Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
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...
Geostrategy
Business
Tadawul market cap vaults
Its value is $2.8trn in the first nine months of the year.
- The boost in the value of the exchange is despite the total value of shares traded during the first nine months falling by 21.5 percent from the previous year to $373.33 billion
- The highest close level for the index during the period was 13,820.35 points on May 8
Business
SAFEEN, Amaan Baghdad sign MoU
The agreement relates to fuel oil transport and storage.
- SAFEEN Feeders, a subsidiary of SAFEEN Group, will manage the entire project, providing three Very Large Crude Carriers (VLCCs) and one Medium Range (MR) tanker.
- SAFEEN Feeders will transport fuel oil from terminals in Port of Khor Al Zubair and Umm Qasr South Port to Iraqi territorial waters using the MR tanker.
Geostrategy
GCC renews pledge to deepen partnership with China
The Gulf Cooperation Council (GCC) has renewed its commitment to continue having a strong partnership with China in order to...
- The sentiment was echoed in a meeting between Secretary General of the GCC, Dr. Nayef Falah Mubarak Al-Hajraf, and China's Ambassador to Saudi Arabia, Chen Weiqing
- The two sides discussed all issues and topics of common interest, and reviewed the cooperation relations between the GCC and China to achieve common interests
Economy
Saudi Arabia holds GCC meeting to boost economic ties
Saudi Arabia hosted a meeting of the GCC Financial and Economic Cooperation Committee to broaden economic cooperation among the GCC...
- The meeting was held under the chairmanship of Minister of Finance Mohammed bin Abdullah Al-Jadaan
- It reviewed a host of issues related to enhancing financial and economic cooperation among the GCC countries besides discussing the impact of the world economic crisis
Economy
IMF likely to open regional office in Saudi Arabia
IMF expects the Kingdom to become one of the world's fastest-growing economies, recording a growth of 7.6% this year
- IMF expects the Kingdom to become one of the world's fastest-growing economies, recording a growth of 7.6% this year
- Credit rating agency S&P has already affirmed Saudi Arabia’s rating at “A-/A-2” with a positive outlook citing higher oil revenues
Business
UAE and Italy to widen trade and economic ties
The UAE and Italy are looking to widen trade ties between the two countries, and in this regard an Italian...
- The talks touched on the customs services and facilities that Dubai Customs provides to facilitate trade
- The meeting is part of Ertibat Initiative, which seeks to develop relations with foreign diplomatic missions and business sectors
Business
US Gecko Robotics set to establish international HQ in UAE
The Pittsburgh-based company is looking to establish a state-of-the-art manufacturing plant in Khalifa Industrial Zone Abu Dhabi.
- The Pittsburgh-based company is looking to establish a state-of-the-art manufacturing plant in Khalifa Industrial Zone Abu Dhabi
- Gecko Robotics is the latest to set up base in the UAE, joining UK tech company Gödel and food app development company Krush
Economy
Saudi banks provide $630 billion loans till August 2022
Riyadh, Saudi Arabia - Saudi bank loans granted to public and private sectors grew 15 percent by the end of...
- Private-sector lending also increased by 15 percent year-on-year to SAR 2.241 trillion ($600 billion).
- Loans granted to public non-financial institutions increased 26 percent YoY to SAR 117.1 billion ($31.14 billion).
Arts & Culture
Cultural policy vital for diversified economy, says UAE Minister
UAE Ministry of Culture and Youth participated in the UNESCO World Conference on Cultural Policies and Sustainable Development – MONDIACULT...
- UAE Minister of Culture and Youth Noura bint Mohammed Al Kaabi participated in a UNESCO world conference in Mexico via video conference.
- A delegation headed by Salem Al Qasimi, Permanent Delegate of the UAE to UNESCO, was present on the occasion.
Business
UAE-China non-oil trade exceeds $470bn in past decade
Abu Dhabi, UAE - The non-oil trade between the UAE and China increased by 78.5 percent from 2012 to 2021,...
- The trade increased by 78.5 percent from 2012 to 2021 to $60.85 billion by the end of 2021 compared to $34 billion in 2012.
- FCSC also showed that the non-oil trade exchange between the two in the first half of 2022 totaled AED118.4 billion $32.24 billion.
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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
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
Company News
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UAE, South Korea ink MoU to enhance air transport relations
ABU DHABI, UAE - The United Arab Emirates, represented by the General Civil Aviation Authority (GCAA), has signed a Memorandum...
Geostrategy
SFD to provide US$20m loan to Central African Republic for development projects
MARRAKESH, MOROCCO - The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed an additional US$20...
Business
Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues...
Business
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Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
- The company will focus on developing local supply chain capabilities for the automotive and mobility industry in Saudi Arabia.
- PIF has invested in the future of mobility, including establishing Saudi Arabia’s first national electric vehicle brand, Ceer, in partnership with Foxconn.
Arts & Culture
Red Sea International Film Festival to showcase 14 short films
Jeddah, Saudi Arabia - The Red Sea International Film Festival (RSIFF) unveiled Monday the lineup of international short films participating...
- The theme of this year's event is "Your Story, Your Festival" and will screen films by industry professionals from Asia and Africa
- 14 films will be showcased in the event by filmmakers from countries such as Singapore, Senegal, Kazakhstan and Pakistan
Economy
IMF forecasts UAE GDP growth of 3.4% in 2023
MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by...
- The IMF's forecast is in line with that of the World Bank, which released a similar estimate two days ago.
- It forecast that the economies of Middle East and Central Asia will grow by 2 percent in 2023 and 3.4 percent in 2024.