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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.

Saudi Arabia turns to PIF to transform its economy

The Saudi decision to transfer 4% of Saudi Aramco shares worth $80 billion to the kingdom’s Public Investment Fund is...
  • The transfer of Aramco's shares to PIF is part of the kingdom's long-term goal to promote the restructuring of the national economy, says Saudi Crown Prince
  • The move is likely to enhance Aramco's position and help it garner good credit rating in the medium term

TikTok eyes a bigger slice of Arab social media

TikTok is among top ten most downloaded apps in the region, particularly in Saudi Arabia, UAE, and Qatar, says Hany...
  • The cumulative follower total of the top 10 GCC TikTok personalities grew from 24.6 million at the beginning of 2020 to 54.6 million in February 2021
  • Food, sports and comedy are among the most popular content pillar on TikTok

Gourmet meals spawn $59bn Saudi food industry

More than 50,000 coffee shops and restaurants scattered all over the kingdom help Saudi economy relish growth on the back...
  • Last November, the Saudi Central Bank said that consumers in the kingdom spent more than $320 million on F&B, followed by $320 million on cafes and restaurants
  • According to the Saudi Ministry of Commerce statement, the ministry granted 7,322 business licenses in the restaurant and cafe activities alone last year

Saudi Arabia scouts markets for non-oil exports

While initiatives like Made in Saudi Arabia are helping ramp up production, Saudi Exports is looking to rope in government...
  • Saudi Arabia intends to increase the amount of non-oil exports from 16 percent to 50 percent of the total GDP
  • The Made in Saudi Arabia program helps create a unified identity for exports and improve their reliability

KSA eyes big role in Fourth Industrial Revolution

Saudi Arabia plans an Industrial Fund to assist investors in the sector shifting to 4IR technologies with the help of...
  • Saudi Arabia's advanced digital government, according to an official report, will help the country's in speeding up the implementation of 4IR strategy
  • The 4IR strategy aims to support the localization of new and advanced industries in the kingdom and also boost competitiveness of the existing industries

Wynn Resorts-RAK deal raises a few eyebrows

Legal experts weigh in on what lies ahead for the UAE when it comes to gaming entertainment in various forms.
  • The announcement comes after rumors circulated about legalizing gambling clubs and permitting casinos in the UAE
  • Gambling is prohibited in Chapter VI of the UAE Federal Penal Code, with those found guilty facing imprisonment and hefty fines

On credit rating meter, GCC economies score big

The GCC countries are among the most notable ones that credit rating agencies frequently recognize since they are the center...
  • The GCC countries are among the most notable ones that credit rating agencies frequently recognize since they are the center of investors' attention
  • Fitch evaluates Saudi Arabia at level (A), with a negative outlook to stable, while Moody's classifies UAE's credit rating by (AA2), with a stable outlook

Policy reforms help Saudi FDI inflow rise 326%

The Kingdom seeks to increase its net FDI inflow by 1,816 percent between 2021 and 2030, raising it to $103.5...
  • The Kingdom is likely to witness an increase in net FDI by 1,816 percent between 2021 and 2030
  • The country’s wholesale and retail sectors issued more than 44 percent of new FDI licenses in Q4, 2021

Oil prices help GCC economies script revival story

GCC countries appear to be reaping the benefits of their efforts this year, with all indications pointing to the economies...
  • According to the IMF, the region’s oil GDP will rise 5.3 percent in 2022
  • Saudi Arabia’s non-oil GDP is expected to grow by 4.9 percent in 2022

Saudi Arabia sees $6.4bn tech investment at LEAP

The fresh investments are said to be in line with Vision 2030, which aims to diversify the economy of Saudi...
  • Investment deals totaling more than $6.4 billion were announced at LEAP 2022 in Riyadh
  • Saudi Aramco Ventures launched a $1-billion investment fund called Prosperity 7 to help revolutionary startups

Qatar to set up Centre for Fourth Industrial Revolution

Davos, Switzerland -- The war in Ukraine, tensions in the Middle East, monetary policy in 2024, jobs, equitable economic growth,...

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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...

AI startups set to rake in $10bn investments by 2026

Half of new cloud deployments will be integrated cloud data ecosystems by 2024, while edge AI will see 55% of...

Saudi smart homes market builds on digitization drive

Saudi Arabia's smart homes market is growing due to government backing, tech advancements, and evolving consumer tastes. As the Kingdom...

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Business travel in MEA likely to bounce back by 2024

Business travel spending hit $23bn in 2022, nearing pre-pandemic levels as post-pandemic business trips get longer, supported by UAE's digital...
  • Business travel spending hit $23bn in 2022, nearing pre-Covid levels as post-pandemic business trips get longer, supported by UAE's digital nomad and freelancer programs
  • The UAE's technological advancements and evolving legal framework make it more appealing and open to business travelers, says Ali Haider, Regional Director of Nomadic

Oil price, COVID-19 spur Arab world’s public finance

Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term growth.
  • Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term economic growth
  • In 2022, global, regional, and local inflation led to a decline in public revenues and expenditures in the Arab world, while the public budget deficit fell from 6.7% to 2.1%

ESG shapes MENA region’s urban regeneration strategy

ESG principles offer a solution framework as the region faces urbanization challenges, including unplanned settlements in cities like Cairo and...
  • ESG principles offer a solution framework as the region faces urbanization challenges, including unplanned settlements in cities like Cairo and Makkah, says a report
  • Embracing the L-I-F-E (learn, integrate, fix and earn) approach for urban renewal offers GCC sustainability, resilience, growth, social unity, and global acclaim