Regional players welcome ceasefire and political process in Yemen
Riyad, Saudi Arabia -- Key regional players have welcomed the agreement – involving a comprehensive set of measures aimed at...
Geostrategy
Russia won’t consider ratings while granting loans to countries
Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...
Economy
Arts & Culture
Hajj pilgrims continue rituals on third day of Eid Al-Adha in Mina
Mina, Saudi Arabia – Pilgrims were continuing with their religious rites on Friday, the third day of Eid Al-Adha, participating...
- Upon completion of the stoning of satan ritual, the faithful were moving towards the Grand Holy Mosque for the farewell circumambulation.
- Bahrain’s Minister of Information, Ramzan bin Abdullah Al-Noaimi, has praised the successful execution of this year’s Hajj season.
Geostrategy
Arab world expresses outrage over Quran desecration in Sweden
Described as a "flagrant provocation to all Muslims," the incident has drawn outrage from the Council of Arab Interior Ministers,...
- The organizations emphasize the importance of respect for human rights and all religious beliefs.
- The UAE's Ministry of Foreign Affairs summons Swedish envoy to lodge protest and condemnation.
Business
Petrofac Emirates awarded $700m ADNOC Gas Procession EPC contract
Abu Dhabi, UAE - ADNOC Gas Procession, an ADNOC subsidiary, has awarded $700 million contract to Petrofac for Engineering, Procurement,...
- The contract was awarded to Petrofac Emirates and involves the construction of a new gas compressor plant, aimed at bolstering gas output from the Habshan Complex.
- The new plant, expected to play a pivotal role in increasing gas production, will consist of three gas compressor trains, as well as associated utilities and power systems.
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.
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Regional players welcome ceasefire and political process in Yemen
Riyad, Saudi Arabia -- Key regional players have welcomed the agreement – involving a comprehensive set of measures aimed at...
Geostrategy
Company News
Latest News
AD Ports Group acquires 10 offshore vessels for $200 million
Abu Dhabi, UAE -- AD Ports Group (ADPORTS) has purchased 10 offshore vessels for $200 million that will bolster offshore...
Business
Saudi Real Estate Market records transactions worth $14.92bn
Riyadh, Saudi Arabia -- More than 70,000 transactions worth SAR 56 billion ($14.92 billion) have been conducted on Saudi Arabia's...
Business
10,000 deaths raise specter of genocide in Gaza
Some world leaders like Turkey's President Erdogan use the term genocide to describe Israeli actions in Gaza. Israel has also...
Infographics
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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...
- The total estimated 390,000 job losses in the two areas that comprise the Occupied Palestinian Territory translate into daily labor income losses of $16 million.
- Gazans have long grappled with persistently high rates of poverty, vulnerability and one of the highest unemployment rates in the world, which stood at 46.4 per cent in Q2.
Business
GASCO 9M 2023 profit up 16%
Operating expenses and financing cost edged lower.
- GASCO noted an increase in revenue and financing income, along with higher share of results from associates.
- In Q3 2023, net profit rose slightly by 0.4 percent to SAR 57.2 million from SAR 56.98 million in Q3 2022.
Arts & Culture
200,000-year-old hand axe found in Saudi Arabia’s AlUla region
AlUla, Saudi Arabia -- The Royal Commission for AlUla (RCU) has announced that the archeological excavation teams at the Qurh...
- It is a strong tool, made of soft basalt stone 51.3 cm long, that could have been used for cutting or chopping. Studies are still conducted to identify the purpose of its use.
- The ancient tool was discovered by a team of archeologists from the heritage consultancy TEOS Heritage, which is exploring the area around Qurh, south of AlUla.