Saudi Arabia plans to sustain borrowing spree to fund major projects beyond oil: report
Saudi Arabia secured a $2.5 billion revolving credit facility from Abu Dhabi Islamic Bank, Credit Agricole SA, and Dubai Islamic...Economy
GCC equity markets ended 2024 in positive territory
Five of seven GCC equity market indices under coverage ended 2024 on the rise, according to an in-depth report on GCC equity...Economy
Real estate workforce in Saudi Arabia soars to 26,000 after localization push
Riyadh, Saudi Arabia - The Saudi real estate sector has witnessed a remarkable surge in local employment, boasting a substantial...The significant 116% leap comes in the wake of the government's decision to prioritize the localization of the sector
The housing sector, in particular, benefits from substantial corporate support, with 21 initiatives worth over $181 million
IsDB discusses collaboration with China’s ICBC and BOC
Jeddah, Saudi Arabia -- President of the Islamic Development Bank (IsDB) Muhammad Al-Jasser held today held discussions with senior officials...The ICBC Bank Chief Business and Management Officer Wang Kun, expressed interest in the sukuk (Shariah-compliant bonds) market
The BOC's Chief Business and Management Officer discussed strengthening collaboration in treasury activities, stock, and capital markets
Abu Dhabi establishes Artificial Intelligence and Advanced Technology Council
Abu Dhabi, UAE-- The UAE President Sheikh Mohamed bin Zayed Al Nahyan has issued a law, as the ruler of...The council has been set up to develop policies and strategies related to research, infrastructure and investments in AI in Abu Dhabi
It will formulate plans in collaboration with local and global partners to enhance Abu Dhabi's status in the fields of artificial intelligence
Saudi Arabia expects to attract 150 million visitors by 2030
Riyadh, Saudi Arabia - Saudi Arabia aims to attract 150 million visitors by 2030, with the tourism sector expected to...Saudi tourism Al-Khateeb noted a 156% increase in tourist arrivals compared to 2019, surpassing the global recovery rate from the pandemic by 88%
He said that the tourism sector's contribution to GDP increased to 4.5%, representing 7% of non-oil GDP, attributing the success to well-executed plans
Rising costs, debt challenges grip Egypt’s economy
Egypt begins 2024 with steep increases in essential services' prices, exacerbating the economic strain on its citizens amidst a broader...Egypt begins 2024 with steep increases in essential services' prices, exacerbating the economic strain on its citizens amidst a broader economic crisis.
The government seeks to stabilize the economy through IMF program renewal amid challenges like rising foreign debt and fluctuating exchange rates.
ASFAR, Municipality of Al-Ahsa sign agreement
RIYADH, SAUDI ARABIA - ASFAR, the Saudi tourism investment company wholly owned by the Public Investment Fund of Saudi Arabia,...The agreement aims to develop a major tourism attraction in the Eastern Province of the Kingdom of Saudi Arabia.
The partnership between ASFAR and the Municipality of Al-Ahsa is set to transform the Eastern Province’s leisure and hospitality sectors.
Bahrain Q4 2023 imports increase to US$3.92bn
MANAMA, BAHRAIN - The Information eGovernment Authority (iGA) has published its foreign trade report of Bahrain for Q4 2023, covering...The top 10 countries accounted for 69 percent of Bahrain's total export value.
The value of exports with national origin was of $2.89 billion during Q4 2023.
European Central Bank to signal no rush to cut interest rates
The Frankfurt institute is tipped to pause for the third meeting in a row following a historic run of hikes...The ECB is "in no rush yet" to change course and governors may not even discuss cuts at this week's meeting, Deutsche Bank economists wrote
"We expect Thursday's ECB press conference to again highlight the exceptionally low possibility of a rate cut before the summer," agreed Unicredit in an analyst note
Saudi Arabia lists priority specializations for Special Talent Residency
Riyadh, Saudi Arabia - Saudi Arabia's Premium Residency Center on Sunday revealed a list of priority specializations that qualify individuals...Saudi Arabia is actively seeking to attract top-tier talents and minds globally, encouraging them to reside and work in the country to foster development
The specified specializations that make expatriates eligible for Special Talent Residency encompass a diverse range of sectors
Quiet and not-so-quiet luxury at Paris Fashion Week
PARIS, FRANCE - The Paris Fashion Week menswear shows draw to a close on Sunday. Here are some of the highlights...Celebrity presence has always been a big part of the fashion game, with sporting tie-ups playing an increasingly big role.
New York label KidSuper scored big by convincing Brazilian footballer Ronaldinho to walk the catwalk.
