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DAE 9M net profit $310m

The company said this was a 54.9 percent YoY increase in net profit.

ADNEC to acquire ‘Royal Catering’

Royal Catering has more than 2.500 employees.

PIF sets up sarcc company

The new entity will address growing staff accommodation demand.

Boeing to cut 10% of workforce

The company has projected a large third-quarter loss.

AviLease acquires 9 aircraft from Avolon

AviLease had purchased 13 aircraft from Avolon in 2023.

AI in the Middle East: From potential to profit

The region is making significant strides in integrating AI into various sectors, promising substantial productivity gains and innovation, a latest...

Oil sees fluctuating prices, shifting output trends

The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.

Qatar World Cup to kick up region’s economic growth

The FIFA World Cup, which is likely to boost tourism across GCC, is all set to increase revenues for Gulf...
  • The FIFA World Cup, which is likely to boost tourism across GCC, is all set to increase revenues for Gulf airlines, hotel and restaurant industries and domestic transportation
  • Beside Saudi Arabia, Dubai would benefit the most from the expected tourism boom in the Middle East during the World Cup, suggest latest reports

Digitalization helps GCC realize decarbonization goals

Firms in the region are increasingly augmenting their focus on operational transformation with new approaches to manage and optimize energy...
  • Enterprises in the region are increasingly augmenting their focus on operational transformation with new approaches to manage and optimize energy consumption, says an expert
  • The Gulf states are seeking to place themselves on a more environmentally sustainable footing through investment in renewable energy, says Ashraf Yehia of Eaton Middle East

Business reforms enhance Saudi growth prospects

Prioritizing labor market reforms, boosting employment and ease of doing business is likely to make the Kingdom one of the...
  • Prioritizing labor market reforms, boosting employment and ease of doing business is likely to make the Kingdom one of the world’s fastest-growing economies this year, says expert
  • As brands are looking at Saudi Arabia as their gateway in the Middle East, there is an expected influx of huge amount businesses looking to establish a commercial set up in Kingdom

Gen Z changes rules of the game for realty sector

Property developers are imitating their peers in retail and hospitality and catering to the tech savvy Gen Z tenants and...
  • Property developers are imitating their peers in retail and hospitality and catering to the tech savvy Gen Z tenants and homeowners with more personalized products and services
  • Realty players need to concentrate more on lifestyle factors such as customer first, lifestyle led, data driven products, moving on from a focus on transactions to relationships

Saudi economy pins hope on female entrepreneurs

Saudi women, who had begun with small projects, are now creating startups and setting up factories, highlighting drastic change in...
  • Saudi women have achieved exceptional success through entrepreneurship, particularly with the change in the business environment.
  • The goals of Vision 2030 are not limited to increasing entrepreneurship but also increasing women's participation in economic fields.

GCC hospitality looks at more sustainable practices

'Eco-friendly travelers' are gradually putting pressure on hospitality businesses in the Gulf region to incorporate green concepts and sustainability practices...
  • 'Eco-friendly travelers' are gradually putting pressure on hospitality businesses in the region to incorporate green concepts and sustainability practices into their services
  • The industry impacts environment through its considerable energy and water consumption and the waste it generates, especially organic waste and single-use disposables

Electronic payments scan more success than cash

Despite ease in the measures set to combat the COVID-19 pandemic, electronic payments in the Gulf countries surged more than...
  • Despite ease in the measures set to combat the COVID-19 pandemic, electronic payments in the Gulf countries surged more than cash payments in several other Arab countries
  • Gulf govts have consistently been working to popularize electronic payment in many sectors as part of their national plans to establish governance and optimize automation

Facial recognition helps GCC banks verify, curb frauds

The new technology is the most accurate form of identity verification since biometric data is incredibly hard to fake or...
  • The new technology is the most accurate form of identity verification since biometric data is incredibly hard to fake or replicate, and faces cannot be lost, says an expert
  • Facial recognition also aids in post-fraud proceedings and fraud prevention, allowing the bank to divert resources into other areas adds Anton Nazarkin of VisionLabs

Most Arab clubs play hard to score financial surplus

Only five football clubs in the region — Al-Fateh, Al-Hilal and Al-Faisali of Saudi Arabia, as well as Morocco's Al-Wydad...
  • Only five football clubs in the region — Al-Fateh, Al-Hilal, and Al-Faisali of Saudi Arabia, as well as Morocco's Al-Wydad and Nahdet Berkane —have reported budgetary excess
  • Almost all other remaining Arab clubs -- including Al-Nasr, Al-Ittihad and Al-Ahly -- have posted deficits, according to the latest report 'The Financial East of Arab Clubs'

Unified financial network set to boost Gulf economies

GCC countries are accelerating economic integration by activating the financial links between companies, banks, and stores to make life smoother...
  • GCC countries are accelerating economic integration by activating the financial links between companies, banks, and stores to make life smoother for citizens and residents
  • The Central Bank of Saudi Arabia recently launched a point-of-sale service between its national payments network "Mada" and the Qatar national network "NAPS"

AI in the Middle East: From potential to profit

The region is making significant strides in integrating AI into various sectors, promising substantial productivity gains and innovation, a latest...

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Gulf Common Market aims for economic unity by 2025

The bloc's initiative aims for a customs union by 2024, fostering competition and ensuring the smooth flow of goods between...

Dubai’s sustainable vision beyond skyline

Dubai is prioritizing renewable energy, sustainable design, water conservation, and biodiversity protection. Its commitment to a sustainable future showcases its...

Gulf Common Market aims for economic unity by 2025

The bloc's initiative aims for a customs union by 2024, fostering competition and ensuring the smooth flow of goods between...

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Vision 2040: Saudi Arabia’s new economic blueprint

Saudi Crown Prince Mohammed bin Salman recently unveiled glimpses of the audacious Vision 2040 that will focus on green hydrogen,...
  • Saudi Crown Prince Mohammed bin Salman recently unveiled glimpses of the audacious Vision 2040 that will focus on green hydrogen, clean energy, and technology advancements
  • With a focus on diversifying the economy, enhancing global competitiveness, and fostering innovation, Saudi Arabia is poised to redefine its global economic standing

World Bank expects Gulf economies to grow by 1 percent in 2023

Dubai, UAE -- The economies of Gulf Cooperation Council (GCC) countries are expected to grow by 1 percent in 2023,...
  • In its recent report, the bank said the Gulf economies combined will grow by 3.6 percent in the year 2024.
  • The World Bank added that Saudi Arabia's economy, the largest in the region, will contract by 0.9 percent in 2023 before rebounding to grow by 4.1 percent in 2024.

UAE emerges as crypto powerhouse amid global shifts

Last year, 67% of UAE's crypto transactions were institutional, valued over $1 million, with decentralized exchanges constituting 48%, outpacing centralized...
  • Last year, 67% of UAE's crypto transactions were institutional, valued over $1 million, with decentralized exchanges constituting 48%, outpacing centralized ones, says a report
  • Between July 2022 and June 2023, the MENA region registered $389.8 billion in on-chain value, with Saudi Arabia experiencing a 12% annual crypto transaction growth