Dear Customer: The Arab Lawyers Network apologizes for the temporary inconvenience related to the verification code via mobile and would like to inform you that the code will be sent via email. Please contact customer services for any further inquiries.

Press Dossier   News Category    Economy   
Saudi ADES secures $93.3m contract to operate jack-up rig in Qatar
Saudi drilling firm ADES is set to operate a SR350 million ($93.3 million) jack-up rig in Qatar, having secured a contract from TotalEnergies.
Saudi Arabia’s point-of-sale transactions grew 20% to reach $14.33bn in February
Payments made through point-of-sale terminals in Saudi Arabia experienced a notable 20 percent annual increase in February, totaling SR53.72 billion ($14.33 billion), the latest data showed.
Saudi Arabia leads EV surge, driving sustainable mobility revolution in Mideast
As Saudi Arabia spearheads the transition toward sustainable solutions, electric vehicles are surging ahead and are expected to revolutionize transportation in the Middle East. But the question remains: will they soon become a part of our daily lives?
Closing bell: Saudi main index slips to close at 12,666
Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 38.52 points, or 0.30 percent, to close at 12,666.90.
Saudi master developer KEC inks 2 deals worth $78m for Al-Alya project
Saudi master developer Knowledge Economic City Co. has signed two deals to deliver 396 residential apartments within the first phase of its mixed-use project Al-Alya.
Najran Municipality introduces 20 investment opportunities in Yadamah governorate
Saudi Arabia’s Najran Municipality has unveiled 20 diverse investment opportunities across the governorate of Yadamah, encompassing commercial, sports, recreational, shopping, and event activities.
Oman’s top 5 ports handle over 93.2m tonnes of cargo in 2023
Oman’s top five ports saw a 1.5 percent annual increase in cargo handling in 2023, surpassing 93.2 million tonnes, underscoring their growing significance in maritime trade.
Vision 2030 putting Saudi Arabia on the map for global investors, experts say
Saudi Arabia’s investment landscape is poised for a prosperous future, fueled by its equity and debt markets, a range of economic experts have told Arab News.
Saudi banks’ foreign assets surge by 22%, reflecting robust international investments
The foreign assets of Saudi Arabia’s commercial banks surged by 22 percent in February, reaching a total of SR347.63 billion ($92.7 billion), compared to the same month of the previous year.
Saudi bank loans increase by 11% to reach $706bn, fueled by real estate activities
Saudi banks extended loans totaling SR2.65 trillion ($706.3 billion) in February, marking an 11 percent rise from the same month in 2023, according to the latest official data.
Saudi Arabia make up a third of Forbes Middle East’s 30 Most Valuable Banks
Saudi Arabia is home to a third of Forbes Middle East’s “30 Most Valuable Banks,” with a 25 percent annual rise in the Kingdom’s entities’ accumulative market value.
Boursa Kuwait releases its third standalone Sustainability Report
Boursa Kuwait released its third standalone Sustainability Report, which shed light on the Kuwaiti stock exchange’s corporate sustainability strategy and initiatives in 2023, as well as assessing the company’s non-financial performance and progress for the period from January 1 to December 31, 2023.
ADFD's combined investments top Dh216 billion
The Abu Dhabi Fund for Development’s (ADFD) combined sum of development financing and diverse investments has surpassed Dh216 billion, benefiting 106 countries across continents.
Deposits at Saudi banks increased 10.26% in February
Saudi banks’ total deposits reached SR2.54 trillion ($677 billion) in February, marking a 10.26 percent increase from the same month last year, the official data showed.
Saudi Arabia’s premium residency visa opens market to expats and investors
New additions to the premium residency visa options by the Saudi government this year could open the Kingdom’s market to affluent expatriates and investors, a survey said.
Gulf Bank app offers exclusive services for account transfers
Gulf Bank’s new mobile application is swiftly advancing towards digital leadership, offering a comprehensive range of high-quality services. Among these, is the seamless transfer feature between the customer’s personal accounts.
UAE: National Bonds announces highest-ever return on savings in 2023
National Bonds on Tuesday announced returns of up to 5.84 per cent on saving bonds for 2023 — the highest amount offered by the savings and investment firm in its history.
Saudi non-profit sector registers 1.4% rise in boost to Vision 2030 goals
Non-profit organizations in Saudi Arabia grew by 72 in March, as the sector recorded a 1.4 percent rise over the month.
Saudi Arabia witnessing unprecedented growth in asset management industry: CMA official
Asset management activity revenues of capital market institutions in Saudi Arabia reached SR4.2 billion ($1.12 billion) in 2023, representing a rise of 58.6 percent in four years.
Qatar’s bonds maturing in 2024 reach $5.5bn
Bonds and sukuk maturing for Qatar’s government during 2024 have amounted to 20.3 billion riyals ($5.5 billion), according to the central bank.
Riyad Bank considering IPO of its investment banking unit
Saudi Arabia’s Riyad Bank has approved the assessment and preparation of an initial public offering of its investment banking unit, Riyad Capital.
Closing Bell: TASI ends week in green, reaches 12,705 points
Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 83.20 points, or 0.66 percent, to close at 12,705.42.
China becomes top greenfield investor in Saudi Arabia with $16.8bn
China has become the top greenfield foreign direct investor in Saudi Arabia with investments amounting to $16.8 billion in 2023, a 1,020 percent rise from the previous year.
Saudi banking assets near $1tn landmark as double-digit growth continues: KPMG
Saudi Arabia’s total banking assets grew 9.5 percent in 2023 compared to the previous year, nearly reaching the milestone of $1 trillion by year-end.
CBUAE’s foreign assets see 39% annual surge
The UAE central bank’s foreign assets surged to 695.04 billion dirhams ($189.2 billion) in January, showing a 38.8 percent yearly increase, according to official data.
UAE non-oil sector sees sharp rise in optimism despite supply pressures
Business conditions in the UAE non-oil private sector strengthened sharply in March, with optimism reaching its highest point in six months, as indicated by a survey.
Saudi Ministry of Industry and Mineral Resources issues 118 new permits as sector grows
Saudi Arabia issued 118 new industrial licenses in February – a 72 percent annual increase as the Kingdom’s manufacturing sector continues to strengthen.
Al-Baha, Eastern Province municipalities now offering over 1,000 investment opportunities
Investors can now access over 1,000 opportunities in sectors, including tourism, across the Al-Baha and the Eastern Province municipalities, according to the Saudi Press Agency.
Saudi Arabia leads March PMI rankings among GCC nations
Saudi Arabia’s non-oil private sector saw steady growth in March, with output accelerating to a six-month high, as reflected by the Kingdom’s Purchasing Managers’ Index.
Closing Bell – TASI closes in green to reach 12,622 points
Saudi Arabia’s Tadawul All Share Index closed in green on Wednesday, gaining 145.63 points, or 1.17 percent, to close at 12,622.22.
Rental prices for villas in Dubai surge 16.2%: CBUAE
Dubai’s real estate market witnessed strong growth in 2023, with rental prices for villas surging 16.2 percent year-on-year in the fourth quarter, official data showed.
Closing Bell: TASI closes in green for the 2nd consecutive day at 12,746.59
Saudi Arabia’s Tadawul All Share Index edged up for the second consecutive day as it gained 53.58 points or 0.43 percent to close at 12,746.59.
Saudi Arabia’s retail e-payments responsible for 70% of all transactions: SAMA
The share of retail consumer electronic payments in Saudi Arabia surged to 70 percent of total transactions in 2023, up from 62 percent in the previous year, official data showed.
Saudi authority approves 18 economic concentration requests in March
Saudi Arabia continued to record robust business activity in March with the authorities approving 18 requests for economic concentration, official data showed.
Saudi customs exemption on selected goods now effective
Custom duty exemptions for a range of manufacturing products coming into Saudi Arabia are now in effect, as the Kingdom seeks to stimulate its industrial sector.
UAE’s economy set to grow by 5.2% in 2025: central bank
The UAE’s economy received a positive outlook, with the nation’s central bank predicting a substantial 5.2 percent growth in the gross domestic product by 2025.
Qatar’s industrial sector sees 1.03% growth propelled by mining and quarrying
Qatar’s producer price index for its industrial sector registered an increase of 1.03 percent in February compared to the previous month.
Saudi Exchange marks 400th listing across all securities
Saudi Exchange has welcomed its 400th listing across all securities, underlining the growing prominence of the bourse in the capital market.
Saudi ports enhance Red Sea connections with new NRS shipping service
A new shipping service connecting Jeddah to the northern Red Sea has been launched by Saudi independent short-sea service provider Folk Maritime, indicating growth in the Kingdom's maritime sector.
UAE’s ADNOC Gas eyes investing $13bn to accelerate domestic and international growth
UAE energy giant ADNOC Gas plans to invest $13 billion in domestic and international growth opportunities over the next five years, according to a statement.
PIF-owned SITE and Korean AhnLab forge cybersecurity venture for Saudi market
The Saudi market is poised to benefit from advanced cybersecurity solutions through a new venture established by a Public Investment Fund-owned company and Korean firm AhnLab.
Tourist spending in Saudi Arabia hits record high of $40bn in 2023
Tourist spending in Saudi Arabia reached a record high in 2023, totaling SR135 billion ($39.95 billion), according to the latest official data.
Kamco Invest Saudi partners with Flexam to introduce European leasing opportunities
Saudi investors will gain access to Shariah-compliant leasing opportunities in Europe’s logistics and transportation sectors following a partnership between Kamco Invest and Paris-based Flexam Invest.
S&P revises Oman’s outlook to positive; affirms credit rating ‘BB+/B’
Oman’s improved fiscal position prompted international credit rating agency S&P Global to upgrade the country’s outlook from stable to positive.
Investment opportunities in Saudi stock market on the rise, says analyst
Saudi Arabia’s economic growth and efforts have enhanced indirect investment opportunities in the Kingdom’s stock market, said a top official of the Egyptian financial services company, EFG Hermes.
Closing Bell: Saudi main index slips to close at 12,401
Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 164.33 points, or 1.31 percent, to close at 12,401.56.
ACWA Power signs $263m deal for Nukus2 wind project in Uzbekistan
Saudi energy giant ACWA Power has signed a SR985.13 million ($262.7 million) power purchase agreement with Uzbekistan's National Electric Grid for the Nukus2 200-megawatt wind project.
QatarEnergy to charter 19 LNG more vessels expanding fleet further
QatarEnergy CEO Saad Al-Kaabi announced on Sunday that the company has finalized a number of charter contracts with several Asian ship owners to bolster its shipping fleet by 19 LNG vessels ahead of a massive expansion in LNG output.
UAE corporate tax: Registration, deadlines explained
The Federal Tax Authority has reitreated deadlines for the registration of taxable persons for corporate tax.
UAE: Petrol, diesel prices for April 2024 announced
The UAE fuel price committee has announced petrol and diesel prices for the month of April 2024. The new rates will apply from April 1 and are as follows:
Page 1 of 274