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BP announces $7bn gas project

The project aims to unlock 3 trillion cu ft of gas resources in Indonesia.

Lulu Retail Q3 profit $35m

For the nine-month period, net profit increased by 73.3%.

Talabat IPO offer price range announced

The subscription will close on 27 Nov for UAE retail investors.

Salik 9M net profit $223m

The company's third-quarter profit increased by 8.8 percent.

Avia to buy 40 Boeing aircraft

The transaction for the purchase of 737 MAX 8 jets valued at $4.9bn.

AI/ML boosts efficiency of GCC frontline workers

The Gulf region leads in adoption of artificial intelligence or machine learning to boost productivity, says Rami Darwish, CEO of...
  • The pandemic has highlighted the importance of making digital solutions available for field staff
  • Frontline and back-office must be on the same platform to facilitate information flow

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

Demand for lifestyle experiences in GCC has increased: SHG CEO

Dubai, UAE -- Sunset Hospitality Group (SHG) is more than just a collection of hotels, restaurants, and beach clubs. Renowned...

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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...

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...

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GCC steps up to diversify Europe’s natural gas supply

Amid Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia...
  • Amid the Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia offering alternative natural gas options
  • These countries have signed several long-term agreements to supply Europe with liquefied natural gas, helping to diversify Europe's energy sources and enhance energy security

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%