Dubai Airport tops air connectivity ranking for Asia-Pacific and Middle East
Dubai, UAE - Dubai International Airport (DXB) has once again secured the top spot in the Airports Council International’s (ACI)...
Business
Massive GCC infrastructure investments set stage for rising foreign equity: Franklin Templeton
The Franklin Templeton Emerging Markets Equity outlook emphasizes how GCC countries have reduced their dependence on oil and gas, opened...
Economy
Economy
World economy projected to more than double in size by 2045: OPEC
The global primary energy demand is forecast to continue growing in the medium and long-term, increasing by a significant 23%...
- The global primary energy demand is forecast to continue growing in the medium and long-term, increasing by a significant 23% in the next 23 years
- Globally, oil demand is projected to increase from almost 97 million barrels a day (mb/d) in 2021 to around 110 mb/d in 2045
Business
Egypt’s Sovereign Fund accumulates assets worth $621m
Riyadh, Saudi Arabia— Egypt's Sovereign Fund has accumulated assets worth $621-660 million as it seeks to double it by the...
- The CEO of the fund said that the issued capital of the fund has been fully covered at $5 billion
- The army-owned companies Safi and Wataniya would not be seeking stock exchange listings this year, according to the CEO
Economy
WB expects UAE’s real GDP to grow by 5.9% in 2022
The global financial institution said higher oil receipts supplemented with a gradual non-oil recovery in the Emirates will bolster fiscal...
- The global financial institution said higher oil receipts supplemented with a gradual non-oil recovery in the Emirates will bolster fiscal revenue
- The bank expects the real GDP to moderate to 4.1 percent in 2023 as slower global demand may dampen growth due to tightening financial conditions
Infographics
UAE, China eye $200bn bilateral trade by 2030
The UAE is China’s most important trade partner in the Arab world and responsible for 28 per cent of total...
- It re-exports more than 60 percent of Chinese exports to the region, where the value of trade exchange between the two countries has exceeded $70 billion.
- Ali Obaid Al Dhaheri, UAE Ambassador to China, said early this month that UAE and China ties were a "successful model" for international bilateral relations.
Infographics
Major Saudi Arabian cities witness strong demand for residential, office real estate
Saudi government policies like 15 percent VAT exemption on real estate deals and affordable housing programs are boosting residential real...
- Rents and prices for residential real estate in Riyadh and other major cities such as Jeddah is growing, according to JLL.
- The Saudi real estate market is expected to register a CAGR of more than 9.74 percent during 2022 - 2027, according to Mordor Intelligence.
Geostrategy
UAE, Kyrgyz Presidents review bilateral relations
ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan Monday received President of the Kyrgyz Republic Sadyr Japarov,...
- UAE and Kyrgyzstan affirmed their common interest in enhancing bilateral relations.
- The meeting explored various opportunities of the UAE- Kyrgyz friendship and affirmed to further cooperation in economy, trade.
Business
DEWA adds 600MW of clean energy production capacity
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority Saeed Mohammed Al Tayer said DEWA had added...
- Mohammed bin Rashid Al Maktoum Solar Park will have a production capacity of 5,000 megawatts (MW) by 2030.
- The fifth phase is currently underway, with a total capacity of 900MW and investments estimated at $560 million.
Business
Banque Saudi Fransi net profit up 15%
The bank’s profit for the nine-month period peaked at $719m.
- The hike in profit was driven by boost in total operating income, partially offset by an increase in total operating expenses by 20.18 percent.
- The bank said the increase in total operating income was driven by higher net special commission income, exchange income, net as well as other operating income.
Business
Nedaa, Nokia ink 5G deal in Dubai
5G network will help Nedaa provide better services.
- With the introduction of 5G, Nedaa will be able to support enhanced services for public safety and management of vital operations.
- The MoU sets a framework for upgrading the existing network capabilities and introducing agile and advanced services.
Business
ADNOC sets Upstream Methane Intensity target of 0.15 percent by 2025
Abu Dhabi, UAE--- Abu Dhabi National Oil Company (ADNOC) announced on Monday that it has set a new Upstream Methane...
- ADNOC’s 0.15 percent methane intensity target means ADNOC will be ranked in the Gold Standard category by the Oil and Gas Methane Partnership 2.0 (OGMP 2.0.
- Oil and Gas Methane Partnership 2.0 (OGMP 2.0 is a a multi-stakeholder initiative launched by the United Nations Environment Program (UNEP) and the Climate and Clean Air Coalition.
Dubai Airport tops air connectivity ranking for Asia-Pacific and Middle East
Dubai, UAE - Dubai International Airport (DXB) has once again secured the top spot in the Airports Council International’s (ACI)...
Business
Company News
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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.