UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Saudi Arabia’s oil exports fall by $13 billion in fourth quarter of 2023
In December, oil exports fell by SAR 13.5 billion or 15.8% to SAR 72 billion ($19 billion) from SAR 85.5...
Business
Economy
UAE, Korea discuss cooperation in food security, health, technology
Emirati exports to South Korea increased by 34 percent in 2021 compared to 2021, reaching $679 million.
- Emirati exports to South Korea increased by 34 percent in 2021 compared to 2021, reaching $679 million
- The value of non-oil trade between the two countries in H1 2022 amounted to US$1.3 billion, a 19 percent increase compared to the same quarter last year
Jordan’s Tourism income up 242% in H1 2022
The number of tourists visiting the kingdom rose by 1.4 million to 1.9 million.
- The number of tourists visiting the kingdom rose by 1.4 million to 1.9 million
- Data showed a rise in Jordanians' expenditure on travel last June by 61.8 percent
Arts & Culture
France and UAE explore ways to enhance cultural cooperation
Noura bint Mohammed Al Kaabi, UAE’s Minister of Culture and Youth, discussed cultural cooperation with Rima Abdul Malak, Minister of...
- They also tackled the future of cultural ties and the significance of creative and cultural cooperation.
- The two sides reviewed various areas of cooperation, especially the cultural and innovative industries.
Business
Global medical and recovery tourism worth $100bn annually: Official
The revenues of the medical and recovery tourism, globally, is around $100 billion annually, said Bandar Al Fihaid, President of the...
- Bandar Al Fihaid, President of the Arab Tourism Organization (ATO) said this in a report.
- The ATO president also said that Arab tourists expenditure amounts to nearly $30 billion.
Business
ADIB H1 net profit $381m
Net profit increased by 30 percent YOY to $381 million.
- The rise in net profit was attributed to top-line growth, continued optimization of the cost base and lower impairments.
- The bank revenue for the first half of the current year improved seven percent to AED 2,838 million compared to AED 2,644 million last year.
Business
Dubai Chamber members’ exports and re-exports $35bn in H1
The Dubai Chamber members' exports and re-exports surged to AED129.4 billion ($35 billion) during H1 2022, marking a 17.8 percent...
- The figure marks a 17.8 percent increase compared to the same period last year.
- The number of certificates of origin issued also rose 8.9 percent year-on-year to exceed 357,000.
Business
Expansion of Qatar’s NFE gas project well timed: Experts
Having revealed the list of companies chosen for expanding the North Field East (NFE) gas field, Qatar implements the first...
- Qatar's revenues are expected to rise by $40 billion after the first phase of expansion is completed by 2025.
- TotalEnergies, ExxonMobil, ConocoPhillips, Eni, and Shell had won earlier this year contracts to develop NFE, whose investment costs stand at about $28.75 billion.
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
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
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Company News
Latest News
UAE and Japan to boost collaboration in skill development
The two sides reaffirmed their keenness to advance bilateral cooperation in the fields of human resources and skill development.
Geostrategy
DEWA cleans beach, plants mangrove as part of 26th National Environment Day
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) participated in a campaign to clean the beach and plant mangroves...
Science
Dubai Customs, Dubai Chambers discuss support for private sector
DUBAI, UAE - Dubai Customs and Dubai Chambers discussed supporting businesses and the private sector and enhance the emirate’s competitiveness...
Economy
Most Read
Business
PIF, AeroFarms to build indoor farms
The farms will have a capacity of 1.1m kg of crops per year.
- The agreement aims to optimize natural resources through indoor vertical farming, which requires no arable land.
- The partnership will allow for sustainable, local sourcing of high-quality crops all year round, grown with AeroFarms' AgTech platform.
Business
Arada finalizes first set of homes worth $6.53bn in third phase of Sharjah project
SHARJAH, UAE -- Arada announced on Tuesday that it has completed the first set of homes in East Village as...
- Under the project, which features 2,000 units, , a total of 1,621 apartments have been finished across 14 buildings
- Each apartment block has communal areas, with additional space set aside for local facilities, including small shops and cafes
Business
‘Saudi to invest US$266bn in cleaner energy’
Saudi Arabia plans to invest more than US$266 billion to produce cleaner electricity and expand its power grid, the kingdom's...
- Despite its goal of achieving net zero carbon emissions by 2060, Saudi Arabia remains hugely dependent on crude oil exports.
- The Saudi minister said the Kingdom is determined to be the leading exporter of clean hydrogen.