ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant
The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...
Business
ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
Economy
Saudi Arabia’s GDP grows 3.8 percent in first quarter: GASTAT
The Gross Domestic Product at current prices amounted to SAR 1 trillion ($267.95 billion) in Q1/2023. Crude petroleum and natural...
- The GDP at constant prices reached SAR 753.2 billion in Q1 2023, compared to SAR 725.74 billion a year earlier, data issued by the General Authority for Statistics (GASTAT) shows.
- Non-oil activities increased 5.4 percent compared to the first quarter of 2022 and 1.1 percent quarter-on-quarter, while government activities rose 4.9 percent year-on-year.
Economy
Oil, investment and reforms propel Saudi economy
The Kingdom has the highest economic growth among the G20 countries in 2022, driven by strong oil production and non-oil...
- The Kingdom has the highest economic growth among the G20 countries in 2022, driven by strong oil production and non-oil sector growth, says the latest IMF report.
- Historically low unemployment due to increased labor force participation and expatriate worker rebound, while low inflation is aided by subsidies and a strong US dollar.
Business
NEOM signs $5.5bn contracts to build housing for growing workforce
Dubai, UAE -- NEOM has finalized contracts worth SAR 21 billion ($5.59 billion) with investors for the expansion of the...
- The bidders for the first phase of the residential communities include leading Saudi Arabian companies such as Alfanar Global Development.
- The temporary accommodations, needed during the construction period of NEOM, are built sustainably as relocatable modular units.
Business
Foreign non-institutional investors’ ownership in Saudi equities up
Dubai, UAE -- Non-institutional foreign investors increased their ownership in Tadawul-listed equities, excluding Saudi Aramco, to SAR 310.80 billion ($82.87...
- The ownership of non-institutional foreign investors is represented by swap agreements, residents, and qualified foreign investors (QFIs).
- Foreign investors’ ownership, including strategic partners, in Saudi equities, excluding Saudi Aramco, fell from 12.19 percent to 12.17 percent, or SAR 356.96 billion, for the week
Business
Top 10 Saudi banks experience slow profit growth in Q1
Despite improvement in cost-to-income ratio, net profit sees only a marginal rise of 2.7% QoQ to $4.61bn due to slower...
- Return on equity declined by 67 bps QoQ to 15.2%, while return on assets (RoA) remained stable at 2%. Total operating income saw a modest increase of 4.1% QoQ
- Asad Ahmed, A&M Managing Director and Head of Middle East Financial Services, said, “We consider the Saudi banks’ capital position to be strong.”
Business
Saudi Arabia’s RVCMC to hold biggest carbon credit auction in Nairobi
The event on Jun 14 aims to sell more than 2 million tons of high-quality CORSIA carbon credits registered with...
- An auction held by RVCMC last year at Future Investment Initiative (FII) in Riyadh was then the largest-ever auction with 1.4 million tons of carbon credits sold.
- RVCMC was established by PIF and Tadawul Group to help MENA businesses play their role in the global transition to zero neutrality.
Business
30 tech startups attracted to Dubai in Q1: Chamber of Digital Economy
Dubai, UAE -- A total of 30 startups were attracted to Dubai by the Dubai Chamber of Digital Economy in...
- The chamber has also launched a series of 10 interactive workshops for the private sector focusing on specific areas of the digital economy.
- The chamber aims to attract 300 new digital startups in the coming years. As part of these efforts, the chamber will host the Expand North Star Summit in October.
Business
DMCC-Bybit partnership to boost adoption of crypto, Web3 in Dubai
Dubai, UAE -- Dubai Multi Commodities Centre (DMCC) Monday announced a partnership with Dubai-headquartered cryptocurrency exchange Bybit, in which the...
- Bybit will provide financial support totaling AED 500,000 for new crypto businesses looking to set up at the region’s community of Web3 and blockchain businesses – the DMCC Crypto.
- The partnership will bring Bybit Services to Crypto Centre members. Bybit is the world’s third most visited crypto exchange with over 15 million users.
Business
TRENDS poll: Technology most booming GCC sector
Tourism and Finance were the next flourishing sectors named in the poll in which the majority of the respondents were...
- While 33 percent were between 30 and 39 years, 14.5 were between 40 and 49 years, and only 13.7 percent were above 50 years old.
- Developing the region's digital job market has the potential to generate 1.3 million additional digital jobs in the GCC by 2025.
Business
SABIC Agri to pay $378m H1 dividends
The SAR 3 per share dividend will be paid on 31 July.
- The company had reported a net profit of 10 billion Saudi riyals ($2.7 billion) for the full-year 2022, which is nearly 92 percent more than the 5.36 billion riyals in 2021.
- The sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant
The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...
Business
Company News
Latest News
eXtra net profit down 17%
Business
Sulaiman Al Habib 9M profit $405m
The Group reported a nearly 16% year-on-year rise in revenues.
Business
UAE, Saudi stock exchanges surpass Arab peers with $167bn in gains
Abu Dhabi, UAE -- The financial markets of the United Arab Emirates and Saudi Arabia topped the Arab stock exchanges...
Business
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Business
Qatar records real estate sales contracts worth $84m in five days
Doha, Qatar -- Qatar recorded real estate trading volume in sales contracts worth QR 308 million ($84.59 million) for the...
- Total sales contracts for residential units for the same period was QR 1.09 billion.
- Sales were concentrated in AL Rayyan, Doha, Al Wakrah, Al Daayen, Umm Salal, Al Khor and Al Dakhira municipalities.
Business
PIF to reveal complementary auto projects soon, says top official
Riyadh, Saudi Arabia -- The Public Investment Fund will soon announce complementary projects for the automobile industry, mainly batteries, said...
- PIF is currently focusing on attracting industries related to the automobile system, such as tires, glass, and plastics to Saudi Arabia.
- The PIF has established three factories, Ceer, Lucid and Hyundai, finalizing the first phase of its mega project related to attracting the car manufacturing industry.
Business
ASPACE to set up Saudi’s first satellite manufacturing unit
Riyadh, Saudi Arabia -- Saudi Arabia announced Thursday the completion of SAR 1 billion investment procedures by ASPACE, a Hong...
- The Hong Kong based company completed procedures for the investment of SAR 1 billion ($266 million) for the manufacturing facility.
- The manufacturing company expects growth throughout the project phases, for the manufacturing of components, subsystems, and satellites.