ADNOC sold 5% stake in ADNOC Gas to investors through an IPO.

It will slash 2.5% of workforce as a cost-cutting effort.

Washington, United States--Syria's economy is expected to contract 2.3% more than it otherwise would have due to the impact of last month's deadly earthquakes, the World Bank said on Monday. The earthquake and its aftershocks killed more than 50,000 people in Turkey and Syria, and displaced millions more. "The recent earthquake...

Beijing, China--China's new premier warned Monday that the country's five-percent growth target for 2023 would not be "easy" to achieve, as its rubber-stamp parliament wrapped up over a week of meetings. The government set the economic growth target of "around five percent" this month, one of the lowest in decades as China...

Beijing, China--China on Sunday set an economic growth target of "around 5 percent" for 2023, one of the lowest in decades, as its annual National People's Congress opened in Beijing. The target was announced in a work report delivered by outgoing Premier Li Keqiang as the rubber-stamp parliament opened at the...

Riyadh, Saudi Arabia--Saudi Arabia’s economic growth is expected to accelerate by 3 percent in 2023 backed by a robust non-oil sector.  According to a forecast by Riyad Capital, the output from this part of the economy will rise by 5 percent this year. The growth will be driven by a...

It will focus on the development of defense trading.

The group's net profit rose to $96 million during 2022.

Doha, Qatar-- Qatar has received more than 614,000 visitors during the month of December 2022, a monthly increase of 3.7 percent as against November 2022. The highest number of visitors were from the Gulf Cooperation Council at 40 percent. As for visitors by type of port, the visitors via air...

Washington, United States--The United States issued a joint statement with France, the United Kingdom and Germany on Friday criticizing Iran's "inadequate" response to an International Atomic Energy Agency (IAEA) report on its nuclear program. The UN nuclear watchdog issued a warning to Tehran on Wednesday after it found that changes had...

Dubai, UAE--The Marine Agency for Wooden Dhows has facilitated the entry of more than 10,500 wooden dhows during 2022, reflecting a 12 percent year-on-year growth. According to Sultan Ahmed bin Sulayem, Chairman of the Dubai’s Ports, Customs and Free Zone Corporation (PCFC), the wooden dhows ferried 1.7 million metric tonnes...

Abu Dhabi, UAE-- Hotels across Abu Dhabi have posted a 24 percent growth in occupancy to 4.1 million visitors during 2022, according to data shared by the Department of Culture and Tourism. Hotel revenues climbed by 23% from the previous year to $1.47 billion in 2022. The statistics showed that...

Manama, Bahrain--This week’s $186 million issue of government treasury bills has been oversubscribed by 208%. The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain on behalf of the government of Bahrain. The issue date of the bills is 25th January 2023 and the...

Cairo, UAE--Egypt's annual urban consumer inflation in December shot up to 21.3 percent from 18.7 percent in November, exceeding analyst expectations. Data from the statistics agency CAPMAS showed on Tuesday that the inflation figure was the highest since December 2017, when it hit 21.9 percent. The price rises followed a...

Riyadh, Saudi Arabia-- Egypt’s economic growth is expected to decline to 4.5 percent in the fiscal year 2022-23 from 6.6 percent in 2021-22, affected by the Russia-Ukraine war overlapped with persisting COVID19-related disruptions, according to the World Bank’s Egypt Economic Monitor report. But the growth is forecast to inch up...

Kyiv, Ukraine--Ukraine estimates its grain harvest fell by around 40 percent year on year due to the Russian invasion, a representative for the country's industry told AFP Friday. "We expect a grain harvest of 65-66 million tonnes" by the end of the year, the head of the Ukrainian Grain Association Sergiy...

As the Gulf nations look to deepen economic partnership with China, the US, the region's dominant security force, watches with concern the GCC tilt toward its rival.

Elon Musk said late Friday he would reinstate the Twitter accounts of several journalists that were suspended after he accused them of endangering his family. Musk carried out a Twitter poll asking whether he should restore the suspended accounts now or in a week's time. Nearly 59 percent of the...

Doha, Qatar— Qatar has witnessed a 34 percent decline in building permits to 645 during the month of November, as against 972 permits issued in October this year. According to the monthly statistics issued by the Planning and Statistics Authority on Saturday, the decrease was noted in the all of...

Its earnings grew by 17 percent in H1 of 2022.

Doha, Qatar— After the first round of FIFA World Cup group stage matches were completed, official figures show that the average overall match attendance stands at an impressive 94% compared to stadium capacities for the event, according to a report published by FIFA on its website. With all 32 nations...

Inflation has hit Europe hard, forcing people to cut down expenses. But Nespresso boss Guillaume Le Cunff says their coffee capsules are creature comforts and will as a result be most sought after by customers, saying that people tend to stick with their 'everyday' small pleasures such as having a...

Doha, Qatar— The Industrial Production Index (IPI) of Qatar has increased by 4.9 percent in September of 2022 when compared to the same period of the last year, according to Planning and Statistics Authority. According to the press release, the index of the mining sector showed a decrease by 2.8%...

Manama, Bahrain—At least 73 percent of voters have turned out to cast ballots in the 2022 Bahrain general election, the highest figure since the first elections in 2002. The elections, according to Bahrain News Agency, went smoothly across the kingdom and the eligible voters used the right of franchise on...

Its profit rose to $235m in the first nine months of 2022.

Its profit declined to $69.6m in the first nine months of 2022.

The decline came amid reports of economic slowdown.

It reported $783m profit in the first nine months of the year.

The Saudi developer will offer 20% of its shares on Nomu.

Its net profit for the first nine months of the year was $3bn.

It has sought shareholders' nod for 65% capital reduction.

The firm won the nod from CMA to increase capital by 700%.

Last April, Italy entered into an agreement with Algeria to increase imports through the Trans-Med pipeline.

The company raised $1.017 billion in IPO on the DFM.

The food company will reduce the capital to $42.13 million.

The $2bn worth Saudi steel giant will list on Tadawul.

The real gross domestic product (GDP) of Saudi Arabia has jumped 12.2 percent in the second quarter of 2022, exceeding the government estimate of 11.8 percent. The kingdom, the world’s top oil exporter, has richly benefited from high crude prices and a significant post-pandemic recovery.

The gold and jewelry sector in Saudi Arabia has recorded a 36 percent growth in sales as the economy shows signs of recovery

Sharjah Hotels occupancy rate jumped to 67 percent in H1.

Saudi Arabia and the UAE have supplied around 80 percent of Japan's oil demand for the month of June, followed by Qatar and Kuwait with 14 percent each, taking Arab share to 94.7 percent.

Moody’s has projected the economy of Saudi Arabia to post growth rate of around 3.9 percent from 2022 to 2026.

US inflation surged to a fresh peak of 9.1 percent in June, further squeezing American families and heaping pressure on President Joe Biden, whose approval ratings have taken a battering from the relentless rise in prices. The 9.1 percent CPI spike over the past 12 months to June was the...

Oil giant BP announced Wednesday it is taking a 40.5 percent stake in an Australian energy project being billed as the largest renewable power station on earth.

Saudi Arabia's non-oil exports surged to $7.52 billion in March 2022, according to  the General Authority for Statistics, also known as GASTAT. Non-oil exports excluding re-exports rose by 22.4 percent year-on-year. On a monthly basis, non-oil exports also grew by S3.2 billion, or 12.8 percent. Oil exports, which includes crude...

Saudi Arabia's supply of oil to China has soared 38 percent in April, hitting the highest monthly volume since May 2020.

In order to tame soaring prices in the country, the Central Bank of Egypt has raised its overnight interest rates by 200 basis points.

It bought a 9.8% stake for $4.4bn in the British firm.

Annual inflation in Saudi Arabia has spiked to 2.3 percent in April, up from 2 percent in March. According to the General Authority for Statistics, also known as GASTAT, the consumer price index, or CPI, in April 2022 has surged 2 percent when compared to the corresponding period a year...

Flydubai has reported a 114 percent jump in passenger bookings in the first quarter of the year. The airline said it has operated 19,000 flights and carried 2.35 million passengers during the period. Moreover, the airline also witnessed an increase in demand for connecting traffic with 43 percent of the...

The Bank of England on Thursday raised its main interest rate by a quarter point to one percent to tackle runaway UK inflation that is causing a cost-of-living crisis. It was the fourth straight rate rise by the BoE, which added that British annual inflation would top 10 percent this...