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
Geostrategy
Riyadh tripartite meet pledges to implement Beijing Agreement
Riyadh, Saudi Arabia -- The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement...
- They also reaffirmed their continued endeavor to consolidate neighborly relations between their countries through adherence to the Charter of the United Nations.
- China has affirmed its readiness to continue to support and encourage the steps taken by Saudi Arabia and Iran to develop their relationship in various fields.
Geostrategy
End of a love affair: news media quit X over ‘disinformation’
Paris, France -- News outlets have begun quitting X, formerly Twitter, once a favorite of global media but now accused of...
- Sweden's newspaper of reference, the left-liberal Dagens Nyheter (DN), on Friday became third major media outlet to stop publishing its articles on X.
- "Since Elon Musk took over, the platform has increasingly merged with his and Donald Trump's political ambitions," said editor-in-chief Peter Wolodarski.
Business
Data Integrity: The foundation of true data freedom
Ensuring data integrity has become more challenging, leaving organizations at risk of data loss and corruption. during migration
- Organizations must liken preparing for migration to how pilots train to resolve the unexpected
- Data freedom is about ensuring data remains accurate, secure, and usable during migrations
Business
Lulu’s IPO raises $1.72bn
The proceeds make it the largest UAE IPO of 2024 to date.
- The Offering achieved aggregate demand of over AED135 billion ($37 billion) from local, regional, and international investors.
- This is a record for a non-Government UAE IPO over the past 10 years, with the IPO oversubscribed by more than 25 times across all tranches (excluding Cornerstone Investors).
Business
Altegio in UAE market to local boost digital transformation
Unlike other automation platforms that redirect customers to third-party websites, Altegio keeps booking processes within the client’s own ecosystem.
- Altegio’s platform offers over 30 specialized tools that streamline operations across marketing, sales, finance, and team management
- Founded in 2022 by a group of international entrepreneurs, Altegio has rapidly grown to serve over 10,000 businesses across 89 countries
Business
DAE 9M net profit $310m
The company said this was a 54.9 percent YoY increase in net profit.
- Profit before tax settled at $326.6 million for the same period, compared to $207.5 million last year.
- Total revenue was $1.017 billion for the nine months, a YoY increase of $27.9 million, or 2.8 percent.
Economy
Global economy faces ‘low normal’ growth, widening inequality gap
The organization’s Trade and Development Report 2024 warned that this new “low normal" growth is insufficient to tackle pressing development and...
- While the global South experienced robust annual growth rates of 6.6 percent between 2003 and 2013, that figure has fallen to 4.1 percent over the past decade.
- This has made it harder for nations to expand social services, cover rising energy transition costs and manage mounting public debt.
Business
UAE records 37% increase in greenfield FDI to $16 billion in 2023
Abu Dhabi, UAE -- The UAE has witnessed a 37% increase in greenfield investments in 2023 to reach US$16 billion,...
- Sectors such financial services, industrial equipment, and transportation and warehousing played an important role in contributing to this growth.
- The most prominent countries involved in these investments were the US., India, the U.K., Saudi Arabia, and France.
Business
ADNEC to acquire ‘Royal Catering’
Royal Catering has more than 2.500 employees.
- Serving key industries such as energy, defense, healthcare, and education, Royal Catering has earned a reputation for delivering high-quality services across the UAE.
- The addition of Royal Catering will expand Capital Catering’s industry focus from aviation, defense and healthcare and increase its production capacity
Business
PIF sets up sarcc company
The new entity will address growing staff accommodation demand.
- In a statement, PIF said sarcc will play a key role in transforming the accommodation market by developing and operating complexes for staff in Saudi Arabia.
- The company will foster the Saudi private sector by facilitating long-term investment and partnerships throughout the industry's value chain.
Company News
Latest News
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...
Business
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...
Geostrategy
Emirates’ first A350 takes flight
The airline operated the inaugural flight from Dubai to Edinburgh.
Business
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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.