| PIF subsidiary SGP and SANY seal $1.87bn deal to supply electric trucks to Dammam port
An agreement worth SR7 billion ($1.87 billion) was struck between Saudi Global Ports and a Chinese company to advance green operational capacities at the Kingdom’s ports. |
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| Bahrain’s NBB hires Goldman Sachs to explore merger worth $2.43bn
Bahrain’s national bank appointed Goldman Sachs as a financial adviser for its negotiation with top banking institutions regarding a potential merger deal between the two, a disclosure showed. |
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| Saudi Arabia raises $1.17bn from June sukuk issuance
Saudi Arabia has completed its riyal-denominated sukuk issuance for June at SR4.4 billion ($1.17 billion), according to the National Debt Management Center. |
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| Closing Bell: Saudi main index rises to close at 11,730.77
Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 33.73 points, or 0.29 percent, to close at 11,730.77. |
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| Dubai luxury developer eyes Dh100-billion portfolio in 5 years
Dubai’s luxury real estate leader Omniyat on Tuesday said it aims to increase its portfolio over the next five years, by more than double, to over Dh100 billion. It will also float new companies across different verticals. |
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| 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 and UK strengthen sustainable infrastructure collaborations at London summit
Collaborations in city development, green technologies, and infrastructure financing were discussed by officials from Saudi Arabia and the UK at a special event in London. |
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| Closing Bell: Saudi Tadawul closes in the red across all indexes
Saudi Arabia’s Tadawul All Share Index slipped on Monday, losing 32.93 points, or 0.28 percent, to close at 11,697.04. |
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| Australia, Saudi Arabia trade expo to be held in Riyadh in October
Agriculture, healthcare, and education are among the sectors that will benefit from a new conference aiming to boost partnership deals between Saudi Arabia and Australia. |
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| 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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| Fossil fuel use, emissions hit records in 2023, report says
LONDON: Global fossil fuel consumption and energy emissions hit all-time highs in 2023, even as fossil fuels’ share of the global energy mix decreased slightly on the year, the industry’s Statistical Review of World Energy report said on Thursday, according to Reuters. |
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| Boeing CEO Dave Calhoun draws criticism from US politicians in 'moment of reckoning'
Boeing's departing chief executive on Tuesday apologised to relatives of victims who died in two crashes on 737 Max jets. |
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| Yahsat ranks high among Middle East’s top 10 most sustainable companies by S&P Global
Al Yah Satellite Communications Company (Yahsat) today announced that it has been ranked in the top ten most sustainable companies in the Middle East, according to the S&P Global ESG Scores. |
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| UAE national banks provided AED15.6 billion in credit facilities to business, industrial sectors in Q1-24
Credit facilities provided by the UAE national banks to the business and industrial sectors amounted to AED15.6 billion in the first quarter of 2024, according to the latest figures released by the Central Bank of the United Arab Emirates (CBUAE). |
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| Digital currencies set to boost Middle East's financial inclusion
RIYADH: Digital currencies are gaining traction in the Middle East and Central Asia, with countries increasingly considering central bank-issued options to enhance financial inclusion, an analysis said. |
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| Saudi Arabia’s international reserves highest in 18 months at $467.5bn
RIYADH: Saudi Arabia’s international reserve assets reached SR1.75 trillion ($467.5 billion) in May, the highest in 18 months and an annual 6 percent increase, according to new data. |
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| Half of Saudi Arabia’s World Defense Show 2026 floorspace already snapped up by exhibitors
RIYADH: International exhibitors have already secured half of the space at the World Defense Show set to be held in Riyadh in 2026, demonstrating strong early interest in the biennial event. |
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| Saudi Arabia climbs to 16th place in World Competitiveness Index
RIYADH: Saudi Arabia’s ongoing economic diversification efforts have propelled the country to the 16th spot in the World Competitiveness Index 2024, up one place from the previous year. |
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| MENA IT spending to reach $194bn in 2024
RIYADH: Information technology spending in the Middle East and North Africa region is set to reach $193.7 billion in 2024, a 5.2 percent increase from the previous 12 months, according to a new report. |
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| Industries must make massive investments for net-zero by 2050
RIYADH: Global industries must halve emissions by the end of this decade to reach 2050 net-zero targets, according to a new analysis urging for increased clean energy infrastructure spending. |
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| UAE: Brookfield-led consortium to invest in GEMS Education
A consortium led by Brookfield Asset Management has agreed to invest in Dubai-based international education provider GEMS Education, the companies said in a joint statement on Tuesday. |
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| Topsoe, ABB, Fluor alliance to design concept for SOEC factory
Topsoe, a global leader in carbon emission reduction technologies; ABB, a technology leader in electrification and automation; and Fluor, a leader in engineering, procurement and construction services, have formed an alliance to design a standardised concept for building Topsoe’s next Solid Oxide Electrolysis Cells (SOEC) factory. |
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| Dubai Chamber explores opportunities to drive economic growth
Dubai Chamber of Commerce’s second quarterly roundtable meeting of Business Groups and Councils for 2024 created a valuable platform to highlight prospects for economic growth and explore the promising opportunities. |
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| NBE signs $1bn Senior Unsecured Syndicated Term Loan Facility
The National Bank of Egypt (NBE) has announced the successful signing of a $1 billion Senior Unsecured Syndicated Term Loan Facility, which will be used for general corporate funding purposes and trade finance requirements of NBE. |
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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. |