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Special lending mechanism helping boost investment in Jazan region
RIYADH: Saudi Arabia’s Jazan region is attracting investments thanks to the lending mechanisms offered to regional investors, according to the assistant minister of industry and mineral resources for planning and development.
Saudi Arabia aims for 525 active fintech entities by 2030
RIYADH: Saudi Arabia has set a target to achieve 525 active financial technology entities by 2030, marking a significant milestone in the strategic development plan for the financial sector, according to a top official.
Global Islamic banking sector to hit $4tn by 2026
RIYADH: The global Islamic banking sector is set to be worth $4 trillion by 2026, driven primarily by Gulf Cooperation Council countries, according to recent data.
UAE supports global energy transition projects with $350m
RIYADH: Renewable energy projects in emerging economies are set to receive a 1.3 billion dirhams ($350 million) financial injection from the UAE’s development bank.
UAE issues new Dhs500 polymer banknote with special design
In line with the vision of the wise leadership, and embodying the UAE’s global leadership role in climate action and a sustainable future, which resulted in its hosting of COP28
Eviqe Diamonds launches a certified cutting-edge lab-grown diamond production facility in Dubai
Dubai, known for its unsurpassed luxury and innovation, is now home to a groundbreaking UAE certified lab-grown diamond company that is set to redefine the luxury jewelry industry.
PIF secures 10% stake in Heathrow through agreement with Ferrovial
RIYADH — Saudi Arabia’s Public Investment Fund (PIF) on Wednesday officially confirmed its entry into a share purchase agreement with Spanish infrastructure giant Ferrovial S.A., marking the acquisition of a 10% stake in FGP TopCo (TopCo). TopCo serves as the holding company for Heathrow Airport Holdings Ltd.
​​Saudi capital Riyadh to host World Expo 2030
PARIS: Riyadh will host the World Expo 2030 after defeating challenges from South Korea and Italy for the prestigious event.
Lorindale named Kingdom’s ‘best luxury concierge service’
Lorindale, a global luxury concierge and lifestyle management services provider based in the Kingdom, reaffirmed its position as the benchmark for personalized luxury, recently winning the Best Luxury Concierge Services 2023 in Saudi Arabia award at the Luxury Lifestyle Awards.
​​UAE, WTO chair Mini-ministerial meeting on agriculture ahead of MC13
DUBAI, The UAE and the World Trade Organisation (WTO) today chaired a Mini-ministerial meeting on Agriculture in preparation for the 13th World Trade Organisation (WTO) Ministerial Conference (MC13) from 26th to 29th February 2024 in Abu Dhabi.
Dubai Taxi Company announces increase in number of shares allocated to retail investors in its IPO
DUBAI, Dubai Taxi Company has announced an increase in the number of shares offered in the UAE Retail Offer of its Initial Public Offering (IPO) in response to significant oversubscription of the UAE Retail Offer.
Dar Al-Arkan launches Elie Saab’s first branded villas in Riyadh
Dar Al-Arkan, a real estate company in Saudi Arabia, has announced the launch of “Etoile by Elie Saab,” paving the way for the renowned designer’s first branded residence in the Kingdom.
Single stock options launched on Saudi Exchange
RIYADH: Saudi Exchange has officially launched single stock options, the newest offering in its derivatives market, with trading beginning on the morning of Nov. 27.
Dammam event to take Saudi-Sino ties on faster growth trajectory
DAMMAM: Saudi-Sino business ties are poised to grow stronger as more than 200 Chinese companies and manufacturers have arrived in the Kingdom to participate in the inaugural China Trade Week in Dammam, seeking to seize new business opportunities.
Abu Dhabi Finance Week takes off with 3,500 global and regional firms
His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, has inaugurated the second edition of Abu Dhabi Finance Week (ADFW 2023), taking place from Nov.27 to 30, under the theme ‘Investing in the Transition Era’.
UAE invests over Dhs183.5 billion in renewable energy projects
EmEmirates Development Bank (EDB), the key financial engine of UAE economic development and industrial advancement, has committed up to Dhs1.3 billion ($350 million) to support the Energy Transition Accelerator Financing (ETAF) platform, a global climate finance facility established by the International Renewable Energy Agency (IRENA) to accelerate the financing of renewable energy projects and drive funding of renewable energy projects in developing countries.
Saudi Arabia’s trade surplus with China soars by 257% in September
RIYADH: China maintained its position as Saudi Arabia’s primary trading partner in September, dominating both exports and imports, according to the latest data released by the General Authority of Statistics.
Saudi banks Q3 net income grew 3.7% to reach $4.8bn
RIYADH: Saudi Arabia’s banking sector saw a 3.74 percent quarterly increase in aggregate net income in the third quarter of 2023 to reach SR18.03 billion ($4.8 billion) from SR17.38 in the previous quarter, according to a recent report.
Saudi banks Q3 net income grew 3.7% to reach $4.8bn
Saudi Arabia’s banking sector saw a 3.74 percent quarterly increase in aggregate net income in the third quarter of 2023 to reach SR18.03 billion ($4.8 billion) from SR17.38 in the previous quarter, according to a recent report.
13% decline in Oman’s producer price index in Q3: ONCSI
Oman recorded a 13 percent decrease in its producer price index in the third quarter of 2023 compared to the corresponding period in 2022.
UAE-Philippines bilateral non-oil trade up 19.4% Y-o-Y in H1 2023 to reach $500 million
Ahmed bin Ali Al Sayegh, UAE Minister of State, and Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, have led a high-level UAE delegation to Manila, Philippines, to explore bilateral trade and investment opportunities and facilitate private-sector collaboration in sectors of mutual interest.
Saudi Arabia’s SMEs grow 3.5% in Q3, hitting 1.27m
The number of small and medium enterprises in Saudi Arabia reached 1.27 million by the end of the third quarter, propelled by the Kingdom’s economic diversification efforts.
Closing Bell: Saudi main index rises to close at 11,090
Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 12.34 points, or 0.11 percent, to close at 11,090.42.
S&P Global confirms Abu Dhabi’s credit rating at AA/A-1+, stable outlook
Abu Dhabi’s credit rating has been reaffirmed in both local and foreign currencies, maintaining a robust “AA/A-1+” with a stable outlook, according to S&P Global.
Saudi Arabia leading the way when it comes to getting women into work
No country in the world has been able to keep up with Saudi Arabia’s remarkable strides in female labor force participation, a top executive at the World Bank has claimed.
Dubai Financial Market to launch carbon credits trading platform at COP28
New businesses and environmentally conscious companies stand to benefit from a new carbon credits mechanism set to be launched in Dubai during the upcoming UN Climate Change Conference.
Dubai’s inflation moderates to 4.27% in October: official data
Dubai’s inflation rate slightly eased to 4.27 percent in October, compared to 4.5 percent in the previous year, the official data showed.
UAE top banks witness strong profitability Q3: Alvarez & Marsal
The UAE’s top banks witnessed strong profitability in the third quarter of this year, primarily propelled by an increase in non-interest income and reduced impairment charges, according to global professional services firm Alvarez & Marsal.
Closing Bell: Tadawul slips slightly to close at 11,078
Saudi Arabia’s Tadawul All Share Index shed 21.90 points or 0.20 percent on Thursday to close at 11,078.08.
Mideast investment in global green tech up nearly 200%
RIYADH: Global climate technology investment from the Middle East surged almost 200 percent to $5 billion in the year to the end of September 2023, a newly released has report revealed.
GCC economy set to grow 3.7% in 2025
RIYADH: The Gulf Cooperation Council economy is estimated to grow by 3.6 percent in 2024 and 3.7 percent in 2025, according to the World Bank.
KSA closes November Sukuk issuance at $710m
RIYADH: Saudi Arabia’s National Debt Management Center has closed the November issuance of its riyal-denominated sukuk program, with a bid amount totaling SR2.66 billion ($710 million), representing a decline of 33.16 percent compared to October.
Abu Dhabi Fund for Development-financed 3.5MW solar plant inaugurated in Somalia
RIYADH: Somalia’s renewable energy efforts are expected to get a push as a 3.5-megawatt solar plant financed by the Abu Dhabi Fund for Development has been inaugurated in the African nation.
With launch of Google Cloud, Devoteam to digitally empower KSA businesses
Devoteam, an IT consulting company, with its regional office based in Saudi Arabia, is gearing up to provide access to Google Cloud’s services and cutting-edge technology solutions to its clients in the Kingdom. This development follows the official launch of Google Cloud’s services in Saudi Arabia and the establishment of local Google Cloud data centers.
Qatar’s economic growth stabilizes after FIFA World Cup boom
RIYADH: The economic growth of Qatar has normalized after the country’s strong fiscal performance in 2022, driven by the FIFA World Cup, according to the International Monetary Fund.
Cenomi Academy to train new generation of Saudi retail experts
Cenomi Retail has announced the launch of Cenomi Academy to support the new generation of retail sector experts in the Kingdom. The academy, having a capacity of more than 1,000 trainees, will enroll qualified young people in entry-level employment training programs, aiming to contribute to strengthening the retail sector by transferring international expertise to the local market.
Oman LNG to sell 1m tons of gas annually to UK’s BP for 9 years
British multinational oil and gas company BP is on track to receive 1 million tons of Omani liquefied natural gas annually starting in 2026 amid a new agreement.
Saudi EXIM and Banque Saudi Fransi collaborate to enhance SME export funding
Small and medium-sized enterprises involved in exports can expect easy access to funding, following a collaboration between the Saudi EXIM Bank and Banque Saudi Fransi.
GCC economy set to grow 3.7% in 2025: World Bank
The Gulf Cooperation Council economy is estimated to grow by 3.6 percent in 2024 and 3.7 percent in 2025, according to the World Bank.
Saudi Arabia’s NDMC closes November sukuk issuance at $710m
Saudi Arabia’s National Debt Management Center has closed the November issuance of its riyal-denominated sukuk program, with a bid amount totaling SR2.66 billion ($710 million), representing a decline of 33.16 percent compared to October.
Closing Bell: Saudi main index steady at 11,129, Nomu surges
Saudi Arabia’s Tadawul All Share Index stayed steady on Tuesday, increasing slightly by 10.16 points or 0.09 percent to close at 11,129.10.
Bahrain’s Gulf Hotels Group announces expansion into Saudi Arabia
Bahrain’s Gulf Hotels Group is set to expand into Saudi Arabia by opening a representative office in Riyadh, aiming to capitalize on the Kingdom’s growing tourism market.
Closing Bell: TASI dips slightly to 11,119 points, trading turnover touches $1.9bn
Saudi Arabia’s Tadawul All Share Index wrapped up Monday’s trading session at 11,118.94 points, witnessing a decline of 18.09 points or 0.16 percent.
Dubai Chamber of Commerce members' exports, re-exports surge to Dh210 billion between Q1 and Q3 2023
Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has achieved significant growth in memberships during 2023.
Dubai: Buying ready-to-move-in properties is not so common, but gaining currency
Buying ready-to-move-in properties directly from the developer is not a common trend right now due to the high premium buyers have to pay as well as low return on capital when compared to off-plan properties.
Kuwait’s CPI rises by 3.8% in October fueled by clothing and footwear prices
Kuwait’s consumer price index increased by 3.8 percent in October compared to the year-ago period, driven by high prices across multiple sectors, government data showed.
Bahrain deficit to widen in 2023; Qatar growth seen moderating
Bahrain’s economic growth has moderated in 2023, forecast at 2.5 percent versus a well-above-trend 4.9 percent in 2022 amid elevated interest rates that have hit consumption and borrowing, and lower oil prices.
Foreign investments in the Saudi capital market surge by 300% in last 5 years: CMA
Foreign investments in Saudi Arabia’s capital market surged 300 percent to SR347.01 billion ($92.53 billion) in 2022 from SR86.86 billion in 2018 thanks to the Kingdom’s economic diversification plans.
Middle East economic growth expected around 3% next year: EIU
Economic growth in the Middle East is expected to reach around three per cent next year, a report showed on Thursday.
Qatar Financial Markets Authority unveils new controls for dividend distribution
Controls to regulate dividend distributions in the Qatari capital market were issued to boost activity in the financial sector and increase liquidity volume.
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