Hormuz ship crossings halve as Iran war disrupts energy flows
No very large crude carriers or liquefied natural gas tankers were among the vessels recorded. One very large gas carrier...
Geostrategy
Dubai Chambers, NASSCOM to expand cooperation on Agentic AI
Dubai Chambers has signed a memorandum of understanding with India's National Association of Software and Service Companies (NASSCOM) to expand...
Business
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
Business
RTA signs strategic partnership agreement with Al-Futtaim Automotive
DUBAI, UAE - Dubai’s Roads and Transport Authority (RTA) has signed a strategic partnership agreement with Al-Futtaim Automotive to deploy...
- The agreement will support RTA's sustainable transport network and the Zero-Emissions Public Transportation in Dubai 2050 strategy.
- Al-Futtaim Automotive will also provide assistance for building the Authority’s electric charging technology and infrastructure.
Business
10th Arab-China Business Conference opens in Riyadh
The conference -- being held under the theme "Collaborating for Prosperity" -- aims to strengthen the Arab-Chinese friendship and foster...
- The conference -- being held under the theme "Collaborating for Prosperity" -- aims to strengthen the Arab-Chinese friendship and foster a shared prosperous future
- China is now the largest trading ally of Arab nations with a trade exchange of $430bn in 2022, a 31 percent increase from 2021, with Saudi Arabia leading the league
Business
Dubai International Chamber launches International Partners Network
DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, has launched the International...
- The International Partners Network will be focused on updating stakeholders on the chamber's attraction and expansion plans.
- The network supports the Chamber's strategic objectives of attracting 100 SMEs, 30 MNCs, expand100 Dubai-based companies by end of 2024.
Hormuz ship crossings halve as Iran war disrupts energy flows
No very large crude carriers or liquefied natural gas tankers were among the vessels recorded. One very large gas carrier...
Geostrategy
Company News
Latest News
Oil prices fall to lowest levels since March on Hormuz opening expactations
Questions over shipping fees, sanctions relief and regional security persisted even as negotiators prepared for a formal signing ceremony in...
Geostrategy
Saudi Arabia’s residential market weakens in Q1 despite price gains
The slowdown was most pronounced in Riyadh, where transaction volumes and values dropped 82% from a year earlier. Activity also...
Business
Etihad enters largest summer season with more than 300 daily flights
Dubai, UAE -- Etihad Airways is entering its largest summer season on record, operating more than 300 flights a day...
Business
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Economy
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,...
- The cost-of-living index increased to 105.3 points in May from 103.5 points a year earlier.
- GASTAT said the rise was driven primarily by a 3.7% year-on-year increase in housing, water, electricity, gas and other fuels, reflecting a 4.7% rise in rents.
Opinion
Eight Arab nations, $40.9bn impact: The World Cup’s economic power play
Beyond setting a participation record, the unprecedented Arab presence at the 2026 World Cup highlights the growing economic influence of...
- Morocco reached the semi-finals in 2022, and in 2023, the country welcomed 14.5 million visitors, up 34% from the year before.
- Football was obviously not the sole driver, but the result clearly helped keep Morocco on a global scale.
Business
Forbes lists Emirates Auction CEO among top CMOs
Dubai, UAE -- Omar Matar Al Mannaei, chief executive officer and chief marketing officer of Emirates Auction, has been named...
- AI-powered customer acquisition engine launched in 2025 increased new customer growth by 38%, strengthening Emirates Auction’s market reach.
- Unified analytics and personalization platforms helped lift retention by 14% and brand awareness by 20%, company said.