Saudi Arabia’s travel account surplus reaches nearly $13.27bn
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector achieved a record surplus in the 2024 travel account, reaching SAR49.8 billion...
Business
OpenAI says it raised $40 bn at valuation of $300 bn
San Francisco, United States - OpenAI on Monday said it raised $40 billion in a new funding round that valued...
Business
Business
TRENDS Poll: 36% believe GCC banks threatened by US, Europe banking crisis
Due to the GCC's strong linkages with the global banking system, concerns have risen that the banks in the region...
- The poll question asked: Are GCC banks under threat from the banking crisis in the United States and Western Europe?
- Due to the GCC's strong linkages with the global banking system, concerns have risen if the banks in the region will face the same struggles
Business
Mubadala invested $29 billion in 2022 in sectors that shape future
Abu Dhabi, UAE - Mubadala Investment Company invested AED 107 billion ($29 billion) in sectors that shape the future, including...
- The company participated in deals in the healthcare sector, investing in Envirotainer, a cold chain solutions provider for the pharmaceutical industry
- In the renewable energy sector, Mubadala invested USD 525 million with India’s BlackRock Real Assets in Tata Power Renewables
Economy
FAB hosts Chinese businessmen for summit on boosting trade
Abu Dhabi, UAE-- Seeking to deepen the UAE's economic and trade relationship with China, First Abu Dhabi Bank hosted more...
- With investment and trade touching US$330 billion during the last ten years, China has emerged as the Middle East's largest trading partner
- Last year, the bank became the first financial institution from the UAE to open a branch in Shanghai thus pushing trade and investment flows across the region
Business
UAE looks to strengthen economic ties with Central Asian states
Dubai, UAE-- The UAE is keen to strengthen economic ties with the Central Asian states, which offer many investment opportunities....
- Dr. Thani bin Ahmed Al Zeyoudi said that the UAE was always exploring new markets, and the KazanForum provided a platform to meet with representatives of Central Asian nations
- He held bilateral talks with several government ministers and officials, focusing on the current economic landscape, areas of mutual interest and opportunities for investment
Business
Digital banking services use in UAE is now 100%: Bank federation chief
Dubai, UAE – UAE Banks Federation (UBF), the representative of UAE banks, revealed on Friday that the rate of digital...
- UAE ranks second globally in terms of customer confidence in banks at 84% in 2022, according to the annual index of the UAE Banks Federation
- UAE leadership in digital banking is underpinned by the adoption of the Digital Transformation Strategy by the Central Bank of the UAE in 2022
Business
GCC IT spending to hit $35.3bn despite economic woes
Global supply chain constraints and escalating inflation are unlikely to affect IT spending in the Middle East, Turkiye, and Africa...
- Global supply chain constraints and escalating inflation are unlikely to affect IT spending in the Middle East, Turkiye, and Africa region, which is set to reach US$233.8bn
- Adoption of AI and blockchain in GCC is faster than in other regions as firms in the bloc transition from early stages of digital transformation to managing 'digital businesses'
Business
MoFAIC, Burjeel Holdings ink MoU on healthcare services
ABU DHABI, UAE - UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC) and Burjeel Holdings have signed a Memorandum...
- MoFAIC said that it seeks to enhance the quality of life via comprehensive and proactive health and therapeutic services.
- Burjeel Holdings said their healthcare professionals are committed to ensuring the well-being of MoFAIC's employees.
Geostrategy
Ajman Chamber, Belgium Embassy discuss trade opportunities
AJMAN, UAE - Chairman of the Ajman Chamber of Commerce and Industry (ACCI) Abdullah Al Muwaiji discussed trade and investment...
- The meeting aimed to strengthen economic ties and promote Ajman as an attractive investment destination.
- The discussions focused on bilateral economic, trade investment relations, tourism, industry, trade, education, health.
Business
$36m plot of land among $2.47bn Dubai weekly realty deals
Dubai, UAE -- A total of 3,105 real estate transactions worth AED9.1 billion ($2.47 billion) were conducted in Dubai during...
- The DLD report showed that 191 plots were sold for AED1.14 billion, and 2,284 apartments and villas were sold for AED6.03 billion.
- Al Hebiah Fifth recorded the top transactions for this week with 54 sales worth AED185.13 million, followed by MADINAT HIND 4 with 34 sales worth AED50.26 million.
Business
Masdar to develop 2GW of clean energy projects in Uzbekistan
Abu Dhabi, UAE -- Abu Dhabi Future Energy Company (Masdar) has signed an agreement with Uzbekistan’s Ministry of Energy (MoE)...
- Besides 2 gigawatts of solar and wind projects, 500 megawatt-hours of battery energy storage at multiple sites across the Central Asian country would also be developed.
- Uzbekistan plans to achieve 7GW of solar and 5GW of wind capacity by the end of the decade. Masdar’s portfolio in Uzbekistan includes the largest wind farm in Central Asia.
Most Read
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
Saudi Arabia’s travel account surplus reaches nearly $13.27bn
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector achieved a record surplus in the 2024 travel account, reaching SAR49.8 billion...
Business
Company News
Saudi EVIQ unveils R&D facility
Business
Latest News
Nissan to export EVs globally
Business
Saudi Arabia’s real estate deals fall 11 percent in 2023: Ministry
Riyadh, Saudi Arabia -- The value of Saudi Arabia's real estate transactions fell year-on-year by 11 percent to nearly SAR...
Business
ASML profit soars to US$8.5bn
It has shrugged off geopolitical tensions to post high profits.
Business
Global halal market set to hit $7.7 trillion by 2025
Makkah, Saudi Arabia — Global halal market is projected to reach an estimated $7.7 trillion by 2025. Leading the expansion...
Business
Most Read
Business
ADIB records 45% jump in net profit
Its revenue climbed 36 percent to US$2.53 billion in 2023.
- The bank in a statement said that Its net profit for Q4 2023 jumped to $408 million, an increase of 29 percent as against Q4 of 2022
- The Abu Dhabi-based bank said that its revenue for 2023 improved by 36 percent to $2.53 billion compared to $1.85 billion last year
Business
Mocktail mania in Saudi, where dry January lasts all year
Riyadh, Saudi Arabia - The concept was controversial: a pop-up bar offering bellinis and spritzes that, while non-alcoholic, were served in...
- Saudis say the trend is consistent with a broader push by Crown Prince Mohammed bin Salman to transform his oil-dependent nation into a foreigner-friendly business
- King Abdulaziz enacted Saudi Arabia's alcohol ban in the early 1950s, not long after an incident in which one of his sons got drunk and, in a rage, shot dead a British diplomat
Business
Dubai Customs records 30.4m transactions in 2023, posting 17.5% growth
Dubai, UAE--Dubai Customs has successfully processed more than 30.4 million customs transactions during the entire year of 2023. This set...
- The figures for 2023 have set a new record for the highest number of customs transactions by Dubai Customs, showcasing a 17.5% growth
- The new accomplishment has resulted from the ongoing success of the Comprehensive Economic Partnership Agreements program