Dubai welcomes record 9.31 million visitors in first half of 2024
Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international...
Economy
Saudi Arabia constitutes center for promoting moderate Islam: North Macedonia Mufti
Skopje – Islamic Union President and Republic of North Macedonia Mufti Sheikh Hafiz Şakir Fetahu stressed that Saudi Arabia has...
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...
- In education and health sectors, recent economic reports foresee the halal economy market doubling from $2.30 trillion in 2020 to $4.96 trillion in 2030
- The Public Investment Fund in Saudi Arabia, a frontrunner in the global halal industry, took the initiative in 2022 to establish a company specializing in the development of halal
Economy
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...
- The Saudi General Authority of Civil Aviation is spearheading the Advanced Air Mobility (AAM) initiative that encompasses a spectrum of innovative solutions
- The initiative seeks to ease traffic congestion, enhance accessibility to remote areas, and contribute to overall economic and social development
DIB reports $1.86bn net profit
The bank's income rose by 43% YoY to $5.4 billion.
- The bank's Balance Sheet increased to approximately $84.78 billion, up 9% YoY
- Shareholder returns continue to grow with RoTE at 20%, up 300 bps YoY
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
Business
ASFAR, Municipality of Al-Ahsa sign agreement
RIYADH, SAUDI ARABIA - ASFAR, the Saudi tourism investment company wholly owned by the Public Investment Fund of Saudi Arabia,...
- The agreement aims to develop a major tourism attraction in the Eastern Province of the Kingdom of Saudi Arabia.
- The partnership between ASFAR and the Municipality of Al-Ahsa is set to transform the Eastern Province’s leisure and hospitality sectors.
Economy
Bahrain Q4 2023 imports increase to US$3.92bn
MANAMA, BAHRAIN - The Information eGovernment Authority (iGA) has published its foreign trade report of Bahrain for Q4 2023, covering...
- The top 10 countries accounted for 69 percent of Bahrain's total export value.
- The value of exports with national origin was of $2.89 billion during Q4 2023.
Economy
Saudi Arabia lists priority specializations for Special Talent Residency
Riyadh, Saudi Arabia - Saudi Arabia's Premium Residency Center on Sunday revealed a list of priority specializations that qualify individuals...
- Saudi Arabia is actively seeking to attract top-tier talents and minds globally, encouraging them to reside and work in the country to foster development
- The specified specializations that make expatriates eligible for Special Talent Residency encompass a diverse range of sectors
Stop military operations in Palestine: Saudi minister
Kampala, Saudi Arabia - Saudi Deputy Minister of Foreign Affairs Eng. Waleed Al-Khereiji stressed on Sunday the imperative to halt...
- Al-Khereiji advocated for the two-state solution, citing international legitimacy resolutions and the Arab Peace Initiative
- He underlined the Kingdom's commitment to the security and stability of the region, expressing support for initiatives fostering cooperation
Dubai welcomes record 9.31 million visitors in first half of 2024
Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international...
Economy
Company News
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Hotel Dar Tantora is inspired by Saudi’s AlUla ancient mudbrick buildings
ALULA, SAUDI ARABIA – Situated in the heart of Old Town here, Dar Tantora Hotel offers guests a chance to...
Arts & Culture
Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...
Business
UAE’s overseas investments surpass $2.5trn mark
Dubai, UAE - The UAE's total assets abroad, encompassing both governmental and private investments, have reached $2.5 trillion as of...
Economy
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Business
Passenger air traffic has reached pre-pandemic levels, says ICAO
MONTREAL, CANADA – In the first quarter of 2024, the International Civil Aviation Organization (ICAO) projected that passenger air traffic...
- ICAO’s latest analysis also reveals new insights into aviation industry for the year 2023.
- It said that air traffic on most routes had reached or surpassed pre-pandemic levels by end of 2023.
Geostrategy
OPEC Fund provides US$50m loan to support agriculture in quake-hit Türkiye
VIENNA, AUSTRIA – The OPEC Fund for International Development (OPEC Fund) is extending a US$50 million loan to Türkiye to...
- The Development and Investment Bank of Türkiye (TKYB) will on-lend the funds to small and medium-sized enterprises.
- This will help efforts to overcome the calamity’s impact and to promote a more resilient and sustainable agriculture sector.
Economy
Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid
Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...
- Unit 4 will add another 1,400 megawatts of clean electricity capacity to power the national grid, representing another significant step forward towards full-fleet operations
- This further supports the UAE’s efforts in enhancing grid stability and energy security through abundant around-the-clock zero-emissions electricity