Europe backs Zelensky after White House showdown with Trump
German Foreign Minister Annalena Baerbock said the "unspeakable" row "underlined that a new age of infamy has begun". Friedrich Merz,...
Geostrategy
Business
Saudi Arabia’s consumer spending hits $27bn in July: Central Bank
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 2 percent to SAR 104.6 billion ($27.88 billion) in July 2023, from...
- Data showed 745.9 million transactions were processed through 1.64 million POS devices in July.
- POS transactions represent what consumers spend using their ATM and credit cards in shopping malls, retail stores, pharmacies, etc.
Geostrategy
Constructive Saudi pledges made for Lebanon assistance: Iran FM
Tehran, Iran -- Iranian Foreign Minister Hossein Amirabdollahian said Thursday that discussions with Saudi authorities have resulted in constructive statements...
- Iran wants nothing but good, stability, peace, and development for Lebanon, Hossein Amirabdollahian told reporters in Beirut.
- "We expect all regional and international countries to contribute to improving Lebanon's economic situation," he said.
Business
Global construction industry projected to reach $12.9 trillion by 2028
Dubai, UAE -- The global construction industry is projected to reach a staggering $12.9 trillion by 2028, with a robust...
- The study says residential construction will continue to dominate, driven by rising per capita income and disposable income.
- The Asia Pacific region is poised to retain its leadership position, attributed to increasing urbanization and robust infrastructural development.
Business
ADGM’s Registration Authority fines KPMG Lower Gulf $30,000
Abu Dhabi, UAE -- The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has fined ADGM-registered audit firm, KPMG...
- ADGM audit regulatory framework requires audit reports to be issued and signed by ADGM Registered Audit Principals on behalf of an ADGM Registered Auditor.
- Prior to imposing the penalty, the RA had engaged in ongoing communication with KPMG over a period of several months, ADGM said.
Business
Viacom18 nets Indian cricket broadcast rights for $721 million
Media rights are a huge earner for the Board of Control for Cricket in India (BCCI), one of the richest...
- The agreement priced the average match nearly 13 percent higher than the $944 million rights deal for 2018-23 signed by Star, Disney's local subsidiary.
- Star had held the rights to broadcast international matches since 2012 and was also a bidder in Thursday's auction, along with Sony Sports.
Business
Saudi Arabia’s oil exports down 33.4 percent in second quarter
Riyadh, Saudi Arabia -- Saudi Arabia's oil exports fell by 33.4 percent to SAR 227.7 billion ($60.70 billion), from SAR...
- The value of exports amounted to SAR 291.6 billion in Q2 2023, down from SAR 427.8 billion in Q2 2022.
- The share of oil exports in total exports decreased from 79.9 percent in Q2 2022 to 78.1 percent in Q2 2023.
Business
Borouge to pay $650m H1 dividend
The interim dividend is equivalent to 7.9 fils per share.
- The interim dividend will be paid to shareholders who have purchased Borouge shares as of 7 September 2023.
- This represents the first part of the expected total FY 2023 dividend of $1.3 billion (AED4.8 billion), equivalent to 15.8 fils per share.
Business
EGA H1 net profit $533 million
The firm expects growth in primary production and recycling business.
- EGA announced H1 2023 adjusted EBITDA of AED4.2 billion ($1.1 billion). EGA’s aluminum segment adjusted EBITDA margin was 27 percent, leading global industry peers.
- EGA’s average realized London Metal Exchange price for its aluminum was $2,359 per ton compared to $3,063 per ton during H1 2022.
Geostrategy
EU diplomat’s threat to Russia medical supplies smacks of neo-Nazism: Official
Moscow, Russia -- Moscow considers threats by European Union High Representative for Foreign Affairs and Security Policy Josep Borrell to...
- Russian Foreign Ministry said that EU High Representative for Foreign Affairs and Security Policy Josep Borrell had threatened to take medical supplies away from the Russian people
- "EU restrictions are above all an instrument of intimidation and blackmail. We deem these new direct threats against Russians by Borrell unacceptable," a spokesperson said.
Business
UAE first half non-oil foreign trade hits all-time high of $337 billion
The results are buoyed by record non-oil exports, which reached AED 205 billion in H1 2023, an 11.9 percent growth...
- Imports increased to AED 693 billion, up 17.5 percent compared to the first half of 2022 and 2.6 percent more than the second half of 2022.
- China has retained its position as the UAE’s leading global trading partner, followed by India, the US and Saudi Arabia.
Europe backs Zelensky after White House showdown with Trump
German Foreign Minister Annalena Baerbock said the "unspeakable" row "underlined that a new age of infamy has begun". Friedrich Merz,...
Geostrategy
Company News
AJEX, MODON sign partnership
Business
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TAMM partners with AI71 to use UAE’s Falcon series LLMs
TAMM becomes first to use UAE’s Falcon large language models.
Business
Tech-empowered shoppers drive Saudi consumer behavior: PwC
Riyadh, Saudi Arabia -- Saudi Arabian consumers are navigating the market with heightened awareness, becoming better-informed buyers, according to the...
Business
14 financial giants confirm expansion into Abu Dhabi: ADGM
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM), a leading international financial center of the UAE’s capital, Thursday announced...
Business
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Business
Saudi consumer spending up 4 percent in October: SAMA
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 4 percent to SAR 110 billion ($29.32 billion) in October,...
- Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada", Argaam reported.
- Cash withdrawals from ATMs declined by almost 3 percent YoY to roughly SAR 45.5 billion in October.
Business
FAB becomes first MENA bank to publish TCFD climate report
Abu Dhabi, UAE -- First Abu Dhabi Bank (FAB) became the first MENA bank to publish a Task Force for...
- The TCFD standard, promoted by the Financial Stability Board since 2015, urges entities to specify the resilience of their strategies to climate-related risks.
- The report delivers on FAB’s 2019 commitment to agree to adopt TCFD recommendations into its reporting and disclosure processes.
Business
Abha Valley has potential to be a tourist destination
ABHA, SAUDI ARABIA - Extending over 34 kilometers, the Abha Valley Basin enjoys a variety of wildlife aspects, civilizational features...
- The Abha Valley abounds in environmental diversity, which explains its array of mountain plants.
- The rugged areas of the highest point of the valley form the right habitat for the Arab tiger,