Dubai, UAE-- Outbound travel from China is estimated to almost double this year, compared with 2023 and will only be 22% below its peak pre-pandemic numbers of 155 million tourists in 2019, who spent over $250 billion overseas, according to Oxford Economics Full recovery is expected to materialise in 2025,...
Elon Musk says “excited” about taking over Twitter
Having spent months trying to break free of the $44 billion buyout contract, Elon Musk now says he is "excited" about taking over Twitter. The social media giant had filed a lawsuit to hold Musk to the terms of the deal he inked in April after the Tesla chief said...
Sipchem posts jump in profit
It recorded a 37% increase in net profit to $800m.
QNB posts 7% rise in profit
Its net profit for the first nine months of the year was $3bn.
Arab designer labels stir up $29bn GCC luxury market
Luxury goods business in the MENA region is seeing a reorganization, surprising market experts, as homegrown brands challenge the hegemony of high-end Western labels.
BoE launches “temporary facility” to ease liquidity pressures
The BoE "announces additional measures to support market functioning", said a statement, adding that the central bank was ready to increase the size of its UK government bond purchases under an emergency measure due to end Friday.Chirpy commentator enlivens Qatar’s football culture
Khalil al-Balushi, one of Qatar's top football commentators, brings much-needed life to Qatar's subdued football culture.Sports become money-spinning enterprise for GCC
From Formula One racing to the football World Cup, the top-notch global sporting events are coming to Middle East, bringing with it billions of dollars in sports tourism.After long renovation, Qatar reopens Museum of Islamic Art
Looking to showcase Islamic culture and art and history, Qatar has unveiled its landmark Museum of Islamic Art after an 18-month renovation ahead of the World Cup. The five-story building has redesigned its collections, with some two-thirds of the thousand exhibits new to the museum.PIF’s green bonds to shore up market, says LSE official
The fund has hired a large group of banks including Citi and JPMorgan to arrange a debut issuance of multi-tranche US dollar-denominated green bonds.GCC needs US$60-85bn for sustainable waste management: study
It will take $60-85 billion for the GCC to put in place a modern recycling system for waste management, according to a study carried out by Boston Consulting Group (BCG) and the World Business Council for Sustainable Development (WBCSD).
Prisoner exchange deal reached with US, claims Iran; Washington silent
Iran and United States have arrived at a deal to exchange prisoners and unfreeze Iranian funds abroad, according to media reports. The deal includes freedom for eight people held in the custody of two countries. The exchange will follow a UN statement last week that a former UNICEF official was...EU decides to cut power use, levy energy firms
The EU executive believes it can raise €140 billion from the levies on non-gas electricity producers and on energy majors that are raking in outsized profits from the global energy demand.
Saudi Arabia hopes to post budget surplus of US$24bn
Saudi Arabia is expecting to record an increase in its budget surplus in 2022 to S24 billion, according to the kingdom's Minister of Finance. The top oil exporter of the world is hoping to see its GDP grow by 8 percent, and it expects inflation to be around 2.6 percent.Saudi to make US$32bn in income from recycling by 2035
Saudi Arabia is expected to generate an annual income of $32 billion from recycling waste by 2035, according to the minister of environment, water and agriculture.ACWA’s investments surge
The Saudi utility now boasts of $67bn investment portfolio.
Qatar hopes to make US$17bn in profit from World Cup
The 2022 World Cup may prove to be a big windfall for Qatar as it hopes to make some $17 billion in profit from the event. The global sporing event is expected to draw tens of thousand of football fans from around the world to watch dozens of games in...
Salik begins trading on DFM, after large investor interest
Dubai, UAE— Salik, Dubai toll operator, has listed on Dubai Financial Market under the name of "SALIK", after the offering was oversubscribed by 49 times. It is the third public offering and listing on the DFM in 2022 to date, as part of the accelerated steps to implement Dubai’s strategy...
Metaverse could touch US$500bn by 2030: Arthur D. Little
The metaverse, Beyond Fantasy, the latest in a series of new reports from the company running under the ‘Blue Shift’ banner, explores the impact of new technologies on business, society and humans.UAE’s top banks post 10% profit jump in H1 of 2022
Signalling a broader economy recovery in the country, four largest banks of the UAE have posted a big surge in net profit to $4.4 billion in the first half of 2022, a 10 percent jump from the 2021 profit of $3.9 billion. According to Moody's, the profits resulted from higher...Lebanon approves budget, a key condition for IMF bailout
Prodded by the IMF to implement reforms, Lebanon's parliament has approved the 2022 budget setting expenditures at $1.2 billion. The crisis-stricken country and the IMF had reached a conditional agreement on a $3 billion loan in April to help the country tackle its economic crisis.
Interpol sends out red notice for Terra crypto founder
Nearly a month after a South Korean court issued an arrest warrant for Do Kwon, a cryptocurrency founder, Interpol has issued a red notice for Kwon who flew from South Korea to Singapore ahead of the crash in May. South Korean prosecutors had requested Interpol place him on the red...Salik IPO oversubscribed
The company raised $1.017 billion in IPO on the DFM.
Sports sector contributes US$2.45bn to Dubai economy
The sports sector has contributed some $2.45 billion to the Dubai economy in 2021, representing 2.3 percent of the emirate's annual gross domestic product. According to the Dubai Sports Council 105,000 jobs will be created in the sector, which will account for 3.8 percent of total employment in Dubai.US to provide US$1.45bn per year in assistance to Jordan
The US will provide $1.45 billion per year in bilateral foreign assistance to Jordan, from 2023 to 2029.
Egypt remittances drop 14.7% to US$2.38 billion in July
The drop comes as the exchange rate of the Egyptian pound is seeing a decline in light of the pressures the country is experiencing due to the Ukrainian war repercussions and the decline in foreign reserves at the Central Bank.
PIF to buy stake in Seera
PIF will pick up $1bn stake in Seera Group's travel unit.Dubai looks to raise $817m from IPO of Salik Company
Dubai is looking to raise $817 million in the initial public offering of Salik. It is selling 1.5 billion shares at 2 dirhams ($0.54) apiece, giving the company an implied market capitalization of $4.1 billion. The IPO subscription will run until 20th September 2022 for the UAE retail offering.UAE treasury bonds post “exceptional” bidding results
The fourth auction, which witnessed the first issuance of five-year T-Bonds saw a strong demand through the six primary bank dealers, with bids received worth AED 8.60b, and an oversubscription by 5.7x.
Saudi PIF to come out with a debut green bonds issue
Saudi Arabia’s Public Investment Fund (PIF), the sovereign wealth fund at the heart of the kingdom’s reform plans to wean the economy off oil, will tap into international debt markets for a debut green bonds issue in a week or so.IsDB sanctions US$1.12bn financing for member countries
The Islamic Development Bank (IsDB) has approved a $1.12 billion financing for development projects in various sectors in nine member countries.Aramco sets new profit record.
The Saudi firm made $279.4bn in profit in 12 months.Ukraine rebuilding to cost US$350bn: report
It will cost some $350 billion to rebuild Ukraine from the devastation caused by the Russian invasion, according to a report. The figure, which totals 1.5 times the size of the Ukrainian economy, is considered a minimum and is expected to grow in the coming months as the war rages...Mubadala to buy Fortress
The Abu Dhabi fund will buy it from SoftBank for $2bn.Despite sanctions, Russia energy exports vault to US$158bn
In spite of the Western sanctions, Russia has raked in some $158 billion in energy exports in the six months since the war, with the EU accounting for more than half. Natural gas prices have jumped to record levels in Europe as Russia cut off supplies.
Sweden to provide guarantees worth ‘billions’ to energy firms
Faced with a winter without the energy supplies from Russia, Sweden has turned to Nordic and Baltic energy companies promising them liquidity guarantees worth billions of dollars. It is an attempt to prevent a crisis sparked by Europe’s energy crunch, leading Swedish PM to say that it was facing the...
Saudi import of plastic products climbs 18% to 456,000 tons
The import of plastic products into Saudi Arabia has shot up 18 percent to 456,000 tons in the second quarter of the current year as against 386,000 tons during the same period of last year.
Market cap of Egypt’s bourse vaults by US$2.7bn in August
In spite of monetary policy tightening, Egypt has seen the market capitalization of its stock exchange vault by $2.7 billion in August
CBUAE says gross banks’ assets vault to $939bn in June
The growth in total bank deposits was due to the rise in resident deposits by 2.6% and non-resident deposits by 2.0%.
Ajlan signs deals worth $7bn
Its collaboration with Malaysia will be in key sectors.UN says half of world’s health facilities lack basic hygiene
Sketching a dire picture of the world’s healthcare facilities, the United Nations has said that nearly four billion people are at greater risk of infection because of poor hygiene services where patients receive care. According to WHO and the UNICEF nearly 688 million people are treated at places with no...
Women take lead in UAE, invest $9.42bn in 8 months at ADX
Some $9.42 billion have been invested in the financial markets by Emirati women during the last eight months of the current year, according to figures shared by the Abu Dhabi Securities Exchange (ADX).Saudi central bank’s assets climb to $535 billion in July
For the first time in more than five years, assets of Saudi Arabia's central bank have shot up to $535 billion, according to data shared by the central bank on its website.
Saudi Arabia tops world with export of dates worth $322bn
Saudi Arabia harbors more than 33 million palm trees planted in more than 123,000 agricultural properties in 13 administrative regions,UAE stock markets post gains of $2.26 billion on Friday
Dubai General Index (DFMGI) advanced 0.007 percent to 3,462.890 pts as blue-chip developer Emaar properties continued to hike, closing higher at AED6.100 after drawing $42.47 million in cash flowsKHC’s profit vaults by 1,162%
Kingdom Holding Co. posted $1.7 billion profit in H1.
Assets of UAE national firms climbs 10% to $116bn in H1
A total of 74 listed companies listed in the Abu Dhabi Securities Exchange (ADX) accounted for 59.8 percent of total assets, valued at $771 billion at the end of June 2022.Saudis beat the heat in City of Fog
The ‘City of Fog’ in Saudi Arabia’s rugged south is a prized destination for many in the kingdom looking to escape the sweltering summer heat of up to 50 degree Celsius.SEC’s profit fell to $1.9bn in H1
The Saudi utility firm's sales however surged to $8.80bn.
Aramco to complete $2.65bn buyout of Valvoline in 2023
Days after disclosing it had signed a $2.65 billion equity purchase agreement with Valvoline Global Products, Mohammed Y. Al-Qahtani, Aramco’s downstream senior vice president, told media that the oil giant will complete the buyout of Valvoline in early 2023.
Saudi jewelry sector records 36 percent sales jump in Q2
The gold and jewelry sector in Saudi Arabia has recorded a 36 percent growth in sales as the economy shows signs of recovery
