The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
Economy
Saudi’s Modon attracts $3.8bn industrial investments in 2023
Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for...
Economy
Geostrategy
Jordan king Abdullah meets Arab leaders in Egypt
The king was received by Egypt President Abdel Fattah El Sisi and a number of senior Egyptian officials on arrival...
- The king was received by Egypt President Abdel Fattah El Sisi and a number of senior Egyptian officials on arrival at El Alamein International Airport on Egypt’s north coast
- Egyptian President Abdel-Fattah al-Sisi and visiting President of the UAE, Sheikh Mohamed bin Zayed Al Nahyan underlined the importance of strengthening Arab unity
Economy
Iraqi Central Bank report shows financial recovery in past 10 years
A Central Bank of Iraq report showed that the unemployment rate rose to 16.5 percent in 2021, compared to 11.9...
- A Central Bank of Iraq report showed that the unemployment rate rose to 16.5 percent in 2021, compared to 11.9 percent in 2012
- As for imports, they decreased from $50 billion in 2012 to $34 billion in 2021, as well as exports which decreased from $94 billion in 2012 to $73 billion in 2021
Business
Sumou signs $144m deal
The Saudi real estate firm will build 507 villas in Madinah.
- The company said in a bourse filing that it will develop villas for Al-Samiya, a residential project located in Al-Madinah
- The construction is expected to be completed in 42 months and will be financed based on equity and off-plan sales
Business
GCC and UK set sights on signing Free Trade Agreement
Dr. Nayef Al Hajraf, Secretary-General of the GCC, voiced hope that the talks would lead to an ambitious Free Trade...
- Dr. Nayef Al Hajraf, Secretary-General of the GCC, stressed the importance of the friendly relations between the GCC and the UK in serving the common interests of both sides
- The joint statement, signed with British Trade Secretary Anne-Marie Trevelyan on 22nd June, laid the groundwork for launching the negotiations today
Economy
Central Bank of Kuwait issues $792 million bonds
According to a CBK statement carried by state news agency KUNA, the new securities have a return rate of 2.625...
- According to a CBK statement carried by state news agency KUNA, the new securities have a return rate of 2.625 percent
- On August 8, the bank issued bonds and Tawarruq valued at US$ 526 million with a three-month term and return rate of 2.375 percent
Business
Saudi Fisheries posts losses
The news of the loss of $6.4m in H1 led to a slide in firm's stock.
- The news of the poor financial results dragged down the company's stock by 3.35 percent to SR37.55
- The firm reported a 34 percent surge in revenue during the same period to reach $7.73 million
Economy
Oman producer prices increase by 40.7 percent in Q2
Producer prices in Oman increased by 40.7 percent during the second quarter of 2022 The producer price index in the...
- The rise in the index was due to the 48.7 percent rise in oil and gas products and a 40.7 percent increase in non-oil products.
- The price of non-oil products rose due to the increase in the prices of the manufacturing group by 9.4 percent, and the mining, electricity and water group by 1.8 percent.
Market Report
Foreign investors in Arab exchanges buy $119.6bn in 2021
The Arab Monetary Fund (AMF) said that the Abu Dhabi Securities Exchange (ADX) was ranked first in the Arab region...
- ADX was ranked first in the Arab region in 2021, in terms of buy and sell transactions by foreign investors, says AMF
- Buying transactions by foreign investors in ADX totaled $32.2 billion at the end of last year
Infographics
Most Gulf nations stare at slow population growth
Except for the UAE and Bahrain, all GCC countries witnessed a steep decline in population. During the pandemic, the region...
- S&P said the overall GCC population is unlikely to return to 2019 levels of 57.6 million people until 2023.
- Gulf states rely heavily on foreign workers and efforts to nationalize the workforce to fight rising unemployment among nationals have accelerated in recent years
Business
Hydrogen policy will help UAE in generating clean energy
Abu Dhabi Department of Energy (DoE) Monday announced that the development of its hydrogen policy and regulatory framework aims to...
- The development of hydrogen policy and regulatory framework aims to accelerate the UAE's global leadership in low-carbon and clean hydrogen.
- For the policy, the DoE is working with key Abu Dhabi government and private sector stakeholders.
The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
Economy
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Latest News
CBUAE balance sheet rises to US$172bn at end of April 2023
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly...
Business
AD Ports signs 30-year pact to operate Congo’s key port
The first phase works, costing $200m, likely to completed in 30 months.
Business
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Economy
UAE, ILO ink agreement to enhance labor inspection capabilities
GENEVA, SWITZERLAND - The UAE has signed a cooperation agreement with the International Labor Organization (ILO) to collaborate in labor...
- The agreement, signed by UAE's Ministry of Human Resources and Emiratization, aims to develop the skills and capabilities of inspectors at the ministry.
- The pact enables the ministry's officials to carry out inspections proactively and enhance their capacities in line with the best international practices.
Business
Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of...
- Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park.
- The fifth phase of the project will provide clean energy will reduce 1.18 million tonnes of carbon emissions annually.
Business
38 million passengers used services of SRTA in 2022, say reports
SHARJAH, UAE - The Sharjah Roads and Transport Authority (SRTA) said it transported about 38 million passengers, throughout the year...
- The beneficiaries of taxi services and franchise companies within the emirate amounted to 29 million passengers.
- The total beneficiaries of bus services amounted to about 5.3 million, with an average of 14,500 passengers per day.