Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver
Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...Business Economy
Exclusive: Green investments lead to tangible returns, says WEF’s Philips
Public-private partnerships are essential for advancing sustainable urban development and meeting net-zero targets, Vivian Brady Phillips, Head of Strategic Initiatives,...Business Economy
Saudi Arabia poised to become global biotech hub with $3.9bn R&D investment
Riyadh, Saudi Arabia - Saudi Arabia has positioned itself as a potential world-leading hub for biotech research, development, and pharmaceutical...The country's strategic move aligns with its ambitious goals of economic diversification and addressing crucial healthcare and food security challenges
With initiatives like the Saudi Human Genome Program and the Saudi Network for Clinical Trials, Saudi Arabia could establish a biotech cluster over the next decade
Saudi PIF signs MoU with Oman Investment Authority to expand investment in Oman
Riyadh, Saudi Arabia - The Public Investment Fund (PIF) announced on Thursday that it has signed a Memorandum of Understanding...The MoU builds on the Saudi Omani Investment Company (SOIC), a PIF-wholly owned company, which intends to invest up to $5 billion in Oman
The SOIC recently closed its first investment in Oman as a 20 percent anchor investor in Abraj Energy Services’ IPO
Bahrain’s RERA revokes real estate firm’s license for ‘breach of regulations’
Manama, Bahrain-- for "exceeding the scope of the permit." The owner had exceeded the scope of the permit which was issued...According to RERA, the owner of the real estate firm had violated the scope of the permit issued to him by the authority
The real estate agency, according to the regulatory authority, had also breached Central Bank of Bahrain's regulations
Clean cooking to save millions, boost gender equality
He was referring to a new IEA report which suggests that universal clean cooking access could be reached worldwide by...Nearly one in three people globally still cook over open fires or basic stoves, causing significant damage to health, living standards, and gender equality
Air pollution from rudimentary cooking methods causes 3.7 million premature deaths annually, ranking it the third largest cause of premature death globally
UAE’s digital platform, U.AE, attracts 9.1m visitors in H1
Dubai, UAE-- Around 9.1 million people visited the UAE’s Government Unified Digital Platform, U.AE, from the start of 2023 until...The rise in the average number of pages viewed was 3.52%, compared to the same period last year, according to TDRA
TDRA recently launched the generative AI-supported version of the digital platform, allowing users to obtain government services
GCC central banks follow Fed in raising key rates
The decision by the central banks, in the US and most of the Middle East, to hike interest rates are...The UAE's central bank raised the base rate applicable to the overnight deposit facility (ODF) by 25 basis points – from 5.15 to 5.40 percent
The decision to raise key rates comes as central banks across the world struggle with the challenge of controlling inflationary pressures
Saudi Arabia at 16 position in Lloyd’s List 2023 rankings
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition...As per the industry report, container volumes across the Kingdom’s ports during 2022 were estimated at 10,439,620 TEUs.
The Kingdom’s groundbreaking strides in the global logistics landscape boils down to a host of critical catalysts,
Kuwait posts fiscal surplus after almost a decade, says finance ministry
Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry...More than 92 percent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine.
Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.
Kuwait records its first fiscal surplus in nine years on oil prices surge
The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry...Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.
The average price of a barrel of oil over the fiscal year stood at $97.1, an increase of 21.4 percent compared to the previous year. Output was 2.7 million barrels per day.
DIB H1 2023 net profit $844m
Profit driven by core revenues, effective cost management.Gross new underwriting and sukuk investments during H1 2023 reached US$12 billion compared to US$8.9 billion in H1 2022.
Total income reached to US$2.5 billion compared to US$1.6 billion, a solid expansion of 49 percent year on year.
