Situation in Red Sea has a limited impact on food exports so far, says FAO
ROME, ITALY – The situation in the Red Sea has not yet been reflected in the pace of prices for...
Economy
Saudi Tourism Authority, Trip.com Group sign global agreement
BERLIN, GERMANY – Saudi Tourism Authority (STA) and Trip.com Group have announced a significant global partnership, which will drive greater...
Business
Business
GMC, Fix Network sign agreement
Twelve new service and collision repair centers will be set up in Saudi.
- The new partnership will launch with six collision centers and six quick service centers spread across KSA.
- The collision repair services will be known as Fix Auto Collision, while the mechanical service and repair centers will be called Fix Auto Service.
Business
SRC, Riyad Bank sign $133m deal
This is the second largest mortgage refinancing deal in the kingdom.
- Tareq Al-Sadhan, CEO of Riyad Bank, said the long-term partnership with SRC will provide housing finance solutions that fulfill the needs and requirements of Saudi families.
- Saudi Vision 2030 aims to raise the percentage of residential ownership of Saudi families from 47 percent to more than 60 percent within four years.
Business
Listed insurance firms’ in UAE net profits at $222m in H1 2022
The total premiums of insurance companies listed in local financial markets in the first half of 2022 increased by 7.64...
- The total premiums of insurance firms listed in local financial markets in H1 2022 increased by 7.64 percent year-on-year to $302 million
- The total net profits of insurance companies listed in local financial markets in H1 2022 totaled $222 million
Business
Weeklong real estate transactions in Dubai amount to $2.8bn
The real estate and properties transactions valued at $2.8 billion (AED10.3 billion) in total during the week ending 19 August...
- A total of 344 plots were sold for $694 million, 2,239 apartments and villas were sold for $1.07 billion
- The top two transactions were a land in Al Wasl sold for $108 million, followed by a land sold for $55 million in Hadaeq Sheikh Mohammed Bin Rashid
Economy
UAE gave foreign aid worth $3.5bn, says MoFAIC
The UAE is providing sustainable humanitarian aid worldwide, underscoring its commitment to promote regional, global peace and prosperity. As per...
- The total value of foreign aid provided by the UAE from the start of 2021 to mid-August 2022 amounted to $3.5 billion
- While Yemen accounted for most of Emirati aid with over $315 million, the list also included several Arab, Asian and Western countries
Economy
Middle East nations to gain $1.3 trn in additional oil revenues by 2026: IMF
The gains, due to high oil prices, will provide 'firepower' to the region's sovereign wealth funds, said Jihad Azour, IMF's...
- Recently, Saudi Arabia said it achieved a rare budget surplus of over $20bn in the second quarter of 2022, as oil revenues surged 90 percent compared to a year ago.
- Saudi PIF has invested over $620 billion in total, $7.5 billion alone in US stocks during the second quarter, when the share prices were relatively low.
Business
Saudi, Uzbekistan sign cooperation pact in several energy sectors
Saudi Arabia and Uzbekistan have signed an agreement to develop cooperation and exchange information and experiences in all fields of...
- They will develop cooperation and exchange information and experiences in all fields of energy though research and studies besides exchanging policies and laws related to these.
- The agreement was signed by the acting Minister of Energy Dr. Essam bin Saad bin Saeed and the First Deputy Minister of Energy of Uzbekistan Azim Ahmed Khojayev.
Business
OPEC revises oil demand projection to 3.1mn barrels a day
The recent drop in oil prices reflects global concern over an economic slowdown and “masks physical market fundamentals," says OPEC...
- The recent drop in oil prices reflects global concern over an economic slowdown and “masks physical market fundamentals,” says OPEC secretary general
- He predicted a slowdown in demand growth in 2023 but said it should not be worse than what has already been experienced in the last two years
Geostrategy
Israel planning renewable energy projects in MENA region
The companies are also developing projects in Morocco, the UAE and Bahrain, along with Egypt and Jordan.
- The companies are also developing projects in Morocco, the UAE and Bahrain, along with Egypt and Jordan
- The plans follow two years after Israel normalized relations with the UAE, Bahrain and Morocco. Israel also signed a Free Trade Agreement with the UAE
Economy
Arab economies expected to grow by average 5.4 percent in 2022 : AMF
Oil-exporting countries in the Arab World will benefit throughout 2022 from the increased oil production quantities within the "OPEC+" agreement...
- Arab countries are expected to face relatively high inflation rates in 2022 due to a rise in food and energy prices and escalating inflationary pressures.
- The oil-importing Arab countries are expected to achieve a moderate 4.1 percent growth rate in 2022, compared to 2.7 percent in 2021.
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Situation in Red Sea has a limited impact on food exports so far, says FAO
ROME, ITALY – The situation in the Red Sea has not yet been reflected in the pace of prices for...
Economy
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DIFC forum to focus on optimizing treasury operations
Dubai, UAE - Standard Chartered will partner with the Dubai International Financial Centre (DIFC) in hosting the DIFC Treasury Leadership...
Business
UAE energy ministry announces Global EV Market transformational project
DUBAI, UAE - UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei on Tuesday announced the launch of...
Business
DFM launches futures contract on General Index
Dubai, UAE - The Dubai Financial Market (DFM) on Monday announced the offering of futures contracts on its General Index...
Business
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Business
RAKEZ highlights Ras Al Khaimah’s potential to Chinese business owners
RAS AL KHAIMAH, UAE - A top-level delegation from Ras Al Khaimah Economic Zone (RAKEZ) recently concluded its trip to...
- The RAKEZ delegation interacted with prominent Chinese business owners from a range of sectors.
- The team traveled through Shanghai, Suzhou, Qingdao, Tianjin, Guangzhou, Foshan, and Zhuhai.
Business
PIF sets up firm Badael to curb tobacco use in Saudi Arabia
RIYADH, SAUDI ARABIA- The Public Investment Fund (PIF) announced the establishment of Badael Company, which aims to develop, manufacture and...
- Badael aims to address the negative impact that smoking has on the well-being of the Saudi population.
- The company’s products are expected to help nearly one million people give up smoking by 2032.
Business
Ajman hotels posts 3% increase in revenues in Q1 2023
AJMAN, UAE - Ajman hotels and serviced apartments recorded a three percent growth in hotel revenues in the first quarter...
- Ajman tourism is looking for new ways to collaborate with local and international partners to advance the tourism sector by attracting new investments.
- The emirate of Ajman hosts 44 hotel establishments ranging from 1-star to 5-star hotels, resorts and luxury hotel apartments with 3,997 hotel rooms.