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Press Dossier   News Category    Economy   
More jobs, lower bank fees: How UAE's exit from FATF 'grey' list will benefit residents
Lower bank fees, smoother foreign currency transactions and increased trade and investment resulting in more employment opportunities, are among the benefits following UAE’s removal from Financial Action Task Force (FATF) ‘grey’ list, experts told Khaleej Times.
New unified Gulf tourism visa to bolster Saudi economy
In November 2023 the Gulf Cooperation Council approved a landmark unified tourist visa set to launch between 2024 and 2025.
Saudi Arabia seeing rising interest in credit ratings amid broader investments and economy diversification: Moody’s exec
Saudi Arabia is seeing a growing interest in credit ratings, mainly driven by expanding global investments, regulatory reforms, and economic diversification, according to Moody’s.
Saudi, French FMs discuss bilateral ties on G20 sidelines
Saudi Foreign Minister Prince Faisal bin Farhan met on Thursday with his French counterpart Stephane Segournet on the sidelines of the G20 foreign ministers’ meeting in Rio de Janeiro.
Pakistan aiming to increase trade with Saudi Arabia to $20bn: minister
Pakistan wants to increase its trade with Saudi Arabia to $20 billion, up from the current $5.7 billion, through enhancing business conditions, according to a top official.
Saudi Arabia ahead of US, EU and UK when it comes to Basel IV compliance
Saudi Arabia’s dedication to financial stability has been underlined by figures from the Kingdom’s central bank showing its capital adequacy ratio stands at 19.5 percent – far above the 8 percent minimum requirement introduced in the wake of the 2008 economic crisis.
Oman opens its market to Brazilian live cattle
The Brazilian livestock sector is now authorized to export live cattle for slaughter and fattening to Oman.
Saudi Fund for Development set to enhance Tunisia’s railway network with loan
Tunisia’s railway network is set to improve as the Saudi Fund for Development is expected to finalize a loan agreement during its visit to the African country’s capital.
Saudi Arabia’s non-oil exports up 12% in December 2023: GASTAT
Saudi Arabia’s non-oil exports experienced a 12 percent surge in December 2023 compared to the corresponding month of the previous year, official data showed.
Saudi Arabia ranks 3rd in Global Retail Development Index: Kearney
An increase in non-cash transactions has helped Saudi Arabia rise nine places to third in the Global Retail Development Index.
Saudi financial market thrives with $106.6bn foreign investments: CMA chairman
Foreign investment in Saudi Arabia’s financial market has reached SR400 billion ($106.6 billion), comprising 12 percent of tradable shares, revealed a top official.
Closing Bell: Saudi main index steady to close at 12,606
Saudi Arabia’s Tadawul All Share Index was steady on Tuesday, marginally increasing by 11.93 points, or 0.09 percent, to close at 12,606.50.
ITFC signs $1.5bn annual work program with Egypt
Egypt’s economy is set to soar with the International Islamic Trade Finance Corp. finalizing its 2024 work program, paving the way for sustainable development and job creation.
Saudi Arabia’s credit card loans jump 17% annually to reach $7.2bn
Credit card loans in Saudi Arabia surged to SR27 billion ($7.2 billion) in 2023, marking a 17 percent annual increase, according to data from the Saudi Central Bank.
Restatex kicks off in Riyadh with $640m in real estate deals
Saudi developers received a funding boost with deals exceeding SR2.4 billion ($640 million) signed on the sidelines of the four-day Restatex Real Estate Exhibition in Riyadh.
Saudi and UK officials discuss cooperation and opportunities in energy sector
During a meeting in Riyadh on Monday, Prince Abdulaziz bin Salman, the Saudi energy minister, and Claire Coutinho, the UK’s secretary of state for energy security and net zero, discussed energy-sector cooperation between their countries.
UAE records 216% rise in use of digital signatures
The UAE government’s adoption of a proactive approach has resulted in a 216 percent increase in the use of digital signatures in 2023, the state-run news agency reported on Monday.
New derivates bourse members to join Saudi market in 2024
Saudi Arabia’s stock market will soon receive three new derivatives bourse members, as announced during the third edition of the Saudi Capital Market Forum.
PIF acquires 40% stake in Zamil Offshore Co.
Marine support services in Saudi Arabia are poised to grow, with Zamil Offshore Co. securing a funding boost from the Public Investment Fund for fleet expansion.
Gulf Bank holds its year-end 2023 earnings webcast for investors
Gulf Bank held its investors webcast on Tuesday, Feb 13, 2024 to present and discuss the bank’s financial performance for year-end 2023.
NBK launches salary acquisition campaign with exceptional benefits up to KD 5,000
National Bank of Kuwait (NBK) always seeks to enrich customer banking experience by providing top-notch services and exceptional offers through unique campaigns and rewards.
Gulf Bank records a net profit of KD 71.2m in 2023, an increase of 15.2% over 2022
Gulf Bank KSCP (“Bank”) announced its financial results for the year ended 2023. The bank reported a net profit of KD 71.2 million, an increase of 15.2 percent compared to the year 2022.
Saudi Arabia plans to provide USD 1.8 tln investment opportunities
Saudi Arabia is planning to provide USD 1.8 trillion investment opportunities with global companies, Saudi Minister of Investment Khalid Al-Falih said.
Saudi Arabia’s first sukuk savings round for February closes at $229.5m
Saudi Arabia has concluded its first government sukuk savings round for February, with a total volume of requests reaching SR861 million ($229.5 million), fully allocated to 35,000 applicants.
Saudi Arabia’s inflation holds steady at 1.6% in January: GASTAT
Saudi Arabia’s inflation remained stable at 1.6 percent in January, compared to 1.5 percent in December 2023, official data showed.
Saudi Arabia’s non-oil revenues increase by 11% in 2023
Saudi Arabia’s non-oil revenues jumped 11 percent year on year in 2023 to reach SR457.7 billion ($122 billion), according to figures issued by the Finance Ministry on Wednesday.
Closing Bell: TASI closes in green with 12,439 points
Saudi Arabia’s Tadawul All Share Index concluded its Wednesday’s trading at 12,438.77 points, marking an increase of 34.18 points or 0.28 percent.
United Arab Bank posts 65% growth in 2023 net profits
United Arab Bank (UAB) on Thursday posted a net profit of Dh255 million for the financial year 2023 compared to a net profit of Dh155 million in 2022, representing an increase of 65 per cent.
UAE announces $500m investment in AI, research platform
The UAE has unveiled a $500 million program to accelerate research and development into artificial intelligence and other emerging technologies.
Closing Bell: Saudi main index hits 12,405 with trading turnover of $3.07bn
Saudi Arabia’s Tadawul All Share Index continued its upward trend for the third consecutive day as it surged 108.68 points, or 0.88 percent, to close at 12,404.59.
SIDF marks 50 years of investing in more than 4,000 projects
More than SR180 billion ($48 billion) has been loaned to projects by the Saudi Industrial Development Fund over the last 50 years, according to figures released to mark the organization’s half-century.
Al-Ahli Bank of Kuwait announces strong financial performance in 2023
Al-Ahli Bank of Kuwait (ABK) is pleased to announce strong financial results for the financial year 2023. The bank has demonstrated outstanding performance, reflecting its resilience and dedication to customers and stakeholders.
94% of Saudi organizations plan to increase AI investment: survey
Adoption of artificial intelligence in Saudi Arabia is likely to increase as executives plan to invest in the technology to bolster cybersecurity, a recent survey found.
Modern tech use leads to 50% reduction in road accidents in 5 years, Saudi minister says
Saudi Arabia has successfully reduced road accidents by 50 percent in the last five years by using modern technologies, according to a top minister.
Closing Bell: TASI closes in green with 12,296 points, reaches $2.9bn trading volume
Saudi Arabia’s Tadawul All Share Index concluded its Monday trading at 12,295.91 points, recording an increase of 86.85 points or 0.71 percent.
Rental contracts in Saudi Arabia hit record 59.57k in January
Saudi Arabia’s property sector is witnessing a boom as the number of documented lease contracts surged 15 percent year-on-year, reaching a record 59,575 in January.
Red Sea Global closes $522m financing deal with Riyad Bank for luxury hotel
Red Sea Global has secured a SR2 billion ($522 million) financing deal to advance the development of the Four Seasons Hotel on Shura Island in Saudi Arabia.
Closing bell: Saudi main index rises to close at 12,209
Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 6.28 points, or 0.05 percent, to close at 12,209.06.
Arab nations see 9.8% surge in public expenditure, reaching $957.5bn in 2022: report
Arab countries witnessed a 9.8 percent increase in total public expenditure, reaching $957.5 billion in 2022, compared to $878.9 billion in 2021, according to a recent analysis.
Al-Ahli Bank of Kuwait upgraded to Boursa Kuwait’s Premier Market
Al-Ahli Bank of Kuwait (ABK) Group is pleased to announce the upgrade of its shares from the Main Market to the Premier Market of Boursa Kuwait, effective today.
Saudi Arabia’s point-of-sale and e-commerce payments reach $206bn in 2023
Saudi Arabia continued to embrace digital advancements in 2023, as both traditional point-of-sale systems and the e-commerce sector saw annual growth of 13 percent.
Clinicy targets sevenfold expansion after securing $5m in funding
Saudi Arabia’s entrepreneurial landscape is bustling with innovation, as startups across the Kingdom are leading a digital revolution in various sectors.
Latin American SMEs keen to collaborate with Saudi Arabia
Saudi Arabia is in overdrive to diversify its economy away from oil by exploring all available opportunities available domestically and abroad.
Saudi Arabia’s industrial production sees 0.4% rise in December 2023: GASTAT
Saudi Arabia’s mining and quarrying sector drove industrial production in December 2023, contributing to a 0.4 percent increase in the monthly index, official data showed.
Oman’s trade balance registers $17.9bn surplus in November 2023
Oman’s trade balance recorded a surplus of 6.9 billion Omani rials ($17.9 billion) in November 2023, down from 9.5 billion rials in the same period of 2022.
Saudi Exports seeking to build on $34.13bn non-oil trade with Africa
Fertilizers, building materials and packaging helped drive SR128 billion ($34.13 billion) in non-oil Saudi exports to Africa between 2019 and 2023, it has been announced.
Closing Bell: Saudi main index gains 37 points to close at 12,203
Saudi Arabia’s Tadawul All Share Index ended the week in green as it edged up 36.85 points, or 0.30 percent, to close at 12,202.78.
Qatar’s foreign reserves surge by 5.26% to $67.58bn in January: QCB data
Qatar’s international reserves increased by 5.26 percent annually to 246.04 billion riyals ($67.58 billion) in January, driven by higher balances in foreign banks, official data showed.
PIF launches new local business opportunities at Private Sector Forum
RIYADH: The Public Investment Fund will hold its second Private Sector Forum from Feb. 6-7 at the King Abdulaziz International Convention Center in Riyadh.
Saudi Arabia’s EV dreams turning into reality, top executives
RIYADH: Saudi Arabia’s electric vehicle ecosystem has sparked a new industry, attracting both local and international investments amid economic diversification efforts, according to a panel of experts.
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