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Digital transformation fuels GCC banks’ growth
The banking sector across the GCC has demonstrated formidable growth and profitability, with Qatar leading in several key performance indicators, say KPMG, Fitch reports.
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Asian markets lifted by recovery hope, Tokyo breaks 30,000
While the mood is generally upbeat, analysts remain cautious owing to the constant threat of the pandemic. -
Saudi output growth dips to weakest level in 10 months
Saudi Arabia’s output growth dipped to the weakest level for ten months amid a slowdown in new business gains. -
UAE posts fastest job growth in three years
The UAE has recorded a sharp growth in employment for the first time in more than three years, with a rebound in economy fueled by non-oil private sector growth in August. -
Covid-19 fails to impact realty in UAE, Saudi Arabia
While the UAE has seen a record amount of real estate sales in the first six months of 2021, Saudi Arabia has prioritized increasing the supply of housing units and strengthening partnerships with the private sector. -
Saudi IT sector eyes boom, likely to touch $27bn by 2025
The Information technology (IT) sector in Saudi Arabia will witness a big boom, with the market expected to touch $27 billion by 2025. -
Arabs seek freelance jobs as economy recovers
Saudi Arabia has seen a sudden growth in the size of freelance workforce with the number doubling in the first half of this year as the economy shows more signs of recovery from the pandemic. -
UAE, Saudi Arabia realty growth trumps Covid-19
Timely preventive measures such as vaccination of frontline construction workers, embracing new technologies , financial stimulus packages, loan relaxation and other strategies dented the effects of Covid-19 on real estate sector. -
Saudi Cement Q2 revenue up 17%
It registered revenue of SR348 million ($92.8 million) in Q2. -
UAE’s Operation $300bn eyes more M&As
The strategic merger between Arkan and Emirates Steel Industries highlights the focus of the UAE's new industrial initiative 'Operation $300bn.' -
Gulf International Bank net up to $9.8m
For the first half of 2021, GIB reported a net profit of $17.7million. -
Dubai Airports expects robust growth for DXB in H2
DXB is currently serving 68 percent of the destinations in 94 percent of the countries on 70 percent of the airlines compared to before the COVID-19 pandemic. -
Dubai exports, re-exports to West Africa rise by 42% during H1
Nigeria was the largest West African export market for member companies, accounting for a 32 percent share of the value of exports and re-exports to the region, followed by Ghana (17 percent), Ivory Coast and Guinea with 12 percent each, Senegal (8 percent) and Mali (4 percent). -
Ajman Free Zone adds 867 companies in H1
Ajman Free Zone (AFZ) has registered a growth of 35 per cent in the number of new registered companies during the first half of 2021 compared to the same period in 2020. Against the 867 newly registered companies in the zone in H1 2021, 567 companies were registered in the... -
Arab economies to grow by 2.9% in 2021, 3.6% in 2022: Report
Uneven recovery is expected as eleven Arab countries will likely recover by the end of 2022, while the recovery path will extend beyond 2022 in the rest of the Arab countries -
Dubai to lower, waive off fees on govt services to boost growth
In order to give a fillip to economic activity in Dubai, its government will lower and in some cases completely waive off fees in 88 different categories. -
Saudi Arabia dairy market to grow at 5.66% CAGR
Valued at $5.72 billion in 2020, the market is expected to expand to $7.94 billion by 2026, said market intelligence firm TechSci Research -
Doomed by pandemic, Makkah’s hotels can finally see light
Stung by the lockdown and lack of pilgrims traveling from around the world to Islam’s holiest site, Makkah’s hospital industry sees business returning in next two years. -
Tunisians hope calmer Libya could stimulate economic growth
Libyan crisis led to 2 percent loss in Tunisia's GDP TunisAir was the first foreign carrier to resume flights to Libya After years of war in Libya, Tunisian traders celebrated the reopening of the border with their oil-rich North African neighbor as a positive sign they hoped would stimulate economic... -
Mastercard study: Majority of UAE SMEs confident about growth
SMEs identify easier access to funding, digital payments, training and upskilling staff as key drivers of growth Rising cost of doing business worries the majority Confidence of Small and Medium Enterprises (SMEs) in the UAE is on the rise after the disruptions caused by the Covid-19 pandemic, says a Mastercard... -
Many UAE firms to receive $5 billion in lending from HSBC
HSBC said its Navigator 2020 report showed 81 percent of companies in the UAE were expected to increase investment spending by end-2021 The funding is intended to drive UAE economy back on the path of growth In a big boost to companies in the United Arab Emirates, HSBC disclosed on... -
UAE GDP projected to grow by 2.4% in 2021, 3.8% in 2022
*Non-oil GDP to expand by about 4 percent in both years *Central Bank report finds TES Scheme helped distressed individuals, companies to overcome debt difficulties The UAE GDP is expected to grow by 2.4 percent in 2021 and 3.8 percent in 2022 while the non-oil GDP to expand by around... -
Saudi economy to grow much faster: Goldman Sachs
Goldman raises Saudi growth forecast for GDP to 4.5% this year, compared to an earlier 2.5% Kingdom's overall economic activity accelerated notably in manufacturing, finance and construction US investment bank Goldman Sachs has significantly raised its expectations for Saudi Arabia's oil production and economic growth this year and in 2022... -
Egypt’s food inflation to get worse as economy revs up
Egypt’s inflation accelerated to a 5-month high of 4.8 percent year-on-year in May Global food import costs are expected to rise 12 percent in 2021 Egypt will see another round of worse food inflation as economic activity gains momentum, according to Abu Dhabi Commercial Bank. The warning was sounded while... -
UAE banks make profit again as economy picks up speed
Top banks of UAE banks record more profit than last year Income rose by 85 percent during the first quarter of this fiscal The net income of the top United Arab Emirates (UAE) banks has spiked by 85 percent in the first quarter of the year as economic... -
UAE Central Bank’s gold reserves swell to $3.1 billion in April
The bank in its latest figures released on Thursday showed steady growth in gold reserves The reserves shot up by nearly seven percent since March The Central Bank of the United Arab Emirates has reported nearly a seven percent growth in gold reserve for the second consecutive month now, reaching... -
Saudi car rental firm posts 40% growth in 2020
Vehicle rental market in the country is forecast to grow 7.5 percent until 2026 -
New business licenses record 19 percent growth
The Business Registration and Licensing (BRL) sector of Dubai Economy reports that 15,475 new licenses have been issued during the first quarter of 2021, a growth of 19 percent compared to Q1 2020, when 13,027 licenses were issued. This highlights the resilience of the business environment of Dubai and the... -
Saudi Arabia’s used car market shows signs of recovery
Ken Research study says oil-rich kingdom's used car market is growing again after a decline in growth in 2016. The market is expected to grow at a CAGR of 4.5% The used car market in Saudi Arabia has rebounded with a reasonable growth in sales of cars, after the market... -
SMEs in Dubai will be encouraged to bid for govt tenders
*Dubai finance ministry and Dubai SME sign MoU * SME owners will be encouraged to register in the ministry's Federal Supplier Register Dubai’s Ministry of Finance recently signed a Memorandum of Understanding with Dubai SME to support the business sector and advance comprehensive and sustainable development in the country. Under... -
MENA: Saudi Arabia was top FDI destination in 2020
Saudi Arabia received $10.4 billion in investment FDI projects in the kingdom fell by 49 percent to 73 Amid all the doom and gloom brought on by the outbreak of coronavirus that badly hit the economies around the world, Saudi Arabia received a big boost to its economy last year... -
Renewables grew fastest in two decades in 2020: IEA
IEA has said renewable sources of energy grew at their fastest clip in 2020 in this millennium The world added enough infrastructure to produce 280 GW of energy via renewable sources in the year gone by Wind, solar and other renewable sources of electricity showed in 2020 their fastest...