Over 300 keynotes, panels, main sessions at 1 Billion Followers Summit’s third edition
Dubai, UAE - The third edition of the 1 Billion Followers Summit, the world’s first and largest event dedicated to...
Business
Saudi Arabia plans to sustain borrowing spree to fund major projects beyond oil: report
Saudi Arabia secured a $2.5 billion revolving credit facility from Abu Dhabi Islamic Bank, Credit Agricole SA, and Dubai Islamic...
Economy
Economy
Moody’s upgrades Oman’s credit rating to Ba2 with positive outlook
Muscat, Oman - Moody's has upgraded Oman's credit rating from Ba3 to Ba2 while maintaining a positive outlook due to...
- Moody's attributed the upgrade and the rise in public revenues to the government's demonstrable efforts to manage its finances
- Earlier in April, the World Bank said Oman is expected to have the fastest-growing economy in the GCC region in 2023
Economy
UAE ministry calls on eligible employees to subscribe to the low-cost job security net
Dubai, UAE – The UAE Ministry of Human Resources and Emiratisation (MoHRE) has called on eligible employees to subscribe to...
- The Unemployment Insurance Scheme covers employees in the federal government sector and the private sector, divided in two categories
- The insurance compensation can be claimed as long as the employee has subscribed to the Unemployment Insurance Scheme for at least 12 consecutive months
Business
2 million tourists visit Jordan in first quarter of 2023
Dead Sea, Jordan -- Almost 2 million people visited Jordan in first quarter of 2023, an 87.2 percent increase compared...
- Tourism sector is engine of economic growth in Jordan, contributing 13% of the country's GDP, tourism minister said
- He explained that the sector directly employs over 55,000 people, of whom 85% are Jordanians
Business
AD Ports Q1 revenue is $494m
The group's EBITDA also rose by 33 percent YoY.
- This growth is attributed to the robust performance of its Maritime, Economic Cities and Free Zones, and Ports Clusters, as well as the recent acquisitions
- The Group is continuing its ambitious revenue-generating CapEx programme, spending $278 million in Q1 2023 to diversify its income streams
Business
FAB summit explores economic opportunities, net zero transition
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) is hosting a one-day summit that brings together aviation thought leaders...
- FAB recently announced that it would set financed emissions reduction targets across oil and gas, power generation and aviation.
- The summit will examine how the aviation sector will play a crucial role in supporting the UAE's objective to achieve net-zero by 2050.
Business
Emaar Development reports 26% growth
The company's EBITDA for the quarter was $310 million.
- The company's sales backlog stands at AED 45.680 billion (US$ 12.437 billion), indicating a healthy demand for its properties
- Emaar Development delivered 1,600 residential units in Q1, with over 28,500 residences currently under development in the UAE
Kuwait awards Mitsubishi Power contract to run its largest power station
Kuwait City, Kuwait – Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, announced on Monday that it had...
- The company will provide major plant upgrade services and cutting-edge technologies for the Sabiya Power and Water Distillation Station
- Mitsubishi Power will be responsible for the upgrade of 8 units of Steam Turbines, Generators (gas and oil fired) and Control Systems unit
Business
TAQA income rises to $3.16bn
The firm reported a 6% increase in group revenues.
- The company also reported a 6 percent increase in group revenues to $3.56 billion
- TAQA announced a capital expenditure of $300 million, 26% higher than the last year
Economy
TRENDS poll: Vision 2030 spurs entrepreneurship, small business growth in Saudi Arabia
The oil-rich kingdom has supported private institutions targeting startups to further boost investment in non-oil sectors.
- The kingdom's Small and Medium Enterprises General Authority, Monshaat, designs initiatives that promote a culture of entrepreneurship
- Saudi government has supported private institutions targeting startups to further boost investment in non-oil sectors
Economy
Global oil industry needs $12trn investments by 2045
Oil alone will make up almost 29 percent of the world’s energy needs by 2045, requiring an investment of over...
- OPEC member countries are ready to play a key role in providing energy to the world and in reducing emissions, Al Ghais said
- The oil industry, he said, needs a long-term, investment-friendly climate that works for producers and consumers
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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
Over 300 keynotes, panels, main sessions at 1 Billion Followers Summit’s third edition
Dubai, UAE - The third edition of the 1 Billion Followers Summit, the world’s first and largest event dedicated to...
Business
Company News
Latest News
Hub71-backed ABHI to set up global headquarters in Abu Dhabi
DUBAI, UAE - With support from the Abu Dhabi Investment Office (ADIO), Hub71-backed ABHI, an embedded finance platform founded in...
Business
Global halal market set to hit $7.7 trillion by 2025
Makkah, Saudi Arabia — Global halal market is projected to reach an estimated $7.7 trillion by 2025. Leading the expansion...
Business
Saudi Arabia set to launch advanced means of air mobility
Riyadh, Saudi Arabia - Saudi Arabia is planning to start air mobility that is most advanced and safest in the...
Economy
Most Read
Economy
Real estate workforce in Saudi Arabia soars to 26,000 after localization push
Riyadh, Saudi Arabia - The Saudi real estate sector has witnessed a remarkable surge in local employment, boasting a substantial...
- The significant 116% leap comes in the wake of the government's decision to prioritize the localization of the sector
- The housing sector, in particular, benefits from substantial corporate support, with 21 initiatives worth over $181 million
Business
IsDB discusses collaboration with China’s ICBC and BOC
Jeddah, Saudi Arabia -- President of the Islamic Development Bank (IsDB) Muhammad Al-Jasser held today held discussions with senior officials...
- The ICBC Bank Chief Business and Management Officer Wang Kun, expressed interest in the sukuk (Shariah-compliant bonds) market
- The BOC's Chief Business and Management Officer discussed strengthening collaboration in treasury activities, stock, and capital markets
Economy
Saudi Arabia expects to attract 150 million visitors by 2030
Riyadh, Saudi Arabia - Saudi Arabia aims to attract 150 million visitors by 2030, with the tourism sector expected to...
- Saudi tourism Al-Khateeb noted a 156% increase in tourist arrivals compared to 2019, surpassing the global recovery rate from the pandemic by 88%
- He said that the tourism sector's contribution to GDP increased to 4.5%, representing 7% of non-oil GDP, attributing the success to well-executed plans