR970 million ($2.52 billion) for 2023 on the back of OMR13.7 billion in revenue and EBITDA of OMR1.975 billion. This outstanding performance reflects robust o More… |
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Dubai Aerospace Enterprise secures $750m ENBD loanDubai Aerospace Enterprise (DAE), the global aviation services company, said it has secured a five-year term loan worth AED2.75 billion ($750 million) from Emirates NBD Bank for general corporate purposes and to support the future financing needs of its business. More… |
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SC Ventures and NEXT176 to launch wealth platformSC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, and NEXT176, the venture building and investment arm of Old Mutual, have joined forces to launch an inclusive financial wellness platform. With a shared vision to address More… |
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Investcorp plans key investment in $4.2bn JFK terminal 6 revampAbu Dhabi-based Investcorp Capital, an investor in private markets and provider of capital financing services in the alternative investments space, said it has reached an agreement to invest in the redevelopment of New York’s JFK International Airport’s Terminal 6 through its newly More… |
