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
Saudi inflation rises to 1.8% in February
RIYADH, SAUDI ARABIA – Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General...Business Economy
Gross banks’ assets up $1.03trn at end of April 2023: CBUAE
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) announced on Tuesday that the Money Supply aggregate M1...Total Bank Deposits increased by 1.9 percent, rising from $626.47 billion at the end of March 2023 to $638.73 billion at the end of April 2023
The Money Supply aggregate M2 climbed by 2.0 percent, from $485.57 billion at the end of March 2023 to $495.47 billion at the end of April 2023
Resumption of Saudi-Iran relations: A step towards regional, economic stability or a strategic play?
The bilateral peace agreement has sparked intensified debates about its potential to transform the Middle East from a conflict-ridden region...The bilateral peace agreement has sparked intensified debates about its potential to transform the Middle East from a conflict-ridden region to peaceful and prosperous place
Despite government-level reconciliation, Saudi-Iran ties face early-stage challenges, including Iranian aggression, and businesses in both countries risk political uncertainties
Dubai records over US$1.2bn in realty transactions
DUBAI, UAE - Dubai's real estate market recorded 638 sales transactions worth US$503 million (AED1.85 billion) on Tuesday, data released...The market also recorded 130 mortgage deals totaling US$732 million and 21 gift deals amounting to US$59.5 million.
The sales included 566 villas and apartments worth US$394 million and 72 land plots worth US$109 million.
Hyundai targets two million EV sales by 2030
SEOUL, SOUTH KOREA - Hyundai Motor said on Tuesday it aims to sell two million electric vehicles a year by 2030,...If the firm reaches the new goal, its electric vehicles, including luxury brand Genesis, would account for 34 percent of its worldwide sales in 2030.
The South Korean carmaker - one of the world's largest - is under pressure in the United States and Europe to boost local production of clean vehicles.
CBUAE balance sheet rises to US$172bn at end of April 2023
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly...CBUAE says balance sheet increased YoY to US$33 billion against US$138 billion at the end of April 2022.
CBUAE has US$72 billion for cash and bank balances in April, along with reserved investments to the tune of US$55 billion.
AD Ports signs 30-year pact to operate Congo’s key port
The first phase works, costing $200m, likely to completed in 30 months.The Group will provide the facility with digital services and technology solutions to enhance its efficiency
It will invest more than $500 million in the development and functioning of the “New East Mole Port”
Qatar signs 27-year gas supply deal with Chinese firm
The agreement, to supply four million tons annually to the China National Petroleum Corporation (CNPC), matches the terms of a...Asian countries led by China, Japan and South Korea are the main market for Qatar's gas, which has been increasingly sought by European countries since Ukraine war.
Earlier this month, QatarEnergy agreed a 15-year supply deal with Bangladeshi state firm Petrobangla, and last month it awarded a $10 billion contract to France's Technip.
Boeing, Airbus notch up big orders
At list prices, the Airbus deal is worth $3.3bn and Boeing's $1bn.Philippine Airlines will buy nine of Airbus' A350-1000 planes, while Air Algerie will buy eight of Boeing's medium-haul 737 MAX-9 aircraft.
Faced with growing demand for long-haul planes, Airbus is pushing to increase production of the A350, its latest airliner, setting a target of nine per month by the end of 2025.
Riyadh faces Rome and Busan in race to host World Expo 2030
Paris. France -- The candidature of Saudi Arabia (for Riyadh), South Korea (Busan) and Italy (Rome) for World Expo 2030...At the 172nd General Assembly of the BIE, Member States were presented with the findings of Enquiry Missions carried out by the BIE to assess the candidature projects for Expo2030.
Riyadh's bid for Expo between 1 October 2030 and 31 March 2031 is under the theme “The Era of Change: Together for a Foresighted Tomorrow”.
Arada’s US$500m Sukuk lists in Nasdaq Dubai
DUBAI, UAE - Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada...This marks Arada’s first listing in the UAE, following its Sukuk listing last year on the London Stock Exchange.
Arada has embarked on projects worth US$10 billion under development in Sharjah and Dubai.
