OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
Business
Business
UAE launches first legally established financial ombudsman unit
Abu Dhabi, UAE – Sanadak, UAE's and MENA region's first legally established independent Ombudsman Unit catering to consumers of financial...
- Sanadak's focus is on safeguarding consumers rights and resolving complaints that arise from dealings with financial institutions and licensed insurance companies.
- Sanadak reduces the need to take claims to courts and judicial authorities, thereby bolstering consumer confidence and elevating the protection of financial consumer rights.
Business
Burjeel Holdings net profit up
The company’s 2023 annual revenue rises to US$1.2 billion.
- The group continued to implement its geographic expansion strategy with the launch of the PhysioTherabia rehabilitation network in Saudi Arabia.
- It opened eight new centers in March 2024 in Riyadh, Jeddah, Dammam, Khobar, and Yanbu which significantly expanded its geographical reach.
Business
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
- Figures also showed a staggering 20 million people visited the mall in the first two months of this year alone.
- The mall's events and promotions in 2023 and the beginning of 2024 were a key driver of its foot traffic.
Economy
Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
- The PMI is a weighted average of five indices – new orders, output, employment, suppliers’ delivery times, stocks of purchases.
- In January, the index reached its lowest level in two years, indicating a strong but weaker improvement in Saudi non-oil private sector.
Geostrategy
Saudi Arabia to imprison, fine people for helping, employing illegal immigrants
RIYADH, SAUDI ARABIA – The Directorate of Public Security stressed that anyone who facilitates the entry, transfer or employment of...
- The means of transportation used for bringing illegal immigrants will be confiscated.
- The housing unit used to shelter illegal immigrants will be confiscated, as per the law.
Business
Zain KSA net profit $335m
The company's fourth-quarter net profit was $78 million.
- The telecom services provider said its revenue rose 8.9 percent year-on-year (YoY) to an all-time high of SAR 9.9 billion in 2023.
- Gross profit increased 10 percent YoY. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached SAR 2.97 billion.
Geostrategy
OIC to hold extraordinary meeting on Israeli aggression on March 5
Jeddah, Saudi Arabia - The Organization of Islamic Cooperation (OIC) will hold an extraordinary meeting of its Council of Foreign...
- OIC Secretary-General Hissein Brahim Taha is expected to address the opening session, which will be preceded by a preparatory senior officials' meeting
- On October 11, 2023, Saudi Arabia hosted the extraordinary Joint Arab and Islamic Summit in Riyadh, organized by the OIC and the Arab League
Business
ADIB 2023 net profit $1.4bn
The bank achieved a Return on Equity of 27.1 percent.
- ADIB achieved record-breaking performance in 2023, with significant growth across all its businesses.
- Enhancing its digital presence, the bank saw a rise in actively digital customers through improvements to its mobile app.
Business
Dubai Taxi Company net profit up 54%
The company will pay a dividend of $19.33 million for Q4.
- Revenue for the year increased 11 percent year-on-year (YoY) to AED 1.95 billion, primarily driven by the strong performance of its taxi segment.
- DTC’s fleet size at the end of 2023 was more than 7,400 vehicles, with its taxis and limousines completing 46 million trips in 2023, an increase of 8 percent YoY.
Business
e& pledges $6 billion to advance connectivity in 16 countries
Barcelona, Spain -- e& Friday pledged to invest $6 billion between 2024 and 2026 in technological advancement, infrastructure development, and...
- This investment is set to provide accessible and affordable network connectivity and digital services across its 16 operating countries.
- For e& customers in emerging markets, new financial, health, and educational services will increasingly hinge on high-speed connections via fiber or wireless broadband, e& said.
Company News
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Exhibition of art and poetry in Dubai celebrates women
Arts & Culture
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...
Business
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...
Economy
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...
Business
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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