Saudi Arabia unveils ‘Colour Your Summer’ program, targeting 41 million visitors
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector is poised for an unprecedented summer season, with the official launch of...
Business
Two-State solution nearing point of no return: UN chief
He renewed calls for an immediate and lasting ceasefire, the unconditional release of all hostages, and full humanitarian access. He...
Geostrategy
GCC tourism’s contribution to GDP expected to surge by 2030: Fitch
GCC tourism's GDP contribution will rise from $130 billion in 2023 to over $340 billion by 2030, driven by aviation...
- The GCC countries have set ambitious targets for their tourism sectors to diversify their economies away from oil dependence
- The aviation industry is anticipated to play a critical role in this expansion, with air passenger traffic projected to grow substantially
Business
Boeing to plead guilty to criminal fraud charge stemming from 737 Max crashes
Boeing agreed to plead guilty to a criminal fraud charge tied to the fatal 737 Max crashes, the Justice Department...
- Boeing agreed to pay a $243.6 million fine
- .The guilty plea would brand the planemaker a felon and could complicate its ability to sell products to the U.S. government
Economy
UK’s Labor Party wins enough seats to form majority government
The Labor Party has officially won enough seats in the UK’s 2024 general election to have a majority in parliament,...
- 61-year-old Keir Starmer led Labor to victory over Rishi Sunak’s Conservative Party in Thursday’s election
- With more than half of all 650 seats counted, Labor looks set to secure one of its biggest-ever majorities in the House of Commons
Business
Trump Tower agreement announced in Jeddah following luxury hotel deal in Oman
A Trump Tower is coming to Saudi Arabia, a regional developer announced on Monday, Al Monitor reported.Dar Global and the...
- Former US President Trump reportedly spoke with Saudi Crown Prince Mohammed bin Salman last April
- The Trump Organization and Dar Global unveiled Trump International Oman, a luxury hotel and golf course at AIDA
Economy
Killer heat wave sweeps the globe, hundreds perish
A punishing heat dome continues to intensify over the northeastern United States, scores of record-high temperatures were matched or broken...
- About 75 million Americans live in a location under an excessive heat warning or advisory
- Latest reports say some 900 people died in Saudi Arabia, where temperatures reached 51°C
Business
Chinese electric car company Nio to enter UAE this year
Chinese electric car company Nio plans to expand to the Middle East this year, CEO William Li said on an...
- Nio, which recently received funding from Middle East-based investors, saw record-high deliveries of 20,544 vehicles in May
- Rival BYD has also made the UAE its entry point to the Middle East
Economy
Saudi Arabia launches ‘National Semiconductor Hub’
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...
- To be supported by deep tech venture capital fund that exceeds $266 million
- Hub is a strategic effort to establish a semiconductor design industry ecosystem in Saudi worth SR50 billion
Arts & Culture
Exhibition of art and poetry in Dubai celebrates women
Featuring the work of international women artists, "La Belleza" celebrates the deep connection between art and poetry.
- “La Belleza,” which translates to "The Beauty," reflects the central theme of the exhibition
- At the core of "La Belleza" is a commitment to supporting and promoting women artists
Economy
The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
- The region saw a remarkable YoY growth of 33.6% in 2023 with 855 million real-time payment transactions
- Transaction value in the Middle East is projected to rise from US$230 billion in 2023 to US$903 billion by 2028
Arts & Culture
Saudi Arabia inaugurates its second “House of Culture”
As part of the “Quality of Life” program, these houses aim to upgrade cultural infrastructure and boost Saudi engagement in...
- Each “House of Culture” in the Kingdom has a strategic plan for sustainability and activation
- These cultural houses feature various sections, including learning areas, a kids’ theater, a main stage, and reading spaces
Saudi Arabia unveils ‘Colour Your Summer’ program, targeting 41 million visitors
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector is poised for an unprecedented summer season, with the official launch of...
Business
Company News
Borouge proposes share buyback
Business
Latest News
Meraas awards $544m contract
Business
DAE to acquire 17 aircraft for $1 bn
This portfolio comprises 100 percent next-generation aircraft
Business
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Business
Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
- The company said that EBITDA for the full year reached AED1.6 billion, a 13.6 percent YoY growth.
- The Board of Directors proposes a dividend of AED619.8 million to be paid during H1 2025 (equivalent to 8.2645 fils per share).
Economy
Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver
Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...
- According to GASTAT, Saudi Arabia's inflation rate is considered the lowest among the G20 countries.
- CPI measures the prices paid by consumers for a fixed basket of goods and services consisting of 490 items.
Business
AD Ports Group 2024 net profit $484m
The Group's revenue increased 48 percent year-on-year.
- Net profit attributable to owners grew 24 percent YoY to AED1.33 billion led by strong operating performance.
- Total assets grew by 15 percent YoY to AED63.70 billion in 2024 while total equity increased 15 percent YoY to AED27.83 billion.