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Economy

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

Alujain widens 2025 loss

The increase in loss is due to impairment charges, weaker prices.

Masar 2025 net profit $262m

Higher land plot sales boost revenue and operating income.

Tasnee’s 2025 losses deepen

The petrochemicals' company's revenue also fell 17.7 percent.

Oil falls by more than $2 a barrel on Gaza ceasefire talks and weak Chinese economy

Oil prices fell by more than $2 a barrel Monday on the prospect of successful Middle Eastern peace talks reducing...

Economy

Dubai real estate sales hit record $13.6bn in July, growth eases

Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of...

Business
Geostrategy

There are no frozen assets abroad, says Iranian President

TEHRAN, IRAN   – Iran President Ebrahim Raisi on Tuesday said that the country’s money is only blocked in South Korea...
  • Iran has forged strong relations with Islamic and other like-minded countries.
  • The country is keen on membership in regional and extra-regional alliances.
Business

Qatar’s trade balance surplus increases by 12.8 percent in July

Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...
  • Imports of goods in July 2023 amounted to around QR 9.4 billion, showing a decrease of 1.6 percent compared to July 2022.
  • China was the leading country of origin of Qatar's imports with about QR 1.6 billion, a share of 16.7 percent of the imports.
Videos

GCC optimistic about FDI growth despite hiccups

Despite a decline in FDI inflows in the past few years, GCC countries remain optimistic as they expect strong economic...
  • The GCC countries are generally stable and have a good track record of protecting foreign investments.
  • The Gulf nations have abundant natural resources, such as oil and gas, which attract foreign investors in the energy sector.
Geostrategy

Renewables helped save $520bn fuel costs globally in 2022: Report

In non-OECD countries, just the saving over the lifetime of new capacity additions in 2022 will reduce costs by up...
  • In addition to these direct cost savings, there would be substantial economic benefits from reducing CO2 emissions and local air pollutants.
  • IRENA’s Director-General Francesco La Camera said the world must add 1,000 GW of renewable power annually on average every year until 2030 to keep 1.5°C within reach.
Economy

Saudi Arabia’s banks post 9.6% rise in aggregate profits in July to US$1.71bn

Riyadh, Saudi Arabia-- Banks in Saudi Arabia have reported a 9.6 percent increase in aggregate profit to $1.71 billion in...
  • The central bank said the aggregate assets of the banks jumped 8.84 percent year-on-year in July to $1.02 trillion
  • The bank also revealed that loans disbursed to the private sector increased 9.97 percent year-on-year in July to $648 billion
Business

Sharjah to host Gulf-Iraq business forum to ramp up economic ties

Sharjah, UAE--Sharjah will host the first-ever Gulf-Iraq Business Forum on 26th and 27th September to boost economic ties between the...
  • The business forum will look into boosting investment and trade ties between the GCC countries and business groups within Iraq
  • Iraq has been an old business and trading partner for the countries in the GCC region and the forum will seek to consolidate the cooperation
Economy

Saudi Arabia and Turkey to boost ties in industrial, mining sectors

The two countries signed a memorandum of understanding (MoU to boost mining cooperation in critical minerals needed in new technologies...
  • The two countries desire to ramp up mutual investments in the manufacturing sector
  • Turkish companies would attempt to obtain more shares of Saudi Arabia's projects
Economy

GCC shows economic resilience as inflation hits globe

GCC countries consistently maintain inflation rates below the global average, with the Food and Beverages CPI subcategory showing moderate growth...
  • GCC countries consistently maintain inflation rates below the global average, with the Food and Beverages CPI subcategory showing moderate growth across the region
  • Saudi Arabia's CPI is being driven by housing and food, the UAE experiences a sharp CPI drop due to transport costs, while Qatar sees its lowest inflation since July 2021
Arts & Culture

NEOM to set up education, research and innovation center

TABUK, SAUDI ARABIA – NEOM has announced plans to establish a world-class education, research and innovation (ERI) center, following last...
  • NEOM’s ERI center will enable access to a world-class education, research and innovation ecosystem at any stage of the life of a learner.
  • The curricula deployed across NEOM’s ERI pillars will prepare a digitally fluent workforce, equipping students with real-life skill sets.
Geostrategy

French President says change in existing world order would weaken West, Europe

PARIS, FRANCE - Attempts to change the existing world order threaten to weaken the West and especially Europe, French President...
  • Emmanuel Macron said the role of the UN Security Council, International Monetary Fund and World Bank are constantly being challenged.
  • Emmanuel Macron said the role of the UN Security Council, International Monetary Fund and World Bank are constantly being challenged.

Oil falls by more than $2 a barrel on Gaza ceasefire talks and weak Chinese economy

Oil prices fell by more than $2 a barrel Monday on the prospect of successful Middle Eastern peace talks reducing...
Economy

Company News

Latest News

Saudi budget records $10 billion deficit in Q4 2023

Riyadh, Saudi Arabia - Saudi Arabia's general budget recorded a deficit of $9.86 billion in the fourth quarter of 2023,...
Economy

GCC economies eye $2.5trn from better productivity

The region pins hope on the new Productivity Potential Index that offers a forward-looking framework, incorporating environmental, health, and innovation...
Economy

Saudi Arabia extends online services to help foreign firms set up regional hqrs in kingdom

Riyadh, Saudi Arabia - Saudi Arabia's Ministry of Commerce has announced the provision of online services for foreign companies looking...
Economy

Most Read

Economy

UAE is an exceptional economic leader in Middle East

"We've collaborated closely with the World Governments Summit for over a decade. It presents a vital opportunity to foster innovative...
  • UAE hailed as a pivotal economic and innovation hub in the Middle East by OECD Secretary-General Mathias Cormann.
  • Global economy's resilience amid COVID-19 highlighted, with growth projections of 2.9% and 3% for the upcoming years.
Economy

South Korea presses for enhanced ties with UAE in high tech and AI

Dubai, UAE--South Korea has pressed for boosting cooperation with the UAE in the field of advanced technology and artificial intelligence...
  • He affirmed his country's eagerness to explore and exchange digital best practices with the UAE
  • Jean said the UAE has attracted Korean experts specialised in AI to enhance knowledge exchange
Economy

IMF, World Bank say Gaza and Red Sea attacks risk to world economy

World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red...
  • The Israel-Hamas war raging since October has already hit the Middle East and North Africa region's economy, the IMF chief said.
  • She said that if there are other "consequences in terms of where the fighting goes, it could be more problematic for the world as a whole".