GCC region’s non-hydrocarbon growth momentum strong: IMF
Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...
Business
Business
Islamic insurance gross subscriptions reach $1.18 billion in 2021: CBUAE
Abu Dhabi, UAE— The gross subscriptions written by all Takaful insurance companies in the UAE reached AED4.35 billion in 2021,...
- These subscriptions accounted for 9.82 percent of the gross premiums written in the insurance sector in 2021.
- The health Takaful insurance activity represented the largest share, accounting for 43.6 percent of the gross subscriptions.
Business
Saudi transport authority signs largest bus transport project
Riyadh, Saudi Arabia---Saudi Arabia's Transport General Authority has signed the largest project for transporting passengers by buses through a network...
- The network, which involved major global alliances, will cover more than 200 cities and governorates.
- The network is expected to serve more than 6 million passengers annually through 76 routes, with a new fleet of buses equipped with the latest technologies.
Business
Dubai records over $544 million in realty transactions
Dubai, UAE-- Dubai real estate market has recorded deals worth AED2 billion ($544 million) on Thursday, according to Dubai Land...
- The deals included 475 sales transactions worth AED1.38 billion.
- The sales included 412 villas and apartments worth AED1.06 billion.
Business
Mawani and Bahri launch Europe-Asia cargo service via Jeddah port
Riyadh, Saudi Arabia -- The Saudi Ports Authority (Mawani) and Saudi shipping giant Bahri have jointly announced the addition of...
- The service will increase Bahri’s shipping network coverage and bolster international supply chains.
- Vessels on the new service will set sail from the ports of Bremerhaven, Antwerp, and Montoir, in Europe, before calling at Jeddah.
Business
DMCC reports 17 percent diamond trade growth in 2022
Dubai, UAE--- Dubai Multi Commodities Centre has reported a 17 percent year-on-year increase in the value of diamond trade in...
- The UAE has witnessed soaring growth over the past three years, with rough diamond trade rising by a total value of 72 percent and polished by 50 percent, DMCC said.
- DMCC reported a 42 percent rise in the polished category and a 7 percent rise in rough.
Business
Company launched to develop world’s largest modern downtown in Riyadh
Launched by Saudi Crown Prince Mohammad bin Salman, the New Murabba project will offer more than 25 million sqm of...
- The project will offer a unique living, working and entertainment experience within a 15-minute walking radius and will have its own internal transport system.
- Mukaab, a tech landmark, will be one of the largest built structures in the world, standing 400m high, 400m wide, and 400m long.
Business
ADNOC delivers first Middle East LNG cargo to Germany
Abu Dhabi, UAE-- ADNOC and RWE Aktiengesellschaft (RWE) Wednesday announced the successful delivery of the first shipment of Liquefied Natural...
- The shipment of 137,000 cubic meters of LNG is the commissioning cargo for the new floating LNG terminal in Brunsbüttel in Germany.
- The cargo is sufficient to produce approximately 900 million kilowatt hours of electricity, enough to supply approximately a quarter million German homes for a year.
Geostrategy
Saudi Binladin Group fined $5.33m in Makkah crane crash
Dubai, UAE---A court in Makkah has fined Saudi Binladin Group SR20 million ($5.33 million) after the Group was convicted of...
- A total of 111 people were killed and 394 others injured in the crane crash on Sept 11, 2015 during the Haram expansion project.
- The court found seven defendants guilty of negligence and violation of safety rules, the reports said, adding three of the defendants were sentenced to six months in prison.
Business
Saudi authority signs aviation safety pact with British CAA
Riyadh, Saudi Arabia-- The General Authority of Civil Aviation (GACA) has signed an agreement with the British Civil Aviation Authority...
- The agreement will help GACA keep up to date with the constant developments in the aviation sector, including issues related to safety.
- The agreement shows GACA’s keenness to ensure the transfer of knowledge and train national professionals in the field, SPA reported.
Business
AD Ports Group 2022 net profit
The Group's revenue grew by 41 percent to AED5.5 billion.
- EBITDA (Earnings before interest, taxes, depreciation and amortization) increased to AED2.2 billion in 2022, up 37 percent YoY.
- Operationally, in the Ports Cluster, container throughput grew to 4.33 million TEUs (twenty-foot equivalent units) in 2022.
GCC region’s non-hydrocarbon growth momentum strong: IMF
Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...
Business
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Alahmadi joins SHUAA Board
Business
ADNOC and Occidental to advance direct air capture project in UAE
Abu Dhabi, UAE -- ADNOC and international energy company, Occidental, announced today an agreement to undertake a joint preliminary engineering...
Business
South Korean firms eyeing expansion in UAE’s oil and gas sector
Abu Dhabi, UAE -- Top executives from South Korean companies have affirmed that numerous firms are actively looking to expand...
Business
Central Bank of Oman foreign assets up by 27% by July end
Muscat, Oman -- Foreign assets at the Central Bank of Oman (CBO) grew by 27.4 percent to RO 6.855 billion...
Business
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Economy
Abu Dhabi’s non-oil economy up by 12.3 percent in second quarter
Statistical estimates published by the Statistical Centre Abu Dhabi said the construction sector grew by 19.1 percent in the second...
- The manufacturing activity grew by 7 percent compared to the same period last year, with the sector recording its highest quarterly value-added since 2014.
- Abu Dhabi's financial sector recorded a robust growth of nearly 30 percent, also its highest growth rate since 2014.
Business
Saudi Arabia’s consumer spending up 8% to reach $30bn in Aug
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from...
- Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada".
- E-commerce sales through Mada cards increased 27 percent YoY to SAR 14.4 billion in August, marking the highest-ever sales value.
Business
Crypto industry grapples with FTX fallout as boss goes on trial
London, United Kingdom -- The collapse of cryptocurrency platform FTX, whose disgraced former boss goes on trial this week, sparked shock...
- Sam Bankman-Fried, once the wunderkind of crypto, will appear in a federal New York court on Tuesday facing seven counts of fraud.
- FTX, once the world's second-biggest crypto exchange, collapsed last November amid accusations that client money was being funneled to prop up its investment arm Alameda.