IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
Business
Business
Saudi jewelry sector records 36 percent sales jump in Q2
The gold and jewelry sector in Saudi Arabia has recorded a 36 percent growth in sales as the economy shows...
- The kingdom has also seen an upsurge in consumer spending in the second quarter exceeding $33 billion with an annual growth rate of 7 percent
- Referring to data issued by the Jazan Chamber of Commerce, the report said the gold and jewelry sector was followed by clothing and footwear, which grew by 24 percent
Business
Demand boost, price rise lift profits of Gulf oil firms
GCC countries have witnessed financial surpluses in their budgets for the first time in a long time on the back...
- GCC countries have witnessed financial surpluses in their budgets for the first time in a long time on the back of increase in oil prices, strengthening their credit ratings
- Saudi Arabia, the largest OPEC producer, is among the first to benefit from the surge in oil prices and an increased demand, with a $21 billion surplus in the first quarter
Economy
UAE scores high in 11 best expatriate destination parameters: Survey
The UAE has exceeded international figures in 11 indexes on the best expatriate destinations based on various factors, which include...
- German research firm InterNations said UAE achieved advanced positions in four key pillars and 11 indexes, out of five pillars and 17 indexes.
- About 94 percent of those surveyed felt safe in the UAE while the global rate was under 81 percent.
Geostrategy
Dubai airport gears up to ease transit travel for World Cup supporters
Dubai International Airport, a major aviation hub, is gearing up to help ease transit travel for World Cup supporters ahead...
- The first World Cup ever held in a Middle Eastern country is set to kick off in Qatar on November 20, and will last until December 18.
- Gulf states have agreed to ease administrative procedures for fans in transit, in particular through the United Arab Emirates.
Business
Number of UAE-based private sector employees grows by 9% in Q2
The Ministry of Human Resources and Emiratisation said in its private sector workforce report that the construction sector accounted for...
- Twenty-six percent of the total private sector workforce registered with the Ministry are in the construction sector, followed by 21 percent in the trade and repair services.
- Agriculture sector marked the highest (70 percent) growth in the number of new work permits issued, followed by social and personal services.
Business
UAE, Saudi achieve above 60 percent pre-Covid travel recovery
Travel recovery witnessed in the UAE and Saudi Arabia has been very strong, according to a survey of nearly 2,000...
- A total of 98 percent of respondents in Saudi Arabia and 95 percent in the United Arab Emirates have used airport lounges in the past. .
- Passengers from the UAE made an average of four return trips in 2021, which is a 67 percent recovery from the pre-pandemic average number of six return trips.
Business
Uniper, German energy giant, records net loss of $12.5bn in H1
Russia's war in Ukraine has caused turmoil in European energy markets, especially in Germany, which is heavily dependent on Russian...
- Uniper on Wednesday reported heavy first-half losses which it blamed on Russia squeezing gas deliveries in the wake of the Ukraine war.
- The German government agreed in late July to take some 30-percent stake in Uniper, which was threatened with bankruptcy as a result of the crisis
Saudi PIF buys shares in Alphabet, Zoom, Microsoft
The Fund purchased 1.8 million shares of Microsoft, 4.7 million class A shares of Zoom, and 213,000 class A shares...
- The Fund purchased 1.8 million shares of Microsoft, 4.7 million class A shares of Zoom, and 213,000 class A shares of Alphabet
- It also acquired shares in JPMorgan and BlackRock, buying 3.9 million shares and 741,693 shares respectively
Business
Lebanese man who took bank staff hostage let off
Bassam al-Sheikh Hussein held bank staff hostage in Beirut last week to demand access to his trapped savings. After a...
- A judicial official said that Hussein has since been released but still faces possible charges by the state
- The state media reported that he took the drastic action to access his savings so he could pay for surgery for his father
Business
ACWA Power to sign $2.4bn wind power project deal in Uzbekistan
ACWA Power Company will join hands with Uzbekistan in order to enter into a $2.4 billion deal for a 1,500-megawatt...
- It will be the biggest onshore wind project in the region and will contribute 19 percent to Uzbekistan’s overall renewable energy goals
- The plant once completed will power 1.65 million households and offset 2.4 million tons of carbon emissions per year.
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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
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ICIEC, SAPICO ink pact
Business
Meta releases advertisement-free plan for users in Europe
"To comply with evolving European regulations, we are introducing a new subscription option in the EU, EEA (European Economic Area)...
Business
Britain grants 27 new oil and gas exploration licenses in North Sea
London, United Kingdom - Britain on Monday awarded 27 new licenses for oil and gas exploration in the North Sea as...
Economy
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Business
SABIC Agri-Nutrients profit falls
SABIC Agri-Nutrients Q3 net profit fell 55% to $280 million.
- Revenue fell 40 percent year-on-year (YoY) to US$712 million (SAR2.67 billion) in the three months ended September 30, 2023.
- Net profit dropped 66 percent to US$714 million (SAR 2.68 billion) in the first nine months of 2023 compared to US$2 billion a year ago.
Business
AlUla signs pact with Six Senses
Six Senses AlUla will open in Saudi Arabia in 2027.
- Luxury hotel Six Senses AlUla will span across 1,200,000 square meters and will be built within a natural oasis adorned with lush palm groves.
- It will feature 100 guest villas and 25 residences, which will be designed to seamlessly integrate with AlUla's breathtaking natural landscape.
Business
stc Group posts 9-month revenue
stc's revenue was $14.5 billion in January-September 2023.
- Gross Profit for the period of 2023 reached US$7.7 billion (SAR28,875 million) with an increase of 1.8 percent compared to the same period last year.
- Earnings before Interest, taxes, zakat, depreciation and amortization for the period reached $5 billion with a decrease of 2.35 percent compared to Jan-Sept 2023.