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Al Waha to drive growth in Saudi Arabia’s travel retail market by enhancing the traveler experienceSaudi Arabia’s Public Investment Fund (PIF) announced today the establishment of Al Waha Duty-Free Company (Al Waha), a travel retailer and the first Saudi-owned duty-free operator. Al Waha, a wholly owned PIF company, will become a leader in travel retail and secure a greater share of passenger spending for the Saudi economy.“By establishing Al Waha as a national travel retail champion, PIF intends to grow the Saudi travel retail industry and further support its ambitions for the tourism sector in Saudi Arabia,” stated Majed Al-Assaf,…

The prices of some strategic minerals have soared in China over the past year, as a wave of protectionist policies – many of them initiated by Beijing – spark a global scramble to lock down resources.Critical minerals have become a key issue in the intensifying trade and tech war between Beijing and Washington, as both powers try to secure control over global supplies of the resources that are essential to producing a range of hi-tech products.The growing international competition is disrupting global supply chains and causing the prices of some minerals to soar, analysts said.Antimony – a rare metal used…

The British pound further eased against the euro and hovered at one-and-a-half month lows on Monday following its biggest weekly loss in over two years versus the shared currency, though it steadied against the U.S. dollar. The euro has had a strong run over the past week after Germany’s game-changing fiscal reforms boosted the European growth outlook, while the dollar has languished against major currencies due to worries about a U.S. economic slowdown and flip-flops in tariff policy. The spotlight will be on the release of Britain’s monthly gross domestic product later this week. “Unless there is a significant deviation…

The company’s 2024 financial results show resilience with $1.22 billion net earnings, a 24 percent YoY increase The annual dividend for Abu Dhabi’s petrochemical company Borouge has reached a 6.7 percent based on the closing price as of March 7. This achievement not only provides strong returns for investors but also reinforces the company’s appealing dividend profile.Borouge’s financial outcomes for 2024 highlight the company’s resilience and profitability, showcasing net earnings of AED4.5 billion ($1.22 billion), reflecting a 24 percent increase year-on-year.The company also reported an exceptional EBITDA margin of 41 percent, further solidifying its status as one of the most…

Not in line with expectations, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has maintained the policy rate stable at 12%. “At its meeting today, the MPC decided to keep the policy rate unchanged at 12 percent,” the MPC said in a statement. “The committee noted that inflation in February 2025 turned out lower than expectation, mainly due to a drop in food and energy prices. “Notwithstanding this decline, the committee assessed the risks posed by the inherent volatility in these prices to the current declining trend in inflation. At the same time, core inflation is…

This transaction highlights Mubadala’s strategy of value capture through strategic exits, positioning Calisen for future growth Mubadala has successfully wrapped up the sale of its indirect stake in Calisen, the U.K.’s provider of smart meters and small-scale energy transition infrastructure assets. This transaction highlights Mubadala’s strategic maneuvering in the energy sector.The sale signifies the conclusion of a four-year investment cycle during which Mubadala, in collaboration with partners such as Global Infrastructure Partners (GIP), part of BlackRock, and the infrastructure division of Goldman Sachs Alternatives, worked closely with Calisen to ensure robust financial and commercial performance, according to a statement.Moreover, Mubadala…

Eid Al Fitr is expected to take place either on Sunday, March 30, or Monday, March 31, depending on the sighting of the moonEid Al Fitr 2025 is a special occasion for Muslims and is a time for celebration with family and loved ones. It marks the end of the month of Ramadan, a period of month-long fasting for Muslims around the world, and the start of Shawwal, the tenth month in the Islamic calendar.Eid Al Fitr is the second public holiday in the UAE this year following the Gregorian New Year on January 1. According to legislation passed by…

Finance Minister Muhammad Aurangzeb on Monday said the government seeks to diversify beyond the banking sector for lending purposes and urged the country’s insurance industry to meet its growing demand. This includes expanding the sector by focusing on innovation, enhancing productivity, and driving further growth. The finance minister made these remarks during a meeting held with a delegation of chief executive officers (CEOs) from Pakistan’s leading insurance companies, read a statement released by the Finance Division. According to the statement, Aurangzeb assured the group that the government would carefully consider their proposals, particularly regarding taxation and policy measures necessary for…

The number of homes available for sale in the $10 million+ bracket fell 40 percent, down to only 2,491 homes over the last 12 monthsDubai’s real estate sector witnessed a remarkable expansion in 2024, with residential property values rising by 19.1 percent over the past year to AED1,685 per square foot, according to the latest report from global property consultant Knight Frank. This places average prices at 13.3 percent above the 2014 peak.Villa sale prices have grown by 20.2 percent over the last 12 months, reaching AED2,009 per square foot, placing them 38.1 percent above the 2014 peak. This growth…

The $135.97 million financing will enable the acquisition of vital equipment and ensure project success The National Bank of Fujairah (NBF) has effectively completed a significant single currency term and letter of credit syndicated transaction amounting to $100 million. This initiative is aimed at supporting Pure Cement LLC in the establishment of a clinker production unit with a capacity of 6,500 tons per day (TPD) alongside an 8.5 MW Waste Heat Recovery-based captive power plant.With the overall project costing $135.97 million, this financing will facilitate the acquisition of essential plant, equipment, and fixed assets, thereby ensuring the project’s successful implementation.Read…