Total value of Saudi Arabia’s export of dates reaches US$389m in 2023
RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of...
Business
Gold hovers near a month high on slowing US inflation
ABU DHABI, UAE- Gold prices hovered near a month high on Friday after data suggested easing US price pressures, while...
Business
Business
PIF of Saudi Arabia looks to invest in China
Public Investment Fund of Saudi Arabia is looking to diversify investments into Chinese companies after having confined its overseas holdings...
- The PIF has applied for a Qualified Foreign Institutional Investor license in China, to be able to directly trade renminbi-denominated stocks
- The $450 billion sovereign fund, which hasn’t disclosed any investments in China, has ambitions to control $2 trillion of assets
Business
Dubai to merge economy and tourism departments
Dubai intends to merge the departments of economy and tourism in order to attract some 25 million tourists by 2025...
- The new entity will be asked to increase the added value of the industrial sector
- Al Marri has been Director General of the Dubai Department of Tourism and Commerce Marketing (DTCM) since 2013
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
Total value of Saudi Arabia’s export of dates reaches US$389m in 2023
RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of...
Business
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Economists convened by COP28 lay out steps to reform global climate finance
ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has...
Economy
ACWA Power is preferred bidder for DEWA’s Hassyan Seawater Reverse Osmosis plant
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer said on Wednesday...
Business
Tencent Q2 net income $3.6 bn
Tencent last year posted its first decline in quarterly sales since its listing.
Business
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Business
Struggling Lucid weighs down PIF’s robust US equities show
Dubai, UAE -- Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), reported 9.6 percent growth in its US equity holdings to...
- Lucid continued to drag down the fund’s US public holdings with q-o-q growth of 6.2 percent to US$9.47 billion – a level that was still 45.6 percent down on end-June 2022.
- The EV manufacturer has struggled with mounting losses and tightening cash reserves due to recession risks and a price war with its bigger rival Tesla.
Business
AD Ports Group Q2 net profit $84m
The Group posted 66% year-on-year revenue growth.
- Maritime, Digital, and Ports Clusters were the key growth drivers with 208 per cent, 26 per cent, and 22 per cent year-on-year, respectively.
- AD Ports Group Q2 2023 EBITDA rose by 29 per cent year-on-year to AED686 million, mainly driven by maritime, digital, and ports clusters as well as acquisitions.
Economy
Saudis, Emiratis gain wealth, but disparity remains
In 2022, 45 percent of adults in Saudi Arabia had a net worth of less than $10,000, against 43 percent...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.