Energy costs push OECD inflation to highest level this year
Dubai, UAE -- Annual inflation across the Organisation for Economic Co-operation and Development (OECD) accelerated to 4.4% in April from...
Economy
Pakistan encouraging US-Iran talks but says ‘time is of the essence’
Pakistan is continuing to play a behind-the-scenes diplomatic role between the United States and Iran as tensions remain high over...
Geostrategy
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...
- New investments surged by 63 percent, with 891 local and foreign investments secured.
- The number of factories rose to 6,443, alongside 7,946 industrial, logistical, and investment facilities
Business
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
- Over 722,000 were international visitors to various events, showcasing an unparalleled 60 percent growth rate year-on-year.
- Flagship events such as GITEX Global and Gulfood maintained their leadership positions in their respective sectors.
Economy
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
- Al Multaqa Meetings empower Abu Dhabi to accelerate economic growth, by providing a platform to support investment.
- Supported by private sector and family-owned businesses, Abu Dhabi’s non-oil sectors is going from strength to strength.
Business
RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
- This strategic partnership leverages DP World's extensive trade network and real-time data insights.
- It empowers RAKBANK with enhanced risk assessment capabilities and streamlined access to financing.
Business
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
- Mikhail Mishustin said that the volume of LNG exports rose almost three-fold in six years.
- In January - February 2024, natural gas production in Russia increased by 11.3 percent year-on-year.
Business
New shipping service in Saudi Arabia launched
RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) has announced the addition of the new shipping service 'NRS' by...
- The NRS shipping service will link Jeddah Islamic Port to Yanbu Commercial Port, Neom Port, Aqaba Port in Jordan, and Sokhna Port in Egypt.
- This will further establish the Kingdom's position as a global logistics hub that bridges three continents,
Business
Dubai partners with 9 developers to bolster Real Estate Program
Dubai, UAE -- The Dubai Land Department (DLD) has embarked on the first phase of a series of strategic partnerships...
- The developers include Emaar Properties, Expo Dubai, Deyaar, DAMAC Properties, Azizi Developments, MAG, Sobha Realty and Ellington Properties.
- The agreement aims to enhance the competitiveness of Emirati professionals and facilitating their roles in the real estate sector.
Economy
GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
- Total FDI in Saudi Arabia's economy during Q4 of 2023 totaled about US$5 billion.
- GASTAT said the results are based on a household survey conducted by the authority.
Economy
Gulf nations embark on defense industry localization
Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...
- Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports and enhance local capabilities.
- The initiative targets over 50 percent nationalization of the military industry by 2030, driven by economic and technological sovereignty, aligning with the Saudi Vision 2030.
Business
flydubai adds two Saudi destinations
Flights to Al Jouf Airport and Red Sea Airport to start from April 18.
- flydubai has built a network of 129 destinations across 58 countries and is served by a fleet of 86 Boeing 737 aircraft.
- Since the start of 2024, flydubai has inaugurated operations to Langkawi, Mombasa and Penang and has announced the start of flights to Basel, Riga.
Energy costs push OECD inflation to highest level this year
Dubai, UAE -- Annual inflation across the Organisation for Economic Co-operation and Development (OECD) accelerated to 4.4% in April from...
Economy
Company News
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TAQA H1 net income $1bn
Business
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
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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)