Press Dossier   News Category    Economy   
Aldar Properties posts Dh2.6 billion profit
Aldar Properties has announced Dh6.3 billion in revenues for the 12 month period to December 31, 2018, up two per cent over the previous year and supported by asset acquisitions and development revenue recognition.
King Salman inaugurates $22 billion of projects for Riyadh region
King Salman has launched an ambitious program of projects in the Riyadh region worth billions, which will enhance the living standards of residents in a province that he has helped to shape for more than 50 years.
Bahrain's Investcorp Bank sees sweet spot in Indian property crunch
A Bahrain-based investment manager wants to fill a vacuum in lending to Indian property developers that have $18 billion of debt to repay, aiming to capitalise on a credit crunch that’s narrowed their borrowing options.
Abu Dhabi’s Tawazun Economic Council launches $680m defense fund
The Abu Dhabi-based Tawazun Economic Council has launched a $680 million fund to invest in the country’s defense sector.
Investcorp, Standard Life plan to raise up to $1bn for Gulf fund
Bahrain’s Investcorp Bank and Standard Life Aberdeen plan to raise $800 million to $1 billion for a fund to invest in infrastructure in the Gulf Cooperation Council.
Noor Bank 2018 profit jumps 62%
Noor Bank, a Shariah-compliant bank in the UAE, on Wednesday said its 2018 net profit jumped 62 per cent to Dh601 million as compared to Dh371 million in the previous year on the back of strong growth in its core business and impairment charges.
Saudi Arabia describes inclusion on EU ‘dirty money’ list as regrettable
Saudi Arabia has expressed its regret about the decision by the European Commission to place the Kingdom on a blacklist of 23 non-EU countries and territories accused of posing a high risk of money laundering and financing terrorism.
World Bank to establish UAE office in Abu Dhabi
Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, announced that the World Bank will establish its office in ADGM on Al Maryah Island.
Kuwait oil to US stops for first time since 1990-91 Gulf War
Kuwait has all but stopped shipping crude to the US for the first time since the aftermath of Saddam Hussein’s invasion in 1990, eroding an economic link between Washington and the Arab petro-monarchy.
Kuwait Oil Company signs record $1.3bn deal
Kuwait Oil Company (KOC) placed orders for drilling rigs valued at $1.3 billion, according to CEO Jamal Jaafar.
Bahrain's Investcorp sees 23% jump in deals to $571m
Bahrain-based Investcorp has reported a 5 percent increase in net income to $58 million for the six months ending December 31.
Saudi Arabia-based execs optimistic about 2019
A majority of C-suite executives in Saudi Arabia are optimistic about the country’s long-term economic prospects, according to a new survey from Oxford Business Group.
Flydubai aircraft struck by bird during flight to Saudi Arabia
A Flydubai flight to the Saudi city of Gizan was forced to turn back to Dubai earlier this week after a bird strike, according to an airline spokesperson.
Oil prices jump on Saudi and OPEC cuts
Oil prices surged on Tuesday, supported by OPEC-led production cuts, which Saudi Arabia said it would surpass by more than half a million barrels per day (bpd), and by US sanctions against Iran and Venezuela.
Saudi Arabia leaps up World Bank index on resolving commercial disputes
Saudi Arabia has soared up a World Bank index that ranks countries on how easy it is to resolve a commercial dispute.
Joint Saudi-Jordan project to build $705m railway
Saudi Arabia is to help build a rail project in Jordan as part of a 500 million-dinar ($705 million) joint investment.
New licences up 20% in Jan as Dubai non-oil growth rebounds
Signifying a robust rebound in non-oil growth in Dubai at the start of 2019, the issue of new licences jumped 20 per cent to 2,046 during January 2019 compared to the same 2018 period
UAE to invest in petrochem, oil facilities in India
The UAE said on Monday that it is looking at investing more in refining and petrochemical projects in India, as well as pumping more crude oil into the latter's strategic petroleum reserves.
Office space demand rises in Riyadh due to growth of start-ups
Riyadh is seeing rising demand for office space that caters specifically to small businesses and startups despite a strong supply pipeline, according to a new report.
Saudi needs oil at $80-85 a barrel to balance its budget in 2019, says IMF
Top oil exporter Saudi Arabia would need oil priced at $80-$85 a barrel to balance its budget this year, an International Monetary Fund official said.
Saudi investments to aid cash-strapped Pakistan
A record investment package being prepared by Saudi Arabia for Pakistan will likely provide welcome relief for its cash-strapped Muslim ally, while also addressing regional geopolitical challenges, analysts say.
Saudi king approves $3.1bn for companies struggling with expat fees
Saudi Arabia will set aside over $3 billion for companies in the kingdom who have struggled to pay expat fees in 2017 and 2018, according to the labour minister.
Arcapita net income grows 50% in 2018
Bahrain-based Shari’ah compliant alternative investment firm Arcapita grew its net income by approximately 50 percent year-on-year in the 2018 fiscal year to over $12 million, according to CEO Atif Ahmed Abdulmalik.
UAE boosting financial inclusion for SMEs
Small and medium enterprises represent around 96 per cent of registered firms in the Arab world
Kuwait Petroleum said to reassess $500bn investment plan
Kuwait Petroleum is reassessing plans to spend about $500 billion in capital investment and may decide this year to combine its eight business units into four to streamline the company, according to a person familiar with the matter.
Dubai businesses upbeat in Q1
Optimism on Dubai's growth prospects during the first quarter recorded an upswing with majority of businesses foreseeing faster pace of economic development, results of a survey released on Sunday show.
Bahrain looks to cut costs to help cut budget deficit
Bahrain will focus on “stringent” cost controls to help cut its budget deficit, according to the country’s finance minister.
UAE’s Minister of Future: Imagination, ideas are the commodities of the future
Imagination and ideas are the commodities of the future, UAE’s Minister of Cabinet Affairs and the Future Mohammed Al-Gergawi said during the opening speech at Dubai’s World Government Summit on Sunday.
DMCC, West Bengal body sign trade agreement
The Dubai Multi Commodities Centre (DMCC) signed a memorandum of understandingwith West Bengal Industrial Development Corporation (WBIDC) from the Indian state.
Saudi Arabia allocates $3.1bn to help private sector with expat fees
Saudi Arabia has approved a scheme to reimburse some of the companies that struggled to pay steadily increasing fees for expatriate work permits in 2017 and 2018 and waive the fee hikes for some who weren’t able to pay, the labor minister said.
Saudi Arabia has attracted $43bn of foreign investment in four years, says official report
Saudi Arabia attracted $43 billion worth of foreign investment between 2013 and 2017, a study by the Chamber of Commerce and Industry in Riyadh has found.
Boom for women in business in UAE, but few reach company boards
The number of registered businesswomen in the UAE grew by about 20 percent last year, although females are still underrepresented on company boards, according to statistics quoted by the state news agency (WAM).
Marriott teams up with Kuwait Projects on St Regis resort in Morocco
United Real Estate Co., a unit of Kuwait Projects Co, and Marriott International said in a joint statement on Saturday that they had agreed to open a resort near Marrakech.
Will Dubai homes become more affordable in 2019?
Over 28,500 residential units are likely to be handed over in Dubai by the end of 2019, consultancy Core says in a conservative estimate.
Kuwait said to mull privatisation of ministry, gov't entities
Kuwait’s government will soon announce the privatisation of various ministries and government entities, according to a report in the Kuwait Times.
Bahrain to focus on 'stringent cost controls' to balance budget
Bahrain, one of the oil-rich Gulf’s most vulnerable economies, will focus on “stringent cost controls” as it seeks cut its budget deficit and reduce interest costs while using investment to stimulate growth, the country’s finance minister said.
UAE and Saudi bourses partner for dual listings
Abu Dhabi Securities Exchange (ADX) and Saudi Stock Exchange (Tadawul) have signed an agreement to strengthen bilateral cooperation in the dual listing of securities in Saudi and UAE financial markets.
Saudi Arabia has attracted $43bn of foreign investment in four years, says official report
Saudi Arabia attracted $43 billion worth of foreign investment between 2013 and 2017, a study by the Chamber of Commerce and Industry in Riyadh has found.
Bahrain's Arcapita to boost investments in the US
Arcapita, a Bahrain-based Shari’ah compliant alternative investment firm, plans to accelerate investments in the United States following a string of acquisitions in 2018, according to CEO Atif Ahmed Abdulmalik.
Investors remain cautious about investing in Oman's bonds
Bond investors rattled by Bahrain’s fiscal woes last year are bracing themselves for what might happen in Oman.
UAE economy to lead GCC in 2019, Saudi set for slowdown
Economic recovery across the Middle East and North Africa is set to slow down in 2019 and growth is likely to be weaker than most expect, but the UAE at 3.5 per growth is likely to be the best performer in the region in the run-up to Expo 2020 Dubai, analysts at Capital Economics said.
UAE's debt-to-GDP ratio drops, says IIF report
The UAE's overall debt-to-GDP ratio has dropped by 7.1 percentage points with all four sectors - household, non-financial corporates, government, and financial sector - reducing debt, according to a report from the International Institute of Finance (IIF).
National banks deliver to boost Saudi stocks
Saudi Arabia’s index gained 1.2 percent with National Commercial Bank adding 3.9 percent. Ratings agency Moody’s said the bank’s brand and diversified assets make it resilient to slower economic growth in Saudi Arabia.
Lulu to invest Dh2b in Egypt's retail industry
Egypt is the new 'destination for investments' and gateway to African continent, a top trade official said as the UAE-based Lulu Group is set to pump  Dh2 billion in the retail sector.
Saudi Arabia-backed fund helps push SoftBank profit higher
Japan’s SoftBank Group said on Wednesday its net profit jumped more than 50 percent for the nine months to December thanks to strong returns from its high-tech investment fund.
Saudi Arabia to spend $3.8bn to enhance mineral exploration
Saudi Arabia will invest around $3.8 billion to enhance access to geoscience data and reduce regulatory red tape as it looks to boost mineral exploration, senior government officials said on Wednesday.
Damac unveils ready-built concept 'Golf Town'
Damac has launched its latest ready-built concept, Golf Town, located within Damac Hills, a popular gated-community in Dubai.
Adnoc awards Dh5b contract for Ghasha artificial islands
Energy giant Adnoc announced on Wednesday the awarding of Dh5 billion contract for dredging, land reclamation and marine construction to build multiple artificial islands.
2019: Good start for UAE businesses
With rates of expansion in output and new orders accelerating amid reports of stronger market demand in January, non-oil businesses in the UAE experienced a strong start in 2019, according to a survey report by Emirates NBD.
Ups and downs of real estate essential for market maturity
Dubai's real estate market has always been one of the cornerstones of this country's success. Whether you're talking about architectural feats such as the Burj Khalifa or the probability that you bought in at the right time
Page 1 of 122