News

  REUTERS Saudi Arabian Mining Co (Ma’aden), the Gulf’s largest miner, beat analysts’ forecasts despite posting a 50.95 percent fall in second-quarter net profit on Monday, as sales revenues declined on low commodity prices. The firm made a net profit of 132.5 million riyals ($35.3 million) in the three months to June 30, it said in a bourse statement. This ...

  REUTERS Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a 5.7 percent rise in its second-quarter net profit on Monday, broadly in line with analyst forecasts. The bank made 2.05 billion riyals ($546.7 million) in the three months to June 30, up from 1.94 billion riyals in the same period a year earlier, it said in a ...

  REUTERS Masraf Al Rayan, Qatar’s second-largest bank by market value, reported a 5.4 percent increase in second-quarter net profit on Monday, according to Reuters calculations, broadly in line with analysts’ expectations. Net profit for the three months to June 30 was 514 million riyals ($141.2 million) compared to 487.6 million riyals in the same period a year ago, Reuters ...

  REUTERS Egyptian dairy company Arabian Food Industries Co (Domty) is planning to invest 240 million Egyptian pounds ($27 million) in 2016-17 to fund expansion and increase production capacity, Vice-Chairman Mohamed Damaty told Reuters on Monday. Domty, which raised a combined 1.13 billion pounds in private and public share offerings in March, has two factories in the 6th of October ...

  Riyadh / TNS The Colors of Saudi Arabia Forum, the largest event in the Kingdom for photography, short films in tourism, culture and heritage to encourage professional and amateur photographers, will witness in its fifth edition this year, greater diversity. Started in 2012, the forum is annually organized under the patronage of the Saudi Commission for Tourism and National Heritage ...

  London / AFP Japanese mobile giant SoftBank on Monday snapped up iPhone chip designer ARM Holdings for £24.3 billion, the pair announced in a major boost for post-Brexit Britain. Conservative Prime Minister Theresa May declared that the record Asian investment proved “Britain is open for business”, just three weeks after Britons voted to leave the European Union. The all-cash ...

  ABU DHABI / WAM Labourers paid less than AED2,000 per month will enjoy free accommodation offered by the employers says the Ministry of Human Resources and Emiratisation. However, the decree only applies to establishments hiring over 50 workers. According to a statement issued by Saqr Ghobash, Minister of Human Resources and Emiratisation, the decree will come into force this ...

  DUBAI / WAM HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of Dubai International Financial Centre, chaired on Monday the official meeting of the Higher Board of Directors of Dubai International Financial Centre (DIFC), the financial hub for the Middle East, Africa and South Asia. The meeting was held in the presence ...

  Dubai / Emirates Business The pressure on the UAE and the rest of the GCC countries to focus on new low-energy architecture will increase over the next eight years as billions of dollars are ploughed into infrastructure development across the region, new research shows. According to a regional market study issued on Monday, spending on building exteriors will increase ...

  Dubai / WAM The Roads and Transport Authority, RTA, has completed construction work on internal roads at Al Barsha South 2. With a total length of 16 km, construction work in the area also included completing infrastructural works such as the rainwater drainage network, revamping electricity, water and irrigation grids, and using LED street lighting. “The project works also included ...