Saudi Arabia’s inflation rises to 1.8 percent in May on higher rents
Dubai, UAE -- Saudi Arabia’s annual inflation rate rose to 1.8% in May 2026, up from April, as higher housing,...
Economy
Dubai property market cools speculation but retains underlying strength
After a record-breaking 2025, the Emirate’s market has found a new level and a new temperament., writes Charles Philion, founder...
Analysis
Arts & Culture
Saudi Arabia to host 2023 FIFA Club World Cup
RIYADH, SAUDI ARABIA- The Saudi Arabian Football Federation (SAFF) and the Fédération Internationale de Football Association (FIFA) announced on Monday...
- This follows an official visit made by a FIFA delegation to Jeddah last week to inspect the ongoing preparations to host the World Cup.
- FIFA experts inspected the infrastructure and stadiums nominated to host the WC, including King Abdullah Sports City and Prince Abdullah Al-Faisal Stadium.
Business
ADNOC Distribution, HPCL ink agreement
Will help to enhance efficiency of overseas operations.
- With an annual demand of three billion liters, India is among the world’s most significant markets for lubricants.
- ADNOC Distribution aims to enter this dynamic market, gaining access to a vast network of over 28,000 retail stations.
Business
Qatar and Tajikistan chambers to form joint business council
Doha, Qatar - Qatar Chamber and Tajikistan Chamber of Commerce and Industry signed Sunday an agreement to establish a Joint...
- The Joint Business Council aims to facilitate communication between the two parties to increase trade and economic cooperation between the two countries.
- It includes communication mechanisms between business owners in the two countries, and exchanging information on trade and economic cooperation.
Saudi Arabia hosts the biggest hajj pilgrimage in years
Islam's holiest site is expected to host more than two million worshipers from 160 countries during the annual rites that...
- The hajj began early on Sunday with the "tawaf" -– the circumambulation of the Kaaba, the large cubic structure draped in black cloth with gold trimmings
- This year’s pilgrimage will be the biggest since Saudi Arabia scrapped rules in 2021 that banned women who weren't accompanied by a male relative
Business
Dubai Land Department unveils real estate investment trusts
DUBAI, UAE - Dubai Land Department (DLD), through the real estate development sector, has launched the real estate investment trusts...
- The move aims to provide incentive benefits to encourage REIT to consider various projects across Dubai.
- The aim is also to increase investment in the market by achieving a long-term capital return for shareholders.
Geostrategy
AD Ports Group signs 50-year pact with Karachi Port Trust for container terminal
ABU DHABI, UAE/ KARACHI, PAKISTAN - AD Ports Group announced on Thursday the signing of a concession agreement with Karachi...
- Under the terms of the 50-year concession agreement, a Joint Venture has been formed to manage, operate and develop the Karachi Gateway Terminal Limited.
- The JV will undertake significant investments in infrastructure and superstructure over the next 10 years, with the bulk of it planned for 2026.
Business
RAKEZ unveils ‘open yards’ to enhance business facilities
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) has launched ‘open yards’ as part of its comprehensive...
- Located in Al Ghail Industrial Zone, these units are readily available for businesses seeking expansive and versatile spaces for their operations.
- With the introduction of these new open yards, investors are provided with the opportunity to operate across a spectrum of over 100 activities.
Gulf Union Alahlia Q1 profit $7.5m
Results were due to a fall in insurance services expenses.
- Net investment income rose to US$1.2 million (SAR 4.6 million) from US$1 million (SAR 4 million) in Q1 2022.
- The insurance services provider reported a rise in other income to US$4 million (SAR 15 million) in Q1 2023.
Economy
ZATCA sets criteria for target firms to apply phase II of e-invoicing
RIYADH, SAUDI ARABIA - The Zakat, Tax and Customs Authority (ZATCA) has set the criterion for selecting target establishments in...
- ZATCA said that it will notify all targeted establishments in preparation for linking the electronic billing systems with the Fatoora platform, starting January 1, 2024.
- It stressed that phase II includes additional requirements including issuing E-invoices based on a specific format.
Geostrategy
Ukraine, Lebanon top agenda as Saudi crown prince meets French president
Saudi Arabia has maintained a cautious stance throughout the invasion of Ukraine by Russia, stopping short of condemning the assault...
- The visit of the 37-year-old Crown PrInce, comes less than a year after his last visit to the Elysee Palace and underlines the warm relationship between Paris and Riyadh
- Crown prince is due to attend a Paris summit on a New Global Financing Pact hosted by Macron on June 22-23 and an official Saudi reception for Riyadh's candidacy for Expo 2030
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Saudi Arabia’s inflation rises to 1.8 percent in May on higher rents
Dubai, UAE -- Saudi Arabia’s annual inflation rate rose to 1.8% in May 2026, up from April, as higher housing,...
Economy
Company News
Latest News
ADNOC L&S buys stake in Navig8
Business
Abu Dhabi GDP grows 3.8% to $83.40bn in Q2 as non-oil sectors hit record
The non-oil economy expanded 6.6 percent year-on-year to AED174.1 billion — the highest quarterly value on record — and accounted...
Economy
India again refuse handshake with Pakistan in Asia Cup
Dubai, United Arab Emirates -- India skipper Suryakumar Yadav again refused to shake hands with Pakistan's Salman Agha as he...
Geostrategy
Most Read
Science
UNGA80: World leaders to discuss framework for inclusive, accountable AI governanc
As there is no recognised body to govern AI on a global level, world leaders will gather in New York...
- The UN says Artificial AI has been rapidly transforming the world including everything from self-driving cars to the analysis of medical images
- However, it notes that the benefits of AI are unevenly distributed, and many countries struggle to access the tools which could transform their societies by supporting development
Science
MBZUAI, G42 launch K2 Think: Leading open-source system for advanced AI reasoning
Abu Dhabi, UAE -- The Institute of Foundation Models at Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) and G42...
- K2 Think embodies a new approach to building smarter, more efficient AI, as with just 32 billion parameters, it outperforms flagship reasoning models that are 20X larger.
- This breakthrough in parameter efficiency makes K2 Think a powerful alternative for advanced reasoning, redefining what is possible with compact architectures
Business
EGA H1 revenue $4.11bn
Net profit before GAC $445 million.
- The company's primary hot metal production remained steady at 1.34 million tons.
- EGA sold 1.37 million tons of cast metal to over 400 customers in more than 50 countries, up from 1.31 million tons in H1 2024.