Travel and tourism sector contributes 11.4 percent to Gulf’s GDP
Muscat, Oman -- Travel and tourism sector's contribution to the Gulf's GDP by the end of 2024 reached approximately 11.4 percent,...
Saudi Arabia’s travel account surplus reaches nearly $13.27bn
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector achieved a record surplus in the 2024 travel account, reaching SAR49.8 billion...
Business
Business
Arriyadh posts 20% profit drop
Its profit declined to $69.6m in the first nine months of 2022.
- According to a bourse filing, the developer had posted $87 million profit in the corresponding period the year earlier
- The decline in profit is mainly due to the 17 percent reduction in income from the associate company’s business, resulting from lower land sales volume
Business
Saudi, Turkish media leaders discuss cooperation
The meeting discussed news exchange, news agencies, radio, Television, media regulation and international media relations.
- The meeting discussed news exchange, news agencies, radio, Television, media regulation and international media relations
- The Turkish Ambassador to the Kingdom Fatih Ulusoy was also part of the meeting besides President of the Saudi Press Agency Dr. Fahd bin Hassan Al Aqran
Business
ACWA Power to build 10 gigawatts wind project in Egypt
Riyadh, Saudi Arabia— ACWA Power Company of Saudi Arabia has signed an agreement with Egypt to build a 10 gigawatts...
- According to the Saudi Ministry of Energy, the agreement has been reached with Egypt’s New & Renewable Energy Authority and Egyptian Electricity Transmission Co
- Saudi Arabia’s ACWA Power has invested $1.5 billion in a wind power plant in Egypt as the company expands its horizons in renewable energy
Economy
GCC states raise interest rates after Federal Reserve’s hike
Most of the GCC states have raised their key interest rates in the wake of the Federal Reserve's decision to...
- The impact of higher interest rates among Gulf oil exporters in 2022 has so far been limited
- The IMF said higher oil prices are likely to lead to fiscal surpluses and growing foreign reserves for Gulf economies, which will reduce the need for governments to borrow
Economy
UAE president, Biden meet virtually to discuss energy transition
The two leaders highlighted the just announced comprehensive UAE-US initiative to accelerate the energy transition.
- The two leaders highlighted the just announced comprehensive UAE-US initiative to accelerate the energy transition
- UAE president briefed Biden on the UAE’s funding and assistance for clean energy projects on six continents
Business
ADNOC and Siemens Energy to develop low-carbon energy certificates
Abu Dhabi, UAE---Abu Dhabi National Oil Company (ADNOC) and Siemens Energy AG today announced plans to pilot blockchain technology to...
- The the pilot will show how much CO2 was used to make products such as Murban crude, ammonia, and aviation fuels.
- This information will be automatically recorded onto a decentralized blockchain ledger.
Business
Americana to sell 30% stake in IPO
The company will list on ADX and Saudi Tadawul by Dec. 6.
- The company said it will sell 2.5 billion of its existing shares in the IPO, which expected to run from 14-21 Nov. for retail investors in the UAE and Saudi.
- The final offering prices will be determined after the book-building process.
Business
ADNOC Drilling awards $1.6 bn agreement
The award is aimed at upping lower-carbon-intensive production capacity.
- The award covers ADNOC’s onshore and offshore fields and will see an additional $750 million above guidance added to Oilfield Services (OFS) revenue, or $150 million per year.
- The contract award brings the total value of awards confirmed by ADNOC Drilling in 2022 to $8.85 billion.
Videos
Video: IMF echoes what TOP CEO Conference forecast about inflation in May 2022 – MENA growth may slow
Inflation has a significant cost-push pressure on cost of living and will impact the daily set of requirements of people...
- Inflation has a significant cost-push pressure on cost of living and will impact the daily set of requirements of people in the region, one of the experts had said at the event
- The MENA economies will continue to remain resilient this year, but double-digit inflation is expected to slow growth in 2023, the latest IMF report highlights
Economy
Saudi Arabia, Egypt discuss renewable energy cooperation
The two ministers also talked about the progress in the electrical interconnection efforts.
- The two ministers also talked about the progress in the electrical interconnection efforts
- They also discussed ways to improve cooperation between their specialized businesses
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Travel and tourism sector contributes 11.4 percent to Gulf’s GDP
Muscat, Oman -- Travel and tourism sector's contribution to the Gulf's GDP by the end of 2024 reached approximately 11.4 percent,...
Company News
Latest News
UAE approves Dubai Metro Blue Line project
DUBAI, UAE - Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has approved the...
Geostrategy
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...
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...
Business
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Business
Solutions+, EIH sign MoU
The pact will help in creating job opportunities in the UAE.
- The pact outlines a strategic cooperation that contributes to supporting and developing closer ties between the two companies.
- The agreement will help improve efficiency in Business Process Outsourcing, Digital Management and Facility Management.
Business
EGA begins work on pilot plant to convert bauxite residue into manufactured soil
ABU DHABI, UAE – Emirates Global Aluminum (EGA) on Thursday announced the construction of a pilot plant to convert bauxite...
- The pilot plant will use technology to neutralise caustic bauxite residue into an environmentally benign raw material in hours.
- This optimised bauxite residue is the main ingredient for the manufactured soil, which EGA calls turba.
Geostrategy
Top diplomats of some OIC countries arrive in Russia, to discuss Gaza
MOSCOW, RUSSIA – The foreign ministers of Saudi Arabia, Jordan, Egypt, Indonesia, Palestine and the Secretary General of the Organization...
- Foreign ministers of Saudi Arabia, Jordan, Egypt, Indonesia, Palestine arrived to take part in the meeting.
- OIC Secretary General Hissein Brahim Taha would take part in the meeting Russian Foreign Minister Sergey Lavrov.