SFD-financed Arkiz Agricultural Project in Mauritania inaugurated
Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...
Geostrategy
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
Business
Kuwait and South Korea sign MoU to regulate airline operations
Kuwait -- Kuwait's General Administration of Civil Aviation (GACA) and the South Korean Ministry of Land, Infrastructure and Transport signed...
- The MoU amends the agreement signed between the two countries in 1981 will be in effect for five years with the possibility of renewal.
- It will also encourage international airlines to increase their flights to and from Kuwait International Airport and facilitate the movement of passengers and air cargo.
Economy
Qatar’s nominal GDP to hit $227.3bn in 2023, inflation 3%
Dubai, UAE -- Qatar's nominal GDP is expected to reach $227.3 billion in 2023 and $228.8 billion in 2024, driven...
- The report forecasts real GDP growth to reach 2.3 percent in 2023 and 2.6 percent in 2024.
- The report forecasts the current account surplus to reach 20.8 percent of GDP in 2023 and 22.8 percent of GDP in 2024.
Economy
Saudi Arabia’s imports from GCC states drop 15% to $1.49bn in Apr
Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council countries fell 15 percent year-on-year to SAR 5.6 billion...
- Compared with March 2023, the Kingdom's imports from GCC dropped by 21 percent, or SAR 1.52 million.
- The Kingdom's merchandise imports rose 1 percent year-on-year to almost SAR 57.9 billion in April.
Business
Dubai real estate market records highest ever first-half sales
Dubai, UAE -- Dubai's real estate market has recorded its highest semi-annual sales figures ever, with 61,000 deals worth AED...
- The growth rate in terms of sales value amounted to 57 percent on an annual basis during the first six months of 2023.
- During June 2023, a total of 10,405 real estate sales deals with total value of AED 30.3 billion, which is the highest number ever for the month of June.
Business
SPARK, Hutchinson Ports ink pact
SPARK Logistics Company will meet the needs of investors.
- SPARK is the world's largest energy hub, spanning 50 square kilometers in the Eastern Province of Saudi Arabia.
- Under the agreement, SPARK Logistics Company has been granted concession rights to provide logistics services.
Business
Institutional investors buy more local stocks in UAE markets since Jan
Abu Dhabi, UAE -- Institutional investors bought more local stocks than they sold in the Abu Dhabi Securities Exchange (ADX)...
- Net purchases by institutional investors totaled AED 5.6 billion ($1.52 billion), after buying stocks worth AED165.4 billion and selling AED159.7 billion in stocks.
- Institutional investments accounted for some 78 percent of the total trading volume, both buying and selling, in both markets since the start of the current year.
Economy
Abu Dhabi first quarter GDP up 3.9% on strong non-oil growth
Official data show a 6.1 percent growth in non-oil GDP during the first quarter of 2023, driven by strong performances...
- This the highest quarterly value in the past nine years. The contribution of non-oil activities to the total GDP reached its highest level in eight years to 52.8 percent.
- The construction sector recorded highest quarterly growth rates in nine years during the first quarter of 2023 and the fourth quarter of 2022 in a row.
Business
Bahrain central bank $185m Treasury bills oversubscribed 109%
Manama, Bahrain -- Treasury bills valued at Bahrain Dinar 70 million ($185 million) issued this week by the Central Bank...
- The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain.
- The total outstanding value of Government Treasury bills, typically issued with maturities of 91 days, 182 days, and 364 days, is BD 2.110 billion.
Business
Immensa opens facility in Saudi Arabia
The $15 million is located in Dammam area of the Kingdom.
- The facility is the first private sector industrial grade additive manufacturing center in the Kingdom.
- It is equipped with cutting-edge technologies and is supported by more than 30 specialized engineers, the company said in a statement.
Business
Aramco, Rijal Almaa cooperative to develop region’s beekeeping sector
Dhahran, Saudi Arabia -- Saudi Aramco and the Beekeepers Cooperative Society in Rijal Almaa Governorate in Asir Region have signed...
- Through this initiative, the Beekeepers Association aims to produce approximately 10,000 queen bees and 4,000 breeding parcels for local bees without the use of external bees.
- The MoU also includes plans to improve the quality of beekeepers' products by introducing advanced equipment and quality testing training according to the highest standards.
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SFD-financed Arkiz Agricultural Project in Mauritania inaugurated
Dubai, UAE -- The Arkiz Agricultural Project in Mauritania, which has been financed by the Saudi Fund for Development (SFD)...
Geostrategy
Company News
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Sipchem 9M net profit down 67%
Business
First SAF-powered Emirates flights cleared for take-off from Dubai
Dubai, UAE -- The first Emirates flights operating with sustainable aviation fuel (SAF) provided by Shell Aviation have taken off...
Business
Over 60% of employment lost in Gaza since start of current conflict
Beirut, Lebanon -- At least 61 per cent of employment, equivalent to 182,000 jobs, has been lost in the Gaza...
Business
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Business
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
Riyadh, Saudi Arabia -- Saudi Arabia has announced it will continue the voluntary cut of one million barrels per day,...
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
- That decision riled the United States, which at the time accused Saudi Arabia, a security partner, of siding with Russia in the war in Ukraine.
Business
American defense companies firm on attending Dubai Airshow
Washington DC, United States -- In spite of escalating instability in the Middle East, several American defense firms have reaffirmed...
- The Dubai Airshow, to be held at Maktoum International Airport in the United Arab Emirates, is a biennial event and ranks among the world's most significant aerospace exhibitions.
- L3Harris told Breaking Defense, "We're monitoring current events like all our industry peers and have not scaled back our planned attendance."
Economy
Amid volatility, international reserves resilient: World Bank report
Washington, United States -- Central bank reserve management remained resilient during a historically volatile year, according to the fourth edition...
- Central banks were confronted with a particularly challenging environment in 2022, with many of them, especially in developing countries, seeing decreases in reserves.
- Central banks also faced challenges with technological advancements and systems updates, as well as hiring shortages and staffing turnovers.