Global VC investment falls to lowest level in nearly seven years
 Global VC investment fell from a five-quarter high of US$95.5 billion in Q2'24 to a nearly seven-year low of US$70.1...
Business
Riyadh Season 2024 signs sponsorship agreements with local, global partners
Riyadh, Saudi Arabia-- A signing ceremony for Riyadh Season 2024 sponsorships was held on Thursday at Via Riyadh. General Entertainment...
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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.
Business
Sulaiman Group’s profit soars
The hospital operator's profit jumps to $210m in H1 of 2022
- The company's revenue posted 16 percent jump to $1.06 billion for the six months period ended 30th June 2022
- The hospital operator's board recommended distributing $80 million in dividends at SR0.86 per share during the second quarter of 2022
Business
Pacts boost presence of Saudi-made products on market shelves
Saudi authorities have signed agreements with big retail stores in the kingdom to promote the ‘Made in Saudi Arabia’ program,...
- Under the agreements, signed by Saudi Exports Development Authority, large stores allocate platforms and outlets for Saudi-made goods.
- Saudi products displayed in some retail stores in the local markets amount to account for 70 percent of more than 128,000 items.
Business
Web 3.0 to further revolutionize digital banking
Forward-leaning financial institutions are ready to seize strategic opportunities to secure their stake in the future of Web 3.0. Right...
- Banks globally are going digital, embracing new technologies and these institutions in GCC countries are following this trend
- There have been many reports about Web 3.0 and its benefits for the banking sector and its clients
Business
Pfizer to make $5bn acquisition
US drugmaker is in talks to buy Global Blood Therapeutics.
- Pfizer, according to media reports, hopes to conclude talks with Global Blood Therapeutics within days
- GBT's sickle-cell treatment is administered to people with blood disorder that affects millions
Business
Qatar records 19% jump in international tourist arrivals
Qatar has seen a nineteen percent increase in tourist arrivals with 729,000 visitors coming to the country in the first...
- In June alone some 149,000 visitors came to the country, marking the highest arrivals in the summer month in the last 5 years
- Qatar will unveil some 50 hotels by the end of the year, besides launching several tourism attractions such as kite beach resorts and Lusail Winter Wonderland
Business
Union Properties’ profit rises
The Dubai-based firm posted net profit of $77,603 in Q2.
- The developer merged three of its existing business units to improve efficiency and productivity across the business,
- Union Properties expects improvement in profitability through efficient resource and asset utilization, economies of scale and cost rationalization
Business
GCC investors turn to realty to hedge against inflation
The real estate sector in the Gulf region is set to accelerate in the second half of the year as...
- The real estate sector in the region is set to accelerate in the second half of the year as regulations effectively mitigate the market cycle swings, especially during inflation
- Local real estate prices will be less high for foreign investors than other global markets as local inflation rates are significantly lower than the rest of the world, say experts
Market Report
GCC stocks rise amidst US-China tension
The performance of the Gulf stock exchanges varied this week, affected by several factors and events, most notably the tension...
- The performance of the Gulf stock exchanges varied this week affected by several factors and events
- The visit of US House Speaker Nancy Pelosi to Taiwan and the tension between the United States and China affected the stock market
Global VC investment falls to lowest level in nearly seven years
 Global VC investment fell from a five-quarter high of US$95.5 billion in Q2'24 to a nearly seven-year low of US$70.1...
Business
Company News
Energy, commodity prices hurt profits of GCC firms
Market Report
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SEC reports $1.55bn Q3 profit
The company attributes the growth to surge in demand.
UAE a key market for our businesses due to its location: French official
Dubai, UAE-- The UAE is a key market for French businesses due to its strategic location as a hub and...
Business
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Business
UAE Islamic Treasury Sukuks auction is a tremendous success
ABU DHABI, UAE - The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration...
- The fifth auction of the UAE T-Sukuks program witnessed strong demand through with bids received worth US$1.57 billion.
- The success is reflected in the market-driven prices, which was achieved by a spread of 4 to 11 bps over US Treasuries with similar maturities.
Business
SPCC signs two solar power purchase pacts with 1500MW capacity
Riyadh, Saudi Arabia - In a step towards bolstering Saudi Arabia's renewable energy initiatives, the Saudi Power Procurement Company (SPPC)...
- These projects are part of Round 4 of the National Renewable Energy Program (NREP), which aligns with Vision 2030's goals of optimizing the energy mix.
- The first agreement comprises Masdar as the Managing Member, EDF Renouvelables as the Technical Member, and Nesma Company Ltd as the Consortium member.
Market Report
IPOs in MENA raise US$5.8bn in first nine months of 2023
ABU DHABI, UAE - A recent report revealed that 29 initial public offerings (IPOs) were recorded in the Middle East...
- The report indicated that the MENA region witnessed six IPOs during the third quarter of this year with proceeds of US$523 million.
- The report described plans to list shares for IPO in the fourth quarter of 2023 and early 2024 as still promising.