$20 million rare blue diamond goes on show in Abu Dhabi
Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...
Business
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
Business
Masdar acquires Saeta Yield
The deal is estimated to be valued at $1.4 billion.
- Saeta is a leading independent developer, owner and operator of renewable energy assets.
- Masdar recently announced an agreement with Endesa to become a portfolio asset partner for Spain's 2.5 GW renewable energy projects.
Geostrategy
Media gag and manufactured consent: Israel’s campaign against Lebanon
Beirut, Lebanon: On Sunday, Israeli troops stormed the Al Jazeera office in the occupied West Bank and issued a 45-day...
- Israel's claim last year that Gaza's largest Al-Shifa Hospital housed Hamas command center was debunked by many.
- Before launching deadly strikes on Lebanon, Israeli military released videos claiming civilian homes housed arms.
Business
ADNOC Distribution H1 dividend $350m
The total dividend for 2024 is expected to be $700 million.
- The second and final portion of 2024 dividend is expected to be paid in April 2025, in accordance with the recommendations of the Board of Directors and shareholder approval.
- The company's cash dividend paid since its initial public offering totaled AED 16.2 billion ($4.4 billion), including cash dividends for the first half of 2024.
Geostrategy
DCO launches Digital Economy Navigator to bridge global digital gap
The navigator enables countries to better navigate their digital journeys, find opportunities for growth and benchmark progress,
- DEN was unveiled at SDG Digital, held this year during the 79th Session of the UN General Assembly in New York from September 10 to 27.
- DEN is a unifying framework that addresses digital economy maturity across 50 countries, including the DCO member states.
Business
Global tourism nears full recovery, led by Middle East’s 26% growth in 2024
While Europe and Americas have nearly returned to pre-pandemic levels, the Middle East's growth outpaces all other regions, UN World...
- Globally, international tourism reached 96 percent of pre-pandemic levels during the same period, with around 790 million tourists, an 11 percent increase over 2023.
- In terms of tourism revenue, 47 out of 63 countries with available data reported a return to pre-pandemic earnings.
Business
UAE banks’ Q2 investments in Islamic certificates, cash bills surge to $61.81bn
The banking sector in the country maintained strong capital adequacy, exceeding Basel 3 requirements, according to the Central Bank.
- Statistics showed that the foreign assets of the Central Bank increased by 5.3 percent year-on-year to reach AED 770.6 billion.
- The total capital and reserves of banks operating in the UAE increased by 3.9 percent to AED 495.2 billion at the end of the second quarter.
$20 million rare blue diamond goes on show in Abu Dhabi
Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...
Business
Company News
ADNOC Gas awards contracts
Business
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ADNOC L&S buys stake in Navig8
Business
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...
Geostrategy
World economic growth to remain at 2.8 percent in 2025: UN report
The World Economic Situation and Prospects (WESP) 2025 report shows that despite withstanding a series of mutually reinforcing shocks, global...
Economy
ADNOC Gas awards contracts
The $2.1bn contracts are aimed at enhancing LNG supply infrastructure.
Business
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Business
Qatar’s real estate department records weeklong deals worth $71 million
Doha, Qatar -- Real estate sales contracts worth 251.25 million qatari riyals were registered with the emirate's Real Estate Registration...
- During the Dec 29-Jan 2 period, the total sales contracts for the real estate bulletin for residential units reached QR 10.57 million.
- The properties traded for sale included vacant lands, residential homes, apartment buildings, shops, residential complex, and residential units.
Business
Saudi Industrial Production Index increases by 3.4 percent in Nov 2024
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 3.4 percent in November 2024, compared to Nov...
- This increase is driven by growth in mining and quarrying, manufacturing, water supply, sewerage, and waste management and remediation activities.
- The sub-index of mining and quarrying activity increased by 1.2 percent, and the sub-index of manufacturing activity increased by 7.2 percent.
Business
Saudi Arabia retains first rank in MENA Venture Capital funding in 2024
Riyadh, Saudi Arabia -- Saudi Arabia maintained its first rank across MENA in terms of Venture Capital (VC) funding in...
- The Kingdom secured the highest, 40 percent, share of total VC funding in the MENA region in 2024.
- The report also revealed that Saudi Arabia set a new record with 178 VC deals in the same year.