Saudi holdings of US Treasuries surge to $131.9b in December 2023
ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month,...
Economy
WSG has ushered in a new decade of positive impact: Hamid Al Zaabi
Dubai, UAE-- The World Governments Summit (WGS) has ushered in a new decade of positive impact, inspiring governments and societies...
Business
Economy
Sharjah ruler announces ‘valuable’ projects in central region
Sharjah, UAE-- Ruler of Sharjah Dr. Sheikh Sultan bin Muhammad Al Qasimi has affirmed that work is underway to complete...
- He announced the employment of 50 engineers from the region to work on Sharjah Electricity, Water and Gas Authority (SEWA)’s projects
- The lake will contain 420 million gallons of water, and it will not only provide Sharjah with water, but it will also reduce the temperature in the city of Al Dhaid
Economy
Qatari banks to shore up liquidity position, profits in 2023: report
Doha, Qatar-- As a windfall of the FIFA World Cup, banks in Qatar are expected to build profits and shore...
- The report noted that credit rating agencies see the banking sector in Qatar buoyant in 2023 , as their strong provisioning levels will help them maintain a good run for the year
- Domestic liquidity conditions are expected to help reduce Qatari banks’ reliance on external funding
Economy
King Abdullah stresses building infrastructure in Petra to boost tourism
Petra, Jordan--King Abdullah on Sunday highlighted the importance of further developing the city of Petra, and diversifying its tourism product....
- King Abdullah said developing tourism services in the "golden triangle" of Petra, Wadi Rum, and Aqaba, will have a positive impact on Petra and Jordan at large
- The number of visitors rose to 905,000 in 2022, increasing by 283 per cent compared to 2021
Business
Doha Port receives Costa Toscana, marking start of cruise season
Doha, Qatar--Doha Port has received the Italian cruise ship Costa Toscana of Costa Cruises, as part of the cruise's first...
- The cruise ship has a capacity of about 6,500 visitors, and features a water park, 13 swimming pools and hot tubs, 13 restaurants and 19 entertainment lounges
- Maryam Saoud added that Costa Toscana is one of the cruise ships that are powered by natural gas, which demonstrates the commitment to sustainability
Economy
UAE and US form expert group to govern clean energy partnership
The formation of the bilateral body to govern the Partnership for Accelerating Clean Energy (PACE) will be composed of private...
- It will cover a wide range of proven and emerging technologies, include private and public sector support
- PACE financing will support established renewable energy sources like solar and nuclear, as well as new applications such as green hydrogen and carbon capture
Economy
ASBU president calls for upgrading of digital content industry
Tunis, Tunisia--The President of Arab States Broadcasting Union (ASBU) and CEO of Saudi Broadcasting Authority Mohammed bin Fahd Al-Harthi has...
- President Al-Harthi noted that the Arab States Broadcasting Union is working to form a media force that confronts the negative aspects of digital expansion in the Arab countries
- He pointed out that digital dominance is a reality that cannot be ignored and that Arab media institutions must define their responsibilities to confront its negat
Business
UAE urges new investments in energy sector to meet demand
Abu Dhabi, UAE-- The UAE has stressed the need for speeding up new investments in the energy sector in order...
- The minister affirmed the UAE's commitment to providing the necessary support to ensure a balanced oil market in line with its plan to advance the 5 million bpd production target
- He noted there are geopolitical factors in the region and around the world that influence the global energy map
Arts & Culture
Jeddah to showcase Uzbekistan’s ‘cultural heritage’ at Biennale
Jeddah, Saudi Arabia--Jeddah will host the first Islamic arts event from 23rd January to 23rd April 23, 2023, which will...
- It will be organized by the Diriyah Biennale Foundation in cooperation with the Ministry of Culture of Saudi Arabia
- The Jeddah exhibition will feature 17 exhibits reflecting Uzbekistan’s cultural heritage
Business
ECI names acting CEO
Raja Al Mazrouei will succeed Massimo Falcioni.
- Raja Al Mazrouei is a digital transformation expert with over two decades of experience in the financial services and technology sectors
- She has a track record of successfully turning around and enabling businesses and is also a member of multiple boards in the region
Economy
Abu Dhabi deploys drones to plant a million mangrove seeds
Abu Dhabi, UAE--The Environment Agency of Abu Dhabi (EAD) has planted one million mangrove seeds using drones as part of...
- The Abu Dhabi Mangrove Initiative was announced in February 2021 during Prince William's visit to the UAE
- EAD and its key stakeholders during the past ten years have planted more than 15 million mangroves along the coast of Abu Dhabi
Saudi holdings of US Treasuries surge to $131.9b in December 2023
ABU DHABI, UAE - Saudi Arabia’s holdings of US Treasuries reached US$131.9 billion in December 2023, up $3.8 billion month-on-month,...
Economy
Company News
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Export Bahrain and Alibaba sign MoU to boost global trade
Manama, Bahrain--Export Bahrain and Alibaba.com have signed a memorandum of understanding (MoU) to boost global trade and economic growth in...
Business
Saudi FDI flows revised to US$33bn in 2022 under new IMF-approved methodology
Riyadh, Saudi Arabia-- Foreign direct investment (FDI) into Saudi Arabia amounted to $32.52 billion in 2022, revised upwards from $8...
Economy
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Business
Yahsat net profit up
Its revenue stood at US$323m in the first nine months of 2023.
- The company has recorded an increase in net profit to $75 million in the first nine months of 2023
- Its CEO said the construction of the Thuraya-4 NGS satellite remains on track for launch in 2024
Business
Ajman DED reports 11% increase in economic licenses issued in Q3
Ajman, UAE-- The Department of Economic Development in Ajman (Ajman DED) has reported an 11 percent growth in the total...
- According to Ajman DED, there were 1,428 licenses issued with most of the recipients hailing from the UAE, India and Pakistan
- The report noted that licenses of the "Taziz" program for SME development and "Reyada" licenses for practicing home activities grew by 9% each
Business
Agthia Group revenue soars
It posted an 11% jump in net revenue to US$890 million.
- Its net profit jumped 12.7% year-on-year to $56 million, with the faster rate of growth relative to revenue reflecting EBITDA margin expansion
- The company holds cash and equivalents of $136 million with net debt to EBITDA ratio of 1.4x (net debt of $245 million) down from 2.3x