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Islamic Banks in UAE See $177bn Asset Growth in Q1

RIYADH: Reflecting the growing popularity of Islamic financing, gross assets of the Shariah-compliant banks operating in the UAE grew to 650 billion dirhams ($177 billion) by the end of the first quarter of 2023, a year-over-year increase of 7.31 percent compared to 605.7 billion dirhams in the same period last year, according to figures by the Central Bank of the UAE.  
sport

Saudi Sports Minister Attends Special Olympics World Games Opening in Berlin

RIYADH: Prince Abdulaziz bin Turki Al-Faisal, the Saudi minister of sports and president of the Union of Arab National Olympic Committees, attended the opening ceremony of the Special Olympics World Games in Berlin on Saturday — on behalf of KIng Salman — at the city’s Olympic Stadium. German President Frank-Walter Steinmeier officially inaugurated the event, which began with a procession of the participating countries, including Saudi Arabia, followed by a speech delivered by Dr. Timothy Shriver, chairman of the Special Olympics International Board of Directors.
Business

Dubai’s Scale-Up Count Surges by 26% in 2022.

RIYADH: The number of scale-ups in Dubai surged 26 percent in 2022, according to a report issued on Sunday. The report titled “Dubai’s Venture Capital Ecosystem,” issued by the Dubai Chamber of Digital Economy, said scale-ups in the emirate raised over $11.7 billion in capital in the last 10 years. It said as many as 306 fast-growing companies in the region are located in Dubai.
Business

AI and Construction to Dominate Future Jobs in Saudi Arabia, According to PMI Official

RIYADH: Saudi Arabia, a country which has been dependent on its rich oil reserves for several decades, is now on a path of economic diversification. With Vision 2030, Saudi Arabia’s Crown Prince Mohammed bin Salman is proving that the Kingdom could perform well in non-oil private sectors too.   As Saudi Arabia’s private sector expands rapidly, the Kingdom is expected to provide more job opportunities to nationals and foreign talents alike in the coming years. 
sport

Fowler and Clark Lead US Open with Major Champions in Pursuit

LOS ANGELES: Rickie Fowler only had 3 1/2 feet left for par on what should have been his last shot Saturday in a US Open round filled with far bigger moments. At stake was his first 54-hole lead in a major. Shockingly, he missed and slipped into a tie with Wyndham Clark. Fowler wasn’t the least bit bothered. He knows what to expect by looking ahead at a final round on a Los Angeles Country Club course getting tougher by the minute, and by looking behind at some of the players chasing them — Rory McIlroy, Scottie Scheffler, Dustin Johnson.
Business

Egyptian Health Tech to Save Saudi Lives After Acquisition

CAIRO: Saudi Arabia’s health care sector has gained a new entrant from Egypt aimed at addressing the challenges posed by delayed medical reports and improving patient outcomes.  Founded in 2017, Rology has secured its position in the Saudi market after sealing the acquisition of its counterpart Arkan United.  In an interview with Arab News, Amr Abodriaa, CEO and co-founder of Rology, expressed the significance of this move in establishing a leading position in the Saudi market. 
Business

Saudi Property Market Performs Well in Q1 Due to Limited Supply: CBRE

RIYADH: Demand for offices remained strong in Saudi Arabia in the first quarter of 2023 as global and local businesses continued to scout for quality spaces in the key cities despite limited supply in the market, the latest report from global consultancy firm CBRE showed.   Most of the offices in Riyadh witnessed nearly 100 percent occupancy, resulting in Grade A and Grade B properties recording a year-on-year rise in average rental rates of 9.3 percent and 14 percent, respectively, in the first quarter.  
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