Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In the first quarter of 2024 than in 2019, with airlines expected to sustain their operating profitability seen in 2023. Demand this year is forecast to be around 3 percent above...
Saudi telecom firm Zain reports 36% dip in net profit
Zain KSA, the Saudi telecom firm, has reported a 36 percent drop in net profit to SR143 million in the first nine months of 2021.
Saudi non-oil exports leap up 26.8% to SR23bn in August
Non-oil exports of Saudi Arabia vaulted 26.8 percent to SR23 billion in August, compared to SR18.1 billion in the same period of last year.
China aims to cut fossil energy use to below 20% by 2060
China is targeting an ambitious clean energy goal of reducing fossil fuel use to under 20 percent by 2060, according to an official plan published by state media on Sunday.
Al Rajhi Bank’s net profit vaults 44% to $2.86bn
Al Rajhi Bank of Saudi Arabia posted a 44 percent rise in net profit to $2.86 billion for the first nine months of 2021. The bank had earned $1.992 billion in the same period last year.
Saudi National Bank posts 20% jump in net profit to $1bn
Saudi National Bank (SNB), the kingdom’s biggest lender, has posted a nearly 20% jump in net profit to $1 billion in third quarter from higher fees.
Egypt looks to raise renewable energies share to 42% by 2035
Egypt is looking to increase the share of renewable energies to over 42 percent by 2035, after the country reached 2022’s target for boosting renewables to 20 percent early this year.
Tasi, the Tadawul All Share Index, vaults 0.4% to go past 11,800
The Tadawul All Share Index, TASI, vaulted 0.4 percent to surge past the 11,800 point level in early trade today.
Foreign investment in Egypt’s oil sector drops 26% to $5.4bn
Foreign investment in the oil sector of Egypt has dropped 26.02 percent to $5.4 billion in the current financial years, compared to $7.3 billion a year before.
SABIC stock leaps up to 7-year high, trades at SR134.60
For the first time in nearly seven years, the stock of Saudi Basic Industries Corporation (SABIC) has touched its highest level at SR134.60 on Sunday, according to Argaam.
Saudi non-oil exports post 37% record jump to SR125.3bn
Saudi Arabia’s non-oil exports rose 37 percent to a record SR125.3 billion in the first half of 2021, SPA reported. Non-oil exports were SR91.7 billion in the first half of 2020.
IHC of Abu Dhabi acquires 51 percent of Bin Suhail Group to form beauty joint venture
International Holding Company (IHC), Abu Dhabi conglomerate, has agreed to acquire 51% of Bin Suhail Group through a subsidiary to form a beauty industry joint venture, it said on Monday.Air traffic in UAE leaps up 24.5% in September as thousands flock to Expo 2020
The General Civil Aviation Authority (GCAA) has announced that the average aviation activity in the country rose from 1,238 flights at the end of 2020 to 1,538 flights in September 2021, an increase of some 24.5 percent.
Shares of Al Rajhi Bank gain three percent, rise to highest level in 15 years
Shares of Al Rajhi Bank gained three percent in today’s trading session, touching its highest level in 15 years. The share was trading at SR135.20 in the morning session.
Global deal to end tax havens goes through as 136 countries back 15 percent rate
At least 136 countries have backed a landmark agreement to set a new minimum tax rate for companies around the world.
Jadwa says a drop in Saudi joblessness a sign of healing economy
A drop in Saudi joblessness during the second quarter of the current fiscal year from 11.7 percent to 11.3 percent is seen as a sign of a healing economy, according to investment bank Jadwa.
S&P says global debt could reach about 260 percent of GDP by end of 2021
Global debt levels could reach about 260 percent of gross domestic product (GDP) by the end of 2021, though low interest rates mean the ability to service it will be manageable, according to S&P Global Ratings.
Salaries of Saudi staff leap up 5.2 percent in Q2, expats earned lesser
Average monthly salaries of Saudi workers have grown by 5.2 percent to SAR 10,490 during the second quarter of 2021, compared to SAR 9,970 in Q2-20.
World Bank official for GCC says Saudi GDP to touch 3.3 percent in 2022
With an improvement in global oil demand, the World Bank has predicted Saudi Arabia’s average gross domestic product to reach 2.4 percent in 2021 and 3.3 percent the next year.Jebel Ali Free Zone buzzes with trade
Jebel Ali Free Zone has been buzzing with activity this year because of a huge jump in the number of companies setting up businesses in Dubai’s state-owned flagship business park this year.
UAE-Brazil trade defies Covid pandemic gloom, posts 33 percent growth in 2021
Trade between the United Arab Emirates and Brazil has grown 33 percent in the first eight months of 2021, defying the atmosphere of gloom plaguing the global economy due to the Covid pandemic.Saudi Arabia expects 2.7 percent budget deficit this year, 1.6 percent in 2022
Saudi Arabia expects to post a deficit of 2.7% of gross domestic product this year and to reduce it further next year, to 1.6% of GDP, it said in a preliminary budget statement for 2022.
East Pipes Integrated plans IPO
The Saudi Arabia-based company gets approval to float 6.3 million shares.
Dubai’s trade with Saudi Arabia leaps up 26 percent to AED30.5bn in H1
Trade between Dubai and Saudi Arabia grew 26 percent to AED30.5 billion in the first half of 2021, making the kingdom the emirate’s biggest trading partner in the Arab world.
Turkish discovery of gas in Black Sea to raise EU production capacity by 25%
Following the discovery of gas by Turkey in the Black Sea, the European Union's gas production capacity is likely to increase by 25 percent.
UAE’s Amanat sells stake in Saudi IMC for $118m
The United Arab Emirates-based healthcare and education investment company, Amanat Holdings, has sold its 13.13 percent of minority equity stake in the Saudi International Medical Center for $118 million.
Shipping industry evades gloom, makes big money
The pandemic might have battered other sectors of the world economy, but the shipping industry has raked in revenues not seen since 2008.
UAE economy forecast to grow 4% this year
The United Arab Emirates has forecast for its economy to grow by more than four percent this year, a level higher than previously forecast.
Four major UAE banks post $4bn net profit in first half
The combined net profit of four major banks in the United Arab Emirates has vaulted to $4 billion in the first half of 2021, up 17 percent compared to the same period last year.
Gartner predicts IT spending to touch $557bn in 2022
Countries across the world are expected to be spending some $557 billion in 2022, up by 6.5 percent compared to 2021, on IT services and software.GDP of OECD economies up by 1.6 percent in Q2
Despite the rise in the GDP of the Organization for Economic Co-operation and Development (OECD) economies to 1.6 percent in Q2 2021 from 0.6 percent in the previous quarter, it still remains below pre-pandemic levels.Jadwa says Saudi economy to fare better
Saudi economy may perform better this year than forecast earlier with the continual recovery of the non-oil industry from the blows of the coronavirus pandemic.Qatar’s Islamic lender buys 5% stake in Al Rayan
Masraf Al Rayan, Qatar’s Islamic lender, has bought an additional 5 percent stake in Al Rayan (UK) from Qatar Holding LLC.Egypt’s exports vault 22 percent to $17.70bn
Egypt’s non-oil exports leaped up by 22 percent during the first seven months of 2021, posting $17.70 billion as compared to $14.55 billion in the same period of 2020.
Majid Al Futtaim’s H1 revenue dips 10 percent
Majid Al Futtaim, a shopping mall operator in the Middle East, has reported a drop in revenues for the first half of 2021 attributed to the Covid pandemic restrictions.
Bahrain’s deficit dips 35 percent to $1.38bn in H1
Bahrain has succeeded in lowering its deficit by 35 percent to $1.38 billion in the first half of 2021, compared with the same period last year.
BinDawood’s net profit down 50 percent for Q2
Taking a direct hit from the Covid restrictions, BinDawood, the Saudi supermarket retailer, has reported a 50 percent dip in net profit to $25.33 million for the second quarter of this fiscal.
Inflation in Saudi Arabia leaps to 0.4 percent in July
Owing to higher prices in the transport sector, Saudi Arabia's consumer price index rose 0.4% in July from a year earlier and was up 0.2% month on month, government data showed on Sunday.Emaar Malls net profit leaps to $169m in H1
The owner of Dubai Mall attributes 80 percent jump in net to recovery in retail sector.Saudi industrial production rises to 11.9 percent
Saudi Arabia has reported a sharp rise in its Industrial Production Index (IPI) to 11.9 percent in June 2021 from a year earlier and by 3.6 percent from May, official data showed today.
Saudi economy likely to grow nearly five percent this year
Saudi economy is expected to grow 4.8 percent in 2021 from 2.2 percent last year, according to the estimates of Capital Economics. The eonomic growth may surge to 6.3 percent in 2022, it adds.Saudi Arabia to remain stable as oil prices boost economy: Fitch
Thanks to a boost it received from higher oil prices, Fitch has revised its outlook for Saudi Arabia from negative to stable, and also reaffirmed the kingdom’s sovereign ratings.
High cost of food, fuel lifts inflation in Saudi Arabia to 6.2%
Accelerated mostly by the cost of food and fuel, inflation in Saudi Arabia has surged to 6.2 percent in June, the highest this year.
IHC to become Abu Dhabi’s most valuable firm after unit lists
The company reported a first-quarter profit of Dh1.5 billion, up from Dh112.2 million a year earlier Its shares rose 15 percent after the listing of a subsidiary company Abu Dhabi’s firm, International Holding Company (IHC), vaulted in value to become its most valuable listed company when its shares rose nearly...
eCommerce booms in Saudi Arabia, market touches $970 million
Annual growth in eCommerce market expected to grow by more than 6 percent Currently, only 15 to 20 percent of orders are collected at a physical location operated by courier companies Online buying has been growing in Saudi Arabia in recent years at such speed that it is now estimated...
Investor sells his 2.4 stake in Abu Dhabi Commercial Bank for $300 million
The offering consisted of 164 million shares in the bank The Abu Dhabi Investment Council is the largest shareholder in ADCB with a 60.2 percent stake An unnamed investor holding 2.4 percent stake in Abu Dhabi Commercial Bank (ADCB) has sold his entire stake in the lender for about 1.1...Turkey leaves its interest rate unchanged at 19 percent for third month to support lira
The decision needed to support the country’s depreciating currency An annual inflation rate of 16.6 percent has contributed to a sharp drop in Turks' purchasing power and price rises for basic goods Reeling from high inflation, Turkey's central bank on Thursday left its interest rate unchanged at 19 percent for...
Saudi GDP drops 3% in Q1 as oil sector takes a hit from low output
The main reason for the drop was the 11.7 percent contraction in the oil sector Private sector and non-oil sector report positive growth Saudi Arabia has reported a three percent drop in its Gross Domestic Product (GDP) in the first quarter of this fiscal as the oil sector reported sluggish...Amazon Warehouse launches in the UAE, delivers up to 60% discounts
All Amazon Warehouse products are backed by a 15-day return policy Prime members in the UAE can get their Amazon Warehouse items on the same day Amazon.ae today announced the launch of Amazon Warehouse for customers in the UAE, offering great savings on thousands of quality pre-owned and open...
