King Abdulaziz International Airport top Saudi performer in November
Riyadh, Saudi Arabia -- King Abdulaziz International Airport in Jeddah, King Fahd International Airport, Abha International Airport, Al-Ahsa International Airport...
Business
GCC region’s non-hydrocarbon growth momentum strong: IMF
Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...
Business
Business
KPMG ordered to pay $231 million for Abraaj fund audit failure
Dubai, UAE -- KPMG Lower Gulf has been ordered by a Dubai court to pay more than $231 million to...
- The award is one of the largest ever against an accounting firm and exceeds KPMG Lower Gulf’s revenues of $210 million in its most recent financial year.
- KPMG Lower Gulf’s operations were already in the spotlight after allegations of nepotism and cronyism led to the resignation of its former head last October.
Geostrategy
Countries need $97 billion to achieve education targets: UNESCO
Paris, UAE -- Without $97 billion in extra funding, a range of countries will fail to meet their 2030 national...
- The largest financing gap is in sub-Saharan Africa: $70bn per year. The region has the furthest distance to travel, with 20 percent of primary school age children not in school.
- Around one third of the gap could be filled if donors fulfilled their aid commitments and prioritized basic education in the poorest countries, the report found.
Business
UAE India’s second biggest export destination, third for imports
Dubai, UAE -- The UAE continues to be the second most important export destination for India, according to annual trade...
- India's Ministry of Commerce and Industry said the US and the UAE retained the first and second place as top export destinations for the country.
- The number of new Indian companies that joined Dubai Chamber of Commerce in 2022 exceeded 11,000, bringing the total to 83,000 companies.
Business
Dubai records real estate deals worth $1.03bn in two days
Dubai, UAE -- Dubai's real estate market recorded real estate transactions worth AED1.1 billion ($299 million) on Friday, according to...
- On Friday, deals worth AED1.1 billion ($299 million) on Friday, according to the data released by Dubai's Land Department.
- The sales on Thursday included 388 villas and apartments worth AED791.15 billion, and 55 land plots worth AED236.4 million.
Economy
Gender equality in agrifood systems can add $1 trillion to global GDP: FAO
Rome, Italy -- Tackling gender inequalities in agrifood systems and empowering women reduces hunger, boosts the economy, and reinforces resilience...
- Globally, 36 per cent of working women are employed in agrifood systems, along with 38 per cent of working men.
- The gap in food insecurity between men and women widened from 1.7 percentage points in 2019 to 4.3 percentage points in 2021.
Business
Barwa Q1 net profit $64.55m
The company had reported a 2.18 percent rise in profit for 2022.
- For the first quarter of 2023, Lesha Bank announced a net profit of QR22 million, compared to 21 million the same quarter previous year.
- Qatar Fuel Company recorded a 15 percent decrease in net profit to QR223 in Q1 2023 compared to more than QR262 million for Q1 2022.
Economy
Italy calls for unconditional pre-reform bailout package for Tunisia
Tunisia reached a deal in principle in October with the IMF for nearly $2 billion to shore up its sinking...
- EU leaders including Italian Prime Minister Giorgia Meloni have warned of the risks of an economic collapse which could drive more people to cross the Mediterranean Sea.
- Migrants from across Africa and Tunisia itself regularly use Tunisia's coastline, less than 150km from the Italian island of Lampedusa, to reach Europe.
Business
Investment in rose market in Saudi Arabia’s Taif reaches $17m
Dubai, UAE -- The ongoing Taif rose season in Saudi Arabia, which starts at the beginning of March and last...
- Rose farms in the Sarawat Mountains in Taif Governorate harvest about 550 million roses annually.
- About 70 rose factories and laboratories extract and manufacture more than 80 rose derivatives.
Business
Sharjah records real estate transactions worth $462m in March
Sharjah, UAE -- A total of 3,386 real estate deals worth AED1.7 billion ($462 million) were recorded in Sharjah in...
- A total of 595 sales transactions representing 17.6 percent of the deals, while 319 mortgage transactions (9.4 percent) were recorded in the emirate.
- Muwailih commercial area topped the list of sales traffic areas with 116 sales transactions, followed by Mazairah and Al-Khan with 68 transactions each.
Business
Middle East and Africa to see fastest AI spending growth in 2022-26: IDC
Dubai, UAE – Spending on artificial intelligence in the Middle East and Africa (MEA) — including Israel — will reach...
- While the spending on AI will reach $3 billion in 2023, it will hit about $6.4 billion in 2026.
- Banking, retail, and federal/central government will be the MEA region's biggest spenders on AI in 2023.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
King Abdulaziz International Airport top Saudi performer in November
Riyadh, Saudi Arabia -- King Abdulaziz International Airport in Jeddah, King Fahd International Airport, Abha International Airport, Al-Ahsa International Airport...
Business
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DAE closes $1.6 billion loan
Business
Israeli bombardment kills 2,670 in Gaza: Health ministry
Israel's strikes on the Gaza Strip have led to an "unprecedented human catastrophe" in the Palestinian territory, the United Nations...
Geostrategy
Early economic measures tame Saudi inflation at 1.7% in Sept: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's Consumer Price Index (CPI) increased by 1.7 percent in September 2023, compared to September...
Business
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Business
Dubai records weeklong real estate deals worth $3.51 billion
Dubai, UAE -- A total of 1,659 real estate transactions worth over AED 12.9 billion ($3.51 billion) were conducted during...
- The DLD report showed that 297 plots were sold for AED 5.08 billion, while 1,362 apartments and villas were purchased for AED 4.57 billion.
- The total value of mortgaged properties for the week reached AED 2.37 billion.
Business
Presight, Samruk-Kazyna to form JV
Samruk-Kazyna is Kazakhstan's $70bn asset sovereign wealth fund.
- The joint venture aims to accelerate digital transformation in Kazakhstan.
- Presight will deploy its AI and big data analytics solutions and technologies.
Business
World’s biggest sustainable farm in Saudi enters Guinness Records
Riyadh, Saudi Arabia – A farm in Saudi Arabia has entered the Guinness World Records as the world's largest sustainable...
- The farm is one of the extension farms of the rejuvenated water farming research unit of the Bin Heshbal Valley in the Asir Region.
- The total area of the farm is 3.2 million square meters, divided into two sections, each with a concrete tank with a capacity of 500 cubic meters.