At 10% growth, Saudi banking sector shows resilience
With Vision 2030 steering the economic diversification, Saudi banks face challenges and opportunities in liquidity, asset quality, and navigating geopolitical...
Business
AI game gains popularity during Chinese New Year festivities
SHANGHAI, CHINA - Young Chinese flocking home for Lunar New Year this weekend have turned to an AI chatbot game to...
Arts & Culture
Business
Dubai sets up two new courts for securities disputes
Dubai Courts has established two new courts in the Commercial Court in order to speed up settlement of securities-related disputes....
- The new entities were created as per the directives of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai
- The new courts will focus on dispute resolution in securities, shares, bonds, and other such financial instruments
Business
Cut meat consumption to avert climate catastrophe: Report
Fossil fuels, energy and transport tend to dominate climate discussions. Governments largely ignore livestock’s contribution to climate change, terrified of...
- Fossil fuels, energy and transport tend to dominate climate discussions
- The livestock sector is responsible for 14.5% of global greenhouse gas (GHG) emissions
Business
GCC works from home with digitalization
The Covid-19 pandemic has been the primary driver of businesses and governments embracing remote-work opportunities.
- Some Arab governments have been significantly more proactive than others, especially in the GCC region
- Only 16 percent of workers in the Middle East and North Africa believe that workplaces will revert to pre-epidemic levels
Business
French hotel industry on its knees: Accor CEO
Sebastien Bazin, head of the world's sixth-largest hotel group, said on French radio station RMC that Accor currently lacks at...
- Sebastien Bazin, head of the world's sixth-largest hotel group, said on French radio station RMC that Accor currently lacks at least 2,000 employees in France
- The hospitality industry in numerous countries has complained of difficulty rehiring staff and some employers are trying to lure workers with higher wages
Business
Al Sadd releases Xavi
The Spanish legend may now return to Barcelona.
- Xavi has so far led Al Sadd to the 20-2021 QNB Starts League title, and the 2020 and 2021 HH the Amir Cup titles
- He has also coached the team to win the 2020-2021 Qatar Cup title, and the 2019 Qatar Super Cup
Business
Infath of Saudi Arabia logs $159.9m sales in October
Entrustment and Liquidation Center (Infath) of Saudi Arabia has raked in its highest ever amount in October thanks to sales...
- The organization has now raised more than $533 million since it started operations in September 2020
- Infath is planning to supervise 3 additional auctions during the first half of November 2021
Economy
Saudi economic growth in Q3 5.7 percent likely: Capital Economics
Compared to the growth of only 0.7 percent in the second quarter of this year, Saudi Arabia's economy is likely...
- Capital Economics says increases in oil production, along with a loosened fiscal policy, will only boost recovery further.
- In mid-October, the World Bank revised Saudi Arabia’s 2022 growth forecast from 3.3 percent to 4.9 percent.
Business
Three Saudi companies to offer nine million shares in IPO
Three Saudi private companies will go public, offering around nine million shares in IPOs, according to the Saudi Exchange market...
- Among them was the Riyadh-based Advanced International Company, specializing in providing technical and security solutions
- Alwasail Industrial Co., also offered 2.5 million shares
Business
Russia wins latest round of $50bn Yukos case
The Dutch supreme court on Friday scrapped an order for Russia to pay a record $50 billion to former shareholders in dismantled...
- Judges shunted the case back to a lower court for more hearings as the battle continues over Yukos
- Russia hailed Friday's decision, but the ex-shareholders said they were "confident" they would eventually win their fight over the original 2014 arbitration award
Business
UAE stocks lead higher, mixed show by Saudi index
TASI fluctuated during the week, owing to a rise in Aramco shares. The energy giant's net income grew to $30.4...
- Seven sectors on the Abu Dhabi Stock Exchange gained during the week, led by telecommunications that rose 1.16 percent.
- Aramco’s market capitalization has increased by more than 8 percent this year to just over $2 trillion.
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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
At 10% growth, Saudi banking sector shows resilience
With Vision 2030 steering the economic diversification, Saudi banks face challenges and opportunities in liquidity, asset quality, and navigating geopolitical...
Business
Company News
Stock markets advance on US debt, elections
Market Report
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One missing after tugboat sinks in Suez collision with tanker
The authorities in charge of the waterway said that a tugboat sank and a cew member had gone missing after...
Business
Saudi Fund signs US$77m agreement to set up solar power plant in Belize
Riyadh, Saudi Arabia-- Saudi Arabia has signed a $77 million loan agreement with Belize to set up a solar power...
Business
Oman annual inflation inches up to 0.69 percent in June
Muscat, Oman--Oman annual inflation rate reached 0.69 percent by the end of June 2023, according to the monthly consumer price...
Economy
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Business
MENA region rides the wave of digital transformation
With an estimated IT spending of $175.5 billion in 2023, the region is embracing digital solutions, leveraging advanced technologies, and...
- With an estimated IT spending of $175.5 billion in 2023, the region is embracing digital solutions, leveraging advanced technologies, and investing in flagship projects
- Complete digital transformation requires careful planning, collaboration, and a focus on culture and mindset, positioning the region as a leader in the digital age, say experts
Economy
UAE to mobilize global tech, space sectors for climate action ahead of COP28
ABU DHABI, UAE - Key UAE government entities have partnered to boost coordination between advanced technology and space sectors. The...
- The collaboration aims to further contribute to COP28’s inclusive ecosystem, bringing together major technology companies, global institutions.
- It will encourage companies to use the UAE as a base for producing new technologies that can help drive sustainable industrial development.
Economy
CEPA signed with UAE is a special achievement: Indian minister
New Delhi, India--The Comprehensive Economic Partnership Agreement (CEPA) signed with the UAE and operationalized last year is a “special achievement...
- The Indian minister was responding to a question by a member of parliament about whether "there are some special achievements of India's foreign policy"
- He added that there is a greater integration of the Indian economy with regional and global economies, contributing to a deeper and extensive trade partnerships