Global VC investment falls to lowest level in nearly seven years
Global VC investment fell from a five-quarter high of US$95.5 billion in Q2'24 to a nearly seven-year low of US$70.1...Business
Riyadh Season 2024 signs sponsorship agreements with local, global partners
Riyadh, Saudi Arabia-- A signing ceremony for Riyadh Season 2024 sponsorships was held on Thursday at Via Riyadh.General Entertainment Authority...Business
GCC asset management market $500bn by 2026
Strong capital inflows, a young and growing population and growing awareness about asset management will drive the sector's growth in...The rise of a middle class is increasing the demand for investment products and services.
Strategy& Middle East estimates that currently more than 70 percent of regional private wealth is in offshore accounts.
UAE first half non-oil foreign trade hits all-time high of $337 billion
The results are buoyed by record non-oil exports, which reached AED 205 billion in H1 2023, an 11.9 percent growth...Imports increased to AED 693 billion, up 17.5 percent compared to the first half of 2022 and 2.6 percent more than the second half of 2022.
China has retained its position as the UAE’s leading global trading partner, followed by India, the US and Saudi Arabia.
Saudi Arabia’s imports from GCC countries fall by 19% in June
Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council (GCC) countries fell 19 percent year-on-year (YoY) to SAR...UAE accounted for 65.6 percent, or SAR 3.61 billion, of the total Saudi imports, down 13 percent YoY, Argaam reported.
The Kingdom's imports from Qatar only registered a growth (of 49 percent) to SAR 48 million, from 32 million a year ago.
Equities extend gains on US jobs data, China rate cut hopes
The mood was brightened by a report that China's biggest state-backed banks would slash rates on mortgages and deposits as...A separate report revealed consumer confidence falling owing to concerns about jobs, higher rates and lingering inflation.
The readings come ahead of the release of the Fed's preferred gauge of inflation -- the personal consumption expenditures price index -- this week.
Oil prices spike on US stockpile draw and hurricane fears
Dubai, UAE--Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S.,...U.S. West Texas Intermediate crude futures gained 38 cents, or 0.47%, to $81.54, logging its fifth session of gains
According to some analysts, the bigger-than-expected draw in U.S. crude oil stockpiles is positive for the oil market
Global dividends hit record US$568 billion in Q2
According to a report by asset management firm Janus Henderson, payouts to shareholders are expected to grow further in spite...The report said banks accounted for half of the world's dividend growth as their margins were boosted by interest rate hikes
Nestle, Swiss food giant, was the world's biggest dividend payer, followed by British bank HSBC and German automaker Mercedes-Benz
Elon Musk lifts political ad ban at rebranded Twitter
Welcoming back potentially misleading political messages at X came less than a week after former president Donald Trump posted there...X, formerly known as Twitter, said in a blog post that allowing political ads, starting in the United States, was "building on our commitment to free expression"
X policies prohibit promotion of false or misleading information, including bogus claims intended to undermine confidence in an election, the blog contended
GCC to establish partnerships with international organizations: Albudaiwi
Riyadh, Saudi Arabia-- The GCC countries are "actively engaging" with international and regional organizations in order to establish strategic partnerships...The secretary general of the GCC made the remarks in a meeting with the ambassadors of the MIKTA Group in Riyadh
The MIKTA Group comprising of Turkey, Indonesia, Mexico, Korea, and Australia is keen to consolidate cooperation with the GCC
Egypt looks to raise US$5bn from offloading stake in state-owned companies
Cairo, Egypt--Egypt is looking to raise $5 billion from the offering of power plants and state-owned companies from October 2023...The country will offload stake in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant, and Zafarana wind farm
Between March 2022 and July 2023, the Egyptian government raised $5 billion from offering stakes in 13 companies
Exclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economy
In the GCC, online market growth surpasses offline, driven significantly by Saudi Arabia, amid intense competition where local brands increasingly...In the MENA region, customers are enticed by augmented reality games with tangible rewards, as the digital economy rises and brands innovate to meet growing expectations
In an intensifying market, customers' multi-channel interactions offer brands crucial CX strategy insights, reflecting the escalating expectations they have from merchants
