IsDBI begins building digital marketplace for Islamic finance
Jeddah, Saudi Arabia -- The Islamic Development Bank Institute (IsDBI) has kicked off the development of the Islamic Finance Knowledge...
Business
Saudi AZM gets independent director
Omar bin Fahd Al-Sunaidi's term will extend until Jun 2026.
Business
Economy
Dubai Q1 GDP grows 2.8% on surge in transport, storage sectors
The transportation and storage sector was the biggest contributor to overall growth at 48 percent. This was followed by the...
- Dubai’s growth in Q1 2023 is significantly higher than that of some of the most developed countries in the world. OECD countries recorded seasonally adjusted growth of 1.6%.
- The accommodation and food services sector reported a 5.6 percent growth rate in the first quarter of 2023.
Business
Yahsat H1 net income up 5%
The company reported a revenue of $205m in H1 2023.
- Yahsat said it delivered revenue growth in infrastructure, the Group’s largest segment providing communications capacity to the UAE government.
- Mobility Solutions, the Thuraya business providing mobile satellite services using L-band spectrum, recorded 12 percent growth in the second quarter.
Geostrategy
Lebanon urges calm after Gulf states issue travel advisory
"The situation in Ain al-Helweh camp has now calmed down," Interior Minister Bassam Mawlawi said referring to south Lebanon's restive...
- Thirteen people were killed in several days of violence that erupted on July 29, pitting two groups of Palestinians against each other.
- Last week, Arab Gulf countries -- some of which have already banned their citizens from travelling to Lebanon -- issued warnings urging their nationals to exercise caution.
Business
PIF sets up women’s fitness and wellbeing firm Kayanee
Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, Monday announced the establishment of the Kayanee...
- Kayanee will focus on women’s health and lifestyle of future generations through six offerings, including fitness, apparel, personal care and treatments.
- PIF has set up 25 companies and created 181,000 jobs during 2022, latest official data has pointed out.
Business
Saudi Arabia, Argentina sign geological cooperation and investment deal
Jeddah, Saudi Arabia -- The Saudi Geological Survey (SGS) and the Argentine Mining Geological Service (SEGEMAR) have signed a Memorandum...
- The MoU aims to enhance cooperation in geological exploration, evaluation of mineral resources, and geophysical exploration of mineral resources and groundwater.
- The agreements were reached during the Saudi delegation's visit to Latin American countries, as part of efforts to strengthen international cooperation and investment.
Business
Qatar non-energy private sector firms record strong growth in July
Doha, Qatar -- Non-energy private sector companies recorded the second highest growth in 2023 so far, according to the latest...
- Growth rates for output, new orders, employment and purchasing increased, and the 12-month outlook remained firmly positive, the data from Qatar Financial Center said.
- Data for July 2023 indicated another increase in employment in non-energy private sector economy in Qatar, at the fastest rate since July 2022.
Economy
UAE launches finance strategy to boost government performance
Dubai, UAE -- The United Arab Emirates Sunday launched Ministry of Finance's Strategic Plan 2023-26 aimed at accelerating government performance...
- Sheikh Maktoum bin Mohammed said the UAE will develop and implement sustainable financial policies to promote economic growth.
- The plan comprises three strategic goals, six main projects, four main goals and seven additional directives.
Business
Office rents in Saudi Arabia’s capital grow 12-14 percent in Q2: Report
Riyadh, Saudi Arabia -- Most of Saudi Arabia's real estate market sectors recorded growth in the second quarter of 2023,...
- Grade A office rents in the capital Riyadh growing by 12.2 percent and Grade B rents rising by 14.4 percent year-on-year.
- The residential sector saw a decline in transaction volumes by 38.1 percent in the year to June 2023.
Economy
UAE 2023 growth prospects face least risk in Middle East, Africa
Lower oil production, high inflation, tighter monetary policies, increased borrowing costs, and the rising cost of servicing debt continue to...
- The GCRI risk score in the MEA region has increased continuously for six quarters until Q1 2023, signaling a deteriorating situation.
- UAE, Saudi Arabia, Kuwait and Qatar are among the top five low-risk countries in the region, while Syria, Libya and Yemen are among the 10 high-risk countries.
Business
ADNOC Gas H1 revenue $10.6bn
The decline in revenue is due to lower gas prices.
- The second quarter revenue stood at AED 19.8 billion, compared to Pro Forma Adjusted Revenue of AED 26.1 billion in Q2 2022.
- ADNOC Gas said it shifted towards higher-margin export liquids and focused on increased efficiency.
IsDBI begins building digital marketplace for Islamic finance
Jeddah, Saudi Arabia -- The Islamic Development Bank Institute (IsDBI) has kicked off the development of the Islamic Finance Knowledge...
Business
Company News
10,000 deaths raise specter of genocide in Gaza
Infographics
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GASCO 9M 2023 profit up 16%
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...
Business
48% of people in UAE expect cross-border payments surge in 2024
Dubai, UAE -- Nearly 48 percent of individuals in the UAE anticipate an uptick in cross-border payments over the next...
Business
Gulftainer extends concession pacts
The agreements with Sharjah Ports extended for another 35 years.
Business
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Business
AJEX, MODON sign partnership
AJEX will have rights to operate warehousing facilities at Modon.
- These facilities will be utilized for the storage of a diverse range of goods, including hazardous materials, food and beverage products, and general items.
- The newly secured warehousing space aligns with Dammam's pivotal role in the Kingdom's oil, gas, and industrial sectors, AJEX said in a statement.
Geostrategy
FMs from Palestinian Authority, Muslim nations to visit China
Officials will include the foreign ministers of the Palestinian Authority in the West Bank, Saudi Arabia, Jordan, Egypt and Indonesia,...
- Following the outbreak of war last month, Chinese officials including Foreign Minister Wang Yi have called for an immediate ceasefire and a "cooling down" of the situation.
- China has historically been sympathetic to the Palestinians and supported a two-state solution to the Israeli-Palestinian conflict.
Geostrategy
Climate action slowed in 2022, severe weather events increased
Paris, France -- National climate policy action across the countries that produce nearly two-thirds of total greenhouse gas emissions only...
- National climate policy action across the countries that produce nearly two-thirds of total greenhouse gas emissions only increased by 1% in 2022, lowest since 2000.
- In contrast, between 2000 and 2021, national climate policy action increased by an average of 10 percent a year, according to a new OECD analysis of policy adoption.