Saudi Pro League announces long-term partnership with Maaden
Riyadh, Saudi Arabia - The Saudi Pro League (SPL) and Saudi Arabian Mining Company (Maaden) have agreed a long-term strategic...
Business
Saudi Arabia unveils ‘Colour Your Summer’ program, targeting 41 million visitors
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector is poised for an unprecedented summer season, with the official launch of...
Business
Business
Saudi Arabia and South Korea sign several MoUs to deepen ties
Riyadh, Saudi Arabia--Saudi Arabia and South Korea have signed multiple memorandum of understandings aimed at supporting SMEs, along with enabling...
- The two minister discussed ways to attract South Korean SMEs to the kingdom as they examined potential investment cooperation opportunities
- The Korean minister said improved ties with Saudi Arabia would encourage businesses in South Korea to tap into the global market
GCC insurance sector growth may slow down this year
The expansion of infrastructure investment and medical insurance coverage will continue to drive premiums in 2023, albeit at a slower...
- The expansion of infrastructure investment and medical insurance coverage will continue to drive premiums in 2023, albeit at a slower pace than in 2022, reports suggest
- Strong premium growth, relatively modest earnings, and high costs to meet new accounting standards and other regulatory demands will erode capital and solvency buffers
Business
Credit Suisse shares down
The bank has lost 81% of its value since Greensill bankruptcy.
- Shares in Switzerland's second largest bank plunged quickly by 14.3 percent to reach 2.139 Swiss francs.
- Despite a huge restructuring effort, the value of Credit Suisse has dropped repeatedly on the stock market.
Business
Europe warned industry will flee unless energy prices lowered
Brussels, Belgium - The European Union must urgently lower energy prices and ease regulations to stop industry fleeing the continent, European...
- The EU is racing to make Europe more attractive for the companies that could be tempted by massive US and Chinese subsidies and lower energy costs.
- German chemical giant BASF said in February it would close several units in Germany because of high energy prices affecting competitivity in Europe.
Infographics
UAE, Qatar least corrupt Arab nations
The 2022 Corruption Perception Index says corruption is undermining democratic processes and fueling violence in the Middle East and North...
- The CPI ranks180 countries and territories around the world by their perceived levels of public sector corruption on a scale of 0 (highly corrupt) to 100 (very clean).
- With a score of 90 and 87 respectively, Denmark and Finland top the CPI, while Somalia and Syria hit rock bottom with a score of 13 and 12 respectively.
Geostrategy
Russia agrees to grain export deal extension for 60 days
Russia has agreed to extend the Ukraine grain export deal following talks with the United Nations - but only for...
- The grain export deal has helped ease the global food crisis triggered by Russia's full-scale invasion of Ukraine in February 2022.
- The invasion saw Ukraine's Black Sea ports blocked by warships until a deal signed in July allowed for the safe passage of exports of critical grain supplies.
Business
Borouge to pay huge dividend
The company has paid a total of $975m in dividends for 2022.
- The final dividend will be distributed to shareholders in April 2023, and the company has committed to paying $1.3 billion in dividends for 2023.
- Borouge reported an increase of 8.2 percent in revenues to $6.7 billion and net profit for the year was $1.4 billion in 2022.
Business
Containers handled by Saudi ports increase by 7.76 percent in Feb 2023
Dubai, UAE -- Saudi ports handled 7.76 percent more containers in Feb 2023, compared to the same period last year,...
- Saudi ports received 100,903 passengers, an increase of 61.16 percent over the corresponding month in 2022, which recorded 62,611 passengers.
- Incoming containers increased by 5.95 percent to reach 193,937 containers compared to 183,051 containers in Feb 2022.
Interview
‘Bad governance, lack of solid regulation fuel blockchain violations’
There is chaos in the crypto market and the dust rises with an episode of failure, but failures must not...
- Dubai not only inspires the world to embrace new financial instruments, but it has been a hub for digital financial products, says Tapscott.
- Banks need to work hard to find ways to avoid intermediation. but we intermediate to create new value in the middle, he adds.
Business
Middle East fragrances market to hit $4.41 billion by 2027
Dubai, UAE -- The Middle East fragrances market is expected to reach $4.41 billion in 2027, from $2.85 billion in 2019,...
- Online sales market is expected to expand in the near future due to rapid growth in online and mobile user customer bases in emerging markets.
- Over the past couple of years, however, the traditional mass market fragrance business has witnessed a decline in its sales as customers seek more upmarket brands.
Saudi Pro League announces long-term partnership with Maaden
Riyadh, Saudi Arabia - The Saudi Pro League (SPL) and Saudi Arabian Mining Company (Maaden) have agreed a long-term strategic...
Business
Company News
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Q3 corporate earnings show mixed results in GCC
Market Report
DEWA extends fibre-optic ducts across Dubai by 364 kms in 2023
Dubai, UAE--The Dubai Electricity and Water Authority (DEWA) has laid over 364 kilometres of fibre optic (FO) ducts across different...
Business
Iran wants trade with Saudi Arabia to be highest in region: Ambassador
Riyadh, Saudi Arabia - Iran wants to elevate the levels of trade and investment exchanges with Saudi Arabia to the...
Business
China looks to woo back global elites at Davos forum
Prime Minister Li Qiang, who will make a special address on Tuesday, will be the most senior Chinese official to...
World Economic Forum
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Business
Passenger traffic at Sharjah airport jumps to 15.3 million in 2023
Sharjah, UAE--The number of passengers travelling through Sharjah airport reached 15.3 million in 2023, as compared to 13.1 million in...
- The airport's traffic shot up 12 percent with over 98,000 flight movements in 2023 as compared to around 87,000 flight movements in 2022
- The airport also added three new destinations for air cargo including Houston in the United States, Kigali in Rwanda and Nasik in India
Economy
S&P estimates UAE GDP to grow beyond 5% in 2024
According to Tatiana Leskova, Associate Director of Corporate Ratings at Standard and Poor's Global Ratings that the global economy while...
- She said S&P expects continued strong momentum in Dubai's hospitality, wholesale and retail
- There was a sharp increase in Russian buyers becoming one of the largest investor groups in Dubai
Business
Dubai set to navigate new realty landscape this year
In 2024, the real estate sector is expected to continue to evolve, offering challenges and opportunities for investors and residents...
- In the year 2024, the real estate sector is expected to continue to evolve, offering challenges and opportunities for investors and residents alike despite global uncertainties.
- The market's robust performance, driven by foreign investments and green drive, positions Dubai as a leading global hub for both residential and commercial real estate.