Saudi EXIM Bank signs MoU with Credit Oman to boost bilateral exports
Copenhagen, Denmark -- The Saudi Export-Import Bank (Saudi EXIM) participated as a sponsor of the TXF Global 2025 conference held...
Business
Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
Business
Business
Saudi records $412m venture capital funding in H1, highest in MENA
Riyadh, Saudi Arabia -- Saudi Arabia has maintained its first rank across MENA in terms of the amount of Venture...
- E-commerce/retail was the highest sector in the Kingdom in terms of VC funding, accounting for 52 percent of total funding, amounting to $215 million.
- FinTech continued to lead the Kingdom's total number of deals, capturing 14 percent of deals in the first half of 2024.
Economy
Dollar droops before Powell testimony; euro weathers France uncertainty
The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs...
- The U.S. dollar index was flat at 104.99
- Traders currently set about 76% odds for a rate cut at the September FED meeting
Economy
Top Middle East sovereign wealth funds invested $38.2 billion in 58 deals
Investments in H1 2024 led by the top Middle East sovereign wealth funds reached$38.2 billion in 58 different deals, according...
- The amount invested by the ‘Oil Five is more than double what the ‘Maple Eight’deployed
- Mubadala re-opened its Beijing office in 2023 to manage its $10 billion JV with SAFE and CDB
Geostrategy
Remittance flows to low-middle-income countries $656bn
World Bank’s latest Migration and Development Brief said the modest 0.7 percent growth rate reflects large variances in regional growth,...
- Remittances to LMICs are expected to grow at a faster rate of 2.3 percent in 2024, although this growth will be uneven across regions.
- Remittances to the Middle East and North Africa fell by 15 percent to $55 billion While those to South Asia grew by 5.2 percent in 2023.
Arts & Culture
Qatar to witness GCC’s highest growth in hospitality industry revenue until 2028
Hospitality industry revenue in Qatar is expected to witness the highest growth rate in GCC until 2028, Alpen Capital has...
- Qatar’s hospitality sector projected to rise 11% annually from $0.9bn in 2023 to $1.5bn in 2028
- In 2024 alone, Qatar is slated to host over 80 events scheduled throughout the year
Business
Global FDI falls by 2 percent to $1.3 trillion in 2023: UNCTAD
Geneva, Switzerland -- Global foreign direct investment (FDI) fell by 2 percent to $1.3 trillion in 2023 amid an economic...
- But the UNCTAD report highlights that the decline exceeds 10 percent when excluding the large swings in investment flows in a few European conduit economies.
- FDI flows to developing countries fell by 7 percent to $867 billion last year, reflecting an 8 percent decrease in developing Asia.
Economy
UAE, Qatar Central banks keep interest rates unchanged towing the line with US Fed
The Central Bank of the UAE (CBUAE) and Qatar Central Bank (QCB) have decided to keep interest rates unchanged, following...
- The US Fed funds rate was maintained at the 5.25% - 5.50% range
- The US Consumer Price Index (CPI) showed no increase in May
Arts & Culture
Oman aviation sector sees 16.4% passenger growth in first 4 months of 2024
Oman witnesses a 16.4% growth in passenger traffic in early 2024 The Sultanate of Oman’s aviation sector has experienced remarkable...
- Oman's four airports collectively handled over 4.9 million passengers
- Country planning to build six new airports and increase their number in Oman to 13 by 2028-29
Business
The Red Sea opens its third resort Nujuma, a Ritz Carlton Reserve
Riyadh, Saudi Arabia -- The Red Sea has announced the opening of its third resort, Nujuma, a Ritz Carlton Reserve....
- Inspired by the word Nujum, meaning "stars" in Arabic, Nujuma invites travelers to one of the world's most secluded and protected archipelagos.
- Accessed by chartered boat or seaplane, Nujuma features 63 overwater and beach villas, offering one-to-three-bedroom accommodation.
Economy
The U.S. playing the waiting game with inflation
Federal Reserve official Neel Kashkari has reiterated the Fed’s wait-and-see approach about possible rate cuts. In a recent interview on CNBC, Kashkari, who serves...
- The labor market remains strong in the U.S.
- The consensus is that the first rate cut won’t arrive before September
Saudi EXIM Bank signs MoU with Credit Oman to boost bilateral exports
Copenhagen, Denmark -- The Saudi Export-Import Bank (Saudi EXIM) participated as a sponsor of the TXF Global 2025 conference held...
Business
Company News
ADNOC L&S buys stake in Navig8
Business
Latest News
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
Most Read
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.