Construction costs set to rise in UAE, Saudi Arabia in 2024: Report
Dubai, UAE -- Construction costs are set to increase in the UAE by 2-3 percent, and in Saudi Arabia by 5-7...
Business
Business
NFT cumulative trading volume exceeds $65bn in Q2 2022
According to the data from TradingPlatforms.com, the total volume of Non-Fungible Tokens (NFTs) exchanged recently surpassed 20 million ether (ETH)...
- The total volume of Non-Fungible Tokens, a cryptographic asset which is unique, surpassed 20 million ether (ETH) - a cryptocurrency - in Q2 2022
- The NFT market is expected to increase at a compounded annual growth rate of 35 percent.
Economy
UAE gross banks’ assets $936 billion at the end of May 2022
UAE’s central bank said Monday that gross banks’ assets, including bankers’ acceptances, rose to AED3.44 trillion ($936 billion) at the...
- The CBUAE said the gross credit grew by 2.6 percent, rising from AED1.81 trillion at the end of April 2022 to AED1.86 trillion at the end of May 2022.
- Gross Credit rose due to 3 percent increase in Domestic Credit, overriding the 0.1 percent reduction in Foreign Credit.
Economy
Over 20K investor accounts join DFM in first 7 months of 2022
Brokerage companies in Dubai Financial Market added 20,552 new investor accounts in the first seven months of 2022. The market...
- Brokerage companies in Dubai Financial Market added 20,552 new investor accounts in the first seven months of 2022
- The market witnessed significant momentum since the announcement of the listing of 10 governmental and semi-governmental firms
Business
SAMA approves merger of SABB Takaful and Walaa Insurance
Saudi Central Bank has approved the merger of SABB Takaful with the rival insurer Walaa Insurance, following an agreement between...
- According to a bourse filing, the execution of the transaction remains subject to obtaining regulatory approvals and votes of the extraordinary general assemblies
- Once the deal is completed, SABB Takaful’s assets, liabilities, and rights will be transferred to Walaa Insurance and the former will cease to exist
Business
Saudi to organize esports and gaming event Next World Forum in Sept
The Next World Forum, an esports and gaming forum that will bring together sector leaders and experts from around the...
- More than 1,200 delegates from across the globe will gather in Riyadh to discuss the most pertinent issues in esports and gaming at the in-person Forum.
- Those attending the Next World Forum include ministers of sport from various leading nations, investors, gamers, developers, tech providers and start-ups.
Al Rajhi Bank H1 profit is up 21%
Operating income grew because of higher investment income, banking fees, and exchange income, the bank said.
- Operating income grew because of higher investment income, banking fees, and exchange income, the bank said
- But the depreciation, higher salaries, and employee benefits weighed on costs during the six-month period, leading to a 4.5 percent rise in operating expenses
Business
Dubai closes in on top spot for sea trade
The city, with a rich history of trading with the world through sea, looks to emerge as one of the...
- The investment to the tune of $38 million will go into building a network for sewerage, fire, storm water, telecommunication and roads
- The new work on the infrastructure is in line with the Dubai Maritime Vision 2030, positioning the city to emerge as a premier international maritime hub
Economy
Qatar launches ‘Qatar Host’ tourism training programme
The initiative is part of the Service Excellence Programme, which builds on Qatar Tourism’s strategy, to enhance the visitor experience...
- The initiative is part of the Service Excellence Programme, which builds on Qatar Tourism’s strategy, to enhance the visitor experience at every touchpoint along their journey
- The programme involves a multi-pronged approach to ensure a seamless customer journey. In collaboration with stakeholders
Economy
Jordan draws up public sector modernization plan
Jordan king Abdullah urged coordination among state institutions to ensure the implementation of the modernisation roadmap.
- Jordan king Abdullah urged coordination among state institutions to ensure the implementation of the modernisation roadmap
- Prime Minister Khasawneh said that the roadmap identified seven pillars as top priorities for improvement and modernisation of public services
Business
OPEC picks Haitham Al-Ghais of Kuwait as new chief
Haitham Al-Ghais of Kuwait has taken over as the new secretary general of the Organization of the Petroleum Exporting Countries...
- He is the first Kuwaiti to hold the position of OPEC chief, and will head the group for three years
- The Kuwaiti oil executive will replace Nigerian Mohammad Barkindo, who died in July
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
Construction costs set to rise in UAE, Saudi Arabia in 2024: Report
Dubai, UAE -- Construction costs are set to increase in the UAE by 2-3 percent, and in Saudi Arabia by 5-7...
Business
Company News
Will Gulf economies expand despite global woes?
Infographics
Latest News
DIEZ posts 42% revenue jump
Business
EU unveils plans to scale up net-zero technology
BRUSSELS, BELGIUM- The European Commission proposed the Net-Zero Industry Act to scale up manufacturing of clean technologies in the EU...
Science
JCC discusses trade, commerce in economic summit in France
AMMAN, JORDAN - The Jordan Chamber of Commerce (JCC) took part in the fourth Arab-French Economic Summit 2023 in Paris....
Business
UAE issues license for electric vertical takeoff and landing aircraft
DUBAI, UAE - The UAE Regulations Lab has issued a license for an electric cargo aircraft to promote eco-friendly transportation...
Business
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Geostrategy
UAE minister meets UN Secretary-General on global climate action
NEW YORK, US - Minister of Industry and Advanced Technology and COP28 President-Designate Dr. Sultan bin Ahmed Al Jaber met...
- The minister outlined the UAE’s key COP28 priorities across mitigation, adaptation, loss and damage, climate finance and process innovation.
- The UAE and UN discussed the urgent need to close the financing gap and to keep alive the goal of limiting global warming to 1.5ºC.
Business
Mohamed bin Zayed issues law to establish Abu Dhabi Transport Company
ABU DHABI, UAE - In his capacity as the Ruler of Abu Dhabi, President Sheikh Mohamed bin Zayed Al Nahyan...
- An affiliate of the Supreme Council for Financial and Economic Affairs, the company will support the emirate’s integrated transport ecosystem.
- It will develop transport systems, and contributing to effective and sustainable transport services for citizens and residents.
Business
Saudi Arabia meet discusses upcoming GCC-UK free trade negotiations
Riyadh, Saudi Arabia -- A meeting was held in Riyadh Thursday to prepare for holding the third round of free...
- The negotiations are scheduled to take place from March 12 to March 16, 2023, at the GCC General Secretariat headquarters in Riyadh.
- The meeting was attended by the heads of negotiating technical teams, directors of departments, and coordinators of technical teams.