| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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). |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| 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. |
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| Saudi investment law change opens doors for US firms, says business council chief
US-based artificial intelligence, cybersecurity, and renewable energy firms are among those set to benefit from changes to Saudi Arabia’s foreign investment rules, according to a business council chief. |
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| 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. |
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| 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. |
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| 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. |
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| Qatar Financial Centre platform sees 230% increase in new firm registrations
A total of 505 new firms were registered on the Qatar Financial Centre platform in the first half of 2024, up 230 percent year on year, new data revealed. |
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| Saudi Arabia eyes FDI inflows from Asia and Europe: assistant minister
Saudi Arabia is keen to attract more foreign direct investment from Asia and Europe as the Kingdom continues its economic diversification journey, a minister has said. |
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| Saudi EXIM Bank credit facilities rise 128% in H1
The Saudi Export-Import Bank has announced a notable increase in its credit facilities for non-oil exports, with a 128 percent year-on-year rise to SR16.31 billion ($4.34 billion) in the first half of 2024. |
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| Saudi Arabia’s PIF generated 8.7% shareholders’ return by end of 2023
Saudi Arabia’s Public Investment Fund generated an average annual shareholders’ return of 8.7 percent by the end of 2023, highlighting its significant role in the Kingdom’s ongoing economic diversification. |
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| Closing Bell: Saudi main index closes in green at 12,023
Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 41.63 points, or 0.35 percent, to close at 12,023.03. |
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| SALIC to sell 40% stake in Saudi Fisheries for $32.62m
The Saudi Agricultural and Livestock Investment Co. has agreed to sell its 40 percent stake in Saudi Fisheries Co. to businessman Abdulaziz bin Abdullah Al-Humaid for SR122.4 million ($32.62 million). |
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| Saudi insurance firm Al-Etihad receives A3 rating from Moody’s
Saudi-based Al-Etihad Cooperative Insurance Co. has been awarded an A3 financial strength rating by Moody’s, reflecting the firm’s strong market position in the Kingdom. |
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| Oman’s trade with Americas grows 6.6% to $1.9bn in May
The trade volume between Oman and the Americas reached a substantial 742 million Omani rials, roughly equivalent to $1.9 billion in May. |
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| Al-Ahli Bank of Kuwait-Egypt announces outstanding financial results for H1 2024
Al-Ahli Bank of Kuwait - Egypt (ABK-Egypt) recorded outstanding financial results during the first half of 2024, reporting a significant increase in net profit by 154 percent, reaching EGP 4.315 billion compared to EGP 1.699 billion during the first half of 2023. |
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| ACWA Power commissions 700MW solar PV plant in Saudi Arabia
Saudi energy giant ACWA Power has commissioned the 700-megawatt AlRass1 Solar Photovoltaic Project, furthering the Kingdom’s renewable energy goals. |
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| Closing Bell: Saudi main index rises to close at 11,981
Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 66.38 points, or 0.56 percent, to close at 11,981.40. |
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| Saudi EXIM Bank credit facilities rise 128% in H1
The Saudi Export-Import Bank has announced a notable increase in its credit facilities for non-oil exports, with a 128 percent year-on-year rise to SR16.31 billion ($4.34 billion) in the first half of 2024. |
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| Khaled Waleed Al-Falah: NIC achieved positive financial indicators in H1 2024
The National Investments Company announced its financial results for the first half of 2024, in which the company achieved a net profit of KD 5.77 million at 7.24 fils per share, compared to the corresponding period of 2023, in which the net profit reached KD 4.23 million, 5.3 fils per share, an increase of 37 percent. |
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| Egypt Kuwait Holding achieves net profit of $90 million in H1 2024
Egypt Kuwait Holding Company (EKH) on Wednesday announced its financial results for the period ending June 30, 2024, prepared in accordance with Egyptian accounting standards. |
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| Saudi inflation rate rises to 1.5% in July on higher housing costs
Saudi Arabia’s annual inflation rate climbed to 1.5 percent in July compared to the same period last year, driven largely by a surge in housing costs, official data showed. |
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| Saudi Arabia’s reserves grow 6% to $452.8bn in July
Saudi Arabia’s official reserve assets increased to SR1.7 trillion ($452.8 billion) in July, marking a 6.06 percent year-on-year rise, according to recent data. |
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| Closing Bell: Saudi benchmark index ends the week in green at 11,915
Saudi Arabia’s Tadawul All Share Index ended the week by gaining 65.37 points, or 0.55 percent, to close at 11,915.02. |
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| Saudi Arabia’s construction contracts soar to $32bn in Q1 2024: USSBC
Saudi Arabia saw a 79 percent increase in the value of construction contracts awarded during the first quarter of 2024, reaching SR118.8 billion ($31.65 billion), a new analysis showed. |
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| Saudi insurance sector earnings surge 25% to $585m in H1 2024
Saudi Arabia’s insurance sector saw a 25 percent increase in earnings for the first half of 2024, reaching SR2.2 billion ($585 million) compared to the same period last year. |
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| Saudi PIF partners with Concacaf to promote football in Americas and Caribbean
Saudi Arabia’s Public Investment Fund and Concacaf on Thursday announced a multiyear partnership aimed at promoting football across North and Central America and the Caribbean. |
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| Listed companies in Qatar see 5.5% hike in profits in H1 2024
Listed companies in Qatar saw a 5.5 percent increase in profits, reaching 25.73 billion Qatari riyals ($7.043 billion) in the first half of 2024, up from 24.38 billion riyals during the same period in 2023. |
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| Saudi Arabia, Morocco sign MoU to enhance health cooperation
Saudi Arabia and Morocco signed a memorandum of understanding on Friday to enhance cooperation on health, the Saudi Press Agency reported. |
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| Saudi POS spending hits $3bn; education sector leads the way
Saudi Arabia’s point-of-sale spending totaled SR13.09 billion ($3.48 billion) for the week of Aug. 4 to 10, marking a decline from the previous week’s SR14.7 billion, the official data showed. |
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| Closing Bell: Saudi main index closes in green at 11,849
Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 52.81 points, or 0.45 percent to close at 11,849.65. |
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| Taqa’s H1 net income surges 12.3% to Dh4.4b
Abu Dhabi National Energy Company (Taqa) reported on Wednesday a 12.3 per cent year-on-year increase to Dh4.4 billion in net income for the first half of 2024. |
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| Saudi Arabia extends waiver on expat fees for industrial sector employees
Saudi Arabia on Tuesday announced an extension of its waiver on fees for expatriate workers in the industrial sector, continuing a policy first introduced in 2019. |
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| Closing bell: Saudi main index gains 56 points to 11,797
Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 56.18 points or 0.48 percent, to close at 11,796.84. |
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| Kuwait’s Warba Bank lists $500m sustainable sukuk on Nasdaq Dubai
Nasdaq Dubai has listed $500 million in sustainable trust certificates issued by Kuwait’s Warba Bank, marking a significant advancement in the region’s financial sector. |