Chief Economists warn global growth under strain from trade policy shocks and AI disruption
The global economic outlook has worsened since the start of the year, as rising economic nationalism and tariff volatility fuel...
Economy
Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
Business
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 15.1 percent, increasing by over SAR 3 billion to reach SAR 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 66.6 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 36.2 percent and men's participation up by 1.1 percentage point.
Business
Key healthcare digital trends to watch in 2025
From AI-powered content creation to automated feedback systems, technology is streamlining operations and improving patient care.
- One of the most notable shifts is the growing ability to harness patient data responsibly for tailored marketing and engagement.
- Reputation management is taking center stage as well, with automated systems streamlining the collection of patient feedback and testimonials.
Economy
UAE real GDP grows by 3.6% in first half of 2024, says economy minister
Non-oil sectors' contribution to GDP reaches 75%. Economy minister Abdulla bin Touq Al Marri says the growth reflects the dynamic...
- The Minister said that the robust growth of non-oil sectors during the first half of 2024 reflects the dynamic nature of the UAE's economy.
- Transportation and storage activities led economic growth in the first half of 2024, with an impressive 8.4 percent growth rate.
Chief Economists warn global growth under strain from trade policy shocks and AI disruption
The global economic outlook has worsened since the start of the year, as rising economic nationalism and tariff volatility fuel...
Economy
Company News
Dar Alarkan 2024 profit up 32%
Business
Latest News
How do GCC-Arab leaders look at the region’s future?
The bigger your vision, the bigger your achievement will be. Will you stumble on the way? Perhaps, but we cannot...
Geostrategy
Ukraine to propose sky, sea truce at US talks in Saudi: official
The talks on Tuesday will be the first Ukraine-US meeting since a White House blow-up between Zelensky and US President...
Geostrategy
UAE’s real GDP increases by 3.8% during first nine months of 2024
Dubai, UAE -- The UAE’s real GDP increased by 3.8 percent during the first nine months of 2024 compared to...
Economy
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Business
ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
- As a result of strong underwriting and investment performance, ADNIC's net profit before tax grew by 16.3 percent year on year to AED 466.4 million.
- Its total assets grew by 52.9 percent year on year to reach AED 11.8 billion and total shareholders equity grew by 20.6 percent for year on year to reach AED 3.5 billion.
Business
stc net profit for 2024 $6.58bn
This is an increase of 85.7 percent over the previous year.
- Revenues for 2024 rose 5.7 percent over the previous year to reach SAR 75.893 billion, and gross profit reached SAR 37.30 billion.
- Operating profit increased 9.6 percent over the previous year to reach SAR 14.426 billion.
Business
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
- The five-year tranche of $750 million consists of 3,750 Sukuk based on the minimum denomination and total issue size.
- Maaden said the annual return on the five-year tranche is 5.25 percent and 5.50 percent for the 10-year tranche.