Riyad Bank Saudi PMI down to 57.5 points in November
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI,...
Business
WhatsApp update allows posting status updates via Instagram
Washington, United States -- The instant messaging platform WhatsApp launched a new update that includes an optional feature that allows...
Business
Business
DP World, Maersk sign partnership
They will collaborate on decarbonizing solutions, customer service.
- Maersk will deploy two of its solutions for customers moving their cargo through Jebel Ali Port
- In Jan 2022, DP World entered a strategic partnership with the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, a non-profit organization.
Business
Ministerial meet discusses formation of Saudi-Bulgaria committee
Riyadh, Saudi Arabia---Saudi Arabia and Bulgaria have discussed ways to boost bilateral cooperation and develop the economic sectors between the...
- The two sides discussed ways to boost bilateral cooperation and develop the economic sectors between the two countries at a ministerial meeting.
- Saudi imports from Bulgaria were $269.43 million during 2021, according to the UN COMTRADE database on international trade.
Geostrategy
Cost of living crisis biggest short-term risk: WEF Report
The World Economic Forum’s Global Risks Report 2023 says conflict and geo-economic tensions have triggered a series of deeply interconnected...
- The report said the window for action on the most serious long-term threats is closing rapidly and concerted, collective action is needed before risks reach a tipping point.
- Failure to mitigate and adapt to climate change, natural disasters, biodiversity loss and environmental degradation represent five of the top 10 risks.
Business
ALAFCO completes transfer pact
An order for 20 Boeing jets would be transferred to Macquarie AirFinance.
- ALFCO said it executed the purchase agreement for the 20 Boeing 737 Max 8 jets dated October 2012.
- The agreement will increase cash and cash equivalents by KD 21.7 million ($70 million).
Economy
Qatar GDP grew 4.3 percent in third quarter of 2022
Doha, Qatar-- Qatar's quarterly gross domestic product (GDP) at constant prices increased by 4.3 percent year on year in the...
- When compared to Q2 of 2022 revised estimate, the quarterly GDP recorded an increase of 3.6 percent at QR 168.879 billion, QNA said.
- The nominal gross value added (GVA) estimate of Mining and Quarrying activities is estimated at QR 105.896 billion in Q3 2022.
ADNOC Gas set up as processing, operations and marketing firm
ADNOC said the company combines the operations, maintenance and marketing of the ADNOC Gas Processing and ADNOC LNG businesses into...
- Ahmed Mohamed Alebri has been appointed as Chief Executive Officer (Acting) of ADNOC Gas, Peter Van Driel as Chief Financial Officer, and Mohamed Al Hashemi as COO.
- As announced in November 2022, ADNOC intends to proceed with an initial public offering of a minority stake in ADNOC Gas on ADX.
Business
Saudi ministry signs hospitality, catering MoUs with 3 firms
Riyadh, UAE---Saudi Arabia's Ministry of Investment has signed MoUs with three companies to develop and market investments in hospitality, tourism,...
- The MoUs were signed with Kadana Company, Lifestyle Development Company and Jusoor Al-Khaleej Company.
- The investment ministry is keen to attract investments and enhance their flow into the national economy in various sectors, SPA reported.
Infographics
UAE remains the most innovative Arab economy
The Global Innovation Index ranks the countries on 81 indicators across seven categories, including Business Sophistication, Infrastructure and Technology Outputs...
- GII 2022 said this edition’s thematic focus on the future of innovation-driven growth provides a perspective on whether stagnation and low productivity growth are here to stay.
- It tracks the most recent global innovation trends against the background of an ongoing COVID-19 pandemic and slowing productivity growth.
Geostrategy
UAE, Oman education ministers discuss cooperation in the sector
MUSCAT, OMAN - UAE Minister of Education Dr. Ahmad Belhoul Al Falasi and Oman Minister of Education Dr. Madiha bint...
- The meeting was held in Muscat and aimed at boosting the coordination and cooperation between the two friendly countries.
- The two sides also discussed the exchange of expertise in the field of curriculum development and international tests
Business
Roadmap for startups on agenda of MENA’s only IPO-focused summit
The summit, which will be held from 23-25 Jan, 2023, ""will shed light on the strong impetus and promising prospects...
- The DFM saw the listing of five government-related and private sector companies--DEWA, Tecom, Salik, Empower and Taaleem--in 2022.
- A total of AED 31 billion ($8.4 billion) were raised by these companies in the IPOs, which were subscribed multiple times over, drawing AED 672 billion.
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Riyad Bank Saudi PMI down to 57.5 points in November
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI,...
Business
Company News
SAB sees $26m negotiated deal
Business
Latest News
AD ports’ digital customs transactions increase by 37% in H1
Clearance of goods transactions increased by 35.8%.
Business
Aramco, IHC among biggest companies in Middle East
Energy, banking and financial services, and industrial sector companies are among the largest in the Middle East, especially the Gulf...
Infographics
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Videos
Realty sector’s success hinges on GDP growth
The kingdom’s Minister of Housing, Majid Al-Hogail recently said that Gulf country's residential real estate finance is expected to exceed...
- Saudi Arabia has unveiled the MENA region's inaugural real estate stock exchange, marking a transformative moment for property trade in the Kingdom.
- The Kingdom's residential real estate finance is expected to exceed 1.2 million contracts with a value of SR600 billion ($162 billion) by 2030.
Business
BFB, The Family Office sign partnership
Bahrain FinTech Bay is a fintech ecosystem builder.
- BFB said that it will also explore the development of innovative digital investment solutions aligned with market trends.
- Bader Sater, CEO of Bahrain FinTech Bay. "Our combined strengths will lead to the creation of cutting-edge digital investment offerings that cater to the market's evolving needs."
Business
Iran steel production to rise by 22% in two years to 55MT annually
Tehran, Iran -- Iran’s annual steel production capacity is expected to increase by more than 22 percent within the next...
- A senior official said that Iran’s steel output capacity had increased by more than six times in 20 years to reach a current figure of 45 million mt per year.
- Iran is seeking greater access to export target markets as the domestic demand for steel is expected to stay at a present level of 20 million mt per year in the coming years.