Reforms help Saudi banking sector post robust growth
The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase...
Business
Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
Business
Economy
Over 7mn international visitors in Dubai in H1 2022
Dubai attracted 7.12 million international overnight visitors between January and June 2022, recording over 183 growth compared to the 2.52...
- The number of tourists recorded in H1 2022 was close to the numbers achieved in the first six months of 2019
- Western Europe accounted for a significant share of tourist arrivals, comprising 22 percent of total international visitors in H1 2022
Economy
Qatar’s central bank’s foreign currency reserves hit $58bn in July
Qatar Central Bank’s (QCB) foreign currency reserves and liquidity increased 2.79 percent to reach QR 211.32 billion ($58bn) in July...
- The rise in reserves driven by an increase in the central balances of bonds and foreign treasury bills.
- The reserves consist of four categories: foreign securities, balances with foreign banks, gold, and Special Drawing Rights (SDR).
Business
Jordan’s online payment system records transactions worth $13.4bn
Online bill payments through National Electronic Payment System in Jordan surged 27 percent in 2021 to JD 9.5 billion ($13.4bn)....
- Mobile phone payments increased 107 percent in volume with 25 million transactions.
- Payment and electronic money transfer firms issued around 148,000 credit and prepaid cards.
Business
Gender gap narrows in account ownership
This expansion created new economic opportunities, narrowing the gender gap in account ownership, and building resilience at the household level...
- Two-thirds of adults worldwide now make or receive a digital payment, with the share in developing economies grew from 35% in 2014 to 57% in 2021
- The gender gap in account ownership has narrowed, helping women have more privacy, security, and control over their money, latest surveys highlight
Economy
Total assets of UAE national banks at $816b in Jan to May 2022
Total assets of the 22 national banks rose to US$816.8 billion (AED 3.023 trillion) in the first five months of...
- Total assets of the 22 national banks rose to US$816.8b (AED 3.023 trillion) in the first five months of 2022, up four percent
- Assets of national banks accounted for 87.8 percent of gross banking sector's assets of US$937 billion (AED 3.442 trillion)
Business
Technological advancements make regional banks more buoyant
Another important and influential trend being witnessed by the banking sector in the region is reduced physical networks and shifting...
- Banks in the GCC have proved resilient to the pandemic owing to years of investment in technological capabilities
- Online shopping and money transfers are the preferred payment methods for the typical GCC retail customer
Geostrategy
Syria more than doubles petrol prices, says commerce ministry
Syria's internal commerce ministry has announced a petrol price hike of around 130 percent in the war-torn country facing fuel...
- The cost of a liter of subsidized fuel will rise to US$0.99 (2,500 Syrian pounds), from US$0.43 (1,100 Syrian pounds)
- The cost of non-subsidized petrol will rise from US$1.39 (3,500 Syrian pounds) to US$1.59 (4,000 Syrian pounds), the ministry said.
Business
COVID-19 helps GCC grow its appetite for digital banking
Banks in the Gulf region were already on the path towards digitization, but the pandemic became the catalyst for accelerated...
- More than 80% consumers now prefer to do their banking online rather than visit a physical branch, while around a third feel their bank provides weak online banking services
- As the pandemic recedes, banks may continue with enhanced customer engagement online, which will pave way for physical branches to deliver more complex and high-value activities
Videos
UAE ahead of US, UK as millionaire destination
The Ukraine conflict has triggered the biggest immigration of high-net-worth Russians, many of whom are likely to move to the...
- Destinations such as Australia, Singapore, Israel, Switzerland, the United States, Portugal, Greece, Canada and New Zealand are behind UAE as preferred millionaire destinations.
- Henley Global Citizens Report estimates that 15,000 High Net Worth Individuals could leave Russia by the end of this year.
Business
GCC ripe for digital banking growth
A high penetration of digital technologies and a tech-savvy younger consumer base among the factors that make the region a...
- Internet usage in the GCC is relatively high, with 82 percent penetration in Qatar, 78 percent in the UAE, 62 percent in Oman, 55 percent in Bahrain and 41 percent in Saudi.
- The market size of the e-commerce industry in the region was expected to grow from $24 billion in 2020 to $50 billion by 2025.
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Reforms help Saudi banking sector post robust growth
The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase...
Business
Company News
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Jadwa buys stake in Gissah
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DIEZ reports 5% rise in revenue
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Intel beats earnings expectations
Net income of US chip giant tallied $300 million.
Apple Watch models face US import ban in patent clash
Apple has been steadily ramping up fitness and health features with each generation of Apple Watch, which market trackers say...
Hamas says 50 hostages dead in Israeli strikes on Gaza
Jerusalem - Hamas's armed wing said on Thursday that "almost 50" Israeli hostages held in the Gaza Strip since the...
Geostrategy
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Business
Saudi Arabia’s Ministry of Investment inks 3 MoUs at FII7
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology,...
- The MoUs related to the biotechnology and pharmaceutical sectors aim to explore, develop, manufacture and market a range of potential new medicines.
- The MoU of the financial services sector aims to provide an opportunity for investors to invest directly in key projects in line with the Saudi Vision 2030.
Business
TotalEnergies Q3 profit up 1.5%
The French energy firm earned a net profit of $6.7 billion.
- Oil and gas prices surged last year following Russia's invasion of Ukraine, leading to windfall profits at energy firms.
- While oil prices are still high in historical terms, the main crude oil contract was down 14 percent last quarter compared to the same period last year.
Business
PIF, Pirelli establish a JV
The JV will set up a facility to make tires in Saudi Arabia.
- PIF will hold a 75 percent stake in the new JV with Pirelli holding the remaining 25 percent.
- The JV will manufacture high-quality tires for passenger vehicles, under the Pirelli brand, in the Kingdom.