Infographics
Which are the top equity markets in the Middle East?
Here is a comparison between the top equity markets in the Middle East, and how they stack up against a...
- Saudi Arabia has Tadawul, or the Saudi stock exchange, whose benchmark index is known as TASI
- The UAE has the Dubai Financial Market (DFM) as well as the Abu Dhabi Exchange (ADX)
Economy
Largest renewable energy project in Oman opened
The 500 megawatt utility, which cost RO 155 million, figures among Oman Vision 2040 major projects aimed at protecting natural...
- The 500 megawatt utility, which cost RO 155 million, figures among Oman Vision 2040 major projects aimed at protecting natural resources
- The project has been established on an area of 13 million square metres of which 1.5 million was accorded to the double-sided solar panel
Business
UAE, Malta trade bodies join hands for industrial cooperation
FUCCI Chairman Abdullah Mohamed Al Mazrouei signed the MoU with Marisa Xuereb, President of the Malta Chamber.
- The MoU is expected to help both parties expand economic, trade, and industrial cooperation
- It is also expected to encourage Emirati and Maltese businesses to form new partnerships
Business
Fitch upgrades Saudi Electricity Company’s rating after improved record
Fitch Solutions has upgraded the Saudi Electricity Company's credit rating from A- to A with a stable outlook, an upgrade...
- The international agency emphasized that the new classification was driven by the result of the improvement of the company's independent credit record.
- The agency said that the company's independent credit rating reflects its large revenues and strong market status in the electricity generation.
Business
Saudi finance minister calls for GCC cooperation
Saudi Arabia's finance minister, Mohammed bin Abdullah Al-Jadaan, has stressed the need for the promotion of the joint Gulf action,...
- During the meeting, the ministers reviewed the progress made on issues related to strengthening the financial and economic cooperation among the GCC states
- The meeting was chaired by the Minister of Finance, Chairman of the current session, Mohammed bin Abdullah Al-Jadaan
Economy
Iran’s trade transactions with neighbors tripled over past months: Official
With rise in trade transactions, the Iranian economic activity also grew notably
- National Security and Foreign Policy Commission members stress that optimum economic management was important for a better future.
- Spokesman of the Commisison Abbaszadeh-Meshkini said that the economic policies should be arranged in a way to make sure that the low-income people will not be harmed.
Economy
Dubai’s energy demand up by 10 percent in 2021, T&D losses down
DEWA achieved a new world record in electricity Customer Minutes Lost (CML) per year, recording 1.66 minutes in Dubai
- Energy demand in 2021 reached 50,202 gigawatt-hours compared to 45,712 gigawatt-hours in 2020.
- In 2020, DEWA reduced losses in electricity transmission and distribution networks to 3.3 percent, which is less compared to that in Europe and the US.
Business
Dubai Land Department and three firms team up to provide real estate data
Dubai Land Department (DLD) has signed memoranda of understanding (MoUs) with three companies that specialize in providing smart and advanced...
- The department sigs MoUs with Bayut, DXBinteract.com, and Property Finder.
- Data will be provided according to real estate construction, including the regional buying and selling prices.
Business
Arada secures $41m in finance
The money will fund Aljada mixed-use project in Sharjah.
- While AED37m will finance a villa complex within the Aljada community, AED115m will fund the construction of the final phase of the SABIS International School.
- Founded in 2017, Arada has since launched three communities in Sharjah. Its first project, Nasma Residences, became Sharjah’s fastest-selling community.
Business
FTA appeals to tax registrants to benefit from extension
The Federal Tax Authority (FTA) has called on tax registrants to benefit from the Cabinet Decision to extend the grace...
- The FTA reaffirmed that the Cabinet Decision provided an opportunity for the business sector to benefit from the reduction of the administrative penalties
- It said it continues to review and audit the records of tax registrants who have fulfilled the requirements prescribed in the law
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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
Company News
Latest News
Amanat Holdings buys 60% stake in HDC for US$58m
HDC provides special education and care services in S Arabia.
Business
Saudi culture ministry provides training in UNESCO program
Under its recently announced Experts Program, the Saudi Ministry of Culture has provided an intensive leadership training course for Man...
Arts & Culture
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Business
Ma’aden among top 3 buyers of carbon credits
Saudi Arabian Mining Company (Ma’aden) is one of the largest purchasers of carbon credits from the first MENA Voluntary Carbon...
- The auction offered high-quality CORSIA-compliant and Verra-registered carbon credits, with 15 Saudi and regional entities participating in the sale.
- The carbon auction is the largest in the world.
Economy
PIF to deploy spending to develop innovative sectors in kingdom
Riyadh, Saudi Arabia--Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has launched a program that will leverage its...
- The Local Content Growth Program will targets Fund’s goal of increasing to 60 percent its contribution and the contribution of its affiliates towards the Saudi economy by 2025.
- The Program also includes a Local Content Policy, in which PIF’s portfolio companies will encourage and support local products and services.
Business
Multiply Group reports $2bn in net profit for Q3 2022
The Group's Q3 2022 figures showed revenue of $29 million and gross margin of $38 million.
- The Group's Q3 2022 figures showed revenue of $29 million and gross margin of $38 million
- The quarter saw continued sustainable growth across the Group's subsidiaries which grew by 67% in revenue and profitability