World merchandise trade to rise by 2.7% in 2024: Global Trade Outlook
There was a 2.3% year-on-year increase in the first half of 2024 and WTO economists anticipate the volume will increase...
Economy
IOC creates historic Olympic Esports Games with 2025 launch in Saudi
History was made today when the International Olympic Committee (IOC) decided to create Olympic Esports Games. The first edition will...
- Saudi already has over 23.5 million gamers, of whom almost half are females
- Saudi has hosted over 1,700 elite players from over 80 countries over the last two years
Economy
Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates
Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut...
- A “hard landing” for the U.S. economy was not “a likely scenario.”
- The central bank’s next policy meeting is at the end of July
Business
ADNOC Gas awards $550m contracts
The company aims to expand UAE gas infrastructure, increase customer reach
- Engineering, procurement and construction (EPC) contracts were awarded for the next phase of the UAE sales gas pipeline network enhancement "ESTIDAMA Project".
- ADNOC Gas will continue to expand its domestic business through ESTIDAMA, paying ADNOC a variable transmission fee for actual throughput of the pipeline.
Business
Dubai Summer Activities: A new guide to emirate’s attractions
Dubai, UAE -- A new #DubaiDestinations guide titled ‘Dubai’s Summer Activities’ invites residents and visitors to delve into an array...
- Developed by Brand Dubai, the creative arm of the Government of Dubai Media Office, the interactive guide forms part of the latest phase of the #DubaiDestinations campaign.
- It seeks to showcase the city's top-rated summer experiences and highlight unique attractions that make Dubai a one-of-a-kind summer destination.
Business
Saudi Arabia records 16% growth in air travel in first half: GACA
Riyadh, Saudi Arabia -- The number of air passengers in Saudi Arabia increased by 17 percent during the past six...
- The number of flights also reached approximately 446,000, marking a 12 percent increase compared to the same period last year.
- The airfreight volume in the first six months of 2024 witnessed a 41 percent increase, reaching 606,000 tons.
Business
2024 Global Aerospace Summit: Accelerating aerospace innovation
Abu Dhabi, UAE -- Representing the aerospace, aviation, space, and defense sectors, the premier thought leadership forum will aim to...
- The two-day event will take place on 25-26 September at the St. Regis, Saadiyat Island Resort in the UAE capital – Abu Dhabi.
- The 2024 edition will center on several objectives designed to drive the industry forward and address global aerospace concerns.
Business
Al Noor Island listed among top 10 attractions in Middle East
Sharjah, UAE -- Sharjah's renowned landmark and award-winning family-friendly destination, Al Noor Island, has secured its place among the top...
- Developed and managed by the Sharjah Investment and Development Authority (Shurooq), the destination has been ranked among Sharjah's top attractions since its inception.
- This recognition marks the second consecutive year that Al Noor Island has won the title, an achievement reserved for the top 1% of the 8 million listings on TripAdvisor.
Business
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...
- E-commerce/retail was the highest sector in the Kingdom in terms of VC funding, accounting for 52 percent of total funding, amounting to $215 million.
- FinTech continued to lead the Kingdom's total number of deals, capturing 14 percent of deals in the first half of 2024.
Economy
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...
- The U.S. dollar index was flat at 104.99
- Traders currently set about 76% odds for a rate cut at the September FED meeting
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...
- The amount invested by the ‘Oil Five is more than double what the ‘Maple Eight’deployed
- Mubadala re-opened its Beijing office in 2023 to manage its $10 billion JV with SAFE and CDB
Company News
Latest News
Masdar acquires Saeta Yield
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...
Business
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...
Economy
Most Read
Business
ADNOC Distribution H1 dividend $350m
The total dividend for 2024 is expected to be $700 million.
- The second and final portion of 2024 dividend is expected to be paid in April 2025, in accordance with the recommendations of the Board of Directors and shareholder approval.
- The company's cash dividend paid since its initial public offering totaled AED 16.2 billion ($4.4 billion), including cash dividends for the first half of 2024.
Geostrategy
DCO launches Digital Economy Navigator to bridge global digital gap
The navigator enables countries to better navigate their digital journeys, find opportunities for growth and benchmark progress,
- DEN was unveiled at SDG Digital, held this year during the 79th Session of the UN General Assembly in New York from September 10 to 27.
- DEN is a unifying framework that addresses digital economy maturity across 50 countries, including the DCO member states.
Business
Global tourism nears full recovery, led by Middle East’s 26% growth in 2024
While Europe and Americas have nearly returned to pre-pandemic levels, the Middle East's growth outpaces all other regions, UN World...
- Globally, international tourism reached 96 percent of pre-pandemic levels during the same period, with around 790 million tourists, an 11 percent increase over 2023.
- In terms of tourism revenue, 47 out of 63 countries with available data reported a return to pre-pandemic earnings.