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
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.
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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EDGE acquires 50% stake in SIATT
Business
Saudi exports, services grow by 135% in Q2: Economy Minister at FII7
Riyadh, Saudi Arabia -- Saudi Arabia's Minister of Economy and Planning, Faisal F Alibrahim said Tuesday the Kingdom saw a...
Business
Al Seer Marine, L3Harris renew pact
They have partnered with each other for the past six years.
Business
Modon attracts new investments via partnerships with China, Japan
Riyadh, Saudi Arabia -- The Saudi Authority for Industrial Cities and Technology Zones (Modon) has attracted new investments by partnering...
Business
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Business
Yansab 9M net loss $134 million
The company had posted net earnings of $136m in 9M 2022.
- In the third quarter of 2023, the company widened its net loss to SAR 161.3 million from SAR 61 million in the year before.
- Yanbu had decided to distribute cash dividends of 236 million Saudi riyals to shareholders for the first half of the fiscal year 2023.
Business
DP World, TPA ink pact
DP World will operate Dar Es Salaam Port in Tanzania.
- The main aim is of optimizing the port’s operations to improve transport and logistics services throughout Tanzania and its hinterland.
- The port will connect to the hinterland of sub-Saharan Africa through a network of roads, highways, railways and dedicated freight corridors.
Science
UAE to expand relations with Singapore in vital sectors: Sheikh Zayed
Abu Dhabi, UAE -- UAE President Sheikh Mohamed bin Zayed Al Nahyan and Singapore Prime Minister Lee Hsien Loong Sunday...
- Sheikh Zayed noted that the UAE is Singapore’s top trading partner in the Middle East and North Africa.
- The two leaders reviewed cooperation and opportunities to develop relations, especially in the fields of economy, investment, education and tourism.