Iran targets Jordan, Bahrain after US carries out second wave of strikes
Iranian military spokesman Colonel Ebrahim Zolfaghari said the attacks would continue until the United States “regrets its crimes”, warning that...
Geostrategy
Syria processes first international card payment in 15 years
Dubai, UAE -- Syria has processed its first international card payment in more than 15 years, Mastercard and QNB Group...
Business
Business
ADES 2023 profit $120m
Higher utilization rates in Saudi, Egypt fuel revenue growth.
- The increase in net profit is a result of the revenue growth by 75.6 percent year-on-year (YoY) to SAR 4.33 billion, Argaam reported.
- In Q4 2023, net profit fell 24 percent YoY to SAR 169 million from SAR 222.3 million in Q4 2022.
Business
Parkin IPO price AED2-2.1
The price range implies a market capitalization of $1.63bn-$1.72bn.
- It also announced the start of the subscription period for the IPO on the Dubai Financial Market (DFM).
- The Dubai Investment Fund (selling shareholder) expects to sell more than 749 million ordinary shares.
Business
Middle East saw surge in new CEO appointments in 2023: Report
Dubai, UAE – The Middle East witnessed the highest percentage of new CEO appointments globally, averaging at 16 percent, with...
- The region averaged 16 percent, with Saudi Arabia leading with an impressive 20 percent, according to 2023 Route to the Top report by Heidrick & Struggles.
- This trend is paralleled by markets such as Poland and Switzerland, with similarly high rates of new appointments.
Business
Qatar’s Jan Producer Price Index decreases by 4.38 percent
Doha, Qatar -- Qatar's General Producer Price Index (PPI) for January 2024 is estimated at 113.22 points showing a decrease...
- On Y-o-Y basis, PPI of January 2024 showed a decrease of 12.63 percent, according to the Planning and Statistics Authority (PSA).
- The PPI of January 2024 for Mining and Quarrying sector showed a decrease of 5.22 percent when compared with PPI of December 2023.
Business
Iraq economy likely to grow this year, says IMF
BAGHDAD, IRAQ – Economic growth of the country is projected to continue amid fiscal expansion, an International Monetary Fund (IMF)...
- Medium-term vulnerabilities to oil price volatility have increased significantly, the IMF said.
- Growth in the non-oil sector has rebounded strongly in 2023 while inflation has receded.
Business
Sharjah government issues 12-year bonds worth $750 million
Sharjah, UAE -- Bank of Sharjah has acted as a joint lead manager and bookrunner in Sharjah government's issuance of...
- The bond attracted significant investor interest, evidenced by an order book that exceeded $4 billion.
- The issuance was priced with a spread of 195 basis points over US Treasuries, significantly tighter than the initial guidance of 235 basis points.
Business
Total value of Saudi Arabia’s export of dates reaches US$389m in 2023
RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of...
- By the end of 2023, the number of countries importing Saudi Arabian dates had reached 119.
- The total value of date and date-byproduct exports increased by 152.5 percent since 2016.
Business
UAE airports surpass 134 million passenger mark in 2023: GCAA
Abu Dhabi, UAE -- Saif Mohammed Al Suwaidi, Director-General of the General Civil Aviation Authority (GCAA), said Thursday that the...
- Saif Mohammed Al Suwaidi, Director-General of GCAA, attributed this achievement to the robustness and competitiveness of the UAE aviation sector.
- Al Suwaidi highlighted that UAE airports recorded approximately 38 million arrivals, 37.805 million departures, and 58.328 million transit passengers in 2023.
Business
Saudi Arabia permits over 350 firms to open regional HQ, mostly in Riyadh
Riyadh, Saudi Arabia -- Saudi Arabia has granted permission to more than 350 international companies to open their regional headquarters...
- Minister of Investment Khalid Al Falih said the Kingdom is transforming comprehensively through Vision 2030 by turning its economy green.
- He highlighted that new economic sector like the digital economy, and tourism will immensely develop human capital, demanding diverse skills and a new global outlook.
Business
Bitcoin hits $60,000 as ETFs draw in new investors
London, United Kingdom -- Bitcoin passed the $60,000 mark on Wednesday, approaching its all-time high and continuing its unbridled rise since...
- At 1325 GMT, bitcoin traded at about $60,301, closing in on its all-time high of $68,991 -- that was struck in November 2021 and which some analysts believe is now within reach.
- Since their approval on January 10 by US securities regulators, exchange-traded funds indexed to bitcoin have theoretically enabled a wider public to invest in the cryptocurrency.
Iran targets Jordan, Bahrain after US carries out second wave of strikes
Iranian military spokesman Colonel Ebrahim Zolfaghari said the attacks would continue until the United States “regrets its crimes”, warning that...
Geostrategy
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Arada launches platform targeting $5bn in assets under management
Dubai, UAE -- UAE developer Arada has launched Arada Capital, a funds management platform targeting $5 billion in assets under...
Business
Missile attack sets tanker ablaze off Oman as US blames Iran
The latest incident follows weeks of escalating tensions over a US-backed maritime corridor through Omani territorial waters, a route Iran...
Geostrategy
Gold holds near two-week high on tempered Fed rate hike expectations
Dubai, UAE -- Gold was steady near a two-week high on Monday after a softer-than-expected US jobs report last week...
Business
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Geostrategy
OPEC+ agrees fresh August output hike as Gulf oil production slowly recovers
The producer group approved another increase of 188,000 barrels per day for August, signaling confidence that Gulf oil output can...
- Gulf output remains well below pre-war levels despite improving shipping through Hormuz.
- Analysts say restarting shut-in production will take time, while 2027 quota talks could test OPEC+ unity.
Business
EMEA megadeals surge as AI reshapes global dealmaking strategy: Report
The report warns that companies now face a new challenge: pursuing large acquisitions while simultaneously funding and executing AI transformations.
- Global M&A value rose 41% year-on-year to $2.4 trillion in the first five months of 2026. Source: Bain & Company. See line 4.
- Bain says companies are pursuing scale, resilience and AI-related capabilities through acquisitions.
Geostrategy
Funeral prayers offered for Khamenei, family members amid cries for revenge
The prayers were attended by President Masoud Pezeshkian, senior military commanders and members of Khamenei's family, although his successor, Mojtaba...
- The funeral programme will continue with a mass procession through Tehran on Monday before ceremonies in other cities.
- Tehran’s metro network has registered more than 7 million passenger trips from 5:30pm (14:00 GMT) on Saturday to 7am (03:30 GMT) on Sunday.