Regional News

    Jeddah / TNS Twenty-two years after the signing of the Israel-Jordan peace agreement, the Middle Eastern neighbours are eager to strengthen their relationship through a range of joint infrastructure ventures. Earlier this month a senior Israeli delegation led by Deputy Minister of Regional Cooperation Ayoob Kara met with Jordanian Prime Minister Dr. Hani Al-Muki and discussed closer cooperation on ...

  Reuters Economists expect Egypt’s central bank to keep rates unchanged at its monetary policy committee (MPC) meeting on Thursday, after it raised rates by 100 basis points at its last meeting. The central bank put up its key rates by 100 basis points to their highest level in years at its last MPC meeting on June 16, a move ...

  WAM Kuwaiti ministry of Information started the implementation of law No. 8/2016 to regulate electronic media, which was approved and published in the Official Gazette recently. The new law is to regulate all web-based publications including electronic news services, bulletins, websites of newspapers and televisions and the likes. Under the legislation, all these services must obtain a license from ...

  REUTERS National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday. The company’s net profit for the three months to June 30 was 504.18 million riyals ($134.44 million), up from 342.48 million riyals in the same period a year earlier, it said in a bourse ...

  REUTERS Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported a 13.3 percent rise in second-quarter net profit according to a statement on Tuesday, broadly in line with analysts’ forecasts. Net profit rose to 36.77 million dinars ($121.59 million) in the three months to the end of June, from 32.45 million dinars in the same period a year ...

  REUTERS State-run oil firm Saudi Aramco has named Ibrahim al-Buainain as chief executive officer of its trading arm, it said in an emailed statement on Tuesday in response to a Reuters query. It said Buainain started his new role earlier this month. Buainain had held the position of head of transaction development at Saudi Aramco for less than a ...

  REUTERS Saudi Arabia’s Etihad Etisalat (Mobily) swung to a net profit in the second quarter, according to a statement on Tuesday, after not repeating a significant provision recorded in the corresponding quarter of last year. Mobily, which had slashed 27 months of previously-reported earnings by nearly $1 billion, made a net profit of 18.8 million riyals in the three ...

  Manama / TNS New rules that make it mandatory for all commercial registration holders (CRs) to be members of the Bahrain Chamber of Commerce (BCCI), will help reduce the incidence of ‘ghost’ companies, a top official has said. BCCI second vice-chairman Abdulhameed Al Kooheji told the GDN on the sidelines of the inauguration of a new and improved Client Care ...

  Emirates Business Increased demand for energy efficient lighting solutions in the Gulf Cooperation Council (GCC) is spurring fresh growth for the LED market, as the sustainable and long-lasting luminaire looks to dominate the regional architectural and public lighting landscape. Analysts Frost & Sullivan estimate that the GCC’s LED (light-emitting diode) market was worth US$900 million in 2015, comprising 38 ...

  Jeddah / TNS Secretary General of the Committee on Information and Awareness in Saudi Banks, Talaat Hafeth, said that transactions made using the Mada System for sales points and ATMs amounted to SR58.6 billion this Ramadan, marking a growth rate of 8 percent compared to the previous year. He said that the highest number of sales made in a ...