| 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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| 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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| 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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| 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. |
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| Construction licenses drive investment surge in Saudi Arabia; Egypt secures 30% of total share in Q2
Construction permits led Saudi Arabia’s investment licenses in the second quarter of 2024, with 737 issued, representing 27 percent of the total, according to official data. |
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| Qatar’s banking sector shows robust growth with assets hitting $550bn
Qatar’s banking sector demonstrated a strong performance in July, with total assets of commercial banks rising by 6.4 percent year-on-year to reach 2 trillion Qatari riyals ($549.9 billion). |
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| Saudi banks’ real estate loans reach $218bn thanks to annual 12% growth
Saudi banks real estate loans reached SR816.83 billion ($217.82 billion) in the second quarter of 2024, marking an annual 12 percent rise, according to official data. |
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| Saudi fintech investment increases sixfold to reach $666m in 2023
Venture capital investment in Saudi fintech companies, especially in the financing sector, surged sixfold in 2023 compared to the previous year, Abdullah Binghannam, deputy of financing and investment at the Capital Market Authority, told Arab News. |
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| Saudi private sector adds 37k local employees in August: NLO data
Saudi Arabia’s private sector added 37,009 local employees in August, marking a 6.94 percent increase from July’s 34,606 new hires, the latest official data showed. |
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| UAE leads in GCC tourist numbers in H1
Dubai’s tourism sector retained its global appeal in the first half of this year, with a 9.3 million tourists arriving in the city, representing an increase of 9 per cent on H1 2023, data showed on Wednesday. |
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| Saudi Culture Ministry and General Entertainment Authority highlight Riyadh Season tie-in projects
The Saudi Ministry of Culture and the General Entertainment Authority on Wednesday provided a round-up of a series of projects and agreements they said would enhance the quality of life in the Kingdom and help to develop professional capabilities in several sectors. |
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| American Express targets 90% Saudi POS coverage following rapid growth: CEO
Card payment provider American Express has achieved a 180 percent increase in its point-of-sale acceptance in Saudi Arabia over the past two years, according to CEO Fahad Mubarak Al-Guthami. |
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| Closing Bell: Saudi Arabia’s TASI concludes in red, drops to 12,128 points
Saudi Arabia’s Tadawul All Share Index closed Wednesday’s trading at 12,128.14 points, recording a drop of 52.23 points, or 0.43 percent. |
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| NBK leads The Banker’s 2024 list of top 100 Arab banks in Kuwait
In a testament to the enduring strength of its banking brand and robust financial standing, National Bank of Kuwait (NBK) has soared to the pinnacle of The Banker’s 2024 ranking of the top 100 Arab banks, securing the premier position within Kuwait while sustaining its distinguished ninth place among regional banks. |
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| Adnoc to acquire 35% stake to Exxon’s Texas facility
Adnoc is set to acquire a 35 per cent equity stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas. |
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| Saudi Public Investment Fund begins selling green sukuk and bonds
Saudi Arabia’s sovereign wealth fund is preparing to issue a benchmark-sized three-year sukuk and a green bond maturing in 2032, Reuters reported, citing bank documents. |
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| Saudi Arabia’s non-oil sector growth resumes as PMI rises to 54.8
Saudi Arabia’s non-oil sector registered its first growth since February on Riyad Bank’s Purchasing Managers’ Index, as the Kingdom’s overall score saw a monthly rise of 0.4 points. |
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| Virgin Atlantic to launch daily Riyadh-London route in March 2025
UK carrier Virgin Atlantic is set to introduce a direct flight between Riyadh and London starting March 2025, following a new agreement with Saudi Arabia’s Air Connectivity Program. |
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| UAE’s non-oil private sector rebounds in August: PMI report
The UAE’s non-oil private sector regained momentum in August, with the Emirates’ Purchasing Managers’ Index rising to 54.2, up from an almost three-year low of 53.7 in July. |
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| Tawuniya signs raft of deals at 24 Fintech as CEO unveils strategic vision for digital era
Saudi insurance company Tawuniya signed a host of new agreements at the 24 Fintech conference in Riyadh as its CEO revealed the firm is looking to make more investments. |
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| Saudi Arabia’s POS transactions surge 20%, driven by telecoms growth
Saudi Arabia’s point-of-sale transactions registered a weekly increase of 20.4 percent between Aug. 25 and 31, with the telecommunication sector leading the growth. |
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| Closing Bell: Saudi main index closes in red at 12,167
Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 21.93 points, or 0.18 percent, to close at 12,167.47. |
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| Bahrain to impose 15% profit tax on large multinational firms
Multinational firms operating in Bahrain will now face a 15 percent tax on profits generated within the kingdom if their global revenues exceed €750 million ($830 million). |
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| Saudi Arabia forms new business council to strengthen ties with Eastern Europe
Economic relations between Saudi Arabia and Eastern Europe are set to strengthen with the launch of a regional business council aimed at unlocking promising investment opportunities. |