Saudi Arabia rises to 13th in global competitiveness rankings
The Kingdom ranked 13th out of 70 economies assessed in the annual report, improving from 17th place a year earlier...
Economy
Iranian tankers leave blockade zone as US-Iran deal moves toward signing
Iranian crude exports resumed ahead of a planned US-Iran signing ceremony, even as disputes over Lebanon, shipping rules and implementation...
Geostrategy
Business
Aramco injects $4 billion into its global venture capital arm
Dhahran, Saudi Arabia -- Aramco has allocated an additional $4 billion to its global venture capital arm Aramco Ventures, more...
- This will take Aramco’s overall venture capital allocation to $7.5 billion, which also includes the $500 million venture capital fund Wa’ed Ventures,
- Through Aramco Ventures, we aim to support pioneers with big ambitions, and ultimately help bring their ideas to life, said Aramco Executive Vice President of Technology.
Business
Sales of $10m-plus homes in Dubai grow by record 92% in 2023
Dubai, UAE -- The total number of US$10 million plus home sales in Dubai grew by 92.4 percent to 431...
- The total value of sales above this price point grew by 91 percent last year to US$7.6 billion, 28 percent of which was achieved in Q4 alone.
- The Palm Jumeirah remains at the epicenter for luxury home sales in Dubai, according to Knight Frank.
Business
Al Arabia subsidiary wins Dubai contract
The contract was awarded by Dubai Roads and Transport Authority.
- The contract is valued at AED 522.84 million ($142.34 million). Its duration is 10 years and five months, including a preparation period of up to 31 days.
- The billboards include 85 digital billboards and 209 static billboards of different types and sizes, with the ability to transform the static billboards into digital billboards.
Business
Ummahat Island unveils world’s first net-zero 5G network towers
Tabuk, Saudi Arabia -- Red Sea Global (RSG), Zain KSA, and the French Serge Ferrari Group have developed and installed...
- In addition to being 100% solar powered, these towers are designed in a way that allows air circulation to reduce cooling costs, and do not require high maintenance.
- They are also aimed at preserving biodiversity and enabling tower sharing among all licensed telecom operators in KSA.
Economy
Saudi inflation rate declines slightly to 1.5 percent in Dec: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation declined to 1.5 percent in December 2023, compared with 1.7 percent in November, according to recent...
- The cost-of-living index for December rose to 110.15 points, according to the base year 2018, from 108.53 points in the same month a year earlier.
- Inflation is measured by the percentage change in the cost of living between the current period and the corresponding period of the previous year.
Geostrategy
World’s five richest men doubled their fortunes since 2020: Oxfam
A report from the charity, published as the global elite hobnob at the World Economic Forum in Davos this week,...
- Billionaires are today $3.3 trillion richer than they were in 2020, despite many crises devastating the world's economy since this decade began, including the Covid pandemic.
- With riches among the world's wealthiest increasing the way they are, Oxfam predicted that within a decade the world will see its first "trillionaire".
Business
Elie Saab to showcase Riyadh Season Fall Collection 2025
Riyadh, Saudi Arabia -- Renowned fashion designer Elie Saab will unveil the Riyadh Season Fall Collection 2025 after signing an...
- Elie Saab and General Entertainment Authority CEO Faisal Bafarat signed an MoU in London.
- The Authority said the MoU will create a one-of-a-kind experience that intertwines fashion and entertainment during the upcoming Riyadh Season.
Business
Dubai records $2.74 billion in weeklong real estate transactions
Dubai, UAE -- The real estate and properties transactions valued at 10.1 billion ($2.74 billion) in total during the week...
- A total of 209 plots were sold for AED 2.19 billion, 2,100 apartments and villas were sold for AED 4.84 billion.
- The sum of the amount of mortgaged properties for the week was 2.28 billion, with the highest being a land in Al Raffa, mortgaged for AED 269.5 million.
Business
Abu Dhabi real estate deals hit $517 million since Jan 1: DARI
Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi amounted to approximately AED 1.9 billion ($517 million) in the...
- The value of real estate mortgages in the emirate reached about AED 1.5 billion through the registration of 215 mortgage deals.
- Al Saadiyat Island topped the list with a value of AED 8.9 million, followed by Yas Island which occupied four consecutive positions, totaling about AED 23 million
Business
OYO New Year Eve bookings up 64%
Oman emerges top performer in the GCC region.
- Saudi Arabia with 59 percent and United Arab Emirates with 31 percent growth were the other top performers.
- Siniya Island Resorts, a luxurious property in Dubai, was one of the most preferred destinations for new year celebrations.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Saudi Arabia rises to 13th in global competitiveness rankings
The Kingdom ranked 13th out of 70 economies assessed in the annual report, improving from 17th place a year earlier...
Economy
Company News
Latest News
G7 ministers consider oil reserves as markets face volatility
In a statement following a virtual meeting with International Energy Agency (IEA) Executive Director Fatih Birol, the ministers said they...
Geostrategy
The shift from innovative to native: Unlocking where real AI value lies
There are, of course, technical hurdles to overcome, too, one of which is modernizing legacy systems. Many enterprises still operate...
Opinion
Empower distributes $701 million dividends since listing
Dubai, UAE -- Emirates Central Cooling Systems Corporation PJSC (Empower) said it has distributed AED2.575 billion in dividends to shareholders...
Business
Most Read
Arts & Culture
Traditional coffee roaster reflects Saudi heritage
The mahmas is typically made of thick iron or copper and consists of a hollow cylindrical disc with a long...
- Beans are roasted over fire until they turn golden and their husks fall off, before being transferred to a wooden container known as the “mibradah.”
- Roasting methods varied across the Arabian Peninsula, including the Shaghdaliyah, Hijaziyah, Qatifiyah and Hasawi roasters.
Geostrategy
Six Ramadan initiatives launched in Asir region
Abha, Saudi Arabia — Six Ramadan community initiatives were launched in Al-Harjah Governorate in Saudi Arabia’s Asir region as part...
- The initiatives cover religious education, heritage preservation, archaeological documentation and traditional arts.
- A workshop titled “Color Your Heritage” explored Al-Qatt Al-Asiri art and integrated it with Tihami heritage motifs.
Geostrategy
Bapco Energies declares force majeure on operations
Manama, Bahrain --- Bapco Energies BSC (Closed), Bahrain’s integrated energy company, announced force majeure on its group operations on Monday....
- The company said the move follows the ongoing regional conflict in the Middle East and a recent attack on its refinery complex.
- Bapco Energies said all local market needs remain fully secured through proactive plans to ensure the continuity of supplies and meet domestic demand without disruption.