Qatar’s Industrial Production Index up 3.9% in Dec 2023
Doha, Qatar -- Qatar's Industrial Production index (IPI) in December 2023 reached 95.3 points, an increase of 3.9 percent compared...
Business
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...
Business
Business
$399 million hospitality investment fund coming up in Saudi Arabia
A SAR 1.5 billion ($399 million) hospitality investment fund that will advance lifestyle hotels in Saudi Arabia will be set...
- Media reports said the lifestyle hotels will enhance promising sector-leading opportunities in various tourist destinations within the kingdom.
- The projects are expected to provide around 2,000 hotel rooms and training opportunities for Saudi nationals.
Economy
Moody’s says Saudi economy to post 3.9% growth rate
Moody’s has projected the economy of Saudi Arabia to post growth rate of around 3.9 percent from 2022 to 2026.
- The credit rating agency has issued a report elaborating on Saudi Arabia’s credit profile in terms of economic strength, institutional and governance strength and fiscal strength,
- The report emphasized that Saudi Arabia’s credit strengths are derived from its robust government balance sheet, underpinned by moderate debt levels and substantial fiscal reserve
Business
Saudi VC investments post 244% jump to $584m in H1
Venture capital investments in Saudi Arabia have posted a staggering 244 percent increase to $584 million in the first half...
- MAGNiTT, a venture data platform, said that the Kingdom saw 79 deals in H1 2022, an increase of 36 percent compared to H1 2021
- Fintech had the highest number of transactions with 17 deals, followed by logistics which had 12 deals, and e-commerce with eight deals, in H1 2022
Business
Souq Al Jubail draws over two million visitors in H1 2022
The sales volume in the fish section of the soup during the six month period reached 2,086 tonnes, while volume...
- The sales volume in the fish section of the soup during the six month period reached 2,086 tonnes, while volume of sales of fruits and vegetables was 2,711 tonnes
- The market comprises 260 shops divided into three parts: the vegetables and fruits, meat and fresh fish section
Geostrategy
UAE, France commit to expand collaboration across all fields
In a joint statement, French President Emmanuel Macron and UAE President Sheikh Mohamed bin Zayed Al Nahyan who visited France...
- They agree to establish a France-UAE Comprehensive Strategic Energy Partnership in a major step to foster energy security and affordability
- The UAE supports global action on food security, and will work with France to find ways to mitigate ongoing pressure on global supply chains
Economy
New business licenses in Dubai grow 25% in H1 of 2022
Dubai issued 45,653 new business licenses in the first half (H1) of 2022, registering a growth of 25 percent compared...
- Dubai issued 45,653 new business licenses in the first half (H1) of 2022, a growth of 25 percent compared to the same period last year
- The numbers reaffirm the success of the government's innovative new strategic approaches and policy amendments
Business
Dubai Metaverse Assembly in Sept to host 300 global experts
The assembly will host more than 300 global experts, policymakers, thought leaders, and decision-makers from more than 40 organizations.
- The global event brings together regional and international experts in Dubai to shape the future of the metaverse.
- It explores how technology can be deployed across vital sectors to create better future and quality of life for humanity.
Business
Zain Group Q2 net profit $165m
The Group will pay a half-year dividend of 10 fils per share.
- Data Revenue grew 3 percent to represent 40 percent of Group Revenue for H1. Kuwait, KSA and Sudan record double-digit growth in revenue and net profit.
- The Group said it recorded 21 percent revenue growth in Enterprise business, as ZainTech enters many strategic partnerships.
Business
Investments in Saudi startups grow by 244 percent in H1 2022
Investments in Saudi startups grew by 244 percent to a record high of SAR 2.19 billion ($584 million) in the...
- In fact, the investments in the first half of 2022 surpassed the total investments in 2021, according to a report by the venture data platform, MAGNiTT.
- The report said the kingdom advanced to become the second-most active VC market in MENA by number of deals, which rose by 36 percent to 79 deals in H1 2022.
Geostrategy
Egypt President says world must jointly deal with energy crisis
Egypt's President Abdul Fattah Al-Sisi underscored the importance of coordination and cooperation among all countries of the world to confront...
- Egypt's President Abdul Fattah Al-Sisi said global coordination and cooperation is necessary to deal with the energy crisis
- He said Egypt is determined to coordinate with friendly countries to tackle tension in its neighborhood
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
Qatar’s Industrial Production Index up 3.9% in Dec 2023
Doha, Qatar -- Qatar's Industrial Production index (IPI) in December 2023 reached 95.3 points, an increase of 3.9 percent compared...
Business
Company News
Latest News
ENBD REIT announces H1 NAV
Business
UAE launches ‘Tax Support’ program to promote compliance with laws
Dubai, UAE - UAE's Federal Tax Authority (FTA) started the ‘Tax Support’ initiative to raise tax awareness among UAE’s business...
Business
DEWA’s virtual employee ‘Rammas’ responds to over 6.8mn enquiries since 2017
DUBAI, UAE - Dubai Electricity and Water Authority’s ( ) virtual employee ‘Rammas’, which uses Artificial Intelligence (AI), answered over...
Business
MoU signed to establish Arab Digital Foodstuff Market
Abu Dhabi, UAE - As part of the pan-Arab efforts to implement the joint Arab digital economy vision, launched by...
Business
Most Read
Business
DEWA launches plan for fast approval of electricity connections
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) launched the 'OWNEK' awareness initiative to help its accredited contractors and...
- The OWNEK initiative will save the contractors and consultants time and effort and speed up the workflow.
- The initiative includes a series of awareness sessions and detailed videos in Arabic and English.
Geostrategy
Iraq finalizes fresh air deals with Gulf countries
BAGHDAD, IRAQ - The Civil Aviation Authority announced the work to conclude new air agreements with the Gulf states. A spokesman...
- A spokesman for the Civil Aviation Authority said We have agreements with all Gulf countries and all Gulf national carriers that land in Iraqi airports
- He added that in the future, there may be air agreements with Kuwait as well.
Business
15 top panels to discuss defense advancements in IDEX, NAVDEX 2023
ABU DHABI, UAE - IDEX and NAVDEX 2023 exhibitions, to be held from February 20-23 in Abu Dhabi, will host...
- The panels will feature prominent leaders and decision makers from around the world
- The panels are an ideal platform for facilitating discussions about relevant focus areas in the defense and naval defense sectors