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SIB’s 2024 profit $272m

The profit surpassed AED 1 billion for the first time in bank's history.

AD Ports to invest in Kazakh port

Under the deal, AD Ports Group owns 51% stake.

PIF acquires stake in Saudi Re

The acquisition was made by way of a capital increase.

ADNOC Gas awards contracts

The $2.1bn contracts are aimed at enhancing LNG supply infrastructure.

ADNOC L&S buys stake in Navig8

The company will acquire the remaining stake in mid-2027.

PIF completes $7 billion inaugural murabaha credit facility

Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the...
  • The financing structure is supported by a diverse syndicate of 20 international and regional financial institutions, PIF said in a statement.
  • PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.

UAE aviation sector’s 2024 milestone: 1 million air traffic movements

Abu Dhabi, UAE -- The United Arab Emirates (UAE) achieved a milestone in the aviation industry as it surpassed 1...
  • On 22nd December 2024, the one-millionth annual air traffic movement was recorded with the arrival of Emirates Flight305 from Shanghai.
  • UAE recorded over 20 percent growth in air traffic over the past two years, among the highest globally.

All six lines of Riyadh Metro are now operational

The Royal Commission for Riyadh City (RCRC) announced that the phased rollout of Riyadh Metro culminated as of Sunday, Jan....
  • The Royal commission announced the operation of three new stations on the Blue Line
  • Riyadh Metro users will be received from 6:00 am until 12:00 midnight

Saudi PMI falls to 58.4 in Dec as non-oil private sector improves

Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
  • The index has remained above the neutral level (50.0 points) since September 2020.
  • Business conditions experienced a marked improvement, propelled by a substantial surge in new orders.

Desert truffles: Saudi Arabia’s buried treasure

The 10-day Qassim Truffle Festival, currently in its fourth year, features 18 booths showcasing truffles, a dedicated auction area and...
  • Fertile soil, untouched land, access to fresh water, a suitable climate, and the presence of the Helianthemum plant contribute to growth of desert truffles.
  • The Qassim Truffle Festival, currently in its fourth year, is a testament to the region's truffle production.

Israeli invasion destroys 90% of Gaza livestock, poultry farms

Gaza, Palestinian Territories - The Israeli forces have decimated 90 percent of 2,500 poultry and cattle farms in Gaza during...
  • A million turkeys distributed across 150 farms, were culled, in addition to 80 percent of the total domestic poultry population, estimated to be 300,000 birds.
  • Israeli forces destroyed 90 percent of the 100 cattle farms, which were breeding 50,000 calves annually, and culled 2,200 cows in 400 farms.

Emirates’ first A350 takes flight

The airline operated the inaugural flight from Dubai to Edinburgh.
  • The aircraft, featuring Emirates' latest cabin products, is the first of 65 A350s joining the airline's fleet over the coming years.
  • Emirates has configured its A350 to provide three cabin classes, accommodating 312 passengers in 32 next-generation Business Class lie-flat seat.

Winter rains, flooding and limited aid worsen Gaza tragedy: IOM

"Vulnerable people, including at least seven infants, have died from hypothermia, and these tragic deaths underscore the urgent need for...
  • As of mid-Dec, the Shelter Cluster, a coordination group of UN, international and local humanitarian, estimates at least 945,000 still urgently need winterization assistance.
  • IOM has delivered nearly 180,000 emergency shelter items to partners inside Gaza since mid-November and has over 1.5 million more winter supplies.

Oil extends gains on hopes of policy support for economic growth

Singapore - Oil prices extended gains on Friday after closing at their highest in more than two months in the...
  • Brent crude futures rose 16 cents, or 0.2 percent, to $76.09 a barrel after settling at its highest since Oct. 25 on Thursday.
  • Lower interest rates should spur more economic growth which would lead to higher fuel consumption.

Dubai Airport set for record start to 2025: 4.3m guests in 15 days

Dubai, UAE -- Dubai International Airport (DXB) is on track to welcome 4.3 million guests in the first 15 days...
  • With an average of 287,000 guests passing through daily during this period DXB is operating at volumes akin to its busiest months ever.
  • This performance reflects a surge in international visitors flying out after the festive season, coupled with residents returning from holidays.

SIB’s 2024 profit $272m

The profit surpassed AED 1 billion for the first time in bank's history.

Latest News

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...

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...

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...

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DAE to acquire Nordic Aviation Capital

The terms of the transaction have not been disclosed.
  • As of September 2024, NAC’s fleet comprised of 252 owned and committed assets on lease to approximately 60 airline customers in approximately 40 countries.
  • On a pro forma basis, DAE Capital’s fleet will comprise of approximately 750 owned, managed and committed aircraft.

PIF completes $7 billion inaugural murabaha credit facility

Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the...
  • The financing structure is supported by a diverse syndicate of 20 international and regional financial institutions, PIF said in a statement.
  • PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.

UAE aviation sector’s 2024 milestone: 1 million air traffic movements

Abu Dhabi, UAE -- The United Arab Emirates (UAE) achieved a milestone in the aviation industry as it surpassed 1...
  • On 22nd December 2024, the one-millionth annual air traffic movement was recorded with the arrival of Emirates Flight305 from Shanghai.
  • UAE recorded over 20 percent growth in air traffic over the past two years, among the highest globally.