Saudi fund assets dip slightly in Q3 but subscribers surge
Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased...
Business
Business
Record surge in number of attendees at Arabian Travel Market 2023
Dubai, UAE -- More than 40,000 people – including 30,000 visitors – attended the 30th edition of Arabian Travel Market...
- More than 40,000 people – including 30,000 visitors – attended the 30th edition of the event, which concluded last week in Dubai.
- This not only represents a year-on-year increase of 29 percent in attendees compared to 2022, but it also represents a 5 percent increase over 2019.
Business
SAB Alawwal Q1 profit up 76%
The first quarter customer deposits increased by 17% on Q1 2022.
- The bank's total operating income grew by 60 percent to SAR 3.21 billion net customer advances by 8 percent to SAR 191 billion.
- Lubna S. Olayan, Chair of the Board of Directors of SAB Alawwal, said both Q1 profit and operating income were a record for the bank.
Business
Saudi Arabia’s real GDP grows by 3.9 percent in first quarter
Riyadh, Saudi Arabia -- The real GDP of Saudi Arabia grew by 3.9 percent in the first quarter of 2023,...
- The kingdom saw a 5.8 percent increase in non-oil activities and a 1.3 percent increase in oil activities over Q1 of 2022.
- Saudi Arabia’s economic growth is expected to accelerate by 3 percent in 2023 backed by a robust non-oil sector.Â
Business
Pakistan and Oman agree to boost air travel, promote tourism
Muscat, Oman -- Pakistan and Oman have agreed to boost air travel between the two countries' airports, reports said. The...
- An Omani delegation, led by Naif Ali Al Abri, Chairman of the Civil Aviation Authority, held a series of meetings with Pakistani officials.
- Recently, the two countries also resolved to broaden bilateral relations, especially in strategic, economic and trade spheres.
Geostrategy
Iraq keen to meet fuel needs of Lebanese people: Oil Minister
Baghdad, Iraq -- Iraq's oil minister Hayan Abdel-Ghani has said the Iraqi government was keen to support the Lebanese people...
- Iraq's oil minister Hayan Abdel-Ghani held a discussion with Lebanon's Minister of Energy and Water, Walid Fayyad.
- Fayyad appreciated the support extended by the Iraqi government at a time when Lebanon is facing its worst economic crisis.
Geostrategy
31 more Kuwaitis file papers for parliament election
Kuwait City, Kuwait -- At least 31 Kuwaitis have filed candidacy papers for Kuwait's National Assembly election set to take...
- Till Saturday, a total of 61 candidates, including a female, had filed documents for the election to be held in June.
- The Gulf state has seen prolonged bickering between the government and the elected parliament that has hampered fiscal reforms.
Economy
Amman Chamber exports rises to US$565m in January- March 2023
AMMAN, JORDAN Â -Â The Amman Chamber of Commerce (ACC)'s export of goods and commodities to Arab and other countries increased...
- Jordanian exports to Iraq was of US$217 million, to Switzerland at about US$103 million in January- March 2023.
- Jordanian exports to the UAE was about US$59 million, Egypt at US$42 million in January- March 2023.
Business
Ajman witnesses 13 percent first quarter growth in new licenses
Ajman, UAE -- The emirate of Ajman has issued a total of 1,483 business licenses during the first quarter of...
- Import and export, retail perfumes, general trade, and wholesale trade of women's ready-made clothing are among the newest commercial licenses issued in Ajman during this period.
- Renewal of licenses grew by 3 percent and process of issuing permits by 9 percent year on year.
Business
$14m plot of land among $2.83bn weekly realty deals in Dubai
Dubai, UAE -- A total of 3,050 real estate transactions worth AED10.4 billion ($2.83 billion) were recorded in Dubai during...
- The DLD report showed that 189 plots were sold for AED1.19 billion, 2,239 apartments and villas were sold for AED5.11 billion.
- Al Hebiah Fifth recorded the most transactions for this week by 63 sales transactions worth AED188.2 million.
Business
Empower Q1 revenue up 6%
The company posted a 5.7 percent year-on-year growth in net profit.
- For the last twelve months (Apr 2022 to Mar 2023), the company's consolidated revenue was AED 2.82 billion, compared to AED 2.53 billion (Apr 21 to Mar 22).
- The company attributed the first quarter growth to a rise in demand for its services across various regions of Dubai.
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Saudi fund assets dip slightly in Q3 but subscribers surge
Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased...
Business
Company News
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Emaar EC and Orascom to develop tourism destination
Dubai, UAE -- Emaar, The Economic City, the master-developer of King Abdullah Economic City (KAEC), has signed a strategic agreement...
Business
Mahmoud Abbas turns down call from Joe Biden: Israeli radio
Tel Aviv, Israel -- Palestinian President Mahmoud Abbas declined to take a telephone call from US President Joe Biden during...
Geostrategy
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Business
MAWANI and SGP sign $266m contract
They will establish a logistics zone in King Abdulaziz
- The zone will provide major logistics services, unique solutions, integrated services, and environmental systems, including warehouses and yards.
- It will also include a warehouse and re-export area to provide sorting, regional distribution, and value-added operations.
Business
Kadi Pay okayed for BNPL solutions
The company was approved by the Saudi Central Bank.
- With Kadi Pay, six authorized companies are now offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56.
- The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.
Business
Israel-Gaza conflict won’t impact Riyadh FII summit outcome: CEO
Riyadh, Saudi Arabia -- The tragic developments in Gaza won't have a huge impact on the overall outcome of the...
- Richard Attias. brushed aside the fears of slowdown in investment in the region due to the ongoing Israel-Palestinian conflict.
- He said that most investors take a long-term view, so the ongoing war won't have big impact on the overall investment climate.