| Qatari firm issues sukuk worth $137m in local currency Qatar-based Estithmar Holding has issued a 500 million Qatari riyal ($137 million) sukuk, marking the first corporate issuance denominated in local currency under its 3.4 billion-riyal program. |
| KSA, Portugal form business council to boost economic ties Saudi Arabia and Portugal are set to enhance their economic relationship with the creation of a business council for the 2024-2028 term, as announced by the Federation of Saudi Chambers of Commerce. |
| Saudi Arabia's inflation is projected to decline, reaching 1.7% in 2024 Saudi Arabia’s inflation is projected to drop to 1.7 percent in 2024, revised down from 2 percent, driven by robust non-oil sector growth and lower prices in key sectors, according to Jadwa Investment. |
| Adnoc deploys AI-enabled process technology Adnoc announced the deployment of an industry-leading artificial intelligence (AI)-enabled process optimisation technology. |
| GCC banks set record with $21.5bn in Q2 lending profits Profits from lending activities at Gulf Cooperation Council banks reached a record $21.5 billion in the second quarter of 2024, marking a 7.6 percent increase from the same period last year, according to a recent report. |
| KSA’s pharma, medical device factories surge to 206 The number of pharmaceutical and medical device factories in Saudi Arabia has reached 206, with investments totaling SR10 billion ($2.6 billion), according to official data. |
| Emirati women invested Dhs9.2b in Sharjah real estate during 2023 Abdul Aziz Ahmed Al-Shamsi, Director General of Sharjah Real Estate Registration Department (RERD), praised the “great role played by Emirati women in the country’s progress towards prosperity. |
| ADPF reports 41% increase in Emirati women registrations The Abu Dhabi Pension Fund (ADPF) has announced a remarkable 41 percent increase in the number of Emirati women registered with the Fund from both the government and private sectors in Abu Dhabi since its inception |
| Nakheel awards Dhs810m contract Nakheel, a member of Dubai Holding’s pioneering real estate arm, Dubai Holding Real Estate, has awarded an Dhs810 million contract for the marine works on Palm Jebel Ali to Jan De Nul Dredging LTD. |
| Recent reforms to help Saudi Arabia achieve FDI target of $24bn in 2024 Saudi Arabia’s updated investment law and a slew of recent reforms could help the country achieve its goal of attracting foreign direct investments worth $24 billion this year, according to an analysis. |
| UAE’s Mubadala acquires full ownership of UCB Pharma’s China business with CBC Group UAE sovereign wealth fund Mubadala Investment Co. has acquired 100 percent ownership of UCB Pharma’s mature business in China, in partnership with CBC Group, a healthcare-focused asset manager. |
| Kingdom’s petchem sector boosted by new digital platform Saudi Arabia’s petrochemical sector has received a boost with the Ministry of Industry and Mineral Resources’ digital platform delivering over 100,000 tonnes of raw materials to local factories. |
| FTA reports 2.7m tax refund requests from tourists processed in H1 2024 The Federal Tax Authority (FTA) asserted there has been considerable growth in the volume of transactions processed through the digital Value Added Tax (VAT) refund system for tourists in 2024, surging to 2.7 million in the first half of the year, up from 2.55 million requests recorded during the same period in 2023. |
| $405m project to transform Riyadh's Qasr Al-Hukm Two major state-owned and publicly listed companies have formed a partnership to oversee the development and management of key markets in downtown Riyadh. This collaboration marks a significant step in the city’s ongoing transformation. |
| Saudi , Ethiopia business body eye stronger ties Saudi Arabia and Ethiopia are set to strengthen their economic ties with the establishment of a new business council for the 2024-2028 term, the Federation of Saudi Chambers announced. |
| Saudi real estate market set for rebound leading GCC growth Saudi Arabia’s real estate market is expected to rebound in the second half of this year, driven by strong performance in both oil and non-oil sectors, a new analysis has revealed. |
| Saudi cybersecurity market sees 10.8% growth, reaching $3.55bn in 2023 Saudi Arabia’s investment in cybersecurity products, solutions, and services surged to SR13.3 billion ($3.55 billion) in 2023, reflecting a robust 10.83 percent increase from the SR12 billion spent in 2022. |
| Saudi Arabia issues 57 regional HQ licenses for companies in Q2 More than 57 international firms received licenses to relocate their regional headquarters to Saudi Arabia during the second quarter of this year, representing an 84 percent year-on-year increase. |
| UAE national carriers fly to 606 destinations as travel demand picks up United Arab Emirates: The UAE’s national carriers are expanding their destinations, driven by the country’s strong global tourism and business reputation and the resurgence in travel demand. |
| UAE banks see 8.9% rise in short-term deposits to $14.7bn by May UAE-based banks attracted over 54 billion dirhams ($14.7 billion) in short-term deposits during the first five months of the year, marking an 8.9 percent increase from December 2023, official data showed. |
| Oman, Europe trade hits $2.28m in May, marking 9.5% growth Oman’s trade exchange with European nations witnessed a notable rise by the end of May, reaching 878 million Omani rials ($2.28 billion). |
| Saudi Arabia’s residential landscape changing as smart cities rise The evolution of smart cities in Saudi Arabia could change the residential landscape of the Kingdom, as high-net-worth individuals discover these communities are perfect destinations for setting up homes, according to experts. |
| Musanadah offers support services to EP charity Musanadah, a Saudi provider of integrated facilities management solutions and manned security services, has signed a new service delivery agreement with the Charitable Association for the Care and Rehabilitation of the Disabled in the Eastern Province — Prince Sultan Rehabilitation Complex, or Efaa. |
| Taqa, JERA announce financial closing of SATORP plant expansion Abu Dhabi National Energy Company (Taqa) and JERA, Japan’s largest power generation company, announced the financial closing of Najim Cogeneration Company Limited. |
| GCC real estate markets poised for solid H2 growth: Markaz Kuwait: The real estate sector across the GCC region is expected to maintain its upward momentum, reinforced by strong macroeconomic fundamentals, supportive government policies, and increasing investor interest, according to industry expert Markaz Real Estate. |
| KBR wins advisory consulting deal for Kuwait Oil project Kuwait: KBR, a leading provider of technology and engineering services, has announced it has been awarded an advisory consulting contract by Kuwait Oil Company for the development of a country-wide masterplan for the production of 17GW of renewables and 25GW of green hydrogen by 2050. |
| Saudi startup ecosystem leads regional funding activity Saudi Arabia’s startup ecosystem continues to see robust growth, with a diverse range of sectors attracting significant investment. |
| Riyadh’s Cloud Computing Economic Zone a ‘game-changer for all sectors’ A special economic zone being rolled out in Riyadh is turning Saudi Arabia into a cloud computing hub that will boost jobs and attract foreign investment, experts have told Arab News. |
| WETEX set to attract major firms specialising in sustainable cities In addition to major local and international companies specialising in energy, water, green development, sustainability, electric vehicles, decarbonisation, circular economy, and other vital sectors. |
| Dubai firms invest $1.4bn in China between 2015-2023: top official Dubai-based Emirati companies invested $1.4 billion in China between 2015 and 2023, reflecting a strengthening trade and economic relationship, according to a senior official. |
| Jubail’s Najim cogeneration plant achieves financial closure Financial closure has been secured for an upcoming industrial steam and electricity cogeneration plant in Jubail, with Najim Cogeneration Co. finalizing the funding for development. |
| Saudi opens largest logistics investment in Jeddah Port Saudi Arabia inaugurated on Wednesday the largest logistics investment by global shipping company Maersk in Jeddah Islamic Port with a total investment value of 1.3 billion riyals (about $345 million) in the presence of a number of leaders of the logistics and maritime sector in the Kingdom. |
| NBK unveils payment verification service on its Mobile Banking App In keeping with its constant dedication to providing cutting-edge services to its customers, National Bank of Kuwait (NBK) announced introducing a new service that allows customers to confirm payment transactions online through the NBK Mobile Banking App, making itself as the first provider of this service in Kuwait. |
| UAE and China drive Saudi Arabia’s non-oil exports in Q2: GASTAT Saudi Arabia’s non-oil exports surged by 10.5 percent year-on-year in the second quarter of 2024, led by outgoing shipments to the UAE and China, official data showed. |
| Saudi education sector sees 86% annual rise in investment licenses Investment licenses for Saudi Arabia’s education sector saw an annual increase of 86 percent in the second quarter of 2024, in a sign of the industry’s growing attraction to businesses. |
| Saudi NDF appoints Northern Trust to manage $16bn in assets Saudi Arabia’s National Development Fund has appointed Northern Trust to manage over SR60 billion ($16 billion) in assets, advancing its goal to become a global finance leader. |
| Closing Bell: Saudi main index closes in green at 12,187.44 Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 83.6 points, or 0.69 percent, to close at 12,187.44. |
| Najran factories export to over 25 countries, boosting Saudi industrial growth Factories in Saudi Arabia’s southwestern Najran region have achieved a remarkable milestone by exporting industrial and mineral products to over 25 countries. |
| Saudi Arabia’s non-oil exports rise 7.3% in June: GASTAT Saudi Arabia’s non-oil exports increased by 7.3 percent in June, reaching SR21.59 billion ($5.75 billion) compared to the same month last year, official data showed. |
| Saudi POS hits $3.6bn as education spending surges with academic year start Saudi Arabia’s point-of-sale transactions climbed to SR13.5 billion ($3.61 billion) between Aug. 11 and 17, reflecting a 3.6 percent increase from the previous week, official data showed. |
| Investments in Saudi maritime sector exceeds $6.7bn, says top official Investments in Saudi Arabia’s maritime sector have exceeded SR25 billion ($6.66 billion), thanks to successful collaborations between the Saudi Ports Authority and private sector partners. |
| Saudi Arabia’s refined crude exports up 12% to 1.37m bpd: JODI data Saudi Arabia’s refinery crude exports increased by 12 percent in June compared to the previous month, reaching 1.37 million barrels per day, according to new data. |
| Mada card transactions surge 13% to reach $4.04bn in June Saudi Arabia’s e-commerce sales via Mada cards saw an annual rise of 13 percent in June to reach SR15.14 billion ($4.04 billion). |
| Saudi Arabia’s refined crude exports up 12% to 1.37m bpd: JODI data Saudi Arabia’s refinery crude exports increased by 12 percent in June compared to the previous month, reaching 1.37 million barrels per day, according to new data. |
| Oman public revenue declines by 2% as inflation remains moderate Oman’s public revenue saw an annual decline of 2 percent in the second quarter of 2024, reaching $16.10 billion, according to the country’s news agency. |
| Saudi Cabinet approves key agreements with UK, Malaysia and Jordan A number of key agreements signed with the UK, Malaysia, and Jordan received approval from the Saudi Cabinet, as Saudi Arabia strengthens its international partnerships under Vision 2030. |
| Saudi Arabia’s PIF explores acquisition of Boeing, Airbus freighters for new cargo airline: Bloomberg Saudi Arabia’s Public Investment Fund is in discussions to acquire Boeing and Airbus freighters as part of a plan to establish a new cargo airline, according to Bloomberg. |
| Saudi Arabia raises $1.6bn in sukuk issuances during August Saudi Arabia’s National Debt Management Center has completed its riyal-denominated sukuk issuance for August at SR6.018 billion ($1.6 billion), representing an 87.22 percent rise compared to July. |
| Saudi Arabia’s Tadawul targets Asian investors to boost liquidity, market expansion: Bloomberg The Saudi Stock Exchange is intensifying its focus on attracting Asian investors to enhance liquidity and activity in the region’s largest market, Bloomberg reported. |
| Closing Bell: Saudi main index closes in green at 12,104 Saudi Arabia’s Tadawul All Share Index continued its upward trend for the third consecutive day, gaining 80.79 points to close at 12,103.82. |