Saudi leads MENA in VC funding for H1, surpassing 2024’s full-year total
Riyadh, Saudi Arabia -- Saudi Arabia retained the top spot across the Middle East and North Africa region in terms of...
Business
Economy
Saudi Arabia extends term of $5 billion deposit for Central Bank of Egypt
The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine.
- The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine
- The package would allow Egypt to open '‘new financing channels with regional and international organizations''
Business
Etihad Rail and Borouge enter into strategic partnership
Abu Dhabi, UAE— Etihad Rail and Borouge have entered into a strategic partnership for sustainable transportation to carry 1.3 million...
- Under the terms of this partnership, Borouge becomes one of Etihad Rail’s main customers
- Etihad Rail has successfully reserved 60 percent of the network’s annual transport capacity
Business
$121bn GCC projects in pipeline: Trust, transparency key to their success, TOP CEO Conference heard in May
Beside leadership and vision, trust, communication and transparency between all the stakeholders play a key role in any and every...
- Beside leadership and vision, trust, communication and transparency between all the stakeholders play a key role in any and every project’s success, experts had said at the event.
- More than $50bn of social infrastructure work, according to Meed Projects, is being executed across the Gulf region, while the remaining $70bn is in various stages of planning
Business
Like in climate discourse, digital transformation will eventually edge out the big players, says media expert
“Some big techs are facing crisis with large-scale layoffs and investment cuts. As digital space offers enough space and opportunity...
- Unlike in the industrial revolution, the developments in Information and Communications Technology (ICT) are quicker, says Asian College of Journalism Chairman Sashi Kumar
- 'Rational human beings, interested in transformation in media and communication as a vehicle for the betterment of society, should be worried about technological fundamentalism'
Economy
UAE president waives over $146 million debt for 1,214 Emiratis
The Non-performing Debt Relief Fund will settle the money owed by Emiratis to 17 banks and institutions.
- The Non-performing Debt Relief Fund will settle the money owed by Emiratis to 17 banks and institutions
- Al Suwaidi said that the waiver falls within the UAE leadership’s keenness to ensure a decent life for all UAE nationals
Economy
OIC countries suffer US$63bn trade deficit in halal products; Turkey, Indonesia, Malaysia top exporters
The bloc's exports of halal products equaled US$275 billion, while their imports totaled US$338 billion last year, says the 2022...
- The bloc's exports of halal products equaled US$275 billion, while their imports totaled US$338 billion last year, says the 2022 Annual OIC Halal Economy Report
- While OIC countries remain import reliant for the food, pharmaceuticals and cosmetics sectors, they are net exporters of apparel and footwear products, it adds
Business
Riyadh’s WTTC Summit to oversee signing of 50 deals
RIYADH, SAUDI ARABIA - Fifty deals and agreements are expected to be signed in the World Travel and Tourism Council...
- The minister evaluated the deals to be worth $50 billion, local media reports said.
- Also, the event comprises over 3,000 participants, 57 ministers of tourism and travel
Infographics
Will Gulf economies expand despite global woes?
Thanks to a strong rebound in domestic activities and higher oil prices, the latest IMF report suggests the GCC economies...
- Thanks to a strong rebound in domestic activities and higher oil prices, the latest IMF report suggests the GCC economies to expand further than previously expected.
- In 2023, the UAE economy will grow 4.2 percent, outpacing Saudi Arabia (3.7 percent), Bahrain (3 percent), Oman (4.1 percent), Kuwait (2.6 percent), and Qatar (2.4 percent)
Geostrategy
Commemoration Day enhances loyalty to nation, says UAE President
ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan has said that November 30 is a day that...
- In a statement to mark Commemoration Day, Sheikh Mohamed spoke of the UAE's admiration and respect for those who gave their lives.
- Sheikh Khalifa bin Zayed Al Nahyan designated November 30 as a day to salute the precious sacrifices of the nation's martyrs.
Business
DIEZ posts 42% revenue jump
Its earnings grew by 17 percent in H1 of 2022.
- The results, according to the company, confirm that the DIEZ benefited from integrating returns on investment
- The increase in commercial licences and government services amounted to 49 percent
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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
ENEC, Kazatomprom ink pact
Business
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Mumtalakat, Investcorp ink pact
Business
Cisco identifies major AI trends for 2024
DUBAI, UAE – Developments in Artificial intelligence (AI) have been impacting businesses, governments and economies across the world. Advancements in...
Business
Vodafone Qatar 2023 profit up
The 2023 net profit of Vodafone Qatar increased to $148 million.
Business
UAE plans to issue bonds, Sukuk valued at $1.3bn in Q1 2024, says official
HONG KONG - UAE Ministry of Finance Undersecretary Younis Haji Al Khoori announced that the ministry's issuance of bonds and...
Business
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Business
Dubai real estate market records $925 million in daylong transactions
Dubai, UAE -- Dubai's real estate market recorded 510 sales transactions worth AED1.36 billion on Tuesday, in addition to 210...
- The sales included 446 villas and apartments worth AED949.04 million, and 64 land plots worth AED411.67 million.
- On Monday, emirate recorded 715 sales transactions worth AED2.28 billion, in addition to 201 mortgage deals of AED993.9 million.
Business
Alef Group announces US$84m sales transaction at ACRES 2024
SHARJAH, UAE - Alef Group concluded its participation in the ACRES Real Estate Exhibition 2024 with resounding success, generating significant...
- ACRES Exhibition is a unique global Arab platform which brings together major investors and businessmen.
- This is evident in the success achieved by the ACRES over its successive sessions since its launch in 2008.
Business
Saudi GACA issues air carrier, airport classifications for December 2023
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) issued its monthly classification index for air transport service...
- Flynas had the fewest complaints among airlines, 42 per 100,000 travelers and a complaint resolution rate of 100 percent.
- SAUDIA Airlines came second, with 61 complaints per 100,000 travelers and a resolution rate of 99 percent.