UK withdraws Tehran embassy staff as Trump weighs Iran strikes; JD Vance says “no chance” of long war
Reports suggest some of Trump’s advisers would prefer Israel to initiate any strike, calculating that American public opinion would be...
Geostrategy
US-Iran talks set for Geneva amid military buildup
The renewed diplomacy comes as Washington has deployed two aircraft carriers, additional jets and ships, and reinforced air defenses across...
Geostrategy
Geostrategy
18 Palestinians killed in Israeli strikes on northern, southern Gaza
Palestinian news agency (WAFA) reported that eight Palestinians were killed, and others were injured in an airstrike by the Israeli...
- In Khan Younis, in southern Gaza Strip, six Palestinians were killed, and others were injured in an airstrike by the Israeli forces targeting a building in the city center.
- Moreover, three Palestinians, including a woman, were injured when Israeli aircraft bombed a school sheltering displaced people northwest of Nuseirat in central Gaza Strip.
Business
NDMC arranges $2.5bn credit facility
The Shariah-compliant facility spans a tenure of three years.
- It is aimed at financing the general budgetary needs and was secured with the participation of three regional and international financial institutions.
- The arrangement of these credit facilities aligns with the Kingdom's medium-term public debt strategy, aimed at diversifying funding channels.
Business
Abu Dhabi’s Hub71 startups secure $1.90 billion in funding, says CEO
Abu Dhabi, UAE -- Startups within Hub71, Abu Dhabi's global tech ecosystem, have secured over AED 7 billion in funding,...
- The ecosystem is now hosts over 300 startups from around the world and has forged 150 partnerships to support these companies in attracting investments.
- Ahmad Ali Alwan, CEO of Hub71, said it has received over 2,500 applications for its programmes.
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.
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
UK withdraws Tehran embassy staff as Trump weighs Iran strikes; JD Vance says “no chance” of long war
Reports suggest some of Trump’s advisers would prefer Israel to initiate any strike, calculating that American public opinion would be...
Geostrategy
Company News
Latest News
Israel army begins targeting Gaza City high-rises
Gaza civil defense agency spokesman Mahmud Bassal accused Israel of carrying out "a policy of forced displacement against civilians" in...
Geostrategy
Global passenger demand grows 4% in July: IATA
GENEVA, 31st August 2025 (WAM) -- The International Air Transport Association (IATA) said Sunday that global passenger demand grew by...
Business
Most Read
Arts & Culture
Zawiya 97: New cultural hub for handicrafts in historic Jeddah
Jeddah - Zawiya 97, a new cultural hub for handicrafts in Historic Jeddah, located next to Nassif House, combines heritage...
- Throughout July and August, Zawiya 97 hosted more than 60 workshops introducing over 30 traditional crafts to more than 400 participants
- In addition to the workshops, Zawiya 97 provides a space for exhibitors to display their products, supporting local brands and contributing to the creative economy
Business
ADNOC completes $316 million sale of ADNOC L&S shares
ABU DHABI – Abu Dhabi National Oil Company (ADNOC) has sold a 3 percent stake in its logistics and shipping...
- The placement of 222 million shares to institutional investors was significantly oversubscribed by seven times within a four-hour accelerated bookbuild.
- The transaction, priced at AED 5.25 per share, will increase ADNOC L&S’s free float to 22 percent, a key step toward achieving MSCI index inclusion.
Economy
Saudi Bank credit grows by over 116 billion in one year by June 2025
Riyadh, Saudi Arabia - Bank credit extended to the public and private sectors in the Kingdom continued its upward trend,...
- The total bank credit also recorded a quarterly growth of 2.7% by the end of the second quarter of the current year
- Every month, bank credit rose by 0.6% with an increase of USD 4.99 billion (SAR 18,713 million) compared with May 2025, when it stood at USD 844.68 billion (SAR 3,167,558 million)