Latest news with #974
Gulf Today
03-06-2025
- Business
- Gulf Today
United Arab Bank launches strategic Rights Issue to raise up to Dhs 1.03 billion
United Arab Bank PJSC (UAB), listed on the Abu Dhabi Securities Exchange (ADX) announced that it proposes to increase its issued share capital by an amount up to Dhs1,031,275,325 (one billion thirty-one million two hundred seventy-five thousand three hundred twenty-five dirhams) from Dhs2,062,550,649 (two billion sixty-two million five hundred fifty thousand six hundred forty-nine dirhams) up to Dhs3,093,825,974 (three billion ninety-three million eight hundred twenty-five thousand nine hundred seventy-four dirhams) by way of the Rights Issue offered to the existing shareholders of the Bank. Further, United Arab Bank has published an invitation to its shareholders (the "Invitation") to subscribe for New Shares. Frequently asked questions relating to the Rights Issue will be made available on UAB's website ( on or around today's date. The New Shares will be issued at an issue price of Dhs1 per New Share (the "Issue Price"). The terms and launch of the Rights Issue were approved by the UAB's General Assembly Meeting held on 6th March 2025, following the approval of the Board of Directors of the Bank held on 4th February 2025. The necessary regulatory approvals have been obtained for this transaction. United Arab Bank intends to use the net proceeds raised from the Rights Issue to strengthen its capital base and to support future growth of the business of United Arab Bank. The holders of Rights, which includes shareholders of United Arab Bank and any persons who purchased Rights during the Rights Trading Period (the "Eligible Persons"), will be entitled to exercise their Rights to subscribe for New Shares at the Issue Price commencing on 4th July 2025 and ending on 17th July 2025. The New Shares will be allocated to Eligible Persons on 24 July 2025. Refunds will be given to Eligible Persons, who did not receive the number of New Shares that they subscribed for, on or around 24th July 2025. Commenting on the announcement, Shirish Bhide, CEO of United Arab Bank, said, "The Rights Issue represents a significant milestone in the Bank's journey towards its next phase of growth. It is an important step in strengthening United Arab Bank's capital position and reinforces our long-term commitment to sustainable growth. The additional capital will support the implementation of our growth strategy, enhance our financial resilience, and create long-term value for our shareholders while continuing to serve the UAE economy and contribute to its development agenda.' First Abu Dhabi Bank PJSC has been appointed as Lead Manager and Bookrunner in respect of the Rights Issue and Al Tamimi & Co. have been appointed as Legal Adviser. WAM
Qatar Tribune
24-05-2025
- Sport
- Qatar Tribune
Qatar announces six stadiums for FIFA Arab Cup 2025 matches
DOHA: CEO of the Football Tournaments Organizing Committee Jassim Abdulaziz Al Jassim has announced that the FIFA Arab Cup Qatar 2025 will take place across the six World Cup stadiums of Al Bayt, Lusail, Khalifa International, Ahmad Bin Ali, 974, and Education City. During a media roundtable discussion, Al Jassim revealed that the tournament's opening match is scheduled for December 1, at Al Bayt Stadium, while Lusail Stadium will host the final on December 18. Expectations for high-quality competition and strong fan engagement are high, as participating Arab teams are expected to field their best players, benefiting from the timing of the tournament, which aligns with mid-season breaks in various domestic leagues. The December 18 final will not conflict with the African teams participating in the Africa Cup of Nations in Morocco, which starts three days later. According to Al Jassim, discussions were held with Morocco's Football Federation to coordinate scheduling, adding that selection of six stadiums that hosted matches during the FIFA World Cup Qatar 2022 reflects the anticipated strong fan turnout, ensuring the smallest venue can accommodate at least 40,000 spectators. The record-breaking attendance at the AFC Asian Cup 2023, 1.5 million fans, further supports this decision. The organizing committee is finalizing a major promotional campaign, with discussions about a potential Arab tour for the tournament trophy in November 2025. Al Jassim described the Arab Cup as a significant regional gathering, expected to recreate the vibrant atmosphere of the 2022 World Cup and the 2023 Asian Cup, particularly with Qatar's mild weather in November and December, allowing fans to enjoy various accompanying events. Additionally, talks with FIFA are ongoing regarding the scheduling of the next FIFA Arab Cup in Qatar, planned for 2029. Al Jassim also touched on the FIFA U-17 World Cup, which Qatar will host from November 3 to 27, confirming that Aspire Academy stadiums will hold the matches, with the final set to take place at Khalifa International Stadium.
Asharq Al-Awsat
16-04-2025
- Business
- Asharq Al-Awsat
Saudi Arabia's Arab League Trade Exceeds SAR87 Billion in Q4 2024
Saudi Arabia's trade with Arab League nations, including the Gulf Cooperation Council (GCC), reached SAR87,768 billion in the fourth quarter of 2024, representing 17.2% of the Kingdom's total global trade of SAR510,974 billion. This trade volume demonstrates a 6.2% annual growth rate, exceeding the Q4 2023 figure of SAR82,679 billion by over SAR5 billion, SPA reported. According to the General Authority for Statistics' quarterly International Trade Bulletin, the Kingdom's trade surplus with Arab League countries, including the GCC, significantly increased to SAR30,461 billion in Q4 2024, up from SAR22,185 billion in the same period of 2023, marking a 37.3% annual growth. Saudi Arabia's total exports to Arab League countries amounted to SAR59,114 billion. Of this, SAR39,507 billion were destined for GCC nations, accounting for 14.2% of the Kingdom's total global exports of SAR277,932 billion. Exports to non-GCC Arab League countries reached SAR19,607 billion, representing 7.1% of total exports. Saudi Arabia's imports from Arab League countries totaled SAR28,653 billion, or 12.3% of total imports. Within this, SAR18,354 billion came from GCC countries, and SAR10,298 billion from other Arab League nations. The Kingdom's total global imports were SAR233,042 billion. The United Arab Emirates emerged as Saudi Arabia's top Arab export destination in Q4 2024, with exports exceeding SAR23,512 billion. Bahrain followed with SAR8,423 billion, Egypt with SAR8,353 billion, Oman with SAR4,434 billion, and Jordan with SAR2,999 billion.
Zawya
16-04-2025
- Business
- Zawya
Saudi Arabia's Arab League trade exceeds $23.2bln in Q4 2024
RIYADH - Saudi Arabia, propelled by its ambitious Vision 2030, is surpassing economic projections and cementing its position as a significant global force. Its strategic geographical location, connecting three continents, enhances its role as a vital trade and investment hub, supported by progressive economic policies and infrastructure. The Kingdom's diversification efforts are yielding substantial growth, with non-oil exports and strategic partnerships contributing to record figures. Saudi Arabia's trade with Arab League nations, including the Gulf Cooperation Council (GCC), reached SAR87,768 billion in the fourth quarter of 2024, representing 17.2 percent of the Kingdom's total global trade of SAR510,974 billion. This trade volume demonstrates a 6.2 percent annual growth rate, exceeding the Q4 2023 figure of SAR82,679 billion by over SAR5 billion. According to the General Authority for Statistics' quarterly International Trade Bulletin, the Kingdom's trade surplus with Arab League countries, including the GCC, significantly increased to SAR30,461 billion in Q4 2024, up from SAR22,185 billion in the same period of 2023, marking a 37.3 percent annual growth. Saudi Arabia's total exports to Arab League countries amounted to SAR59,114 billion. Of this, SAR39,507 billion were directed to GCC nations, accounting for 14.2 percent of the Kingdom's total global exports of SAR277,932 billion. Exports to non-GCC Arab League countries reached SAR19,607 billion, representing 7.1 percent of total exports. Saudi Arabia's imports from Arab League countries totalled SAR28,653 billion, or 12.3 percent of total imports. Within this, SAR18,354 billion came from GCC countries, and SAR10,298 billion from other Arab League nations. The Kingdom's total global imports were SAR233,042 billion. The United Arab Emirates emerged as Saudi Arabia's top Arab export destination in Q4 2024, with exports exceeding SAR23,512 billion. Bahrain followed with SAR8,423 billion, Egypt with SAR8,353 billion, Oman with SAR4,434 billion, and Jordan with SAR2,999 billion.
