25 countries suspend postal services to United States over tariffs: UN
The Trump administration said late last month that it will abolish a tax exemption on small packages entering the United...
Economy
India’s Modi dangles tax cuts as US tariffs loom
Mumbai, India -- Indian Prime Minister Narendra Modi's push to slash consumption taxes on everyday goods could deliver billions of...
Economy
Business
Dubai Investments net rises to $157m
Real estate sector remains one of the key business verticals.
- Total income for the Group increased by 31 percent from US$422 million (AED 1.55 billion) in H1 2022 to US$552 million (AED 2.03 billion) during H1 2023.
- Total shareholder equity increased to US$3.5 billon as of June 30 2023, compared to US$3.5 billion (AED12.84 billion) as of year ended December 31 2022.
Economy
UAE 2023 growth prospects face least risk in Middle East, Africa
Lower oil production, high inflation, tighter monetary policies, increased borrowing costs, and the rising cost of servicing debt continue to...
- The GCRI risk score in the MEA region has increased continuously for six quarters until Q1 2023, signaling a deteriorating situation.
- UAE, Saudi Arabia, Kuwait and Qatar are among the top five low-risk countries in the region, while Syria, Libya and Yemen are among the 10 high-risk countries.
Business
Saudi capital market institutions post record 2022 net income
Riyadh, Saudi Arabia -- Capital market institutions authorized by Saudi Arabia's Capital Market Authority posted a record 29.8 percent increase...
- The retained profits in capital market institutions reached a record high of SAR 60.34 billion, an increase of 39.17 percent.
- The profits of capital market institutions surged to highest ever SAR 12 billion due to a 26 percent increase in revenues in 2022.
Business
Empower H1 2023 revenue at $333m
The company’s EBITDA in H1 2023 was US$178 million.
- In the July 2022 to June 2023 period, Empower’s consolidated revenue was US$778 million.
- Empower CEO said the firm continues to expand investments in its portfolio of assets and infrastructure.
Business
Burjeel Holdings H1 net profit $61m
Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.
- Burjeel Holding reported revenue of US$599 million, up 13.9 percent y-o-y during H1 2023.
- The net profit was attributable to robust topline growth and significantly lower finance costs.
Eni, British Petroleum, Sonatrach say resuming operations in Libya
Crude oil is the main revenue source for Libya, which has been torn by more than a decade of stop-start...
- The NOC said in a press release it "received official notifications from the Italian company Eni and the British company British Petroleum regarding the lifting of force majeure
- NOC had also been notified by Algeria’s Sonatrach that "exploration and fulfilment of contractual obligations in blocks 065 and 96/95 in the Ghadames Basin" had resumed
Economy
Central Bank of Egypt raises interest rate to 100 bps to combat inflation
Cairo, Egypt – In a surprising move, the Central Bank of Egypt (CBE) announced on Thursday that it has raised...
- The lending rate was increased to 20.25 percent, and the deposit rate to 19.25 percent
- The decision marks the second interest rate hike in Egypt this year, following a 2 percent rise in late March
Business
AI anxiety: workers fret over uncertain future
Legal assistants, programmers, accountants and financial advisors are among those professions feeling threatened by generative AI.
- Goldman Sachs analysts see generative AI impacting, if not eliminating, some 300 million jobs, according to a study published in March.
- AI is bringing with it a level of apprehension matched by climate change and the Covid-19 pandemic, a therapist said.
Economy
Saudi Arabia posts budget deficit of US$1.41 billion in Q2 2023
RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of...
- Saudi Arabia, the world’s top oil exporter, recorded a budget surplus of almost $30 billion in 2022.
- Total revenues in Q2 stood at US$84 billion, down 15 percent from the same period last year.
Business
Saudi Arabia extends voluntary 1mbpd oil cut to September
Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to...
- Saudi Press Agency, quoting an official source from the Kingdom's Ministry of Energy, said the country's production for September 2023 will be approximately 9mpbd.
- This cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024.
25 countries suspend postal services to United States over tariffs: UN
The Trump administration said late last month that it will abolish a tax exemption on small packages entering the United...
Economy
Company News
Latest News
MENA startup investment surges in March 2023
Saudi startups were the biggest beneficiaries of LEAP24 tech conference, securing the lion's share of the total investment of S254...
Business
Iraqi Prime Minister unveils action plan to revitalize local banking sector
The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign...
Economy
Saudi’s Modon attracts $3.8bn industrial investments in 2023
Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for...
Economy
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Economy
UAE cements position as a top global investment hub in 2024
UAE ascends to 8th on Kearney's 2024 Foreign Direct Investment Confidence Index, affirming its appeal as a prime investment haven,...
- The Foreign Direct Investment Confidence Index,, now in its 26th iteration, continues to be an authoritative forecast of global FDI trends
- The UAE economy has witnessed extraordinary growth across key sectors that have thrived as a direct result of the nation’s diversification policies
Economy
‘Saudi Arabia leads its regional peers in construction growth’
The burgeoning construction sector in Saudi Arabia is fostering the expansion of its talent pool and consolidating its regional leadership,...
- The Red Sea Project, Diriyah Gate, Qiddiya Entertainment City, and NEOM have thrust the kingdom into the global limelight
- NEOM has made waves for its revolutionary take on connectivity infrastructure, innovative city features, and sustainability
Business
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
- Over 722,000 were international visitors to various events, showcasing an unparalleled 60 percent growth rate year-on-year.
- Flagship events such as GITEX Global and Gulfood maintained their leadership positions in their respective sectors.