$2.65bn in contracts signed during first two days of IDEX and NAVDEX 2025
Abu Dhabi, UAE -- Tawazun Council, UAE's authority responsible for managing acquisitions, procurement, and contracts on behalf of the Ministry...
Business
Syrian President’s first foreign trip to Saudi Arabia signals Syria’s shift away from Iran’s influence.
Syrian President Ahmed al-Sharaa met Saudi Crown Prince Mohammed bin Salman in Riyadh, marking his first foreign visit and signaling...
Geostrategy
Business
Saudi-Turkish Business Forum kicks off in Istanbul with signing of 16 agreements
Riyadh, Saudi Arabia - The Saudi-Turkish Business Forum which began on Wednesday in Istanbul, witnessed the signing of 16 agreements...
- The forum is a collaboration between the Federation of Saudi Chambers of Commerce and the Foreign Economic Relations Board of Turkiye
- The forum was attended by the Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, and the Turkish Minister of Trade, Omer Bolat
Geostrategy
Finance minister quits in latest Kuwait political turmoil
Kuwait City, Kuwait - The finance minister of Kuwait, one of the world's biggest oil producers, has resigned only three months...
- Al-Hajeri was appointed as finance minister and state minister for economic and investment affairs in April
- He will be replaced by Saad Al-Barrak, who was named both oil minister and state minister for economic and investment affairs last month
Geostrategy
UAE first Arab country to get observer status at money laundering group
Vancouver, Canada - The United Arab Emirates has become the first Aarb country to be granted observer status at the...
- A part of the global network of similar Financial Action Task Force-style Regional Bodies (FSRBs), the APG is the largest in terms of membership numbers and geographical size
- The APG plenary is also attended by key international organisations such as the International Monetary Fund, World Bank, OECD, United Nations Office on Drugs and Crime, etc
Business
Dubai Chambers launches program to enhance customer service
DUBAI, UAE – Dubai Chambers is taking a big initiative for ensuring that businesses in the emirate provide excellent customer...
- Service Excellence Program will evaluate the quality of customer experience through mystery shopper reports.
- The initiative will ensure the implementation of global best practices within Dubai’s business community.
Economy
UK reform of Consumer Credit Act to benefit Islamic finance
London, Britain - The UK government has announced plans to reform the Consumer Credit Act (CCA) which is expected to...
- The CCA, established in 1974, regulates various credit transactions, including Islamic finance products, such as credit card purchases, personal loans, and consumer hire agreements
- The proposed reforms, combined with organic development and the utilization of FinTech solutions, will further support the expansion of Islamic finance in the country
Business
Top Middle East bankers leave Credit Suisse for HSBC
Dubai, UAE - Credit Suisse Qatar CEO Aladdin Hangari is joining HSBC. Patrick D’Amico, a Zürich based Credit Suisse Managing...
- HSBC is a dominant player in the Middle East for commercial and private clients
- The bank is set to expand its coverage of ultra-rich clients across the MENA region
Business
Business reality TV series ‘Beban’ forays into Saudi Arabia
Manama, Bahrain: Entrepreneurship-themed reality television show ‘Beban’ announces the expansion of its third season to Saudi Arabia, as Hope Ventures,...
- The expansion comes in line with GFH Capital’s efforts to support Saudi-based startups and provide them with the tools, resources, and networks
- Beban has so far featured 62 businesses, resulting in successful co-investments by the private and public sectors exceeding $6 million
Business
QNB H1 2023 net profit at $2bn
QNB set aside $1.3 billion as provision for loan losses.
- There was an increase in the operating income by 14 percent to reach US$5 billion.
- This reflects QNB’s success in maintaining strong growth in various sources of income.
Economy
UAE per capita income rises to 7th rank globally
ABU DHABI, UAE - The UAE ranked seventh in the world in terms of per capita national income, according to...
- According to the Atlas method, the per capita national income in the UAE, in current US dollars, increased to US$48,950 in 2022.
- The expression of Gross National Income (GNI) in US dollars is done using the Atlas method, which was introduced in its current form in 1989.
Business
Former AT&T chairman quits PGA Tour board over ‘serious concerns’ about deal with Saudi fund
PGA Tour and the Public Investment Fund (PIF) are partnering on creating a for-profit company that combines the PGA Tour's...
- PGA Tour Commissioner Jay Monahan had announced the deal on June 6, causing surprise among the golf community
- Stephenson's resignation comes shortly before Congressional hearings where details of the partnership will be discussed
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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
$2.65bn in contracts signed during first two days of IDEX and NAVDEX 2025
Abu Dhabi, UAE -- Tawazun Council, UAE's authority responsible for managing acquisitions, procurement, and contracts on behalf of the Ministry...
Business
Company News
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Extreme E races for electric SUVs 2024 kick off in Jeddah
Jeddah, Saudi Arabia - Organized by the Saudi Arabian Cycling Federation under the supervision of the Ministry of Sport, the...
Business
Hizbollah chief says Israel to pay ‘with blood’ for Lebanon civilians killed
Nasrallah said the killing of civilians was aimed at "putting pressure" on Hizbollah to stop attacks on Israel, but stressed...
Geostrategy
Saudi Arabia ranks 1st in international tourist arrivals growth in 2023
Riyadh, Saudi Arabia - Saudi Arabia topped the UN Tourism’s ranking for the growth of international tourist arrivals in 2023...
Economy
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Geostrategy
Israel faces fresh US calls against attack on Rafah
Palestinian Territories - Israel faced renewed calls from key ally the United States on Friday against launching a large-scale attack...
- Israeli Prime Minister Benjamin Netanyahu has insisted he would push ahead with a "powerful" operation in the overcrowded city to achieve "complete victory" over the Hamas
- The White House said US President Joe Biden had spoken by phone with Netanyahu late Thursday, urging him not to carry out an attack on Rafah without a plan to keep civilians safe
Business
Mawani completes Red Sea Gateway Terminal at Jeddah Islamic Port
Riyadh, Saudi Arabia - The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah...
- The gateway terminal has larger capacity, is equipped with the Optical Character Recognition (OCR) feature, and uses 146 different types of equipment
- The development of Jeddah Islamic Port’s North Container Terminal is included in the Build-Operate-Transfer (BOT) contract
Geostrategy
Saudi Arabia’s Madinah, KAEC, Al-Ahsa join UNESCO global network of learning cities
RIYADH, SAUDI ARABIA - The United Nations Educational, Scientific and Cultural Organization has announced that the cities of Madinah, King...
- Saudi Arabia now boasts five cities enlisted in the UNESCO GNLC, contributing to the goal of equipping globally competitive citizens.
- Previously, Yanbu Industrial City was designated as a UNESCO Learning City in 2022 and Jubail Industrial City earned the Learning City status in 2020.