| DEWA attracts projects worth AED 43.6 billion through IPWP model over 10 years
Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), has emphasised that DEWA works in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai a global hub for the green economy. |
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| World economic growth resilient in June despite PMI dip: S&P Global
RIYADH: International economic growth showed resilience in June, maintaining the second-highest level observed in the past 13 months, according to S&P Global’s latest report based on the Purchasing Managers’ Index. |
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| Saudi main index rose to close at 11,688
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 29.95 points, or 0.26 percent, to close at 11,688.61. |
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| Saudi Arabia keen to get more women in the workforce
RIYADH: Tourism and hospitality in Saudi Arabia are experiencing a remarkable transformation driven by the increased participation of women, thanks to inspirational leaders and strong government action. |
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| UAE-led operation deals serious blow to transnational environmental crime, with $32 million worth of items seized, 25 suspects arrested
Sheikh Ahmed Bin Saeed Al Maktoum, Emirates Group Chairman and Chief Executive, on Friday announced senior appointments to support the organisation’s growth and strengthen its leadership bench. |
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| Saudi banks’ aggregate profit hits 14-month high; mortgage lending up
RIYADH: Saudi banks aggregate profit reached a 14-month high of SR7.33 billion ($1.96 billion) in May, marking an annual 16 percent rise, newly released data has revealed. |
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| UAE announces participation in Expo 2025 Osaka in Japan
The UAE Pavilion at Expo announced their participation in Expo 2025 Osaka in Japan, which will commence in April 2025 under the theme “Designing Future Society for Our Lives”. |
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| Jinko Solar wins L&T supply contract for NEOM project
Jinko Solar, a leading solar and energy storage company based in China, has announced that it has secured a contract from Indian engineering and construction giant Larsen & Toubro (L&T) for supply of solar modules for one of its premium projects at the Saudi futuristic city NEOM. |
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| Business registrations see 78% annual growth as Saudi private sector booms
RIYADH: More than 120,000 commercial registrations were issued by the Saudi Ministry of Commerce in the second quarter of 2024, marking a 78 percent year-on-year increase. |
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| Exits Mena announces strategic JV to expand Saudi operations
Exits Mena, a premier fintech arrangement platform for startups and small and medium-sized enterprises (SMEs) in the region, has announce the establishment of a new strategic joint venture in Saudi Arabia. |
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| Dubai hits ‘highest volume, value of realty transactions’ in Q2
Dubai recorded the highest volume and value of transactions ever in the second quarter (Q2), with the total number hitting 43,522, an increase by 45% compared to Q2 2023. |
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| DGR plays pivotal role in advancing Sharjah’s sustainable development
In the first half of 2024, the Department of Government Relations (DGR) of Sharjah embarked on a series of diplomatic missions that underscored its pivotal role in advancing Sharjah’s global influence and sustainable development agenda. |
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| Saudi Arabia’s non-oil private sector PMI at 55, leading the Gulf region – S&P Global
Saudi Arabia’s non-oil private sector showcased robust growth in June, driven by increased demand, higher output levels, and a rise in employment, according to a report. |
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| Saudi exporters receive over 31k certificates of origin in June in sign of robust sector
More than 30,000 certificates of origin were issued to Saudi manufacturers for the 14th consecutive month in June, highlighting the robustness of the Kingdom’s export sector. |
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| Saudi current account surplus expands to $7.6bn
Saudi Arabia’s first-quarter current account surplus widened to SR28.6 billion ($7.6 billion), up 75.46 percent from the previous quarter, driven by strong services exports, an analysis showed. |
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| Saudi private sector workforce surges above 11.4m – official figures
Private sector employment in Saudi Arabia reached 11.4 million by the end of June, marking a 1.24 percent increase from April. |
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| ‘Powerful’ Saudi energy sector can buck volatility trend, forum told
Business leaders hailed Saudi Arabia’s investment environment and prospects for economic growth at an event at the London Stock Exchange on Wednesday. |
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| Tourists’ spending in Saudi Arabia up 23% to $12bn
Tourism spending in Saudi Arabia saw an annual increase of 23 percent in the first three months of the year, hitting SR45 billion ($12 billion), according to new figures. |
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| Saudi Arabia can unlock $7.19bn economic boost by narrowing urban-rural economic divide: report
Saudi Arabia could add SR27 billion ($7.19 billion) to its national economy annually by reducing the gross domestic product gap between its major cities and regional areas by just 10 percent, a new report stated. |
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| Maktoum bin Mohammed chairs Executive Council meeting, announces AED25 billion in new investment incentives
The Executive Council of Dubai has approved a series of new initiatives and programmes designed to support its ambitious economic agenda and make it one of the world’s top three urban economies by 2033. |
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| Saudi SME Bank drives economic growth with $267m disbursed since inception
Saudi Arabia’s Small and Medium Enterprise Bank disbursed SR1 billion ($267 million) between its launch in December 2022 and January this year, latest figures show. |
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| Closing Bell: Tasi slips to close at 11,607 points
Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, losing 52.44 points, or 0.45 percent, to close at 11,606.09. |
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| Saudi Local Content Coordination Council achieves 47% domestic content rate – latest figures
Saudi companies that are members of the Local Content Coordination Council sourced 47.22 percent of their purchases domestically in 2022, latest data showed. |
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| Saudi POS spending regains momentum with 48% rise
Saudi Arabia’s point-of-sale spending increased by 48 percent to reach SR12.34 billion ($3.29 billion) from June 23 to 29, with the education sector registering the largest surge. |
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| PIF’s revenue soars 100% to $88.3bn, latest figures show
Saudi Arabia’s sovereign wealth fund has reported strong financial results for 2023, achieving revenues of SR331 billion ($88.3 billion) from its diverse investment portfolio, marking over 100% percent growth from 2022. |
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| Corporate activities drive 11% loans surge from Saudi banks, SAMA data shows
Loans by Saudi Arabia’s banking sector increased to SR2.72 trillion ($726.44 billion) in May, marking an annual 11.14 percent rise, official data showed. |
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| Closing Bell: Saudi main index closes in red; Nomu in green
Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 20.97 points, or 0.18 percent, to close at 11,658.53. |
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| ACWA Power secures $373m financing for Tashkent’s Riverside Power Plant
Saudi energy giant ACWA Power Co. has signed financing deals worth SR1.4 billion ($373.1 million) for Tashkent’s Riverside power plant in Uzbekistan, according to a statement on Tadawul. |
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| Saudi Arabia sees 5.6% rise in FDI in Q1 2024
Saudi Arabia saw a 5.6 percent increase in net flow of foreign direct investment in the first quarter of 2024 compared to the previous year, the official data showed. |
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| Saudi Arabia’s unemployment rate stabilizes at 3.5% in Q1: GASTAT
Saudi Arabia’s overall unemployment rate stabilized at 3.5 percent in the first quarter of 2024, marking a yearly decrease of 0.8 percentage points, the latest data showed. |
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| Closing Bell: TASI closes in red to reach 11,696 points
Saudi Arabia’s Tadawul All Share Index fell on Sunday, declining 50.12 points, or 0.43 percent, to close at 11,679.50. |
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| IsDB approves $369m for development projects in Turkiye, Turkmenistan, and Suriname
New development projects in Turkiye, Turkmenistan and Suriname will receive a significant boost with a $368.98 million financing package sanctioned by the Islamic Development Bank. |
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| Saudi Arabia eyes global halal market lead
Saudi Arabia stands at the forefront of the global halal product industry, capitalizing on its unique status as the birthplace of Islam, thus earning the trust of around 2 billion Muslims worldwide. |
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| Saudi car industry speeds up growth amid push to be a production hub
Saudi Arabia’s automotive industry is experiencing significant growth, driven by government-led initiatives, a strategic geographical location, and ambitious plans to become a manufacturing hub. |
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| Implementing excise tax in Kuwait
The economy of Kuwait, as is the case with the other Gulf Cooperation Council (GCC) economies, is known for its hydrocarbon wealth. However, as Kuwait strives for diversification and fiscal sustainability, taxation has become an increasingly important tool. One key area is excise tax, a form of indirect tax levied on specific goods, i.e. excise goods. |
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| Saudi Arabia’s logistics sector pioneering pathways for global connectivity
Saudi Arabia’s logistics sector has undergone a remarkable transformation in recent years, fueled by visionary initiatives like Vision 2030 and the National Industrial Strategy. As the sector continues to evolve, what groundbreaking strategies will drive it forward? |
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| UK investors urged to enter Saudi sports market, projected to reach $22bn by 2030
UK investors have been encouraged to enter the Saudi sports sector, with an official telling a London event its market value is set to hit SR84 billion ($22.38 billion) by 2030. |
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| MENA sukuk market surges 48% to $6.2bn: Bloomberg data
Sukuk issuance across the Middle East and North Africa surged 48 percent to $6.2 billion in the first half of 2024, driven by green and social projects, a new analysis showed. |
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| Saudi Arabia in good position for sustained economic development, minister tells OPEC Fund
Saudi Arabia’s accumulated savings, rich natural resource base, and state capabilities put it in a good position to pursue sustained economic development, according to the finance minister. |
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| Closing Bell: Saudi main index rose to close at 11,729
Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 73.27 points, or 0.63 percent, to close at 11,729.62. |
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| Foreign investment levels and sukuk funds among milestones revealed by CMA report
Raising SR29.95 billion ($8 billion) from sukuk and debt instruments and securing SR198 billion in foreign investments are some of Saudi Arabia’s achievements underscored in the Kingdom’s Capital Markets Authority’s latest report. |
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| IsDB inks deal with Kazakhstan to help advance its economy
Infrastructure projects in Kazakhstan will receive support from the Islamic Development Bank after a deal was signed in Vienna. |
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| Saudi Islamic banks positioned for robust growth amidst economic expansion: Fitch Ratings
Saudi Islamic banks are poised to maintain a robust performance this year and in 2025, buoyed by non-oil economic growth and favorable operating conditions, a new report stated. |
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| Saudi Arabia advances renewable goals with 5,500 MW solar PPAs
Saudi Arabia is set to add 5,500 megawatts of solar energy following the signing of three deals by its principal buyer, advancing its strategy to enhance renewable sources. |
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| Closing Bell: TASI ends in red, closes at 11,656 points
Saudi Arabia’s Tadawul All Share Index fell on Wednesday, losing 74.42 points, or 0.63 percent, to close at 11,656.35. |
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| Saudi POS spending stabilizes at $2.2bn despite sectoral declines
Saudi Arabia’s point-of-sale spending came in at SR8.34 billion ($2.22 billion) from June 16 to 22, official figures revealed — with 30.3 percent of the total coming in the Kingdom’s capital city. |
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| NBK urges to use official websites, apps when making bill payments
As part of its active efforts to enhance financial awareness and inclusion among all sectors of society, National Bank of Kuwait (NBK) continues to promote the “Let’s Be Aware” campaign launched by the Central Bank of Kuwait, in collaboration with local banks and Kuwait Banking Association (KBA) |
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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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| 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. |