Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
Business
SIB’s 2024 profit $272m
The profit surpassed AED 1 billion for the first time in bank's history.
Business
ADNOC Gas awards contracts
Business
Business
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.
Geostrategy
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.
Business
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.
Geostrategy
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.
Business
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.
Business
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.
Business
Dubai real estate market saw record transactions worth $142.1bn in 2024
Dubai, UAE -- Dubai’s real estate market recorded 180,900 transactions worth AED 522.1 ($142.1 billion) in 2024, a market report...
- The transaction volume surged by 51 percent to 119,800 in 2024, reflecting a substantial increase in buyer confidence and developer activity.
- There was also a steady appreciation in the average price per sq ft, which was up 10 percent to AED 1,600.
Geostrategy
Israeli forces killed 45,553 Palestinians since Oct 2023: Health ministry
Gaza, Palestinian Territories -- The Israeli forces have killed at least 45,553 Palestinian civilians and injured at least 108,379 others,...
- At least 108,379 other civilians, most of them children, have been injured and thousands remain under debris.
- The ministry said the Israeli forces committed two massacres against Palestinian families in the Gaza Strip over the past 24 hours.
Business
Saudi PIF’s assets up by $11.44bn by the end of third quarter 2024
Riyadh, Saudi Arabia – The value of assets under Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) assets—both...
- The number of subscribers recorded a 51 percent increase, representing nearly 528,000 subscribers, to reach 1,570,452 subscribers, compared to 1,042,484 at the end of Q3 2023.
- Foreign investment assets recorded an annual growth of 15.1Â percent, increasing by over SARÂ 3 billion to reach SARÂ 25.656 billion, which accounts for 16% of the total asset value.
Economy
Unemployment rate among Saudi nationals 7.8 percent in Q3
Riyadh, Saudi Arabia -- Unemployment rate among Saudi nationals reached 7.8 percent in the third quarter of 2024, a year-on-year...
- Data released by the General Authority for Statistics (GASTAT) said that the Saudi and non-Saudi labor force stood at 66.6Â percent, a 0.4 percentage point increase over Q2 of 2024.
- Saudi women's participation in the labor force, which increased by 0.8 percentage points, to 36.2Â percent and men's participation up by 1.1 percentage point.
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
Business
Company News
PIF acquires stake in Saudi Re
Business
Latest News
ADNOC Gas awards contracts
Business
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
Dubai vs Doha: The Battle for Creator Economy Supremacy and Innovation in the Middle East
Dubai’s aggressive initiatives like the 1 Billion Followers Summit and specialized creator visas put it ahead in attracting global talent,...
Business
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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.
Business
ADNOC L&S buys stake in Navig8
The company will acquire the remaining stake in mid-2027.
- Navig8 is an international shipping pool operator and commercial management company with a modern-owned fleet of 32 tankers and a presence in 15 cities across five continents.
- This value-accretive acquisition is expected to boost ADNOC L&S’ earnings per share by at least 20 percent in 2025 compared to 2024.