Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...Business Economy Energy
Sharjah real estate transactions in May valued at US$653m
SHARJAH, UAE - The emirate's real estate activity during May 2023 logged a total value of US$653 million (AED 2.4...The report issued by Sharjah Real Estate Registration Department revealed that 3,540 transactions were recorded in various regions across the emirate.
The report indicated that the real estate sector has maintained its leading position as a preferred choice for those wishing to buy or invest in Sharjah.
Hyundai, Aramco sign $5bn contract
Hyundai will build a petrochemicals complex in the kingdom.Korean media reports said the deal, which will advance the Amiral project packages No. 1 and 4, is the largest contract won by a Korean builder.
The deal comes a day after Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in Saudi Arabia.
Qatar to head ICAO’s Technical Cooperation Committee
Doha, Qatar--Qatar has been elected to be the chairperson of the International Civil Aviation Organization (ICAO)'s Technical Cooperation Committee (TCC).Representatives...ICAO council member states voted Qatar's permanent representative in the council Essa Abdullah Al Malki as the chairperson of the ICAO's TCC
The TCC is tasked with assisting and advising the council on reviewing ICAO policies on technical cooperation, assistance, training, and operational plans
Iran’s oil exports surge to 1.9 million barrels per day in May
In spite of economic sanctions imposed by the Western governments against Iran, the country has seen its oil exports surge...The Islamic Republic has ramped up its crude output to more than 3 million barrels per day, nearly 3 percent of the world's supply
Iran has been pouring more oil into the global energy market at a time when OPEC+ has lowered the supply in order to shore up the oil market
More than 900,000 passengers to use Abu Dhabi International Airport on Eid
Abu Dhabi, UAE-- Some 900,000 passengers are expected to pass through Abu Dhabi International Airport on more than 5,000 flights...Abu Dhabi Airports gave out the projected numbers ahead of an expected uptick in passenger traffic at Abu Dhabi International Airport during the Eid celebrations
On June 24, and June 25th, and July 2nd airport authorities expect heavy passenger traffic to pass through the emirate's five airports and expect to serve almost 65,000 passengers
UAE, Saudi firms eye global acquisitions worth $20bn
Companies like ADNOC, Saudi sovereign fund, and Niu are making significant strides as the two Gulf countries seek to diversify...Companies like ADNOC, Saudi sovereign fund, and Niu are making significant strides as the two Gulf countries seek to diversify their economies and capitalize on high oil prices
"M&A surge in the Middle East fueled by private equity and sovereign wealth funds, and backed by liquidity and reforms, is giving wings to region's transformative aspirations
AI chip giant Nvidia likely to invest in Europe
SANTA CLARA, US -  The CEO of Nvidia said that the world's most valuable chipmaker is "extremely likely" to invest in...Nvidia would join other semiconductor giants like Intel that are also looking to open new operations in Europe.
The US firm, which specializes in chips coveted in the artificial intelligence boom, has seen its value hover around $1 trillion in recent weeks.
Iraq’s finance and business center to be a hub for trading, selling
BAGHDAD, IRAQ - The Finance and Business Center in Iraq is set to become a hub for trading and selling...The Prime Minister's financial advisor emphasized the center's role in Iraq's financial and banking development strategy.
He said that the center would cater to both the banking and non-banking financial businesses, such as insurance companies.
Aramco, TotalEnergies to construct petrochemical unit in Saudi Arabia
Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in the Gulf kingdom, the two...The move "marks the start of construction work on the joint petrochemical expansion", Aramco and TotalEnergies said in a joint statement.
The project, first announced in 2018, represents an investment of around $11 billion, of which $4 billion will be funded through equity by Aramco and TotalEnergies.
Kuwait’s central bank says broad money supply rises marginally
KUWAIT- Central Bank of Kuwait (CBK) announced that the broad money supply (M2) went up by 0.3 percent last May...Local banks' private sector deposits increased by 0.6 percent to settle at $119.4 billion, revealed the CBK's economic research department.
Local banks' assets fell by 0.1 percent to record $280 billion, while the net foreign assets decreased by 0.2 percent to $34.3 billion.
