5 WEF reports shaping your 2024 agenda
From AI to the future of jobs and slow climb to gender parity, WEF reports provide insights into some of...
Geostrategy
AD Ports, RSPA to develop and operate terminal in Egypt’s Safaga Port
Cairo, Egypt -- AD Ports Group (AD Ports) has signed a concession agreement with the Red Sea Ports Authority (RSPA)...
Business
Business
Dubai real estate market records deals worth $653 million
Dubai, UAE -- Dubai's real estate market recorded deals worth AED 2.4 billion ($653 million) on Thursday, according to Dubai...
- The deals included 591 sales transactions worth AED1.76 billion on Thursday, in addition to 125 mortgage deals totaling AED613.72 million.
- The sales included 561 villas and apartments worth AED1.42 billion, and 30 land plots worth AED336.26 million.
Arts & Culture
Falconers meet in Abu Dhabi for special auction from Sept 2-8
Abu Dhabi, UAE -- Following the success of the Falcon Auction in the last edition of Abu Dhabi International Hunting...
- The previous edition witnessed the purchase of the most expensive falcon in ADIHEX’s history, as the American falcon (Pure Gear - Ultra White) was sold for more $250,000.
- The 2023 auction will witness new features, including the falcon daily raffle draws offered by Umm Jeniba Farm to the auction’s audience and raffle draws to the participants.
Business
Sharjah records real estate deals worth $517 million in July
Sharjah, UAE -- Sharjah has recorded real estate transactions worth AED1.9 billion ($517 million) during July 2023, according to the monthly...
- The department executed a total of 2,783 transactions, including 684 sales transactions across 96 areas in various regions of the emirate.
- The number of mortgage transactions were 447, constituting 16.1 percent of the total number of transactions with a value of AED420.1 million.
Business
DP World H1 EBITDA $2.6bn
The company's revenue grew 13.9 percent to $9.03 billion.
- CEO Sultan Ahmed bin Sulayem said the company's balance sheet remains robust, and it continues to generate high levels of cash flow.
- DP World's focus on high-margin cargo, end-to-end bespoke supply chain solutions and cost optimization has been crucial in securing these results.
Business
Struggling Lucid weighs down PIF’s robust US equities show
Dubai, UAE -- Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), reported 9.6 percent growth in its US equity holdings to...
- Lucid continued to drag down the fund’s US public holdings with q-o-q growth of 6.2 percent to US$9.47 billion – a level that was still 45.6 percent down on end-June 2022.
- The EV manufacturer has struggled with mounting losses and tightening cash reserves due to recession risks and a price war with its bigger rival Tesla.
Business
AD Ports Group Q2 net profit $84m
The Group posted 66% year-on-year revenue growth.
- Maritime, Digital, and Ports Clusters were the key growth drivers with 208 per cent, 26 per cent, and 22 per cent year-on-year, respectively.
- AD Ports Group Q2 2023 EBITDA rose by 29 per cent year-on-year to AED686 million, mainly driven by maritime, digital, and ports clusters as well as acquisitions.
Economy
Saudis, Emiratis gain wealth, but disparity remains
In 2022, 45 percent of adults in Saudi Arabia had a net worth of less than $10,000, against 43 percent...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.
Business
Riyad Capital okays 2.5% cash dividend
The SAR 0.25 per unit dividend will be paid to Riyad REIT Fund's unitholders.
- The distribution represents 2.19 percent of net asset value (NAV) as of June 30, 2023.
- Riyad REIT is a closed-ended Shariah-compliant real estate investment traded fund.
Videos
Five skills workers require in real estate
Saudi Arabia’s real estate sector is evolving with new regulations, creating fresh job opportunities. The latest initiatives seek to enhance...
- Saudi Real Estate General Authority introduces 12 new roles, including positions like real estate broker, advertiser, and property manager
- The initiatives are aimed at boosting the real estate sector's contribution to the Kingdom's GDP, enhancing the role of non-oil sectors
Business
Bahrain Central Bank’s Sukuk Al Salam oversubscribed 319%
Manama, Bahrain - The Central Bank of Bahrain (CBB) has said its monthly issue of the Sukuk Al-Salam Islamic securities...
- Subscriptions worth BD 137.151 million ($364m) were received for the BD 43 million ($114m) issue, which carries a maturity of 91 days.
- Expected return on the issue, which begins on August 16 and matures on November 15, is 6.25 percent, compared to 6.10 percent of the previous issue.
Most Read
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
5 WEF reports shaping your 2024 agenda
From AI to the future of jobs and slow climb to gender parity, WEF reports provide insights into some of...
Geostrategy
Company News
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Business
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Business
Latest News
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...
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,...
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...
Business
Most Read
Business
MBC Group IPO plea okayed
The conglomerate intends to sell 33.25 million shares.
- The number of shares represent 10 percent of the capital of the Saudi media conglomerate.
- The company's prospectus will be published ahead of the planned share sale, the market regulator said in a statement.
Business
UAE defense conglomerate EDGE signed nearly $2bn in deals
Dubai, UAE -- UAE defense conglomerate EDGE Group has inked deals worth at least $1.8 billion during the Dubai Airshow,...
- A $1.1 billion deal with UAE Ministry of Defense for aircraft munitions was the biggest of the deals.
- The EDGE Group is only four years old, but now consists of more than 25 subsidiaries.
Business
SAMA, Central Bank of China sign $7bn currency swap agreement
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has signed a three-year currency swap agreement with the Central Bank...
- he agreement is part of the financial cooperation between the two central banks, which works to strengthen collaborations based on mutual interests.
- Currency swaps are agreements between two parties to exchange a certain amount of one currency for another and then reverse the exchange at a later date.