UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
Economy
Saudi Arabia’s holdings of US Treasuries up $399 million in Oct 2023
Riyadh, Saudi Arabia -- Saudi Arabia’s holdings of US Treasuries reached $117.5 billion in October 2023, up $399 million month-on-month...
Business
Business
UAE banks’ investments reach $157 billion by July end
Abu Dhabi, UAE -- Investments of banks operating in the UAE reached AED 580 billion ($157.90 billion) at the end...
- The data showed that investments of banks operating in the country increased by 18.8 percent on an annual basis, from AED 487.7 billion in July 2022.
- On a monthly basis, investments of banks increased by 0.91 percent, from AED 574.3 billion in June 2023.
Business
Saudi capital market assets under management rise by $14bn in Q2
Riyadh, Saudi Arabia -- The total assets under management (AUM) held by capital market institutions licensed by Saudi Arabia’s Capital...
- The total AUM held by licensed capital market institutions in Q2 2023 are the largest in years, according to Argaam.
- Dom Capital led the way with a 100 percent increase in AUM in Q2 2023. Sidra Capital followed with a 195 percent rise.
Business
UAE banks to perform strongly in 2023: Standard & Poor’s report
Abu Dhabi, UAE -- Standard & Poor's Global Ratings expects that the banks of the United Arab Emirates (UAE) will...
- The credit rating agency said that UAE banks will benefit from strong non-oil GDP growth, which will mitigate the impact of rising interest rates on credit growth.
- The report expects bank credit growth at UAE banks to rise to about 7 percent in 2023, from 5 percent in 2022, WAM reported.
Business
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...
- MJM Marine, a leading specialist in cruise ship refurbishment, will upgrade existing cabins and suites of the AROYA Cruise.
- DE Wave Group, a global contractor for cruise ship and yacht interior outfitting, will outfit the upper deck areas of the AROYA Cruise.
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...
- Males accounted for 80 percent of the employees at capital market institutions, with 4,400 employees, while the number of females stood at 1,124.
- Meanwhile, the Saudization rate at these institutions reached 75 percent by the end of Q2, from 77 percent in Q1, according to the Capital Market Institutions Report.
Business
Investcorp sells stake in Safari
This was Investcorp's fourth exit in India in just a few years.
- In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.
- In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services, and retail.
Business
Mubadala commits $1bn Blue Owl
The $1bn was committed to Blue Owl's credit platform.
- The partnership will initially focus on its Technology Lending strategy, which provides financing solutions for a broad range of technology and software companies.
- Since 2009, Mubadala’s Credit Investments unit has been investing in private debt opportunities, with a focus on direct lending to middle market and large cap companies.
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 24Â 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.
UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
Economy
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Business
Dubai records weeklong real estate deals worth $2.45 billion
Dubai, UAE -- A total of1,852 real estate transactions valued at more than AED 9 billion ($2.45 billion) were conducted...
Business
Jeddah Program named cultural destination of FIFA Club World Cup
Riyadh, Saudi Arabia -- The Historic Jeddah Program has secured sponsorship rights as the official cultural destination and main supporter...
Arts & Culture
$9.9bn transport investments boost Qatar’s logistics efficiency
Dubai, UAE -- Qatar Chamber has underscored Qatar's significant strides in the transport sector, positioning the nation as a formidable...
Business
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Business
43% people in Saudi likely to make more cross-border payments in 2023
Riyadh, Saudi Arabia -- Nearly 43 percent of people in Saudi Arabia expect to send cross-border payments more frequently in...
- The report also details that 40 percent of people in Saudi Arabia expect to receive more cross-border payments in the next year.
- Notably, 88 percent of SMEs say they use an app to make cross-border payments — the second highest percentage across the markets surveyed.
Business
UAE owns 40% of aircraft fleet in Arab region, says ACAO official
Dubai, UAE -- The United Arab Emirates (UAE) holds nearly 40 percent of the aircraft fleet in the Arab region,...
- UAE's aviation sector enjoys global confidence regionally and internationally, competing with major airlines in Europe and North America, said Abdennabi Manar.
- Manar anticipated that the UAE aviation sector would continue its upward growth trajectory, aligning with the substantial growth witnessed in the Arab aviation sector.
Business
Gaza health situation a ‘perfect storm for tragedy’: UN
Around 160 children are killed every day in Gaza and UNICEF has warned that the number could skyrocket. More than...
- Key mediator Qatar, Israeli PM, US President Joe Biden and Hamas leader Ismail Haniyeh say a deal on the release of Palestinian prisoners and Israeli hostage likely to materialize.
- Fifty-three journalists and media workers have been killed in the latest Gaza conflict, according to a tally by the Committee to Protect Journalists (CPJ).