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Closing Bell: Saudi main index continues it downward movement
Saudi Arabia’s Tadawul All Share Index continued its downward trend for the third consecutive day as it shed 123.66 points to close at 11,651.81 on Wednesday.
Saudi hospitality revenue to grow by 7.5% in next 4 years: report
Saudi Arabia’s hospitality revenue is expected to see an compound annual growth rate of 7.5 percent from 2023 to 2028, propelled by government-led initiatives, according to new data.
Cabinet calls for non-oil income diversification
The Kuwaiti Cabinet asked the Kuwait Investment Authority (KIA) and other concerned state bodies to scale up investment efforts and tap investment opportunities to diversify non-oil income sources and create new jobs for Kuwaiti youth.
UAE Central Bank holds rates following Fed decision
The UAE Central Bank on Wednesday decided to maintain the base rate applicable to the overnight deposit facility at 5.40 per cent.
Saudi Arabia sees 14% spike in remittances amid digital transformation
Saudi Arabia saw a 14 percent annual increase in remittances by expatriates in April, with the total amount reaching SR11.35 billion ($3.03 billion), the latest data showed.
Qatar’s exports rise by 3.3% to $24bn in Q1
Qatar’s overall exports showed a 3.3 percent increase, reaching 87.6 billion Qatari riyals ($24.08 billion) in the first quarter, according to official data from the Planning and Statistics Authority.
Saudi Arabia’s nominal gross fixed capital formation hits $84.7bn in Q1
Saudi Arabia’s gross fixed capital formation surged to SR317.5 billion ($84.7 billion) in the first quarter of 2024, marking a significant 7.9 percent increase compared to the same period last year, recent data has revealed.
UAE visas: Amer records 21.3% increase in transactions in 2023
Amer, the one-stop shop that allows UAE residents to complete all visa and residency transactions under one roof, has recorded a significant 21.3 per cent increase in the number of transactions completed in 2023 as compared to 2022, according to the General Directorate of Residency and Foreigners Affair (GDRFA) Dubai.
Closing Bell: Saudi main index sheds 78 points to close at 11,775
Saudi Arabia’s Tadawul All Share Index continued its downward trend for the second consecutive day as it shed 78.35 points to close at 11,775.47.
Saudi Arabia’s nominal gross fixed capital formation hits $84.7bn in Q1
Saudi Arabia’s gross fixed capital formation surged to SR317.5 billion ($84.7 billion) in the first quarter of 2024, marking a significant 7.9 percent increase compared to the same period last year, recent data has revealed.
Manufacturing surge boosts Saudi Arabia’s IPI to 105.6 points: GASTAT
Manufacturing activities helped pushed Saudi Arabia’s Industrial Production Index to 105.6 points in April, a 1.1 percent rise compared to the previous month, official data showed.
Saudi seaports see 8% increase in cargo handling
Saudi seaports witnessed an annual 8.09 percent increase in the volume of cargo handled during May, reaching over 27.63 million tonnes.
Closing Bell: TASI slips to close at 11,854 points, Nomu gains 1.7%
Saudi Arabia’s Tadawul All Share Index slipped on Monday, losing 1.29 points, or 0.01 percent, to close at 11,853.82.
Saudi finance companies see 13% asset surge amid favorable economic climate
Saudi Arabia’s finance companies witnessed a 13 percent year-on-year surge in total assets to SR64.2 billion ($17.12 billion) in 2023, newly released data from the Kingdom’s central bank has revealed.
Qatar’s private sector exports surge 6% to $685m
Qatar’s private sector saw a 6 percent increase in its exports in the first quarter of 2024, according to the country’s Chamber of Commerce and Industry.
Saudi Arabia’s tourism sector contributing record sums to GDP: WTTC report
Saudi Arabia’s travel and tourism sector expanded by over 32 percent in 2023, contributing a record SR444.3 billion ($118.4 billion) to the nation’s gross domestic product, a new report revealed.
Kuwait receives ‘A+’ rating, despite oil dependency: S&P report
A strong stock of government financial assets has cemented Kuwait’s standing as it secures an ‘A+’ rating from Standard & Poor.
Qatar Central Bank’s foreign reserves surge by 3.96% in May
The foreign currency reserves and liquidity of the Qatar Central Bank soared by 3.96 percent year-on-year, reaching 249.165 billion riyals ($68.4 billion) in May 2024, compared to 239.664 billion riyals in the same period last year.
Saudi Arabia leads global construction activity with $1.5tn pipeline: JLL report
Saudi Arabia led global construction activity in the first quarter, with a $1.5 trillion pipeline of unawarded projects, according to data analyzed by JLL.
Saudi Arabia’s GDP grows 1.4% in Q1 2024: GASTAT
Saudi Arabia’s real gross domestic product grew by 1.4 percent in the first quarter of this year compared to the previous quarter, official data showed.
Saudi Arabia point of sale spending reaches $14bn in April
Saudi Arabia’s point of sales spending reached around SR53 billion ($14 billion) in April, registering a 3 percent rise compared to the same month last year, latest data revealed.
Saudi Arabia’s Industry 4.0 initiative drives economic diversification
Saudi Arabia has embarked on an ambitious journey to embrace the Fourth Industrial Revolution, commonly associated with the period around the late 2000s to the early 2010s.
Saudi Arabia’s GDP grows 1.4% in Q1 2024: GASTAT
Saudi Arabia’s real gross domestic product grew by 1.4 percent in the first quarter of this year compared to the previous quarter, official data showed.
Kuwait oil price up to USD 82.44 pb
The price of Kuwaiti oil went up 81 cents to USD 82.44 pb on Friday, compared to USD 81.63 pb the day before, said Kuwait Petroleum Corporation (KPC) on Saturday.
Saudi banks’ real estate loan portfolios hit $213.5bn in Q1 2024
Saudi banks’ real estate loan portfolios reached SR800.5 billion ($213.5 billion) in the first quarter of 2024, a 13 percent increase from the same period last year, the latest official data showed.
Saudi Arabia’s sukuk and debt capital market up $8bn since 2019
Saudi Arabia’s sukuk and debt capital market has grown significantly since 2019, surpassing SR30 billion ($7.9 billion), according to the Kingdom’s Capital Market Authority.
Sinopec unit signs $1.1bn deal to build gas pipelines for Aramco
A Sinopec service unit said on Thursday it has signed a 7.956 billion yuan ($1.10 billion) deal to build natural gas pipelines for Saudi Aramco.
Saudi main index edges up to close at 11,560
Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 7.23 points, or 0.06 percent to close at 11,560.39
CBK: Standard & Poor’s confirms Kuwait’s sovereign rating at A+ with stable outlook
The Central Bank of Kuwait (CBK) said Friday that the international rating agency of Standard & Poor’s confirmed the sovereign rating of Kuwait at A+, with a stable future outlook due to a huge stock of government financial assets support estimated at about 418 percent of the gross domestic product in 2024.
Saudi Arabia point of sale spending reaches $14 billion in April
Saudi Arabia’s point of sales spending reached around SR53 billion ($14 billion) in April, registering a 3 percent rise compared to the same month last year, latest data revealed.
Startup Wrap — Saudi SiFi closes $10m round; MENA funding sees 413% MoM growth
Saudi Arabia-based fintech Simplified Financial Solutions Co. has closed a $10 million seed round led by Sanabil Investments, a wholly owned subsidiary of the Public Investment Fund, and RAED Ventures.
Saudi, Japan officials discuss international trade goals
Officials from Saudi Arabia and Japan held talks on boosting trade in Riyadh on Wednesday.
NIC concludes Beyout Investment Group Holding’s IPO successfully
The National Investments Company (NIC) is delighted to announce the resounding success of Beyout Investment Group Holding’s IPO and its subsequent listing on Boursa Kuwait’s Premier Market.
Closing bell: Saudi main index slips to close at 11,553
Saudi Arabia’s Tadawul All Share Index slipped on Wednesday, losing 58.87 points, or 0.51 percent, to close at 11,553.16.
Oman’s foreign trade exchange rises 13% to reach $27bn: official data
Oman’s foreign exchange witnessed a 12.8 percent annual increase in the first quarter of 2024, buoyed by a trade surplus attributed mainly to increased oil exports, official data showed.
Survey forecasts 85% of Saudi car drivers likely to buy a battery-electric vehicle by 2035
Approximately 85 percent of residents in Saudi Arabia are likely to purchase battery-electric vehicles by 2035, a global consulting firm’s study has found.
Kuwait oil price down USD 4.04 to USD 80.18 pb
The Kuwaiti oil price declined by USD 4.04 to USD 80.18 per barrel (pb) on Tuesday, compared with USD 84.22 pb on Monday, said the Kuwait Petroleum Corporation (KPC) on Wednesday.
PIF prices inaugural sterling bond offering of $829m
Saudi Arabia’s Public Investment Fund has priced its inaugural sterling bond offering of £650 million ($829.80 million) under its existing Euro Medium-Term Note program.
Saudi Arabia, Kuwait finalize project to streamline customs procedures
Trade exchange between Saudi Arabia and Kuwait is set to increase further with the completion of their land customs technical connectivity project.
Food and clothing sectors drive POS weekly spending to hit $4bn
Saudi Arabia’s point-of-sale spending reached SR15.22 billion ($4.05 billion) from May 26 to June 1, official figures showed.
Saudi energy giant ACWA Power sells $225m stake in Rabigh IWSPP
Saudi-listed ACWA Power has agreed to sell 30 percent of its stake in Rabigh Independent Water Steam and Power Project to Hassana Investment Co. for SR844 million ($225 million).
UAE non-oil sector maintains steady growth despite flood impact: S&P Global
The UAE’s non-oil private sector growth remained steady in May, with the country’s Purchasing Managers’ Index holding firm at 55.4, unchanged from the previous month, an economy tracker showed.
Oman Investment Authority’s assets surge to hit $49.9bn in 2023
Total assets of Oman’s sovereign wealth fund increased by an estimated 7.4 percent year on year to reach 19.24 billion Omani rials ($49.9 billion) in 2023, according to new figures.
Saudi Arabia’s non-oil private sector growth steady in May with PMI at 56.4
Saudi Arabia’s private sector non-oil growth remained steady in May, with the Kingdom’s Purchasing Managers’ Index reaching 56.4, a slight decline from 57 in April, official data showed.
Saudi wealth fund set to issue sterling-denominated bonds
Saudi Arabia’s Public Investment Fund has initiated plans to issue sterling-denominated bonds, according to Arab News sources.
Saudi benchmark index crosses $2bn in trade volume, closes in green
Saudi Arabia’s Tadawul All Share Index closed in green on Monday, gaining 183.15 points, or 1.58 percent, to close at 11,808.25.
Kuwait oil price drops to USD 83.92 pb
The priceof Kuwaiti oil went down 90 cents to USD 83.92 pb on Friday, compared to USD84.82 pb the day before, said Kuwait Petroleum Corporation (KPC) on Saturday.
Saudi Arabia issues 127 regional HQ licenses for companies in Q1
More than 120 international firms received licenses to relocate their regional headquarters to Saudi Arabia during the first quarter of 2024, representing a 477 percent year-on-year increase.
Closing Bell: Saudi main index rises to close at 11,625
Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 121.61 points, or 1.06 percent, to close at 11,625.10.
Al Ahli Bank of Kuwait – Egypt records EGP 3.185 billion net profit in Q1 2024
Al Ahli Bank of Kuwait - Egypt (ABK-Egypt) recorded breakthrough financial results for Q1 2024, achieving a significant increase in Net Profit by 189 percent, which stood at EGP 3.185 billion compared to EGP 1.102 billion over the same period in 2023.
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