Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices
Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price...
Economy
UAE issues federal decree on regulating electronic, digital media
ABU DHABI, UAE - The UAE Government has issued a federal decree which aims to regulate and organize media in...
Geostrategy
Geostrategy
Macron special envoy heads to Lebanon in bid to end crisis
Paris, France -- President Emmanuel Macron's new special envoy for Lebanon heads to Beirut in the coming week as France seeks...
- Former foreign minister Jean-Yves Le Drian, appointed by Macron to the role earlier this month, is to fly to Beirut on Wednesday, the source told AFP, asking not to be named.
- Another source close to the issue also said Le Drian would leave on Wednesday but it was not clear how long he would stay in Beirut or who he would meet.
Business
Allianz, Credit Agricole renew partnership
Credit Agricole Egypt is a subsidiary of Credit Agricole Group.
- The agreement is set to expand Allianz Egypt's customer base while delivering top-notch insurance services to the bank's customers, the companies said in a statement.
- The collaboration aims to provide integrated financial and insurance services, covering life, property, and casualty insurance, under one roof.
Business
Jamjoom Tadawul debut on Jun 20
Jamjoon Pharma IPO was launched on May 25 at SAR 60 per share.
- The company said the daily fluctuation limit is +/- 30% and static price fluctuation limit is +/-10%, Jamjoom said in a statement to Tadawul on Sunday.
- The company offered 21 million shares, representing 30 percent of its share capital. The IPO was the largest in Saudi Arabia since Saudi Aramco Base Oil's IPO in Dec 2022.
Business
Bupa renews contract with SABIC
It will provide health insurance to SABIC staff and their families.
- The contract revenue is forecast to exceed 10 percent of Bupa Arabia’s annual gross written premiums (GWPs) for 2022, Argaam said.
- The relevant financial impact will likely appear on the insurer’s 2023 and 2024 financial results. The contract included no related parties.
Economy
Saudi Arabia’s international reserve assets up first time in 6 months
Foreign currency reserves, representing 94 percent of total assets, fell nearly 2 percent year-on-year in May to SAR 1.56 trillion...
- The other major currencies held by Saudi Arabia include euros, Japanese yen, and British pounds. Special drawing rights (SDRs) grew 1 percent YoY.
- SAMA uses the country's reserve assets to support the Saudi riyal, to finance the government's budget deficit, and to invest in foreign assets.
Business
ADDED partners with Valeo to set up electric cars technology hub
Dubai, UAE -- Abu Dhabi's Department of Economic Development (ADDED) has joined forces with Valeo, a global automotive technology company,...
- The partnership aims to accelerate the growth of the automotive industry in the emirate and provide support to local electric car startups.
- Valeo, known for its advanced technologies and sustainability vision in green cities, plans to explore new areas of development through the integration of its expertise in the hub.
Business
Saudi securities disputes compensation $586 million in four years
Saudi Arabia's Capital Market Authority (CMA) has revealed a staggering 4275 percent surge in the value of compensation for individuals...
- In 2022 alone, the compensation value amounted to 1.75 billion riyals, compared to 40 million riyals in 2019, 93 million riyals in 2020, and 367 million riyals in 2021.
- The number of compensators has also witnessed a significant rise, with a total of 2,352 individuals seeking compensation in the past four years.
Business
Finding private sector jobs difficult for 62% percent Emirati graduates
Despite this pessimistic view, however, 61 percent of the surveyed graduates expressed interest in joining the private sector, said PwC's...
- Despite this pessimistic view, however, 61 percent of the surveyed graduates expressed interest in joining the private sector, said PwC's Emiratization Survey 2023.
- The survey sheds light on the efforts made by the UAE to enhance Emirati participation in the private-sector workforce, in line with the country’s national vision mandate.
Business
Qatar bid for Man Utd awaiting clarity after reports of exclusivity offer
London, United Kingdom -- A source close to Sheikh Jassim Bin Hamad Al Thani said Thursday that the Qatari bidders...
- United announced in November that the board was exploring "strategic alternatives to enhance the club's growth", with a full sale one of the options.
- Sheikh Jassim made a final bid for the club and it is understood that his offer is viewed more favorably by the owners than a rival bid from British billionaire Jim Ratcliffe.
Economy
Saudi inflation in May rises slightly to 2.8% on higher rents
Dubai, UAE -- Saudi Arabia’s inflation increased by 2.8%, compared to May 2022, slightly higher than April 2023 (2.7 percent),...
- The main driver of CPI inflation in May was the higher prices of housing, water, electricity, gas, and other fuels by 8.4 percent, and food and beverages by 0.9 percent.
- The cost-of-living index for May rose to 109.37 points, according to the base year 2018, from 106.42 points in the same month a year earlier.
Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices
Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price...
Economy
Company News
Latest News
Dubai records realty deals worth $116 billion in nine months
Dubai, UAE -- Dubai recorded 116,116 real estate transactions worth AED 429.67 billion ($116.98 billion) during the first nine months...
Business
Firms listed on Qatar Stock Exchange post 9M profit of $10.27bn
Doha, Qatar -- Companies listed on the Qatar Stock Exchange have reported a net profit of QR 37.42 billion ($10.27...
Business
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Economy
Saudi Arabia’s Q3 real GDP falls by 4.5% on decreased oil activities
Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) decreased by 4.5 percent in the third quarter of...
- Non-oil activities and government activities grew by 3.6 percent and 1.9 percent respectively in the third quarter due to a 17.3 percent fall in oil activities.
- Seasonally adjusted real GDP decreased by 3.9 percent in the third quarter compared to the previous quarter, due to a decrease in oil activities and government activities.
Business
Chinese BYD posts record Q3 profit
The third-quarter profit of $1.42bn is its highest-ever single-quarter earnings.
- The figure was in line with BYD's previous forecast of between 9.55 billion yuan and 11.55 billion yuan in quarterly earnings.
- Electric vehicle demand has soared in recent years in China, which is the world's biggest producer of greenhouse gases in absolute terms.
Business
AlUla signs pact with Six Senses
Six Senses AlUla will open in Saudi Arabia in 2027.
- Luxury hotel Six Senses AlUla will span across 1,200,000 square meters and will be built within a natural oasis adorned with lush palm groves.
- It will feature 100 guest villas and 25 residences, which will be designed to seamlessly integrate with AlUla's breathtaking natural landscape.