Four Palestinians killed as pressure mounts over West Bank settlements
The UK and 11 other countries have announced support for trade sanctions targeting Israeli settlements in the occupied West Bank....
Geostrategy
Tehran to announce new Hormuz shipping route in coming days
The announcement comes after Iran signed an agreement with Oman, as shipping traffic plunges, oil prices rise and regional governments...
Geostrategy
Economy
Crude could spike by US$20 on Iran oil shock
Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to...
- ...if Iranian production sees a hit resulting from Israeli retaliation, said Goldman Sachs
- Iran produces almost four million barrels of oil per day, an estimated 4% of the world’s supply.
Business
MGX participation confirmed in OpenAI’s US$6.6bn in new funding, valuing it at US$157bn
OpenAI has finalized a deal to receive US$6.6 billion in new funding from investors who valued the company at US$157...
- Backers expect OpenAI’s chatbot to become much more widely used and haul in huge profits
- MGX is targeting some of the world's biggest scale global technology investments
Business
Waldorf Astoria to open in Madinah by 2028
With more than 300 luxury rooms, three dining concepts, and various facilities, the hotel will merge global luxury with Madinah’s...
- Set to open in 2028, Waldorf Astoria Al Madinah will be located near the Prophet’s Mosque
- The new project will be a symbol of the Kingdom's aspirations
Economy
Abu Dhabi non-oil GDP up 6.6% in second quarter: SCAD
Abu Dhabi, UAE -- Abu Dhabi's GDP increased by 4.1 percent during the second quarter of 2024, compared to the...
- The construction sector achieved remarkable growth rates of 11.5 percent in the second quarter of 2024, compared to the same period in 2023.
- It is estimated that the financial sector grew by 13.4 percent in the second quarter of 2024, compared to the same period in 2023.
Business
Foreigners and institutions pour $4.9 billion into UAE equities
Abu Dhabi, UAE -- Net investments by foreigners and institutions in UAE equities amounted to AED 18.3 billion ($4.9 billion)...
- Foreign investors "Arab and non-Arab" achieved net purchases in the two markets worth 15.5 billion dirhams during the same period.
- Institutions have achieved a net investment in the Abu Dhabi Securities Exchange worth more than AED 1.6 billion.
Business
Saudi leisure tourism surges by 656% in 2024: Tourism Ministry
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector, particularly the leisure and holiday segments, witnessed substantial growth in 2024.In a...
- The Kingdom welcomed 17.5 million international tourists between January and July 2024, a 10 percent increase over the same period in 2023
- The Kingdom had set the goal of 100 million tourists by 2030, but achieved this milestone in 2023, seven years ahead of schedule.
Business
UAE captures 30% of Middle East cinema market share in 8 months
Abu Dhabi, UAE -- The UAE cinema sector achieved revenues of AED 517 million during the first eight months of...
- UAE cinemas attracted about 11 million visits to cinemas, the Emirates Media Council revealed.
- The country's cinema sector includes 702 screens spread across 72 locations and caters to more than 200 nationalities.
Business
Saudi non-oil exports increase by 19 percent in July: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports, including re-exports, during July 2024 amounted to SAR25.4 billion ($6.76 billion), compared...
- The value of merchandise exports increased during July 2024, reaching SAR94.5 billion, compared to SAR92.6 billion during July 2023, an increase of SAR1.9 billion, or 2.1 percent.
- The value of oil exports during July 2024 amounted to SAR69.1 billion, compared to SAR71.3 billion during July 2023, a decrease of SAR2.2 billion, or 3.1 percent.
Economy
Middle East & North Africa: Regulatory momentum and DeFi fuel crypto adoption
The Middle East & North Africa (MENA) region ranks as the seventh-largest crypto market globally in 2024, with an estimated...
- Centralized exchanges (CEXs) remain the primary source of crypto inflows across MENA
- Across MENA, stablecoins and altcoins are gaining market share over traditionally preferred assets like bitcoin and ether
Business
Masdar acquires Saeta Yield
The deal is estimated to be valued at $1.4 billion.
- Saeta is a leading independent developer, owner and operator of renewable energy assets.
- Masdar recently announced an agreement with Endesa to become a portfolio asset partner for Spain's 2.5 GW renewable energy projects.
Four Palestinians killed as pressure mounts over West Bank settlements
The UK and 11 other countries have announced support for trade sanctions targeting Israeli settlements in the occupied West Bank....
Geostrategy
Company News
Latest News
Awqaf Dubai investment portfolio market value rises to $402 million
Dubai, UAE -- Dubai's Endowment and Minors' Trust Foundation (Awqaf Dubai) said on Monday the market value of its securities...
Business
US strikes Iran for tenth night after Tehran attacks bases in Bahrain, Kuwait
The US State Department issued a worldwide security alert, urging American citizens to exercise increased caution because of heightened tensions...
Geostrategy
Burnham names new cabinet after replacing Starmer as UK prime minister
Britain's new leader pledged a 10-year plan to ease living costs, re-industrialize the economy and decentralize power while reshaping his...
Geostrategy
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Business
Sanad posts record revenue
Growth driven by global demand for services.
- Company expanded engine portfolio to 17 assets and increased annual workforce 44 percent as it broadened aerospace capabilities.
- Sanad invested over $218 million in infrastructure, including new repair and testing facilities, to support long-term aviation growth.
Business
Saudi public investment funds assets rise 20 percent in Q1 to $61 billion
Dubai, UAE -- Assets of Saudi Arabia's public investment funds rose 20 percent year-on-year to SAR231.7 billion ($61.8 billion) in...
- Assets of local funds increased 17 percent from a year earlier to SAR192.1 billion, accounting for 83 percent of total public investment fund assets, Argaam reported.
- Assets of foreign funds, which represented the remaining 17 percent of total assets, rose 35 percent year-on-year to about SAR39.6 billion, according to the report.
Geostrategy
UAE says retraction of Dubai ‘explosions’ report will not halt probe
Dubai, UAE -- The government has said that Reuters' decision to withdraw and apologise for a report claiming explosions were...
- Attorney-General Hamad Saif Al Shamsi said the Public Prosecution had expanded its investigation into the publication and circulation of the report.
- Reuters said on Friday it had withdrawn the July 16 report because it did not meet the news agency's editorial standards.