Dubai faces warehouse shortage, says new report
DUBAI, UAE — The supply of under construction warehouse stock in Dubai’s industrial market stands at 1.56 million square feet according...
Business
Business
KSA is Austria’s main trading partner in Gulf: Official
The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to...
- The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to almost SAR 3.3 billion in 2020.
- An Austrian delegation of companies specialized in various economic, industrial, agricultural, tourist and other sectors visited the Asharqia Chamber.
Geostrategy
COVID cases increasing once again, especially in parts of Asia: WHO
After several weeks of declines, reported cases of COVID-19 are once again increasing globally, especially in parts of Asia, WHO...
- In the past week, the agency has seen an 8 per cent increase in detection of COVID-19 cases, with more than 11 million positive test results.
- In the last 30 days of more than 400,000 sequences sampled, 99.9 percent are Omicron, and 75 percent correspond to the BA.2 variant..
Geostrategy
KSA, Egypt ink draft pact for PIF investment in Egypt
The two sides stressed that this agreement based on the close historical ties that unite Saudi Arabia and the Arab...
- The two sides stressed that this agreement based on the close historical ties that unite Saudi Arabia and the Arab Republic of Egypt
- With this agreement, the two countries will have easy access to procedures for investing in Egypt through fund public investments
Economy
Saudi Central Bank hikes interest rates by 0.25 percentage points
The bank said the policy rate adjustments are consistent with its objectives of maintaining monetary stability.
- The repo rate is being changed by 0.25 percentage point from 1 percent to 1.25 percent
- The reverse repo rate is being raised by 0.25 percentage point from 0.5 percent to 0.75 percent
Business
Binance awarded specialist license by Dubai’s Virtual Asset Regulatory Authority
Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and...
- Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and services to pre-qualified investors
- The VARA issued Virtual Asset Exchange License ensures Binance will be able to operate its regional business from Dubai in the newly announced regulatory ecosystem
Economy
CBUAE raises base rate by 25 basis points on Fed cue
The new rates are said to be effective from Thursday, March 17.
- The base rate is anchored to the US Federal Reserve’s IORB
- It signals the general stance of the CBUAE’s monetary policy
Business
NDMC of Saudi Arabia closes $2.75bn worth March sukuk
Saudi Arabia’s National Debt Management Center has closed the March 2022 issuance of Saudi riyal-denominated sukuk, valued at SR10.3 billion...
- The issuance is divided into two tranches of SR3.5 billion and SR6.8 billion each
- The first issuance matures in 2030 while the second one will mature in 2034
Economy
OPEC projects UAE economy to grow rapidly in 2022
OPEC Monthly Oil Market Report has predicted the UAE's economic growth to quicken in 2022.
- OPEC released the reports on Tuesday where it credited tourism as one of a factor for the economic growth
- Further, the rise in crude oil prices would also be a reason for rapid economic growth, said the OPEC reports
Business
Fintech opens center in Riyadh
It is a first-of-its-kind center in King Abdullah Financial District.
- This follows an increased number of fintech companies in the region
- Saudi had witnessed a massive jump in venture capital investments in the fintech sector
Business
Saudi Electricity Co. posts 375% jump in net profit to $3.84bn
The Saudi Electricity Co. has posted a 375 percent increase in net profit to $3.84 billion in 2021, according to...
- The increase has been attributed to continuous “implementation of regulatory and financial reforms in the electricity sector"
- the company’s board has proposed an annual dividend payout of SR0.7 per share
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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
Dubai faces warehouse shortage, says new report
DUBAI, UAE — The supply of under construction warehouse stock in Dubai’s industrial market stands at 1.56 million square feet according...
Business
Company News
Al Awali to raise US$133m
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Business
Al Seer Marine orders 4 new tankers
South Korea's K Shipbuilding will deliver the tankers in 2024.
- K Shipbuilding will construct the medium-range (MR) IMO II/III product tankers at Jinhae Shipyard.
- With these four tankers, Al Seer Marine fleet now totals 12 vessels as the company prepares to transport the transition fuels like methanol.
Business
AD Ports Group records 77% growth in Q3
The company's EBITDA increased 52 percent YoY to $162 million.
- Ports Cluster revenue grew 18 percent YoY on a like-for-like basis when adjusted for the positive effect of a one-off sand supply contract in 2021
- AD Ports Group CapEx investment rose to $0.43 billion in Q3 2022 and $1.14 billion in 9M 2022
Geostrategy
Saudi Crown Prince and PM arrives in Indonesia for G20 summit
Bali, Indonesia— Crown Prince and Prime Minister of Saudi Arabia, Mohammed bin Salman, has arrived in Indonesia to take part...
- The crown prince met with French President Emmanuel Macron, Turkish President Recep Tayyip Erdogan and other leaders on the sidelines of the G20 summit
- The 17th edition of the G20 Summit will extensively focus on key issues of global concern under the theme of ‘Recover Together, Recover Stronger’