Finland’s Vaisala to equip Kuwait airport with observation system
Kuwait City, Kuwait -- The Directorate General of Civil Aviation (DGCA) of Kuwait has inked a KD 6.7 million ($21.7...
Business
Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...
Economy
Business
Number of SMEs in UAE reaches 557,000 by end of 2022: Minister
Dubai, UAE -- A total of 557,000 small and medium enterprises (SMEs) were operating in the UAE at the end...
- Minister of Economy Abdullah bin Touq Al Marri said the number was in line with UAE’s ambitious plan to achieving 1 million SMEs by the end of 2030.
- The UAE banks provided AED 83.3 billion ($23 billion) in financial facilities to small and medium-sized enterprises in 2022.
Business
Dubai records $626 million in realty transactions: Land Department
Dubai, UAE -- Dubai recorded real estate deals worth AED2.3 billion ($626 million) on Wednesday, according to Dubai Land Department....
- The deals included 502 sales transactions worth AED1.44 billion, in addition to 95 mortgage deals of AED898.52 million.
- The sales included 465 villas and apartments worth AED1.1 billion, and 37 land plots worth AED340.65 million.
Economy
CBUAE issues new AED1000 banknote, depicts UAE’s space ambitions
Dubai, UAE -- The Central Bank of the UAE (CBUAE) issued a new banknote of AED1000 denomination and made of...
- The new banknote will be available at banks and exchange houses from 10 April 2023.
- It will be in circulation alongside the current AED1000 note whose value is guaranteed by the UAE law.
Business
UAE decision on Small Business Relief aims to support startups
Dubai, UAE – UAE’s Ministry of Finance has announced a decision on Small Business Relief (SBR), which is aimed at...
- The decision is also aimed at supporting other small or micro businesses by reducing their corporate tax burden and compliance costs.
- The Relief will not be available once a taxable person exceeds the AED3 million revenue threshold in any tax period.
Business
Jordan’s $1.25 billion Eurobonds oversubscribed six times
Dubai, UAE – Jordan’s Ministry of Finance and Central Bank Wednesday said they have completed the issuance of $1.25 billion...
- The kingdom's finance ministry reduced the coupon rate by 25 basis points from 2022's issue of 7.75 despite the US Federal Reserve raising interest rates seven times since.
- Jordanian media reports said the number of subscribers exceeded 230, including some of the largest global investment houses.
Videos
Saudi Arabia hub of big healthcare firms
The current healthcare expenditure in the Gulf Cooperation Council region is expected to reach $135 billion in 2027, implying an...
- The kingdom will need 19,000 to 20,000 additional hospital beds by 2030, which calls for an investment of $33.8 billion to $35.6 billion.
- Saudi Arabia's healthcare has seen tremendous growth and it continues to be one of the few sectors that have not been affected by economic fluctuations.
Geostrategy
US, EU vow to keep energy markets stable, maintain Russia sanctions
A joint statement issued after the tenth US-EU Energy Council in Brussels said competitive, liquid and transparent global energy markets...
- Russia’s war has also triggered a global food and energy security crisis, with sharp increases in prices and market volatility, the Council said.
- The US, the EU and its Member States intend to continue providing emergency energy assistance to Ukraine via the support fora set up in 2022, it added.
Business
SEC to raise $2bn from sukuk
The firm announced 10-year and 30-year tranches.
- The firm offered a total of 10,000 bonds in the 10-year green sukuk tranche of $1.2 billion and a 30-year conventional tranche of $800 million.
- The sukuk offering was made under the company’s newly established international sukuk program. Reportedly, the two tranches drew more than $15 billion in demand.
Business
Hotpack to build plant in KSA
The packaging plant will be one of the largest in the world.
- The company signed an MoU with the kingdom's Ministry of Investment and the Ministry of Industry and Minerals for the project that will cost 1 billion Saudi riyals ($266 million).
- With an expected employment to the tune of 1200, the project will also help Hotpack to acquire a significant market share in Saudi Arabia, the statement added.
Videos
Innovation key to solving Gulf water woes
Improved farming techniques, better desalination technologies, awareness campaigns and global cooperation can mitigate the regions problems caused by water scarcity.
- World Economic Forum says the Middle East and North Africa is one of the most water-scarce regions in the world.
- For years, the water crisis has exacerbated conflict and political tensions, while UNICEF says 90% of children in the region live in water stress areas.
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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
Finland’s Vaisala to equip Kuwait airport with observation system
Kuwait City, Kuwait -- The Directorate General of Civil Aviation (DGCA) of Kuwait has inked a KD 6.7 million ($21.7...
Business
Company News
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Chimera launches Lunate
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...
Business
Dollar sukuk activity for 2023 on course to outpace 2022: Fitch
Dubai, UAE: US dollar sukuk issuance for 2023 is on course to outpace 2022 due to funding needs and diversification strategies,...
Business
US to place second aircraft carrier in Mediterranean: White House
Washington, United States -- The second American aircraft carrier, the Dwight Eisenhower, will be placed in the Mediterranean Sea, coordinator...
Geostrategy
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Business
Jarir’s 9M profit down marginally
The fall was attributed to an increase in non-operating expenses.
- The third-quarter net profit rose by 8 percent to SAR 296.3 million, from SAR 273.72 million in Q3 2022, driven by a 4.8 percent rise YoY in sales.
- Total shareholders’ equity, no minority interest, stood at SAR 1.79 billion as of Sept. 30, 2023, down from SAR 1.80 billion a year earlier.
Business
Aramco looks to invest in Shangong Yulong Petrochemical
Dhahran, Saudi Arabia -- Aramco has signed an MoU that paves the way for Aramco's potential acquisition of a 10...
- Aramco signed an MoU with Nanshan Group, Shandong Energy Group, and Shandong Yulong Petrochemical to pave way for the acquisition.
- Shandong Yulong is presently in the final stages of constructing a significant refining and petrochemical complex with the capacity to process approximately 400,000 barrels per day
Business
MENA awards $101 billion construction projects in first half
Dubai, UAE -- Despite global economic uncertainties, the construction industry in the Middle East and North Africa (MENA) awarded a...
- The lion's share of these projects, approximately 67 percent, hailed from Saudi Arabia, contributing $44 billion, and the United Arab Emirates (UAE), accounting for $23 billion.
- The collective estimated value of the project pipeline in the MENA region surpassed $3 trillion, with Egypt, Saudi Arabia, and the UAE owning more than 60 percent of it.