Abu Dhabi positioned in world’s fastest-growing economic corridor: Official
Abu Dhabi, UAE -- Dr. Karim El Solh, Co-Founder and Chief Executive Officer at Gulf Capital, said Thursday Abu Dhabi...
Business
Business
King Khalid airport best performer in Nov in high passenger rush category
.Riyadh, Saudi Arabia---Saudi Arabia’s General Authority of Civil Aviation issued its monthly report on the performance of the kingdom’s international...
- Saudi Arabia’s General Authority of Civil Aviation issued its monthly report on the performance of the kingdom’s international and domestic airports for the month of November 2022.
- The performance is based on 14 basic criteria such as waiting time at customs, baggage and passport control.
Business
ECI inks MoU with RAKEZ to help Ras Al Khaimah’s non-oil trade
DUBAI, UAE - Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed an MoU with Ras Al Khaimah...
- ECI to provide RAKEZ members access to flexible state-backed trade finance support.
- As of November 2022, ECI has facilitated US$71 million worth of secured non-oil trade for businesses operating in Ras Al Khaimah.
Economy
Gulf central banks raise interest in line with Federal Reserve hike
Dubai, UAE--– The central banks of Saudi Arabia, Bahrain, and Qatar increased their interest rates following the US Federal Reserve...
- Since the costs in the GCC are pegged to the dollar, the central banks in the region follow the Fed rate changes.
- The Saudi Central Bank, known as Sama, the Central Bank of Bahrain and Qatar Central Bank upped their interest rates by 50 basis points.
Business
BEEAH inks three-way pact
The three firms will produce fuel cell grade hydrogen from waste.
- The three firms will form a consortium that will advance progress on the Middle East’s first waste to hydrogen plant, located in Sharjah.
- The plans for the plant include an on-site green hydrogen dispensing station capable of fuelling several vehicles.
Egypt dusts off pyramids for fashion and art shows
French fashion house Dior debuted its latest collection Saturday at the Giza pyramids, after Italian designer Stefano Ricci held a...
- Dior CEO Pietro Beccari said the fashion house chose the pyramids as far more than "just a useless background", drawing on Egyptian astrology for the collection named "Celestial'.
- Showcasing Egypt's heritage in a new context "will encourage other brands and international cultural figures to come to Egypt," said art historian Bahia Shehab.
Business
ECI, African TIA sign pact
They will strengthen trade ties and boost exports between the two markets.
- The deal follows the MoU each entity signed in March last year to enhance the global competitiveness of exporters by improving their awareness of export credit.
- Trade between the UAE and Africa has registered steady growth in recent years, with the Emirates becoming the fourth-biggest investor in Africa last year.
Geostrategy
Bahrain forum: Pope calls for global unity, al-Tayeb for Sunni-Shia amity
The pope said that "a few potentates are caught up in a resolute struggle for partisan interests, reviving obsolete rhetoric,...
- Al-Azhar mosque's grand Imam Sheikh Ahmed Al-Tayeb called for dialogue between Islam's two main branches to settle sectarian differences.
- He said the senior scholars at Al-Azhar and the Muslim Council of Elders are ready to host a meeting "so we can sit down together on one roundtable to put aside our differences".
Business
Arab Bank Group net income up 49 percent in first nine months of 2022
Compared to $271.7m in 2021, the net income at Sept end was $405.8m.
- At the end of September 2022, loans were up by 4 percent from September 2021 level to reach $35.6 billion.
- The deposits reached $47.8 billion, up by 3 percent from the 2021 level.
Geostrategy
Gas production starts at Karish field day before expected Israel-Lebanon deal
Jerusalem---Gas production has started at Karish, an offshore field at the centre of a maritime border deal between Israel and...
- The announcement comes a day before Lebanon and Israel are expected to sign their maritime deal, following lengthy negotiations mediated by Washington.
- Energy assets were fiercely contested in the talks, with Israel ultimately securing full rights over Karish as part of the accord.
Business
DP World gross container volume rises 2%
On a third-quarter basis, DP World handled 20.1 million TEU.
- The third-quarter gross volume growth was mainly driven by Asia Pacific, Middle East & Africa, Americas, and Australia.
- Jebel Ali (UAE) handled 3.5 million TEU in Q3, up 2 percent year-on-year.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Estithmar opens branches in Iraq
Business
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Cruise Saudi partners with leading firms to outfit premium AROYA
Jeddah, Saudi Arabia -- Cruise Saudi, a wholly owned subsidiary of the Public Investment Fund that specializes in developing the...
Business
Saudi capital market institutions employ 5,524 by second quarter end: CMA
Dubai, UAE -- The number of employees at capital market institutions rose by 103 quarter-on-quarter (QoQ) to 5,524 by the...
Business
Investcorp sells stake in Safari
This was Investcorp's fourth exit in India in just a few years.
Business
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Economy
Saudi Industrial Production Index falls third month in a row
Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by...
- Saudi IPI retreated to 122.03 points in July, according to the base year 2010, compared to 135.23 points in the year-ago period.
- The decline in IPI is the largest since April 2021, when it recorded a drop of 24 percent.
Arts & Culture
Riyadh to host 45th session of UNESCO’s World Heritage Committee
Riyadh, Saudi Arabia -- Saudi Arabia is hosting the extended 45th session of UNESCO's World Heritage Committee from September 10...
- This session anticipates the participation of 3,000 individuals representing 21 member states of the World Heritage Committee.
- Minister of Culture and Chairman of the Saudi National Commission for Education, Culture, and Science, Prince Badr bin Abdullah bin Farhan will attend the meeting.
Business
$17.32bn projects launched on first day of Cityscape Riyadh
Riyadh, Saudi Arabia -- The Cityscape Global Exhibition, which kicked off Sunday in Riyadh, witnessed the launch of real estate...
- ROSHN Group will have four strategic partnerships of over SAR 9 billion in the fields of construction and infrastructure, Argaam reported.
- National Housing Co. (NHC) also unveiled three luxury projects in Al Forsan and Khuzam suburbs, which provide 86,000 housing units with a value exceeding SAR 42 billion.