Bank credit to Saudi public and private sectors up by $105 billion: SAMA
Riyadh, Saudi Arabia -- Total bank credit granted to the public and private sectors in Saudi Arabia reached its highest...
Business
Abu Dhabi’s non-oil foreign trade grows by 9% in 2024 to $83bn
Abu Dhabi, UAE -- Abu Dhabi Customs reported a 9 percent increase in the emirate’s non-oil foreign trade in 2024,...
Business
Business
Abu Dhabi Ship Building signs MoU
The deal was signed with Indonesia's state-owned shipbuilder PT Pal.
- They will build a range of interceptors, landing craft, and rigid-hull inflatable boats (RHIBs) for Indonesia’s naval and coast guard requirements.
- ADSB operates three main naval programmes: Corvettes, offshore patrol vessels and fast interceptor vessels.
Geostrategy
Arab nations to hold economic development summit every four years
Dubbed the 'Arab Development Summit', it may be hosted by the Cairo-based Arab League.
- Dubbed the 'Arab Development Summit', it may be hosted by the Cairo-based Arab League
- An extraordinary session, attended by leaders and heads of state, may be held "when necessary, a statement read
Business
Villas and apartments worth $479 million sold in Dubai on Thursday
Dubai, UAE---Dubai real estate market recorded transactions worth AED2.4 billion ($653 million) on Thursday, according to Dubai Land Department. A...
- The deals include 842 sales transactions worth AED1.96 billion, in addition to 112 mortgage deals of AED487.55 million, and 17 gift deals amounting to AED30.97 billion.
- The sales included 769 villas and apartments worth AED1.76 billion, and 73 land plots worth AED195.5 million.
Interview
UAE a safe global oil, energy supply source: OPEC chief
Since joining the OPEC, the role of the UAE has remained clear: to increase production, maintain economic growth, achieve diversification...
- Since joining the OPEC, the role of the UAE has remained clear: to increase production, maintain economic growth, achieve diversification through other sources, and reduce costs
- The UAE, one of the largest OPEC producers, has attained a significant stature in global energy and oil markets in terms of production, refinery, storage, transport and shipping
Business
Fertiglobe Q3 revenues up $1.32bn
Adjusted EBITDA grew 64 percent to US$606 million.
- Free cash flow increased to US$189 million from US$56 million in Q3 2021
- The company will pay US$700 million, equivalent to AED0.31 per share, to shareholders in April 2023
Geostrategy
UAE-China trade $64 bn in first eight months of 2022: Ambassador
Dubai, UAE---China-UAE bilateral trade has exceeded US$64 billion during the first eight months of 2022, which marked a 27.93 percent...
- China has become the UAE’s largest non-oil trading partner in the world, said Zhang Yiming, Ambassador Extraordinary and Plenipotentiary.
- UAE remained China’s second-largest trading partner and the largest export market in the Arab region, he said.
Economy
German industries explore investment opportunities in UAE
Some of Germany’s leading industrial companies participated in a roundtable event hosted by the UAE Ministry of Industry and Advanced...
- From the UAE side, representatives from ADNOC, Abu Dhabi Department of Economic Development, Abu Dhabi Investment Office, and TAZIZ were present.
- The delegates also discussed the future of supply chain opportunities in a post-pandemic world.
Business
Saudi Arabia’s first electric vehicle brand Ceer launched by Crown Prince
Ceer will design, manufacture and sell a range of vehicles in Saudi Arabia and the MENA region, including sedans and...
- Ceer is projected to directly contribute US$8 billion to Saudi Arabia’s GDP by 2034, the PIF said. Ceer vehicles are scheduled to be available in 2025.
- Each vehicle will be designed and manufactured in Saudi Arabia, and tested to the highest global automotive quality control and safety standards.
Geostrategy
UAE, Indonesia to cooperate in energy sector
UAE and Indonesia have signed a Declaration of Intent to boost economic and social development between the two countries and...
- The declaration was signed between the UAE Ministry of Energy and Infrastructure and the Indonesian Ministry of Energy and Mineral Resources.
- It was signed during a joint meeting between the two countries at the Abu Dhabi International Petroleum Exhibition Conference ‘ADIPEC 2022.
Business
AD Ports Group acquires 80% stake in GFS
The Group will look to integrate GFS into its Maritime Cluster.
- The equity stake was bought for AED2.9 billion ($800 million) implyin 100 percent Enterprise Value of AED3.7 billion.
- Aligning GFS services with AD Ports Group companies SAFEEN Feeders and Transmar will make AD Ports Group the world's largest independent feeder company by vessels owned.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Bank credit to Saudi public and private sectors up by $105 billion: SAMA
Riyadh, Saudi Arabia -- Total bank credit granted to the public and private sectors in Saudi Arabia reached its highest...
Business
Company News
Latest News
Monsha’at reports Q3 rise in SMEs driven by growth across non-oil sectors
RIYADH, SAUDI ARABIA - The General Authority for Small and Medium Enterprises (Monsha'at) has released its latest quarterly SME Monitor,...
Economy
Jordan’s jewelry, pharmaceutical exports rise in January-September 2023
AMMAN, JORDAN – The Kingdom’s exports of jewelry increased by 71.5 percent during the January-September period of 2023 and pharmaceutical...
Economy
Saudi Arabia raises US$11bn syndicated loan to fund deficit
RIYADH, SAUDI ARABIA - Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget...
Business
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Business
Saudi minister says 6,225 industrial firms from Kingdom invest US$30bn in Egypt
RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of...
- At least 518 Egyptian companies are operating in the Saudi market, the minister said.
- He said that over 285 Egyptian brands are spread out across the Kingdom.
Business
Qatar posts trade balance surplus of US$16.7bn in Q3 2023
DOHA, QATAR - The merchandise trade balance of Qatar (difference between total exports and imports) recorded a surplus of US$6.7...
- In Q3 2023, Asia was the principal destination of Qatar’s exports and imports, representing 74.9 percent and 36.3 percent respectively.
- In Q3 2023, the European Union, accounting for 10.4 percent and 27.5 percent of Qatar's exports and imports respectively.
Business
8 pacts on trade, investment inked in Saudi-Algerian Business Forum
RIYADH, SAUDI ARABIA - The Saudi-Algerian Business Forum concluded its activities with the two countries signing eight agreements aiming at...
- The agreements cover trade, investment, information technology, business incubators and accelerators, tourism services, elevators, and spare parts.
- The pacts were signed by the Federation of Saudi Chambers, the Council for Algerian Economic Renewal and several Saudi and Algerian firms.