Press Dossier   News Category    Economy   
UAE set to announce retail fuel prices for February
The UAE is expected to announce retail fuel prices for the month of February tomorrow.
Saudi banks’ profits up 21% in December, central bank data shows
Deposits in Saudi banks grew by 9 percent year-on-year to SR2.29 trillion ($609.97 billion) with the major chunk deposited by government agencies, the monthly bulletin issued by the Saudi Central Bank, also known as SAMA, showed.
IMF lowers Saudi Arabia’s economic growth to 2.6% for 2023
The International Monetary Fund has lowered Saudi Arabia’s economic growth forecast to 2.6 percent for 2023, 1.1 percentage points lower than its October estimate of 3.7 percent, its latest report showed.
Mashreq’s 2022 net profit climbs to Dh3.7 billion as customer deposits rise
Mashreq, a leading Dubai-based lender, on Monday reported a remarkable jump in 2022 net profit to Dh3.7 billion as operating profit surged 39. per cent to Dh4.4 billion year-on-year.
Saudi Arabia’s real GDP grows by 5.4% in Q4 2022: GASTAT
Saudi Arabia's real gross domestic product grew by 5.4 percent in the fourth quarter of 2022, compared to the same period in 2021, driven by a high increase in non-oil activities, according to the latest report released by the General Authority for Statistics.
Oil activity boosted Oman’s economy by 30.4% in September 2022
Oman’s economy grew by 30.4 percent in September 2022 year-on-year, thanks to increased oil production, local media reported, citing figures issued by National Centre for Statistics and Information.
Qatar replaces Russian company in Lebanon’s gas exploration
Lebanon announced on Sunday that Qatar has entered a consortium to explore for offshore gas in the Mediterranean Sea off the Lebanese coast.
Saudi Arabia’s benchmark index inches up 0.16% to close at 10,839.49
Saudi Arabia’s Tadawul All Share Index on Sunday inched up 17.84 points — or 0.16 percent — to close at 10,839.49.
Jeddah Islamic Port receives 3 ship-to-shore cranes
Saudi Arabia’s  Jeddah Islamic Port has received a new batch of three ship-to-shore cranes amid efforts to boost operational efficiency of the port, the Saudi Press Agency reported.
King Abdullah Port records 3.25% growth in container throughput
Saudi Arabia’s King Abdullah Port recorded a 3.25 percent increase in container throughput in 2022 and cemented its position among the world’s fastest-growing ports, said a statement issued on Sunday.
Saudi Arabia plans to boost listing of agricultural firms on Tadawul
Saudi Arabia plans to list agricultural firms on its stock market in a push to raise the financial efficiency of such firms as it looks to boost investment in the sector.
Kuwait Airways losses drop by KD 52m
Kuwait Airways will acquire the “T4” building after renting it out for about KD 1 million annually, said Captain Ali Al-Dukhan, chairman of the board of directors at Kuwait Airways Company (KAC) during a press conference held by the company to announce its 2022 financial results.
UAE stock markets poised for another stellar year
The UAE stock markets were the second-best performing stock market in 2022, and the best in US dollar terms with a gain of 37 per cent, recent research showed. The interest in the country’s equities is likely to continue this year as 11 initial public offerings are slated for this year.
CBK raises discount rate to 4.0%
The Governor and the Chairman of the Board of Directors of the Central Bank of Kuwait (CBK), Basel A Al-Haroon stated that the CBK Board of Directors decided to raise the discount rate by 0.50 percent from 3.5 percent to 4.0 percent effective January 26, 2023.
Emirates NBD’s 2022 profit jumps 40% to Dh13 billion
Dubai’s largest lender Emirates NBD reported on Thursday a 40 per cent jump in 2022 annual profits to Dh13 billion on the back of “an exceptionally strong” fourth quarter performance.
FAB posts ‘historic-high’ profit of Dh13.4 billion in 2022
First Abu Dhabi Bank (FAB) reported on Thursday record annual profitability of Dh13.4 billion, up seven per cent year-on-year for 2022.
Emirates Islamic profit surges 51% to Dh1.24b
Emirates Islamic said on Thursday that its 2022 net profit soared 51 per cent to a record Dh1.24 billion “on higher funded income and non-funded income with a significant reduction in the cost of risk reflecting the strong economic recovery.”
Saudi Arabia’s oil exports value rises 11.8% in November 2022: GASTAT
Saudi Arabia’s oil export value rose by 11.8 percent to SR9.5 billion ($2.53 billion) in November 2022, compared to the same month in 2021, according to the latest data released by the General Authority for Statistics.
NBF records best-ever operating performance in 2022
National Bank of Fujairah (NBF) on Wednesday announced that its operating income surged 25.8 per cent to Dh1.8 billion last year while operating profit climbed 29.4 per cent to Dh1.2 billion due to a solid turnaround supported by robust capital adequacy and sound improvement in asset quality.
Saudi Arabia estimates borrowing around $12bn in 2023, approves plan
Saudi Arabia expects its financing needs to be around SR45 billion ($12 billion) this year, the National Debt Management Center said on Wednesday.
Record oil supply will not meet 2023 demand surge: IEA
Record oil supply of 101.1 million barrels per day in 2023 will not meet surging global demand, leading to a significant shortfall in availability by the end of 2023, according to the International Energy agency.
DIB posts record Dh5.6 billion profit for 2022
Dubai Islamic Bank, the largest Islamic bank in the UAE, posted on Wednesday a record-breaking annual net profit of Dh5.6 billion for 2022, up 26 per cent year-on-year.
Saudi Arabia’s NDMC closes issuance of sukuk worth $920m
Saudi Arabia’s National Debt Management Center has closed the issuance of SR3.47 billion ($920 million) riyal-denominated sukuk for January 2023, according to a recent statement.
Closing Bell: TASI edges up 0.13% to close at 10,809
Saudi Arabia’s Tadawul All Share Index rose 13.55 points — or 0.13 percent — on Wednesday to close at 10,809.15.
Edge makes $14 million investment in High Lander
The UAE’s Edge group has announced a strategic investment in High Lander, the company behind Universal UTM, a drone-agnostic unmanned traffic management solution which provides the automation, coordination, and safety much needed in increasingly crowded skies.
Qatar Investment Authority raises stake in Credit Suisse to just under 7%
Qatar's sovereign wealth fund has increased its stake in Credit Suisse to just under 7 percent, becoming the Swiss bank's second-largest shareholder after Saudi National Bank, in a sign that its Gulf investor base is growing in importance.
UAE slashes fees for 14 business services by up to 92%
The UAE announced on Tuesday a sharp reduction in fees for 14 services as part of an on-going drive to further enhance the attractiveness of its business environment that is ranked 12th globally for competitiveness.
UAE-Israel trade hits record high to reach $2.56bn in 2022
Bilateral trade between the UAE and Israel more than doubled in 2022 after the countries signed a free trade agreement in May to reduce tariffs on the majority of goods.
IPO market for UAE, region looking strong, say experts
The IPO pipeline is looking strong for 2023 as well following a large number of companies going public last year, industry executives said on Monday.
Real Estate Future Forum kicks off with $2.7bn worth of deals signed
Real estate deals worth more than SR10 billion ($2.66 billion) were signed on the opening day of an industry gathering in Saudi Arabia.
UAE's economic indicators strong despite global slowdown, says top official
The UAE’s, especially Dubai, all economic sectors are growing strong amid slowdown in global economy, said a senior official on Monday.
SAMA reduces minimum paid-up capital for finance firms supporting SMEs
The Saudi Central bank, also referred to as SAMA, has announced adding a subtitle to an existing law, which reduces the minimum paid-up capital for finance firms specialized in financing and supporting small and medium enterprises to SR50 million ($13.3 million), according to a statement.
Closing bell: TASI ends 42 points higher to close at 10,724
Saudi Arabia’s Tadawul All Share Index on Sunday gained 42.61 points — or 0.40 percent — to close at 10,724.62.
Saudi Arabia signs $1bn deal with Indian firm to produce specialized agricultural chemicals
Saudi Arabia’s Ministry of Investment has signed an agreement worth $1 billion to manufacture specialized agriculture chemicals within the Kingdom.
UAE-Israel trade more than doubles to Dh9.4 billion in 2022
Bilateral trade between the UAE and Israel more than doubled last year with the Emirates becoming among the top 20 trading partners of Israel.
IDB's insurance arm to support MENA renewables rollout after MoU with UAE’s Masdar
The Islamic Development Bank’s development insurance arm has signed an agreement with the UAE’s Masdar to boost the rollout of renewable energy projects in the Middle East and North Africa region.
Dubai short-term rental market poised for a surge
As Dubai’s real estate sector continues its surge, a number of homeowners who were renting out in the short-term rental space are now moving towards long-term contracts. But that is not necessarily a bad thing, says an expert.
UAE fintech InvestSky raises $3.4m in pre-seed funding
UAE-based InvestSky has raised $3.4 million in a pre-seed funding round led by Saudi venture capital firm Emkan Capital with participation from other investors.
Jordanian industrial delegation begins visit to Saudi Arabia
Jordan and Saudi Arabia will discuss ways to expand economic relations and build joint industrial partnerships during a Jordanian delegation’s visit that started on Saturday.
Saudi Arabia is a hotspot for investment, says Investcorp’s Hazem Ben-Gacem
Pent-up consumer, logistics and industrial demand in Saudi Arabia have caught the eye of some of the world’s biggest businesses, including the Bahrain-based equity firm Investcorp as it considers a $1 billion investment.
Saudi minister discusses finance, investment and innovation with business leaders in Davos
Faisal Al-Ibrahim, the Saudi minister of economy and planning, on Friday met Stephen Schwarzman, the chairman, CEO and co-founder of private equity firm Blackstone, in Davos, Switzerland, to discuss the future of finance and ways to make a positive long-term economic impact.
Italian industry chief praises Kuwait’s changing economy
Top Italian firms want in on Kuwait’s development, establish partnerships within its private sector and offer expertise to businesses, an industry chief from Italy says.
Saudi Arabia stays top crude supplier to China in 2022, Russian barrels surge
Saudi Arabia remained the top supplier of crude oil to China in 2022, despite the Asian powerhouse snapping up low-cost Russian barrels while Western countries shunned Moscow after the Ukraine crisis, according to Reuters.
Closing bell: Saudi bourse edges up 0.17% to end at 10,682
Saudi Arabia’s Tadawul All Share Index gained 17.97 points — or 0.17 percent — on Thursday to close at 10,682.01.
Saudi Aramco increases access to North America’s largest oil refinery as it launches new US subsidiary
Saudi Aramco’s global trading arm has bought US firm Motiva Trading as it seeks to expand its footprint across North and South America.
Abu Dhabi: Dh20 million initiative launched to reduce 20% electricity consumption in mosques
Abu Dhabi Distribution Company (ADDC) will invest Dh20 million in an energy efficiency initiative to reduce 20 per cent of electricity consumption in mosques.
Closing Bell: Saudi bourse sheds 0.18% to end at 10,664
Saudi Arabia’s Tadawul All Share Index on Wednesday fell 18.86 points — or 0.18 percent — to close at 10,664.04.
Saudi Arabia to attract huge investments through structural changes: Minister
Saudi Arabia stands to draw enough large-scale investment thanks to its access to natural resources, regulatory changes, and its young population, according to the Saudi Minister of Economy and Planning Faisal Alibrahim.
UAE committed to supporting balance in oil market: Suhail Al Mazrouei
The UAE on Sunday called for new investment in energy sector to cater to rising demand and said it is committed to supporting balance in oil market.
KIPIC: Al-Zour refinery labs to boost Kuwait’s oil sector competitiveness
Kuwait Integrated Petroleum Industries Company (KIPIC) affirmed on Tuesday that the launching of the Al-Zour refinery’s laboratories would boost the performance and competitiveness of the Kuwaiti oil sector.
Page 1 of 240