| Closing Bell: Saudi markets end in red across all indices
Saudi Arabia’s Tadawul All Share Index closed at 11,867.37 points, down by 32.93 points or 0.28 percent on Monday. |
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| Saudi investment licenses for Egyptian firms double in 2024, says minister
Saudi Arabia’s issuance of investment licenses to Egyptian businesses more than doubled in 2024, reflecting a significant boost in economic collaboration between the two nations, according to a senior minister. |
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| Saudi Arabia’s capital market institutions post 27% rise in operating revenue to $1.1bn: CMA
Saudi Arabia’s capital market institutions reported an annual surge of 27 percent in operating income in the second quarter of 2024 – reaching SR4.1 billion ($1.1 billion). |
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| ADX imposes mandatory insider trading blackout ahead of Q3 results
A mandatory 15-day blackout on insider trading has been enforced by the Abu Dhabi Securities Exchange, effective Sept. 16, as companies prepare to release their third-quarter 2024 financial results. |
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| Qatar’s industrial production rises by 6% in July, driven by mining sector growth
Qatar’s industrial production index rose by 6 percent in July, reaching 103.2 points, driven by the mining sector, official data showed. |
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| Closing Bell: Saudi main index climbs to 11,900
Saudi Arabia’s Tadawul All Share Index rose by 57.75 points, or 0.49 percent, to close at 11,900.30 on Sunday. |
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| ABK successfully prices $300m Additional Tier 1 bond offering
Al Ahli Bank of Kuwait KSCP (ABK) has successfully priced a $300 million Additional Tier 1 (AT1) bond offering with a coupon rate of 6.5 percent per annum. This marks the bank’s return to the debt capital markets since its last issuance in 2018 and showcases a significant achievement with notable price tightening for an AT1 issuance. |
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| Oman’s Islamic banking assets surge 18%, reflecting broader GCC growth trends
The combined assets of Oman’s Islamic banks and windows reached around 7.8 billion Omani rials ($20.2 billion) by June, an 18.1 percent increase from the same period in 2023. |
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| Standard & Poor’s affirms Kingdom’s ‘A/A-1’ credit rating, outlook revised to ‘Positive’
Standard & Poor’s (S&P) affirmed the Kingdom’s credit rating in local and foreign currency at “A/A-1” with an improvement in outlook from “stable” to “positive,” according to its recently issued report. |
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| Startup of the Week – US-based SambaNova sets sights on Saudi market
Saudi Arabia’s potential as a global leader in artificial intelligence is drawing attention from major industry players, with SambaNova Systems being one of the latest to invest in the region. |
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| EEC’s capital optimization plan to shore up financial position and sustain growth: CEO
Saudi master developer Emaar The Economic City’s SR8.7 billion ($2.32 billion) capital optimization plan is a “strategic response” to its current financial challenges, according to its CEO. |
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| Startup Wrap – MENA funding drops in August; recovery signs emerge in September
The startup ecosystem across the Middle East and North Africa experienced a substantial decline in investment in August, with total funding reaching $83 million across 30 rounds. |
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| Saudi Arabia’s inflation rate hits 1.6% in August: GASTAT
Saudi Arabia’s annual inflation rate reached 1.6 percent in August compared to the same month last year, driven by higher housing costs, official data showed. |
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| Saudi Arabia’s bold recycling plan will see it become a world-leader, experts believe
In an era marked by growing environmental concerns and the pursuit of sustainable development, recycling has emerged as a crucial driver of economic prosperity for countries worldwide. |
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| Saudi banks’ aggregate profit reaches an all-time high of $2.1bn; loans hit $744.4bn
Saudi banks aggregate profit before zakat and tax reached an all time high of SR7.83 billion ($2.1 billion) in July, marking an annual 23 percent rise, newly released data has revealed. |
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| MENA private equity deals reach $5.9bn in H1, despite challenging conditions: PitchBook
Private equity investments in the Middle East and North Africa reached $5.9 billion across 49 deals in the first half of 2024, despite challenging market conditions, according to a new report. |
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| Islamic banks to outperform conventional banks in GCC, predicts Moody’s
Islamic financing in the Gulf Cooperation Council is expected to grow faster than conventional banking, according to a report by Moody’s Investors Service. |
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| Closing Bell: Saudi main index ends higher at 11,842.55
Saudi Arabia’s Tadawul All Share Index reversed this week’s trend, rising by 76.15 points, or 0.65 percent, to close at 11,842.55 on Thursday. |
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| Bloom Consulting opens its first Middle East office in Saudi Arabia
Madrid-based Bloom Consulting has opened its first Middle East office in Saudi Arabia, partnering with Destination Consultancy to help cities and regions improve economic growth. |
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| Oman’s wealth fund to launch IPOs across key sectors over next 5 years
Oman’s sovereign wealth fund plans to launch initial public offerings in key sectors from 2024 to 2028 as part of its divestment strategy to raise additional market funds. |
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| Saudi Arabia’s POS transactions fluctuate in early September to reach $3.5bn
Saudi Arabia’s point-of-sale transactions dipped in the first week of September, dropping by 4.9 percent from the previous week to reach SR13.3 billion ($3.5 billion), with the education sector leading the decline. |
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| Arabian Mills set final IPO price at $17.59 per share as CEO details growth vision
Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. |
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| NMDC Energy soars 20% on debut after UAE’s largest IPO of 2024
The energy division of NMDC Group experienced a remarkable debut as its shares surged 20 percent after raising 3.22 billion dirhams ($877 million) in the UAE’s largest initial public offering of the year. |
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| Kuwait-Egypt committee marks deep cooperation, enduring accord
Kuwait and Egypt are tied with deep-rooted historical relations at both official and unofficial levels, marking a model for pan-Arab relations. Based on deep cooperation and continued rapprochement in various domains over decades, both countries have always been sharing support and solidarity during all Arab events. |
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| Planning council reviews economic progress, Saudi Vision achievements
Saudi Arabia’s top council on economic affairs reviewed a number of reports during a virtual meeting held on Wednesday, the Saudi Press Agency reported. |
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| Closing Bell: Saudi benchmark index declines 1.84% amid mixed market movements
Saudi Arabia’s Tadawul All Share Index slipped on Wednesday, shedding 220.2 points, or 1.84 percent, to close at 11,766.4. |
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| Saudi Arabia issues over 37k certificates of origin reinforcing export growth
Saudi Arabia’s Ministry of Industry and Mineral Resources issued 37,730 certificates of origin in August, maintaining its strong focus on enhancing the country’s export sector. |
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| Saudi Industrial Production Index rises 1.6% in July on manufacturing growth
Saudi Arabia’s Industrial Production Index rose 1.6 percent in July, compared to the same month last year, driven by a surge in manufacturing activity, official data showed. |
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| Saudi Arabia to scale back debt issuance in H2: Fitch Ratings
Saudi Arabia plans to reduce its debt issuance in the second half of 2024, thanks to substantial dividend payments from Aramco that have alleviated the need for sovereign financing, according to Fitch Ratings. |
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| Standard Chartered starts custody services for digital assets in UAE
Standard Chartered said on Tuesday it had begun offering digital asset custody services in the UAE, with Brevan Howard Digital, the crypto and digital asset division of the British hedge fund, as an inaugural client. |
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| Kuwait-India non-oil trade exceeded $2bn in 2022, says KCCI
The Kuwait Chamber of Commerce and Industry (KCCI) on Monday reiterated the depth of the historic economic relationship between Kuwait and India, adding that the volume of non-oil trade between the two countries exceeded $2 billion in 2022. |
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| Closing Bell: Saudi main index rises to close at 11,986
Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 23.7 points, or 0.2 percent, to close at 11,986. |
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| Trade promotion events reflect solid Kuwait-India ties
Embassy of India, Kuwait hosted a series of trade promotion events from Sept 8 to 10 reflecting the increasing cooperation in the field of food security between India and Kuwait. |
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| Closing Bell: Saudi main index closes in red at 11,962
Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 19.40 points, or 0.16 percent, to close at 11,962.90. |
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| UAE GDP grows 3.4% in Q1, driven by non-oil sector
The UAE’s gross domestic product reached 430 billion dirhams ($117 billion) in the first quarter of 2024, marking a 3.4 percent year-on-year growth. |
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| Saudi banks issue $1.9bn in new loans in July as apartment lending surges
Saudi banks granted SR7.07 billion ($1.9 billion) in new residential mortgage loans in July, marking a 33 percent increase from the previous month, according to recent data. |
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| Saudi Arabia and GCC drive global sukuk market amid economic diversification push: Moody’s
The global sukuk market is poised for a strong performance in 2024, with issuance volumes expected to surpass those of 2023 despite a slowdown in the year’s second half. |
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| New shipping service to boost trade between Saudi Arabia and India
A new shipping route connecting Jeddah to India’s major commercial hubs has been launched by a subsidiary of Saudi Arabia’s Public Investment Fund. |
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| Saudi Arabia’s non-oil exports to Qatar surge 213%: GASTAT
Saudi Arabia’s non-oil exports to Qatar surged 213 percent in the second quarter of 2024 compared to the previous three months, reaching SR5.79 billion ($1.54 billion), official data showed. |
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| Qassim region sees 14.5% growth in commercial records
Commercial records in Saudi Arabia’s Qassim region have surged by 14.5 percent over the past six years, reflecting a vibrant increase in economic activity, according to a top official. |
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| Oman state-run oil firm OQ will make initial public offering and potentially seek billions
An Omani state-run oil and gas company announced Monday it will make an initial public offering of its exploration and production business, potentially seeking billions in a major move toward privatization in the sultanate. |
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| Saudi Arabia scraps export customs fees, cuts import charges
Saudi Arabia will eliminate fees for all customs services related to exports and cut import service fees to 0.15 percent of the goods’ value starting Oct. 6, according to an official release. |
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| Closing Bell: Saudi main index slips to close at 11,982
Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 117.19 points, or 0.97 percent, to close at 11,982.30. |
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| Saudi debt market liquidity soars to $666m in 2023
The liquidity of Saudi Arabia’s debt market surged to SR2.5 billion ($665.9 million) in 2023, a significant increase from SR800 million in 2019, according to Mohammed El-Kuwaiz, chairman of the Capital Market Authority. |
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| Emaar The Economic City launches $2.32bn capital optimization plan
Saudi master developer Emaar The Economic City, the firm behind King Abdullah Economic City, has unveiled an SR8.7 billion ($2.32 billion) capital optimization plan aimed at restructuring its financial framework. |
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| Amman Chamber of Industry exports dip to almost 4% in 8 months
Exports from the Amman Chamber of Industry have decreased by 3.94 percent during the first eight months, reaching 4.55 billion Jordanian dinars ($6.42 billion), compared to the same period in 2023. |
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| Oman’s credit grows to $81.6bn in July, up 3.8% yearly
Oman’s total outstanding credit from other depository corporations reached 31.4 billion Omani rials ($81.6 billion) by June, reflecting a 3.8 percent year-on-year increase, according to official data. |
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| Saudi Arabia’s non-oil economy grows 4.9% in Q2: GASTAT
Saudi Arabia’s non-oil activities expanded 4.9 percent year-on-year in the second quarter of 2024, driven by gains in the financial and insurance sectors, official data showed. |
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| Gulf Bank’s Wise platform revolutionizes global investments, supports women
As part of the GB Talks series, Gulf Bank’s Assistant Investment Manager, Hanan Al-Ashwak, discussed the variety of investment options available through Gulf Bank and Invest GB, with a special focus on women. |
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| Emaar The Economic City launches $2.32bn capital optimization plan
Saudi master developer Emaar The Economic City, the firm behind King Abdullah Economic City, has unveiled a SR8.7 billion ($2.32) capital optimization plan aimed at restructuring its financial framework. |