Saudi tourism hits record $36 billion inbound spending in 2023
Riyadh, Saudi Arabia - Saudi Arabia's tourism sector contributed to a record-breaking $36 (SR135 billion) in spending by international visitors....
Economy
Abu Dhabi Chamber sets up working group to support startups, SMEs
ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for...
Business
Business
Digital banks set to flourish in Saudi Arabia, UAE
Ongoing loan restructurings and the gradual withdrawal of pandemic-related support packages may put further pressure on asset quality. However, the...
- In November 2021, Saudi Central Bank (SAMA) Governor Fahd Al-Mubarak reportedly said that the Kingdom is going to license more digital banks.
- UAE’s Emirates NBD, Mashreq and Commercial Bank of Dubai were among the first to offer digital-only services.
Economy
Al Maktoum Solar Park key to achieving UAE’s net zero goal: DEWA
Dubai Electricity and Water Authority (DEWA) is implementing the Mohammed bin Rashid Al Maktoum Solar Park clean and renewable energy...
- When completed, the park will reduce over 6.5 million tons of carbon emissions annually.
- Dubai also launched the Net Zero Carbon Emissions Strategy 2050 to provide 100 percent of Dubai's total power capacity from clean energy sources by 2050.
Economy
OPEC+ agree on modest supply boost amid demand concerns
Saudi Arabia, Russia and other key producers agreed to adjust upward the monthly overall production by 0.432 mb/d for the...
- As in previous months, the cartel continued to open the taps slightly, a strategy begun in the spring of 2021 when the economy began recovering after the pandemic-induced cuts.
- Russia's invasion of Ukraine has added to supply concerns, which have increased with Europe's announced moves on a potential Russian oil embargo.
Economy
Financial institutions exposed to high risk by global water crisis: Report
Financial institutions are exposed to significant risks posed by depleted and contaminated water supplies, a report released by non-profit Carbon...
- A first-of-its-kind report by CDP and Planet Tracker shows how global companies in key industries are already losing billions as a result of the global water crisis.
- By focusing on oil & gas, electric utilities, coal and metals & mining sectors, the report found that $13.5 bn in assets are already stranded and $2 bn at risk due to water issues.
Economy
BoE hikes interest rate to highest level in 13 years
The Bank of England on Thursday raised its main interest rate by a quarter point to one percent to tackle...
- BoE policymakers voted 6-3 at a regular meeting for a hike to one percent -- the highest level since the global financial crisis in 2009
- The latest increase came as Britons on Thursday headed to the polls in local elections, seen as a mid-term test for embattled Prime Minister Boris Johnson
Economy
Saudi Central Bank raises interest rate to curb inflation
In order to curb the soaring inflation in the kingdom, the Saudi Central Bank (SAMA) has raised its main interest...
- SAMA raised its repo rate and reverse repo rate to 1.75 percent and 1.25 percent respectively
- The Saudi decision came in the wake of the US Federal Reserve decision to hike the interest rate
Economy
Turkey inflation surges close to 70 percent in April
Turkey's official inflation rate spiraled to nearly 70 percent in April, data showed on Thursday, posing a huge challenge to...
- The consumer price index rose by 69.97 percent year-on-year in April compared with 61.14 percent in March, the national statistics agency said
- Erdogan insists that sharp cuts in interest rates are needed to bring down soaring consumer prices, flying in the face of economic orthodoxy
Economy
UAE Central Bank raises base rate by 50 basis points after Fed hike
The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility...
- This decision was taken following the US Federal Reserve Board’s announcement on Wednesday to increase the Interest on Reserve Balances (IORB) by 50 basis points.
- The bank also decided to maintain the rate applicable to borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the Base Rate
Geostrategy
EU eyes Russian oil import ban amid new bid to evacuate Mariupol
State Department spokesman voiced skepticism about the ceasefire, saying that Moscow has repeatedly resumed shelling after announcing pauses.
- European Union vowed to "significantly increase" its support for Moldova which has been targeted by a Moscow-backed separatist region
- Ukrainian Foreign Minister said that EU countries would be "complicit" in Russia's crimes in Ukraine if they block an oil embargo against Moscow
Economy
Turkey inflation spirals to nearly 70% in April
Turkey's official inflation rate spiralled to nearly 70 percent in April, data showed on Thursday, posing a huge challenge to...
- Erdogan insists that sharp cuts in interest rates are needed to bring down soaring consumer prices, flying in the face of economic orthodoxy
- The collapse of the lira has pushed up the cost of energy imports and foreign investors are now turning away from the once-promising emerging market
Most Read
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
Saudi tourism hits record $36 billion inbound spending in 2023
Riyadh, Saudi Arabia - Saudi Arabia's tourism sector contributed to a record-breaking $36 (SR135 billion) in spending by international visitors....
Economy
Company News
Latest News
Joint Jordanian-Yemeni Business Council to resume activities, says JCC
AMMAN, JORDAN - President of the Jordan Chamber of Commerce (JCC) Khalil Al-Haj Tawfiq on Saturday discussed with Director General...
Business
Jordan oil bill falls in H1 2023 compared to H1 2022, says government
AMMAN, JORDAN - The value of the Kingdom's oil bill decreased during the first half of 2023 by 15.6 percent,...
Economy
Saudi Arabia’s foreign trade rises to $172bn in a year
Riyadh, Saudi Arabia - Saudi Arabia’s foreign trade soared to $172 billion last year, the Saudi Minister of Commerce and...
Economy
Most Read
Arts & Culture
Saudi Arabia’s archeologists make ‘significant’ discoveries at Al Abla site
Riyadh, Saudi Arabia--Saudi Arabia's Heritage Commission has announced significant discoveries made at the Al-Abla site in Asir region during the...
- The archeologists discovered features of residential and industrial units with gypsum-coated walls and floors
- They found hammerstones, grinders, and pairs of quern stones in various sizes and forms, and shards of pottery
Geostrategy
UAE-Hungary Political Consultations Committee discusses boosting cooperation
Budapest, Hungary--Senior officials from the UAE and Hungary met in Budapest on 22nd August for the inaugural round of the...
- Officials from the two countries reviewed the expanding relations and discussed ways to boost opportunities in order to ramp up economic and trade ties
- The UAE ambassador had a series of meetings with senior officials, intellectuals, and cultural figures intended to deepen relations between the two countries
Economy
DP World to invest $510m to develop mega-container terminal in India
New Delhi. India - DP World on Friday signed a concession agreement with the Deendayal Port Authority to develop, operate...
- DP World currently operates five container terminals in India – two in Mumbai, one each in Mundra, Cochin and Chennai
- With the addition of the Tuna Tekra terminal, the company will have a combined capacity of 8.19 million TEUs