Ajman records $808 million in real estate transactions in September
Ajman, UAE -- Real estate transactions in Ajman reached AED 2.97 billion in September, achieving a remarkable growth of 53...
Business
Sharjah records 361 percent growth in capital investment in H1
Sharjah, UAE -- The Sharjah FDI Office (Invest in Sharjah) has announced an exceptional increase in foreign direct investment during...
Business
Business
Saudi Arabia’s non-oil exports surge by nearly 23% in Sept 2024
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports surged by 22.8 percent in September, according to a report by the...
- The September 2024 International Trade Report said national non-oil exports, excluding re-exports, rose by 11.6 percent.
- The report also indicated a 14.9 percent decline in merchandise exports in September 2024 compared to September 2023.
Business
Lulu Retail Q3 profit $35m
For the nine-month period, net profit increased by 73.3%.
- In its first financial update since its record IPO on ADX, the company posted a revenue growth in Q3 2024, reaching $1.86 billion, up 6.1% YoY.
- The UAE saw strong revenue growth of 7.5% in Q3 2024, mainly driven by healthy LFL growth of 4.7% during the quarter.
Business
Salik 9M net profit $223m
The company's third-quarter profit increased by 8.8 percent.
- Salik reported 355.6 million revenue-generating trips, which increased 5.1 percent YoY to drive total revenue of AED1.640 billion.
- Revenue from toll usage, comprising 86.7 percent of total revenue, rose 5.1 percent YoY to AED1,422.2 million in the nine-month period.
Arts & Culture
Two falcons sell for $81,300 at Saudi Falcons Club Auction
Riyadh, Saudi Arabia - Two falcons were sold for a combined total of $81,300 (SAR305,000 ) on the tenth night...
- On its tenth night, the Saudi Falcons Club Auction saw two falcons sell for over $81,000, underscoring the nation’s dedication to cultural preservation.
- The Saudi Falcons Club Auction highlights cultural heritage, with top falcons fetching impressive bids as part of Saudi Vision 2030.
Geostrategy
Global Future Councils meet calls for collective action to tackle global crises
Over 500 experts gathered at the World Economic Forum Annual Meeting of the Global Future Councils 2024 in Dubai to...
- Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs of the United Arab Emirates, said, “The only constant conviction we recognize every day is that nothing remains stable.”
- Sessions also explored novel approaches needed to tackle emissions while ensuring an equitable and socially responsible transition
Business
Deals worth $4.26 billion signed at inaugural Global Logistics Forum
Riyadh, Saudi Arabia -- More than 65 agreements and Memoranda of Understanding worth SAR 16 billion were signed at the...
- The forum was attended by more than 130 experts and leaders in the global transport and logistics sector, as well as 13,000 visitors.
- Among the attendees were over 15 ministers and 77 leaders in the transport and logistics industry from more than 30 countries.
Business
OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
- According to the monthly publication, oil demand in the Middle East is expected to expand by an average of 265 tb/d, y-o-y, in 4Q-24.
- Refinery capacity additions in non-OECD countries – mostly in China and the Middle East – are also expected to contribute to oil demand growth.
Economy
Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...
- Between July 2023 and June 2024. Sub-Saharan Africa received around US$125 billion in on-chain value
- About 70% of African countries face an FX shortage, and businesses struggle to get access to the dollar
Geostrategy
North Korea shows first photos of banned uranium enrichment site
North Korea for the first time showed images of the centrifuges that produce fuel for its nuclear bombs on Friday,...
- North Korea is believed to have several sites for enriching uranium
- The country may have produced enough fissile material to build up to 90 nuclear warheads: July report
‘Visa-free entry for GCC nationals will enhance business collaboration’
In an interview with TRENDS, CEO of ITCN Asia, Muhammad Umair Nizam highlights the expanding role of Pakistani IT firms...
- ITCN Asia offers a platform for stakeholders to collaborate, uniting government and industry leaders for discussions on key tech issues, CEO Muhammad Umair Nizam said
- Pakistan’s software services industry have stood out, with companies offering cybersecurity solutions, virtual reality for military and everyday use, he added
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Ajman records $808 million in real estate transactions in September
Ajman, UAE -- Real estate transactions in Ajman reached AED 2.97 billion in September, achieving a remarkable growth of 53...
Business
Company News
ADIB H1 pre-tax profit $1.08bn
Business
Latest News
ADNOC shifts OMV stake to XRG
Business
Saudi Arabia’s real GDP up by 3.9 percent in Q2 2025: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) grew by 3.9 percent in the second quarter of...
Business
Saudi Arabia, UAE rank among top 20 nations globally for AI talent density
With the goal of becoming one of the world’s top 10 countries in AI research and application by 2030, Saudi...
Economy
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Economy
GCC countries record $587.8 billion in nominal GDP by end of Q4 2024
Muscat, Oman -- The nominal Gross Domestic Product (GDP) of the Gulf Cooperation Council (GCC) countries reached US$587.8 billion by...
- The contribution of non-oil activities to the GCC's nominal GDP reached 77.9 percent by the end of the fourth quarter of 2024,
- The manufacturing sector contributed 12.5 percent to the GDP, while wholesale and retail trade accounted for 9.9 percent.
Business
DP World mobilizes $1 billion in working capital to boost trade flow
Dubai, UAE — DP World Trade Finance has mobilized more than US$1 billion in working capital to support businesses across...
- This was achieved through a combination of DP World’s own lending operations and partnerships with over 32 global financial institutions.
- DP World Trade Finance has enabled trade across Africa, the Americas, Asia, and Europe, supporting sectors such as agriculture, metals, automotive, and engineering.
Business
ADIB H1 pre-tax profit $1.08bn
Q2 pre-tax net profit increases by 14 percent.
- Total income for H1 2025 rose 11 percent to AED5.9 billion, up from AED5.3 billion in H1 2024.
- Non-funding income rose 15 percent year-on-year to AED2.3 billion in H1 2025, up from AED2 billion in the prior-year period.