ExxonMobil makes new oil discovery
The oil and gas strike is the first of 2024.
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...
Economy
Business
Rulebook to ease access to UAE central bank’s reference system
Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) has launched the Rulebook, a dedicated platform on its...
- Rulebook is a dedicated platform on its website that hosts the CBUAE’s regulations, standards, guidelines, relevant laws and other regulatory publications.
- The new Rulebook provides financial sector stakeholders with further access to the CBUAE’s regulatory publications from any device, in Arabic and English.
Business
Three UAE lenders among top five GCC banks
Both countries attract a high level of foreign investment, which provides capital for their banking sectors. The UAE is the...
- In 2022, the UAE's banking sector had assets of over $1.5 trillion, and Saudi Arabia's banking sector had assets of over $1 trillion.
- The UAE and Saudi Arabia dominate the Gulf Cooperation Council banking sector as both have large and growing domestic markets.
Business
NEOM and Volocopter conduct successful flight trials of air taxis
Riyadh, Saudi Arabia -- NEOM and Volocopter have announced a series of successful flight trials of electric vertical vehicles (eVTOL),...
- The project is the result of an 18-month partnership between NEOM, the General Civil Aviation Authority (GCAA), and Volocopter.
- The flight trials mark the first ever testing of an electric and zero-emission urban air mobility (UAM) system in Kingdom's futuristic city.
Business
Michael Jackson’s moonwalk fedora up for auction
The King of Pop whipped off the hat, with an estimated value of $65,000-$110,000, while breaking into his hit "Billie...
- Other items include a guitar owned by the legendary bluesman T-Bone Walker that could fetch up to 150,000 euros and a suit worn by Depeche Mode's Martin Gore.
- The hat will be the star attraction at an auction of rock-and-roll items by Drouot on September 26.
Business
TAQA to buy SWS Holding
The energy company will pay US$462 million for the buyout.
- TAQA will pay 50 percent of the amount on completion of the deal and the remaining 50 percent will be paid a year later
- The acquisition is expected to add some US$4.35 billion to TAQA's exisiting regulated asset value of approximately US$20.42 billion
Geostrategy
Resumption of Saudi-Iran relations: A step towards regional, economic stability or a strategic play?
The peace deal has ignited debates on its potential to transform Middle East from a region hit by conflicts to...
- 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
Business
QSE unveils new trading system
It is expected to propel Qatar as an investment hub.
- The new platform aligns with the advanced financial market technologies deployed by exchanges like London Stock Exchange Group
- A multi-asset, multi-market, trading platform, it will provide wide support a range of asset classes including equity, fixed income, and derivatives
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
Geostrategy
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
Business
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.
ExxonMobil makes new oil discovery
The oil and gas strike is the first of 2024.
Company News
Latest News
Masdar eyes Europe for growth
Business
Tokyo’s Nikkei climbs to its highest level since Mar 1990
Tokyo, Japan - Tokyo stocks closed higher on Tuesday on the back of gains in US tech stocks, pushing the Nikkei...
Business
Mubadala lists dollar, dirham bonds
This is Mubadala's seventh listing of a green debt instrument on ADX.
Business
Most Read
Economy
Boost investment to avert ‘decade of wasted opportunity’: World Bank
Global growth is set to slow from an estimated 2.6 percent in 2023 to 2.4 percent this year, 0.75 percentage...
- Growth in advanced economies is expected to slow to just 1.2% this year, while emerging market and developing economies should see growth ease slightly to 3.9%.
- After seeing reasonable growth in 2023, the United States and China -- the world's two largest economies -- are both likely to slow in the year ahead, the World Bank said.
Business
Nakilat expands its fleet
The Qatari firm placed orders for 6 carriers with HSHI.
- Upon delivery, Nakilat's LNG fleet will expand to 71 vessels, and the LPG fleet will grow to eight vessels with the addition of the four new vessels.
- The orders include two cutting-edge LNG carriers with a cargo capacity of 174,000 cum each and four modern Very Large LPG/ Ammonia Gas carriers.
Business
SEC, Emaar Economic City sign agreements Â
RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
- The two agreements aim to deliver electrical service to the second and third phases of KAEC projects.
- These aim to provide electrical energy for major projects related to achieving the goals of the Kingdom’s Vision 2030.