| Saudi Arabia’s trade surplus hits yearly high of $11bn in April amid surge in non-oil exports
Saudi Arabia’s trade balance surplus hit a year-high of SR41.4 billion ($11.04 billion) in April, a 36 percent increase from the previous month, fueled by a surge in non-oil exports. |
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| Saudi Arabia’s FDI soars to $65bn post-pandemic, among top in West Asia: report
Saudi Arabia attracted $65.1 billion in foreign direct investment in the three years post-pandemic until 2023, placing it among West Asia’s top recipients, according to new data. |
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| Closing Bell: Saudi main index rose to close at 11,729
Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 231.04 points, or 2.01 percent, to close at 11,729.97. |
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| Oman’s capital market draws 135 nationalities; foreign investments up 19%: MSX data
Oman’s capital market has attracted investors from 135 nationalities, up from 67 in 2023, supported by favorable policies including low tax rates and flexible capital transfer options. |
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| MAWANI and REVIVA establish recycling and industrial waste complex at Jeddah Islamic Port
The Saudi Ports Authority, MAWANI, signed on Sunday a SR30million ($8 million) contract with the Global Environmental Management Services Ltd., or Reviva, to establish a complex for recycling marine and industrial waste at Jeddah Islamic Port. |
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| Central banks diverge on monetary policy amid diverse economic data
The US Consumer Price Index was unchanged in May 2024 on a seasonally adjusted basis after rising 0.3 percent in April. |
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| The art of value investing: How to identify undervalued assets
Value investing involves selecting stocks listed in the public markets trading at a price below their fair or intrinsic value. |
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| SAMA’s new initiatives propel KSA’s financial landscape forward
As Saudi Arabia strides forward with its Vision 2030 objectives, the Kingdom’s central bank is at the forefront, driving a host of pivotal initiatives and greenlighting various enterprises in 2024. |
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| Gulf economies set to flourish on oil output increase, interest rate cuts
Growth of the Gulf economies is projected to pick up from September thanks to anticipated interest rate cuts and an increase in oil output, according to new data. |
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| Dyna.Ai sets its focus on Saudi Arabia’s fintech sector
Saudi Arabia’s financial technology sector is attracting a new breed of artificial intelligence startups aiming to take part in the already booming industry. |
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| Dh13.8 billion in new savings deposits in UAE banking sector during Q1-24
Savings deposits in the UAE’s banking sector, excluding interbank deposits, attracted about Dh13.8 billion during the first quarter of this year, according to the latest statistics from the Central Bank of the UAE. |
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| Saudi Arabia offers 5th round of ‘Sah’ savings product with 5.55% return
Saudi Arabia has opened its fifth round of the subscription-based savings product, Sah, for June, offering a 5.55 percent return, encouraging financial stability and growth among citizens. |
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| Saudi Arabia’s M&A volume hits $955m in Q1, fueled by chemicals sector
Saudi Arabia led the Middle East in mergers and acquisitions in the chemicals sector in the first quarter of 2024, with $500 million worth of deals, according to recent data. |
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| Credit facilities for UAE’s business and industrial sectors exceed $206.2bn
The cumulative credit balance in the UAE’s business and industrial sectors rose to 757.4 billion dirhams ($206.2 billion) in the first quarter of the year, up from 741.8 billion dirhams at the end of 2023. |
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| Saudi Arabia and Switzerland strengthen economic ties at 4th Financial Dialogue in Zurich
Saudi Arabia and Switzerland are poised to deepen cooperation in finance and economics as top officials convened for the 4th Saudi-Swiss Financial Dialogue in Zurich. |
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| Kuwait’s Al-Zour Refinery’s output hits 615k bpd
The fully operational output of Kuwait’s Al-Zour Refinery has reached 615,000 barrels per day, in line with the country’s plan to boost oil refining capacity. |
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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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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 |
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| 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. |
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| 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. |
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| 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. |
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| 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. |