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Press Dossier   News Category    Economy   
UAE set to exceed Cepa target
The UAE signed its 11th Comprehensive Economic Partnership Agreement with Colombia on Friday and said it now expects to exceed its initial target of signing free trade agreements with 21 countries and five economic blocs aimed at doubling foreign trade to Dh4 trillion by 2031.
Saudi Arabia’s non-oil exports surge by 4.4% in February: GASTAT
Saudi Arabia’s non-oil exports, including re-exports, saw a surge of 4.4 percent in February compared to the same period the previous year, official data showed.
'UAE Companies Investment Meet' aims to unlock Kuwait potential
The embassy of the United Arab Emirates in Kuwait held a press conference, on Monday, to announce the launch of the “UAE Companies Investment Meet” titled “Unlocking Kuwait’s Potential.”
Saudi Arabia’s non-oil exports surge by 4.4%: GASTAT
Saudi Arabia’s non-oil exports, including re-exports, saw a surge of 4.4 percent in February compared to the same period of 2023, official data showed.
Saudi Arabia fastest-growing IT market in region, ICT spending to hit $37.5bn in 2024
Saudi Arabia is the fastest-growing information technology market in the Middle East, Turkey, and the African region, with double-digit growth in technology spending, according to analysts.
Closing Bell: Tasi slips for the second consecutive day
Saudi Arabia’s Tadawul All Share Index continued its downward trend for the second consecutive day as it shed 24.52 points to close at 12,484.41.
Sukuk issuance to continue steady growth in 2024: Fitch Ratings
Global sukuk issuance is expected to continue growing in the remaining months of this year, driven by funding and refinancing demands, Fitch Ratings said.
ACWA Power inks deal to drive renewable energy development in Azerbaijan
Saudi energy giant ACWA Power is signing a new agreement to accelerate the development of renewable projects in Azerbaijan.
Oman nominal GDP sees 2.8% slip
Oman’s nominal gross domestic product registered an annual 2.8 percent drop thanks to an output decrease from the hydrocarbon sector, according to the latest figures.
UAE and Oman establish $35bn investment partnerships across multiple sectors
Trade and economic ties between the UAE and Oman are set to further strengthen thanks to the signing of investment deals worth 129 billion dirhams ($35.12 billion).
Alistithmar Capital, Ezdihar Real Estate partner to launch $293m property development fund
Saudi Arabia’s Alistithmar Capital is teaming up with Ezdihar Real Estate Development Co. to create an SR1.1 billion ($293 million) property fund in a move that will benefit Riyadh’s commercial and office landscape.
Saudi Aramco in talks to acquire 10% stake in China’s Hengli Petrochemical
Energy giant Saudi Aramco held talks with Chinese Hengli Group Co. to acquire a 10 percent stake in its subsidiary, subject to due diligence and required regulatory clearances.
Closing Bell: TASI edges down to close at 12,509 points
Saudi Arabia’s Tadawul All Share Index closed at 12,508.93 points on Monday, losing 9.29 points or 0.07 percent.
Saudi Arabia accelerates automotive sector localization
RIYADH: Saudi Arabia’s automotive sector localization is fast on track as part of the government’s efforts to achieve its Vision 2030 targets, according to a senior official.
CBUAE: Banks, finance companies may defer personal and car loans installments for six months to overcome repercussions of weather condition
The Central Bank of the UAE (CBUAE) today issued a notice to all banks and insurance companies to allow the deferral of repayment of instalments of personal and car loans for customers affected by the repercussions of the weather condition for a period of six months.
​​UNCTAD sees global growth rate 2.6% in 2024
RIYADH: Global economic growth is anticipated to slow to 2.6 percent in 2024, with the UN Trade and Development agency highlighting an uneven post-pandemic financial recovery among countries.
​​Saudi food security drive receives boost with new Tadco partnership
RIYADH: Saudi Arabia’s food security drive is set to receive a boost as Tabuk Agricultural Development Co., also known as Tadco, signs an agreement to construct high-tech greenhouses.
​​KSA begins 3rd round of 'Sah' savings offerings with 5.59% return
RIYADH: Saudi Arabia has opened its third round of the subscription-based savings product, Sah, for April, offering a 5.59 percent return, encouraging financial stability and growth among citizens.
Sharjah Islamic Bank’s Q1 net profit soars 22.5%
Sharjah Islamic Bank (SIB) reported a 22.5 per cent increase in its net profit before tax for the first quarter 2024, which the lender attributed to a revenue boost from multiple new “high profit oriented customised” products.
Saudi Arabia leading region’s transformative journey
A wave of venture capital funding has washed over the Middle East and North Africa region, prompting transformative change in the entrepreneurial landscape.
IMF, World Bank steering committee stresses accountability as reforms advance
The steering committee for both International Monetary Fund and the World Bank on Saturday emphasized the need for broader accountability as the institutions implemented reforms to help countries grapple with climate change and other shocks.
KAC records high rates of operational activities
Kuwait Airways Company (KAC) on Saturday announced the increase in the percentage of its operational activities in the movement of aircraft and passengers during the months of November and December 2023, January and February 2024.
Investment opportunities in Saudi Arabia abound beyond major cities
In the heart of Saudi Arabia, amidst the towering skylines of Riyadh, Jeddah and Dammam that have long symbolized the nation’s economic strength, a new narrative is taking shape.
World Bank chooses Saudi Arabia as location for new knowledge hub
A knowledge hub will be established in Saudi Arabia in a partnership between the Kingdom’s National Competitiveness Center and the World Bank Group, it was announced in Washington DC on Friday.
KPC launches a unified e-commerce platform
Kuwait Petroleum Corporation (KPC) launched a unified electronic commerce platform for the oil sector to facilitate and develop relations between the corporation and its subsidiaries on the one hand and its partners inside and outside on the other.
Saudi Arabia issues over 37k certificates of origin in March
Saudi exporters were issued 37,188 certificates of origin in March by the Ministry of Industry and Mineral Resources, marking an annual increase of 0.5 percent.
Spanish investments in Saudi Arabia exceed $3bn, boosting bilateral relations and vital sectors
Spanish investments in Saudi Arabia have surpassed $3 billion in the last 10 years, with bilateral relations contributing to the development of vital sectors, according to a top official.
Closing Bell: TASI ends the week in green with trading turnover at $2.18bn
Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 36.37 points, or 0.29 percent, to close at 12,502.35.
March data reveals slight dip in Dubai’s inflation
Dubai’s inflation witnessed a slight decrease in March, dropping to 3.34 percent compared to 3.36 percent in February, according to official data.
Saudi EXIM Bank inks deal with Swiss counterpart to elevate trade exchange
Saudi EXIM Bank and its Swiss counterpart have signed an agreement to boost the Kingdom’s non-oil exports, enhancing their global market competitiveness.
Saudi development fund agrees $50m loan deal with St. Vincent and the Grenadines
The Saudi Fund for Development signed a $50 million loan agreement with St. Vincent and the Grenadines on Friday to assist communities affected by natural disasters, Saudi Press Agency reported.
UAE records 64% surge in trademark registrations
The UAE recorded an annual 64 percent surge in trademark registrations, amounting to 4,610 in the first quarter of 2024, official data showed.
Saudi crude production hits 7-month high in February
Saudi Arabia’s crude production reached a seven-month high of 9.01 million barrels per day in February, data from the Joint Organizations Data Initiative showed.
IMF projects UAE growth at 4.2% for 2025, highest in 3 years
The International Monetary Fund (IMF) on Tuesday projected higher growth for the UAE economy for next year than in 2023 and 2024, the highest in three years.
Renewable energy continues to gain momentum in Saudi Arabia, says report
Saudi Arabia could achieve its 2030 renewable target of 130 gigawatts by strengthening existing green policies and ensuring their effective implementation, a new study showed.
Closing Bell: TASI loses 34.45 points to close at 12,465
Saudi Arabia’s Tadawul All Share Index closed at 12,465.98 points on Wednesday, dipping 34.45 points or 0.28 percent.
Microsoft to invest $1.5bn in UAE-based AI firm G42
Global tech giant Microsoft will invest $1.5 billion in the UAE-based artificial intelligence technology company G42, aiming to offer the latest AI solutions and skilling initiatives.
UAE grocery store chain Spinneys to float 25% stake on Dubai Financial Market
UAE-based grocery store operator Spinneys 1961 Holding PLC has announced its intention to proceed with an initial public offering on the Dubai Financial Market.
Closing Bell: Saudi benchmark index edges down 1.64% to 12,500
Saudi Arabia’s Tadawul All Share Index shed 207.91 points or 1.64 percent on Tuesday to close at 12,500.43.
IMF raises growth forecast for Saudi economy to 6% in 2025
The International Monetary Fund has raised its expectations for Saudi Arabia’s economic growth in 2025 to 6 percent – up from 5.5 percent predicted earlier this year.
ACWA Power secures landmark $80m bridge loan from Bank of China for Uzbekistan projects
Saudi energy giant ACWA Power has secured an $80 million equity bridge loan from the Bank of China for its Uzbekistan initiatives.
Saudi housing program Sakani benefits over 32,000 families in Q1
As many as 32,343 Saudi families benefitted from Sakani’s housing options during the first quarter of 2024, marking an annual 15 percent increase.
World Bank raises Saudi Arabia’s 2025 GDP growth forecast to 5.9%
The World Bank has raised its expectations for Saudi Arabia’s economic growth to 5.9 percent in 2025 from 4.2 percent predicted earlier in January.
GCC oil companies’ capex to grow by 5% to reach $115bn in 2024
The capital expenditures of national oil companies in the Gulf Cooperation Council are likely to grow by 5 percent in 2024 as compared to the previous year and are expected to reach $115 billion, according to a report.
Qatar inflation dips 1.4% in March: official data
A fall in food and beverage prices helped drive Qatar’s inflation down 1.4 percent in March as compared to the previous month, official data showed.
Budget Saudi Arabia to buy 70% stake in UAE freight firm Overseas Development
Saudi car rental firm United International Transportation Co. is set to acquire a 70 percent stake in the UAE’s freight forwarder Overseas Development through a recent deal.
ROSHN Group, Dar Al Arkan sign $57m deal
ROSHN Group, Saudi Arabia’s leading national real estate developer, signed a SR215 million ($57.3 million) sale and purchase agreement with partner developer Dar Al Arkan, the Saudi Press Agency reported.
Saudi inflation eases to 1.6% thanks to food price changes: GASTAT
Saudi Arabia’s inflation eased to 1.6 percent in March, down from 1.8 percent the previous month, driven by changes in the food and beverage sector.
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.
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