47 global firms interested in developing 7th phase of Al Maktoum solar park
Dubai, UAE -- A total of 47 international companies have shown interest in developing the seventh phase of the Mohammed bin...
Business
ADNOC Gas awards contracts
Business
Business
‘TAQA’ prices $1.75bn dual tranche
The 12-year senior unsecured notes are sized $850m.
- The 7-year notes, sized at US$900 million and maturing on 9th October 2031, are conventional bonds bearing a coupon rate of 4.375 percent.
- Proceeds from these bonds will be used for general corporate purposes.
Economy
Crude could spike by US$20 on Iran oil shock
Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to...
- ...if Iranian production sees a hit resulting from Israeli retaliation, said Goldman Sachs
- Iran produces almost four million barrels of oil per day, an estimated 4% of the world’s supply.
Business
MGX participation confirmed in OpenAI’s US$6.6bn in new funding, valuing it at US$157bn
OpenAI has finalized a deal to receive US$6.6 billion in new funding from investors who valued the company at US$157...
- Backers expect OpenAI’s chatbot to become much more widely used and haul in huge profits
- MGX is targeting some of the world's biggest scale global technology investments
Business
Waldorf Astoria to open in Madinah by 2028
With more than 300 luxury rooms, three dining concepts, and various facilities, the hotel will merge global luxury with Madinah’s...
- Set to open in 2028, Waldorf Astoria Al Madinah will be located near the Prophet’s Mosque
- The new project will be a symbol of the Kingdom's aspirations
Economy
Abu Dhabi non-oil GDP up 6.6% in second quarter: SCAD
Abu Dhabi, UAE -- Abu Dhabi's GDP increased by 4.1 percent during the second quarter of 2024, compared to the...
- The construction sector achieved remarkable growth rates of 11.5 percent in the second quarter of 2024, compared to the same period in 2023.
- It is estimated that the financial sector grew by 13.4 percent in the second quarter of 2024, compared to the same period in 2023.
Business
Foreigners and institutions pour $4.9 billion into UAE equities
Abu Dhabi, UAE -- Net investments by foreigners and institutions in UAE equities amounted to AED 18.3 billion ($4.9 billion)...
- Foreign investors "Arab and non-Arab" achieved net purchases in the two markets worth 15.5 billion dirhams during the same period.
- Institutions have achieved a net investment in the Abu Dhabi Securities Exchange worth more than AED 1.6 billion.
Business
Saudi leisure tourism surges by 656% in 2024: Tourism Ministry
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector, particularly the leisure and holiday segments, witnessed substantial growth in 2024.In a...
- The Kingdom welcomed 17.5 million international tourists between January and July 2024, a 10 percent increase over the same period in 2023
- The Kingdom had set the goal of 100 million tourists by 2030, but achieved this milestone in 2023, seven years ahead of schedule.
Business
UAE captures 30% of Middle East cinema market share in 8 months
Abu Dhabi, UAE -- The UAE cinema sector achieved revenues of AED 517 million during the first eight months of...
- UAE cinemas attracted about 11 million visits to cinemas, the Emirates Media Council revealed.
- The country's cinema sector includes 702 screens spread across 72 locations and caters to more than 200 nationalities.
Business
Saudi non-oil exports increase by 19 percent in July: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports, including re-exports, during July 2024 amounted to SAR25.4 billion ($6.76 billion), compared...
- The value of merchandise exports increased during July 2024, reaching SAR94.5 billion, compared to SAR92.6 billion during July 2023, an increase of SAR1.9 billion, or 2.1 percent.
- The value of oil exports during July 2024 amounted to SAR69.1 billion, compared to SAR71.3 billion during July 2023, a decrease of SAR2.2 billion, or 3.1 percent.
Economy
Middle East & North Africa: Regulatory momentum and DeFi fuel crypto adoption
The Middle East & North Africa (MENA) region ranks as the seventh-largest crypto market globally in 2024, with an estimated...
- Centralized exchanges (CEXs) remain the primary source of crypto inflows across MENA
- Across MENA, stablecoins and altcoins are gaining market share over traditionally preferred assets like bitcoin and ether
Company News
PIF acquires stake in Saudi Re
Business
Latest News
ADNOC Gas awards contracts
Business
GCC leaders explore regional growth and opportunity at Doha investment meet
The burgeoning creator economy presents an unprecedented opportunity for GCC to outpace global cities and establish itself as the epicenter...
Business
Global economy set to face significant challenges in 2025: WEF survey
Geneva, Switzerland – The global economy is set to face significant challenges in 2025, with 56 percent of chief economists...
Economy
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Business
PIF acquires stake in Saudi Re
The acquisition was made by way of a capital increase.
- PIF said in a statement that the capital investment aims to enhance Saudi Re’s growth potential by adding to its financial capacity and further strengthening its credit rating.
- In the first nine months of 2024, Saudi Re's total written premiums reached SAR 1.94 billion ($520 million).
Business
Non-institutional foreign ownership in Tadawul-listed firms up slightly
Riyadh, Saudi Arabia -- Non-institutional foreign investors increased their stake in Tadawul-listed equities, excluding Saudi Aramco, from 9.70 percent to...
- The ownership increased from 9.70 percent to 9.72 percent, equivalent to SAR 334.55 billion, during the week ending January 9.
- GCC investors’ ownership in Saudi equities, excluding Saudi Aramco, declined from 2.27 percent to 2.18 percent of the total market capitalization.
Geostrategy
Cyber landscape complexity deepens cyber inequity, gap between organizations: WEF report
The complexity arises from the rapid growth of emerging technologies, prevailing geopolitical uncertainty and the evolution of threats, says WEF's...
- The complexity arises from the rapid growth of emerging technologies, prevailing geopolitical uncertainty and the evolution of threats.
- It also arises from regulatory challenges, vulnerabilities in supply chain interdependencies and the growing cyber skills gap, the report said.