81 percent of Saudi population attends cultural events, activities in 2024: GASTAT
Riyadh, Saudi Arabia --Â Nearly 81.6 percent of Saudi individuals visited at least one cultural event or activity in 2024, according...
Arts & Culture
UN chief slams ‘distressing’ spending on arms over climate
Without action, "the situation will deteriorate," he warned. "Conflicts are multiplying. The climate crisis is set to spiral, as emissions...
Business
Saudi Arabia’s imports from GCC countries fall by 19% in June
Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council (GCC) countries fell 19 percent year-on-year (YoY) to SAR...
- UAE accounted for 65.6 percent, or SAR 3.61 billion, of the total Saudi imports, down 13 percent YoY, Argaam reported.
- The Kingdom's imports from Qatar only registered a growth (of 49 percent) to SAR 48 million, from 32 million a year ago.
Business
Hotel revenues in Oman grow 27.8% to $318 million in July
Muscat, Oman -- The revenues of 3-5-star hotels in Oman reached RO 122.5 million ($318 million) at the end of...
- The total number of hotel guests grew by 25.8 percent to 1.09 million by the end of July 2023.
- Hotel occupancy posted a growth of 10.3 percent. The number of Omani guests reached 411,551.
Business
Qatar’s trade balance surplus increases by 12.8 percent in July
Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
- Imports of goods in July 2023 amounted to around QR 9.4 billion, showing a decrease of 1.6 percent compared to July 2022.
- China was the leading country of origin of Qatar's imports with about QR 1.6 billion, a share of 16.7 percent of the imports.
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GCC optimistic about FDI growth despite hiccups
Despite a decline in FDI inflows in the past few years, GCC countries remain optimistic as they expect strong economic...
- The GCC countries are generally stable and have a good track record of protecting foreign investments.
- The Gulf nations have abundant natural resources, such as oil and gas, which attract foreign investors in the energy sector.
Geostrategy
Renewables helped save $520bn fuel costs globally in 2022: Report
In non-OECD countries, just the saving over the lifetime of new capacity additions in 2022 will reduce costs by up...
- In addition to these direct cost savings, there would be substantial economic benefits from reducing CO2 emissions and local air pollutants.
- IRENA’s Director-General Francesco La Camera said the world must add 1,000 GW of renewable power annually on average every year until 2030 to keep 1.5°C within reach.
Arts & Culture
Saudi hosts AlUla Desert Blaze, the toughest run in GCC region
AlUla, Saudi Arabia -- AlUla Desert Blaze, a unique running challenge, which kicked off on Saturday and saw participation of nearly 200 male and female...
- The run, which kicked off Saturday, saw participation of nearly 200 male and female runners from 39 countries.
- The participants faced the toughest challenges amid scorching summer heat, enduring temperatures reaching up to 43 degrees Celsius.
Business
AviLease acquires aircraft leasing platform
The $3.6bn deal will see AviLease acquire a portfolio of 100 aircraft.
- The combined platform will own and manage 167 of the latest technology, fuel efficient aircraft, consisting of 145 owned valued at around $6 billion.
- AviLease arranged $2.1 billion of competitive bridge financing commitments from four banks: BNP Paribas, Citibank N.A., HSBC Bank Middle East and MUFG Bank.
Geostrategy
Saudi Arabia and Iran invited to Moscow-led defense bloc’s military drills
Moscow, Russia -- Collective Security Treaty Organization (CSTO) member states have invited observers from Saudi Arabia, Iran, China and Mongolia...
- China and Mongolia are the other two countries invited to monitor the Combat Brotherhood-2023 drills in Belarus, CSTO Joint Staff Chief Colonel General Anatoly Sidorov said.
- Combat Brotherhood, a joint operational and strategic exercise, will be held in Belarus on September 1-6.
Business
SAMI launches radio systems line
PIF-owned SAMI will be partnering with the Ministry of Defense.
- SAMI CEO Waleed Abdulmajeed Abu Khalid underlined the partnership in strengthening relationships with L3Harris, the world's leading defense company.
- In June, SAMI signed an agreement with Safran Helicopter Engines for engine maintenance and repair.
Business
$202m contract signed for Jeddah project
The contract involves MEP works for Al Muhammadiyah Hospital.
- The contract was signed between Zamil Air Conditioning and Refrigeration Services Co. Ltd. and Al Muhammadiyah Hospital for Healthcare Co.
- Sulaiman Al Habib plans to finance the project from its own resources and Shariah-compliant long-term bank loans.
81 percent of Saudi population attends cultural events, activities in 2024: GASTAT
Riyadh, Saudi Arabia --Â Nearly 81.6 percent of Saudi individuals visited at least one cultural event or activity in 2024, according...
Arts & Culture
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ADNOC Gas net income $3.37bn
Business
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
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,...
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...
Business
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Business
Egypt jumps to third place in Offshore BPO Confidence Index
Cairo, Egypt -- Egypt's global prominence received a boost as it jumped from 11th to third place in the 2023...
- Egypt's BPO industry demonstrated steady growth, with digital exports increasing from $4.5 billion in 2022 to $4.9 billion in 2023.
- The country targets doubling export revenue to $9 billion by 2026, creating over 200,000 direct job opportunities.
Business
Saudi PIF secures $5 billion financing in collaboration with K-SURE
Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) and Korea Trade Insurance Corporation (K-SURE) have announced the signing of...
- The collaboration stems from a memorandum of understanding signed in March 2022 between PIF and K-SURE.
- The transaction will mark PIF’s first financing covered by an export credit agency, as it continues to diversify its sources of funding.
Business
Abu Dhabi’s financial sector surges 30% in Q2, non-oil growth 12%
Abu Dhabi, UAE -- The financial sector in the UAE has experienced a surge of 30 percent in the second...
- Non-oil sectors now constitute nearly 54 percent of the total GDP, according to Ahmed Jasim Al Zaabi, chairman ADDED.
- Non-oil foreign merchandise trade expanded by 13 percent by the end of the third quarter.