Saudi Arabia’s Public Investment Fund (PIF) has raised its total assets to SR4.32 trillion ($1.15 trillion) by the end of 2024, marking an 18 percent increase from the previous year. This information was disclosed in a report filed with the London Stock Exchange. The sovereign wealth fund reported gross revenues of SR413 billion for 2024,...
Academy of Learning Company has established a comprehensive three-year framework agreement with the Research and Studies Institute at the Saudi Electronic University (SEU). The value of this deal is estimated at SAR 23 million, which includes VAT. The agreement aims to provide a range of academic and training services, as noted in a filing on...
The United Arab Bank (UAB) has announced a significant capital increase during its recent annual general assembly meeting. The assembly approved the issuance of rights shares, raising a total of AED 1.03 billion. This capital hike aims to enhance the bank’s financial stability and support its future growth requirements. The rights for subscription will be...
President Abdel Fattah Al-Sisi convened with Prime Minister Mostafa Madbouly and Finance Minister Ahmed Kouchouk to review Egypt’s financial performance and outline the key features of the upcoming fiscal year (FY) 2025/26 budget. The proposed budget includes increased allocations for the “Takaful” and “Karama” social protection programs, reflecting the government’s commitment to enhancing support for...
The Dubai International Financial Centre (DIFC) has reported its strongest annual financial performance in 2024, with combined revenues reaching AED 1.78 billion. This impressive figure comes from nearly 7,000 registered companies operating within the center. In 2024, DIFC welcomed a record-breaking 1,823 new company registrations, marking a 25 percent increase from the previous year. His...
Ajman Bank has achieved a significant milestone by reporting its highest annual profit before tax of AED 440 million, marking a remarkable growth of 213% compared to a net loss of AED 390 million in 2023. This impressive performance was shared during a board meeting presided over by H.H. Sheikh Ammar bin Humaid Al Nuaimi,...