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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.

Crypto market sees drop in scams, stolen funds

The cryptocurrency sector recorded a promising recovery in 2023, with a significant decline in crypto scams and stolen funds revenue,...

GCC airfares soar as oil prices rise

The amplifying factors include sanctions against Russia’s aviation sector, which cast a global pall over the aviation industry.
  • Several Arab airlines have decided to raise the prices of their tickets slightly
  • Kuwait’s Jazeera Airways increased fares to all destinations from March 7

Too early to dismiss oil’s role in energy market

Saudi Arabia, the world's second-largest oil producer that produced more than 10 million barrels of crude per day before the...
  • Saudi Arabia, the world's second-largest oil producer, plans to produce 13.5 million barrels by 2027, as well as 23 billion cubic feet of gas by 2030
  • Despite its national policy to diversify the economy and lessen reliance on fuel, the Kingdom continues to increase its oil and natural gas production

MENA businesses are battling social media scams

Saeed Ahmad, Callsign’s Managing Director for the MENA region, explains how a single fraudulent message impersonating an entity can erode...
  • Scams have targeted 66 percent of people in the UAE in recent years, and the phenomenon is spreading
  • Around 50 percent of the region’s consumers lose faith in an organization whose name appears in a scam message

Gulf fitness sector works out well as Covid curbs ease

As the Covid restrictions ease, gyms and fitness centers in the region are on a solid path towards recovery with...
  • As pandemic restrictions ease, gyms in the region are on a solid path towards recovery with class occupancy catching up at 88 percent pre-COVID levels
  • Fear of getting the virus and social isolation were at the forefront of people's minds during the pandemic, imposing a burden on mental health

How did Saudi Arabia ensure food security?

The country has been able to overcome the hurdles that stood in the way of achieving food security by implementing...
  • Saudi Arabia has enhanced its food security by adopting several strategies to ensure an excess of food supply
  • It now has the largest storage capacity for wheat and flour in the Middle East, exceeding 3.3 million tons

Saudi fintech cashes in on startups, investments

Saudi Arabia witnesses a 37 percent rise in the number of fintech startups and a $181 million increase in venture...
  • Saudi Arabia witnesses a 37 percent increase in the number of fintech startups entering the market
  • Saudi fintech sector is mostly driven by young entrepreneurs who compete with the country's top financial institutions

Dubai leads region in innovation, fintech

The emirate, which boasts a thriving community of startup incubators and accelerators, tops the list for foreign direct investment and...
  • Dubai is developing an environment that encourages firms from all industries to innovate.
  • The city has been able to leverage its strengths as a world-class city to attract global blockchain entrepreneurs.

Is Gulf luxury sector immune from inflation?

However, just because there is inflation doesn't mean that people aren't spending, but they are spending differently. The that sales...
  • The luxury industry in the GCC, is experiencing strong growth and closed 2021 above pre-pandemic levels
  • Changes in tourism flows significantly impacted the luxury market in 2020 and the first few months of 2021

Technology makes Saudi farms more sustainable

The Kingdom's startup Red Sea Farms woos regional and global investors with a technology that grows crops without using freshwater...
  • The Kingdom's Red Sea Farms woos regional and global investors with a technology that grows crops without using freshwater in humidity-controlled greenhouses
  • The firm seeks to break the food water-energy nexus by leveraging saltwater, novel humidity control, and solar energy to lower costs and improve yields for farmers

Region needs tourism to beat inflation

Despite the global closures and economic crisis, the tourism sector in the Gulf region fared well in 2021 due to...
  • Despite global closures and the economic crisis, the tourism business thrived in 2021
  • The sector is likely to rebound in 2022 after faltering due to lifting travel restrictions

Crypto market sees drop in scams, stolen funds

The cryptocurrency sector recorded a promising recovery in 2023, with a significant decline in crypto scams and stolen funds revenue,...

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Smart factories transform manufacturing across GCC

Saudi Arabia and UAE lead the region in rapidly embracing the Fourth Industrial Revolution, shifting from traditional factories to smart...

Gulf banking sector flourishes amidst rising rates

GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks...

Energy, commodity prices hurt profits of GCC firms

GCC-listed companies' net profit dropped to US$ 57.9 billion in Q2-2023. While retail, capital goods, and utilities sectors faced profit...

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GCC asset management market $500bn by 2026

Strong capital inflows, a young and growing population and growing awareness about asset management will drive the sector's growth in...
  • The rise of a middle class is increasing the demand for investment products and services.
  • Strategy& Middle East estimates that currently more than 70 percent of regional private wealth is in offshore accounts.

GCC shows economic resilience as inflation hits globe

GCC countries consistently maintain inflation rates below the global average, with the Food and Beverages CPI subcategory showing moderate growth...
  • GCC countries consistently maintain inflation rates below the global average, with the Food and Beverages CPI subcategory showing moderate growth across the region
  • Saudi Arabia's CPI is being driven by housing and food, the UAE experiences a sharp CPI drop due to transport costs, while Qatar sees its lowest inflation since July 2021

Cinematic revolution helps KSA realize cultural dreams

Saudi Arabia, shedding its conservative past, has ushered in a vibrant art and cinema era, with its box office revenue...
  • Saudi Arabia, shedding its conservative past, has ushered in a vibrant art and cinema era, with its box office revenue soaring to $250 million in 2022
  • "Movie Cinema" plans a $160m cinematic content investment over five years, symbolizing Saudi Arabia's evolving identity and cinematic aspirations