| Recent reforms to help Saudi Arabia achieve FDI target of $24bn in 2024
Saudi Arabia’s updated investment law and a slew of recent reforms could help the country achieve its goal of attracting foreign direct investments worth $24 billion this year, according to an analysis. |
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| UAE’s Mubadala acquires full ownership of UCB Pharma’s China business with CBC Group
UAE sovereign wealth fund Mubadala Investment Co. has acquired 100 percent ownership of UCB Pharma’s mature business in China, in partnership with CBC Group, a healthcare-focused asset manager. |
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| Kingdom’s petchem sector boosted by new digital platform
Saudi Arabia’s petrochemical sector has received a boost with the Ministry of Industry and Mineral Resources’ digital platform delivering over 100,000 tonnes of raw materials to local factories. |
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| FTA reports 2.7m tax refund requests from tourists processed in H1 2024
The Federal Tax Authority (FTA) asserted there has been considerable growth in the volume of transactions processed through the digital Value Added Tax (VAT) refund system for tourists in 2024, surging to 2.7 million in the first half of the year, up from 2.55 million requests recorded during the same period in 2023. |
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| Nakheel awards Dhs810m contract
Nakheel, a member of Dubai Holding’s pioneering real estate arm, Dubai Holding Real Estate, has awarded an Dhs810 million contract for the marine works on Palm Jebel Ali to Jan De Nul Dredging LTD. |
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| $405m project to transform Riyadh's Qasr Al-Hukm
Two major state-owned and publicly listed companies have formed a partnership to oversee the development and management of key markets in downtown Riyadh. This collaboration marks a significant step in the city’s ongoing transformation. |
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| Saudi , Ethiopia business body eye stronger ties
Saudi Arabia and Ethiopia are set to strengthen their economic ties with the establishment of a new business council for the 2024-2028 term, the Federation of Saudi Chambers announced. |
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| Saudi real estate market set for rebound leading GCC growth
Saudi Arabia’s real estate market is expected to rebound in the second half of this year, driven by strong performance in both oil and non-oil sectors, a new analysis has revealed. |
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| Saudi cybersecurity market sees 10.8% growth, reaching $3.55bn in 2023
Saudi Arabia’s investment in cybersecurity products, solutions, and services surged to SR13.3 billion ($3.55 billion) in 2023, reflecting a robust 10.83 percent increase from the SR12 billion spent in 2022. |
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| Saudi Arabia issues 57 regional HQ licenses for companies in Q2
More than 57 international firms received licenses to relocate their regional headquarters to Saudi Arabia during the second quarter of this year, representing an 84 percent year-on-year increase. |
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| UAE national carriers fly to 606 destinations as travel demand picks up
United Arab Emirates: The UAE’s national carriers are expanding their destinations, driven by the country’s strong global tourism and business reputation and the resurgence in travel demand. |
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| UAE banks see 8.9% rise in short-term deposits to $14.7bn by May
UAE-based banks attracted over 54 billion dirhams ($14.7 billion) in short-term deposits during the first five months of the year, marking an 8.9 percent increase from December 2023, official data showed. |
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| Oman, Europe trade hits $2.28m in May, marking 9.5% growth
Oman’s trade exchange with European nations witnessed a notable rise by the end of May, reaching 878 million Omani rials ($2.28 billion). |
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| Saudi Arabia’s residential landscape changing as smart cities rise
The evolution of smart cities in Saudi Arabia could change the residential landscape of the Kingdom, as high-net-worth individuals discover these communities are perfect destinations for setting up homes, according to experts. |
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| Musanadah offers support services to EP charity
Musanadah, a Saudi provider of integrated facilities management solutions and manned security services, has signed a new service delivery agreement with the Charitable Association for the Care and Rehabilitation of the Disabled in the Eastern Province — Prince Sultan Rehabilitation Complex, or Efaa. |
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| Taqa, JERA announce financial closing of SATORP plant expansion
Abu Dhabi National Energy Company (Taqa) and JERA, Japan’s largest power generation company, announced the financial closing of Najim Cogeneration Company Limited. |
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| GCC real estate markets poised for solid H2 growth: Markaz
Kuwait: The real estate sector across the GCC region is expected to maintain its upward momentum, reinforced by strong macroeconomic fundamentals, supportive government policies, and increasing investor interest, according to industry expert Markaz Real Estate. |
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| KBR wins advisory consulting deal for Kuwait Oil project
Kuwait: KBR, a leading provider of technology and engineering services, has announced it has been awarded an advisory consulting contract by Kuwait Oil Company for the development of a country-wide masterplan for the production of 17GW of renewables and 25GW of green hydrogen by 2050. |
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| Saudi startup ecosystem leads regional funding activity
Saudi Arabia’s startup ecosystem continues to see robust growth, with a diverse range of sectors attracting significant investment. |
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| Riyadh’s Cloud Computing Economic Zone a ‘game-changer for all sectors’
A special economic zone being rolled out in Riyadh is turning Saudi Arabia into a cloud computing hub that will boost jobs and attract foreign investment, experts have told Arab News. |
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| WETEX set to attract major firms specialising in sustainable cities
In addition to major local and international companies specialising in energy, water, green development, sustainability, electric vehicles, decarbonisation, circular economy, and other vital sectors. |
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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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| 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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| 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 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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| 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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| 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 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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| 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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| 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. |