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...
Economy
AD Ports Group secures $2.125 billion refinancing deal
The move aims to optimize financing costs.
Business
Business
QFZ, Samsung C&T ink MoU
The two will collaborate in green, sustainable technologies.
- Both the parties will work together to achieve sustainability objectives within the free zones in Qatar through energy transition.
- QFZ, Samsung C&T will also explore co-investment opportunities in green infrastructure within the free zones.
Economy
China’s GDP rises above forecasts, boosted by robust recovery efforts
BEIJING, CHINA - China's Gross Domestic Product (GDP) grew by 4.9 percent year-on-year in the third quarter, surpassing economists' predictions...
- Analysts believe China is on track to meet its annual growth target of approximately 5 percent this year.
- Data from China’s National Bureau of Statistics revealed a 5.2 percent growth for the first three quarters.
Business
GCC unified tourist visa to be introduced within 2 years, says UAE minister
ABU DHABI, UAE – Emirati Minister of Economy Abdullah bin Touq Al Marri has announced that the Gulf Cooperation Council...
- The new visa will open doors to travelers, granting them access to six countries under a single, unified tourist visa.
- The minister said the UAE is getting ready to welcome the new flow of international tourists with the new unified visa.
Economy
Solana Foundation joins DMCC Crypto Center as ecosystem partner
DUBAI, UAE: DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – has...
- The partnership compliments DMCC’s existing offerings and collaborations by increasing its members’ ability to develop their concepts using Solana.
- Through this collaboration, Solana will offer technical and business development support to DMCC Crypto Centre members.
Business
Container traffic rises 11.66 percent in September, says Mawani Â
RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) reported an 11.66 percent surge in container traffic across its trade...
- Passenger traffic jumped 79.29 percent over the preceding year’s figure of 40,679 passengers to hit 72,934 passengers in 2023.
- Mawani’s ports saw 11.83 percent additional vessels dock at its berths with a tally of 1,040 ships contrary to last year’s 930 ships.
Business
Flynas launches its new operations base at Madinah airport
Riyadh, Saudi Arabia: Flynas, the national airline and the leading low-cost carrier in the Middle East and the world, announced...
- These additions will bring the total number of routes operated by flynas from Madinah to 11 so far.
- The operations from our new operations base will start with two aircraft as a first stage,
Geostrategy
Impressive turnout on main day of UAE’s parliamentary polls
ABU DHABI, UAE - Emiratis are casting their votes on Saturday, the main day of the Federal National Council elections,...
- Voting started at 8am and ended at 8pm, amid impressive turnout from members of electoral colleges to cast their votes.
- The election was a landmark event in the country's history, as it saw the highest voter turnout in any previous election.
Economy
FAO raises its forecast for global cereal production in 2023
ROME, ITALY - The Food and Agriculture Organization of the United Nations (FAO) raised its forecast for global cereal production...
- The higher forecast is almost entirely based on recent and more positive yield estimates for the Russian Federation and Ukraine.
- There will be increased wheat consumption while global rice utilization is forecast at 520.5 million tons.
Business
ADNOC awards two contracts for Hail and Ghasha Offshore Development project
ABU DHABI, UAE – ADNOC on Thursday announced the final investment decision (FID) and award of contracts for the Hail...
- The first contract for the offshore facilities has been awarded to a joint venture between National Petroleum Construction Company and Saipem.
- The second contract will deliver the onshore scope, including carbon dioxide and sulphur recovery and handling and has been awarded to Tecnimont.
Business
Najm inks pact with iot squared
The aim is to advance insurance services in the Kingdom.
- iot squared is a joint entity between the Public Investment Fund (PIF) and STC Group and it provides leading IOT solutions in the logistics service field.
- Najm for Insurance Services was set up in 2007 due to cooperation between insurance firms, Saudi Central Bank and the General Department of Traffic.
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...
Economy
Company News
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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...
Business
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...
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...
Economy
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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