Saudi Arabia’s Noor Riyadh festival sets 6 Guinness World Records
Riyadh, Saudi Arabia -- Noor Riyadh Festival 2023 has secured six new Guinness World Records, making it its third consecutive...
Arts & Culture
Gaza ‘integral part’ of Palestinian state: Abbas tells US official
The talks with US National Security Advisor Jake Sullivan came as Israel pressed its offensive in Gaza despite mounting international...
Geostrategy
Business
Containers handled by Saudi ports increase by 7.76 percent in Feb 2023
Dubai, UAE -- Saudi ports handled 7.76 percent more containers in Feb 2023, compared to the same period last year,...
- Saudi ports received 100,903 passengers, an increase of 61.16 percent over the corresponding month in 2022, which recorded 62,611 passengers.
- Incoming containers increased by 5.95 percent to reach 193,937 containers compared to 183,051 containers in Feb 2022.
Business
Middle East fragrances market to hit $4.41 billion by 2027
Dubai, UAE -- The Middle East fragrances market is expected to reach $4.41 billion in 2027, from $2.85 billion in 2019,...
- Online sales market is expected to expand in the near future due to rapid growth in online and mobile user customer bases in emerging markets.
- Over the past couple of years, however, the traditional mass market fragrance business has witnessed a decline in its sales as customers seek more upmarket brands.
Business
OPEC Fund to provide $40m loan for Vietnam SME financing needs
Vienna, Austria -- The OPEC Fund for International Development (OFID) will provide a $40 million loan to Vietnam Maritime Commercial...
- The loan will support at least 80 local businesses, providing financing to meet critical needs to grow their businesses.
- Vietnam has more than 500,000 private firms, and more than 95 percent of these are micro and small enterprises,
Geostrategy
UAE, Ukraine keen on parliamentary, economic ties
MANAMA, BAHRAIN - Speaker of the UAE Federal National Council Saqr Ghobash discussed ways to enhance cooperation with First Deputy...
- UAE, Ukraine discuss parliamentary cooperation through exchanging visits and enhancing coordination.
- The two sides deliberated on improving trade and economic ties between the two countries.
Videos
Real estate, e-commerce to push UAE growth
Global economic challenges have led the UAE to review priorities and investment trends, with a focus on five key sectors:...
- The UAE economy recorded its fastest growth rate in over a decade despite the global economic slowdown.
- The IMF expects the UAE’s non-oil economy to grow by about 4 percent in 2023 and accelerate over the medium-term.
Business
Saudi Enterprises Bank sets aside $2.79 billion to finance SMEs
Riyadh, Saudi Arabia -- The Small and Medium Enterprises Bank of Saudi Arabia's National Development Fund said Sunday it has...
- The Bank's direct and indirect lending programs, financing guarantee programs and investment programs will be financed over the next three years.
- These programs support the kingdom's Vision 2030 and to raise the contribution of SMEs to the GDP to 35 percent.
Business
Egypt’s exports to China increase by nearly 21 percent in 2022
Cairo, Egypt -- Egyptian exports to China rose by 20.8 percent to $1.7 billion in the first 11 months of...
- The trade exchange between Egypt and China increased by 2.6 percent during the first 11 months of 2022, reaching $14.9 billion.
- Fuel, mineral oils and distillate products, cotton, and fruits made up the top 10 categories of goods that Egypt shipped to China.
Business
Weeklong real estate deals worth $3.51 billion recorded in Dubai
Dubai, UAE -- Dubai recorded a total of 3,332 real estate transactions worth AED 12.9 billion ($3.51 billion) during the...
- A Dubai Land Department report said that 274 plots were sold for AED 3.17 billion, while 2,370 apartment and villa sales totaled AED 4.93 billion.
- Al Hebiah Fifth recorded the most transactions for this week with 117 sales transactions worth AED 320.97 million, followed by Jabal Ali First.
Business
Masdar, Cote d’lvoire to develop 70MW solar power plant
Abu Dhabi, UAE -- Masdar has signed an agreement with the Cote d'lvoire's energy ministry to explore the development of...
- The agreements were signed under the umbrella of the Etihad 7 initiative, a UAE-led program that aims to build 20GW renewable energy in Africa.
- The plant would support the Republic of Côte d'Ivoire’s goal of 42 percent of its energy mix coming from renewable sources by 2030.
Business
QCB issues treasury bills worth $832m for up to nine months
Doha, Qatar -- Qatar Central Bank (QCB) has issued treasury bills worth QR 3 billion ($832 million), attracting a total...
- One of bills, valued QR 1 billion had a tenor of one week and a yield of 5.005 percent.
- The bank issued treasury bills worth $274 million for a one-week term on Feb 26.
Saudi Arabia’s Noor Riyadh festival sets 6 Guinness World Records
Riyadh, Saudi Arabia -- Noor Riyadh Festival 2023 has secured six new Guinness World Records, making it its third consecutive...
Arts & Culture
Company News
Mubadala commits $1bn Blue Owl
Business
Latest News
Oxford Economics predicts 4.4% GDP growth for UAE in 2024
Abu Dhabi, UAE -- Oxford Economics, an independent economic advisory firm, has predicted that the UAE economy will grow by...
Economy
Saudi Arabia unveils roadmap to achieve 10-billion tree target
Riyadh, Saudi Arabia -- Saudi Arabia has unveiled an ambitious roadmap to achieve its monumental goal of planting 10 billion...
Geostrategy
Al Etihad Payments partners with NIPL to develop UAE Domestic Card Scheme
ABU DHABI, UAE – Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), and...
Business
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Business
eXtra net profit down 17%
The company reported a net profit of $70m for 9M period of 2023.
- The nine-month earnings were negatively impacted by higher interest rates, which led to finance cost rising by SAR 39.6 million year-on-year (YoY), Argaam reported.
- The company recognized non-recurring losses of SAR 38 million as it discontinued its expansion plans in Egypt.
Business
EV infrastructure company launched
PIF will own 75% in the Electric Vehicle Infrastructure Company.
- It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia.
- PIF said the new company aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with EV companies.
Economy
Minimum pension for Saudi social security beneficiaries up 20%
Riyadh, Saudi Arabia -- Saudi Arabia's King Salman bin Abdulaziz Al Saud Sunday issued directives on raising the basic minimum...
- The Citizen Account Program will remain in effect while adding certain factors to enhance support efficiency and ensure that benefits are received by the neediest groups.
- Registration will remain open for Citizen Account Program beneficiaries to get additional financial support for three months until December 2023.