Saudi Arabia real GDP grows 1.1 percent in Q2 2023
RIYADH, SAUDI ARABIA - The real GDP of Saudi Arabia grew by 1.1 percent in the second quarter of 2023,...
Economy
Business
Businesses in UAE will hire more staff in next 12 months: HSBC survey
Companies in the United Arab Emirates are looking to increase their revenues by as much as 50 percent and recruit...
- The research comes as business conditions in the country continue to improve on the back of easing COVID-19 restrictions and reopening of international travel
- UAE businesses are also the most confident globally about driving innovation in product and customer service (67 percent) over the next 12 months
Business
S&P says private sector lending in GCC to stay low, but Saudi Arabia to buck trend
S&P Global Ratings has forecast that private sector lending will remain muted for one to two years in GCC countries....
- It said that there had been only marginal improvement across GCC banks overall
- However, it is also expected that GCC economies will expand at an unweighted average of 1.8 percent in 2021 and 4 percent in 2022
Geostrategy
Egypt and Saudi Arabia sign $1.8bn contract for electrical connection
Egypt and Saudi Arabia have signed a $1.8 billion electricity interconnection project that aims to exchange some 3,000 MW during...
- The Egyptian Electricity Transmission Company (EETC) and the Saudi Electricity Company said they would sign cable, airline and transformer stations agreements
- “Saudi Arabia and Egypt share the same goals, and we work together as a team to implement them”
UAE, Australia discuss economic relations
UAE Minister of State Ahmed Ali Al Sayegh recently met with Australian Minister for Trade, Tourism and Investment Dan Tehan...
- The volume of non-oil trade exchange between the two countries during 2016-2020 amounted to about $15.7 billion
- The value of mutual investments between the two countries since 2003 exceeded $5 billion
Economy
Saudi Arabia contactless payments highest in MENA region
Saudi Arabia had achieved contactless payment adoption of 94 percent, which is higher than even the EU.
- This is part of the Saudi Central Bank’s strategy to build on the goals of the Financial Sector Development Program
- The program aims to reduce cash transactions while raising electronic payments to 70 percent of all transactions by 2025
Business
Fertiglobe plans IPO in Abu Dhabi
Fertiglobe is a fertilizer partnership of Adnoc and OCI.
- This offering is open to UAE citizens and residents, as well as domestic and international institutional investors
- The offer will open on October 13, subject to regulatory approvals and other relevant considerations
Economy
Regional divergences mark global trade rebound: WTO
Supply-side issues such as semiconductor scarcity and port backlogs may strain supply chains and weigh on trade in particular areas,...
- The forecast projects export volume growth in 2021 will be 9.3% in the Middle East
- The current trade projections, according to the forecast, imply that the ratio of trade growth to GDP growth will rise to 2.0:1 in 2021
Business
FB family of apps return online after seven hours
Users of Facebook, Instagram and WhatsApp across the world, including the Gulf countries, remained heavily affected for hours.
- The outage was first reported at around 1545 GMT or 7.45pm UAE time
- Washington, Paris, Dubai and Delhi were few major cities that remained affected
Infographics
UAE, Saudi Arabia lead regional innovations
The Arab countries have their own share in terms of investment in innovations with the UAE and Saudi Arabia leading...
- Despite human and economic toll of the COVID-19 pandemic, investments in innovation have increased in parts of the world
- The UAE ranks first among the top 12 most innovative Arab countries in 2021 and 33rd in the world, according to the Global Innovation Index
Economy
DMCC registers best nine-month performance
The DMCC welcomed around 1,800 companies to Dubai from Q1 to Q3 this year.
- DMCC last month welcomed 215 new businesses to its free zone and business district in the best September performance since inception
- This year also saw its best H1 performance since 2013; its best June and August performances on record are also from this year
Company News
e& HI profit up 2.5%
Business
Chimera Capital unveils new ETF
Business
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Swvl drops plan to buy Zeelo
Business
Dubai most transparent Arab real estate market
Infographics
ISO Annual Meeting 2022 to begin Monday in UAE, trade on agenda
The International Organization for Standardization (ISO) Annual Meeting 2022 starts Monday at the ADNOC Business Center in UAE's Abu Dhabi.
Business
Grand celebrations announced to mark 92nd Saudi National Day
Riyadh, Saudi Arabia—From Sept 18-26, Saudi Arabia will be hosting grand celebrations to mark the 92nd Saudi National Day. Chairman...
Arts & Culture
UAE health ministry inks pact with Mediclinic Middle East
UAE Ministry of Health and Prevention (MoHAP) has signed a memorandum of cooperation (MoC) with Mediclinic Middle East to strengthen...
Business
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Business
Egypt to raise Suez Canal transit fees by 15 percent next year
Cairo, Egypt-- Egypt plans to raise fees for ships passing through the Suez Canal by 15 percent in 2023, the...
- Canal Authority's Chairman Osama Rabie has said. transit fees for bulk and tourist ships will be raised by 10 percent from Jan 1, 2023
- The Canal’s revenue reached US$704 million in July after achieving its highest monthly transit rate of 2,103 ships, as well as monthly net tonnage of 125.1 million tons.
Economy
Sharjah Chamber suggests measures for strengthening PPPs
The Sharjah Chamber of Commerce and Industry (SCCI) has recommended several measures to strengthen the emirate’s public-private partnerships (PPPs).
- The Cabinet to issue a federal law regulating partnerships between the federal authorities and the private sector in the UAE.
- In its meeting SCCI board of directors has ordered arrangements to be put in place to encourage public-private sector partnerships.
Business
Walaa to merge with SABB
The firm won the shareholders' approval for the merger.
- Walaa Insurance also received its shareholders’ approval to raise its share capital to $227 million, out of which 24 percent will go to SABB Takaful's shareholders
- The merger will be conducted through a share swap where Walaa will issue 0.6 shares against each share issued by SABB Takaful