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
Saudi Arabia’s holdings of US Treasuries up $399 million in Oct 2023
Riyadh, Saudi Arabia -- Saudi Arabia’s holdings of US Treasuries reached $117.5 billion in October 2023, up $399 million month-on-month...
Business
Business
Barakah Plant’s final unit begins operational readiness preparations, says ENEC
ABU DHABI, UAE - The Emirates Nuclear Energy Corporation (ENEC) has announced that Unit 4, the fourth and final unit...
- Barakah Plant has had a transformational impact on the UAE, spearheading the rapid decarbonization of the UAE’s power sector.
- Unit 4 will raise the Barakah Plant’s total clean electricity generation capacity to 5.6GW, equivalent to 25 percent of UAE’s electricity needs.
Business
Dubai International Chamber attracts 5 MNCs, 20 SMEs in Q1
Dubai, UAE -- Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has attracted five Multinational Corporations...
- The chamber also supported the expansion of seven local and national companies into foreign markets by helping them increase their exports or establish a presence abroad.
- The Chamber also opened a new representative office in Hong Kong, bringing the total number of its international offices to 16 by the end of Q1 2023.
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.
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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
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SIRC and Edama sign partnership
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Silal acquires stake in SAFCO
Business
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...
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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.