| Investments in Kingdom’s special economic zones reach $12.6bn
Affirming Saudi Arabia’s evolution into a global trade hub, total anchor investments in its four special economic zones reached SR47.2 billion ($12.6 billion) to date, it was disclosed at a forum. |
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| Saudi banks’ profits surge 3.4% in April to $1.55bn
The aggregate profit of banks operating in Saudi Arabia increased by 3.4 percent year on year in April to reach SR5.78 billion ($1.55 billion), according to the latest figures released by the Saudi Central Bank, also known as SAMA. |
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| Closing bell: Saudi stocks remain steady; TASI edges down 0.02%
Saudi Arabia’s Tadawul All Share Index lost 2.38 points or 0.02 percent to close at 11,135.67 on Monday. |
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| UAE’s Dana Gas raises its foreign ownership limit to 100%
The UAE’s vision of strengthening its capital markets has become one step closer to reality as Sharjah-based energy company Dana Gas plans to raise its foreign ownership limit to 100 percent. |
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| NBK-Egypt reports KD 6.9 million in net profits
National Bank of Kuwait-Egypt (NBK-Egypt) reported EGP 652.5 million (Equivalent to KD 6.9 million) in net profits in the three months ended March 31, 2023, compared to EGP 348.7 million (Equivalent to KD 6.7 million) for the same period of the year 2022, recording a growth of 87% YoY. |
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| New shipping service added to Kingdom’s Dammam port
Traffic at the King Abdulaziz Port in Dammam will soon ease thanks to the addition of Swiss-based Mediterranean Shipping Co.’s new service, the Saudi Press Agency reported. |
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| Saudi bourses feel the heat as US debt ceiling clouds global markets
Saudi Arabia’s Tadawul All Share Index fell 46.52 points to close at 11,138.05 on Sunday, exercising caution ahead of the US debt ceiling decision that has gripped global markets. |
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| Saudi banks’ profits surge 3.4% in April to $1.55bn
The aggregate profit of banks operating in Saudi Arabia increased by 3.4 percent year on year in April to reach SR5.78 billion ($1.55 billion), according to the latest figures released by the Saudi Central Bank, also known as SAMA. |
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| Qatar’s trade balance surplus hits $6bn in April
Qatar recorded a trade surplus of 22 billion Qatari riyals ($6 billion) in April 2023, according to a report released by the country’s Planning and Statistics Authority. |
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| Global investment in clean energy to reach over $1.7tn in 2023: IEA
As efforts to mitigate the effects of climate change gather pace around the world, investment in clean energy is also witnessing a surge and is expected to reach more than $1.7 trillion in 2023, according to the International Energy Agency. |
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| ADNOC Drilling on fleet expansion spree as it eyes over $3bn revenue in 2023
On the back of a strong first-quarter performance, ADNOC Drilling plans to go big on its expansion strategy as it eyes 20 percent year-on-year growth in revenue this year. |
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| Egypt’s Intella relocates headquarters to Saudi Arabia after KSA’s AI boom
Speaking exclusively with Arab News, Nour Taher, CEO and founder of the company, said Intella has begun relocating its headquarters to the Kingdom after gaining massive traction in the country. |
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| Saudi Venture Capital invests $7.5m to back SMEs, startups
Entrepreneurs in Saudi Arabia are set to benefit from an investment of $7.5 million by Saudi Venture Capital into a fund aimed at helping early and late-stage startups. |
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| Saudi Arabia’s merchandise exports rise 4.4% to $28bn
Saudi Arabia’s total merchandise exports rose 4.4 percent in March to SR106.1 billion ($28.29 billion), compared to SR101.1 billion in the previous month, according to the latest report released by the Kingdom’s General Authority for Statistics. |
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| Saudi Arabia’s PIF announces $3bn investment unit for Iraq
Aligning with its strategy to seek new investments in the Middle East and North Africa region, Saudi Arabia’s sovereign wealth fund has created a unit with a capital of $3 billion to invest in industries across Iraq. |
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| SABIC tops Saudi-listed companies in sustainable reporting: Bridge ESG
Saudi Basic Industries Corp., also known as SABIC, has grabbed the top rank in environmental, social and governance reporting among listed firms in the Kingdom, according to a new report. |
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| Banque Saudi Fransi completes dollar-denominated sukuk issuance of $900m
Banque Saudi Fransi has completed the sale of its dollar-denominated sukuk valued at $900 million with an annual return of 4.75 percent under the Trust Certificates Issuance Program, the company said in a bourse filing. |
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| Value of Saudi point-of-sale transactions falls for second week in a row
Spending by Saudis fell for the second week in a row in the seven days ending May 20, according to point-of-sale transactions data released by the Saudi Central Bank. |
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| Saudi Arabia’s budget airline flynas records 47% rise in Q1 revenue
Amid strategic expansion plans, Saudi Arabia’s low-cost airline flynas reported 47 percent growth in revenue in the first quarter of 2023 as compared to the same period last year, with the number of passengers reaching over 2.4 million. |
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| Qatar hopes to attract foreign asset managers through its new market-making program
Qatar is set to attract foreign asset managers as its sovereign wealth fund dedicates up to 1 billion Qatari riyals ($275 million) toward a market-making program. |
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| Global Village announces opening of registration for business owners
Dubai's Global Village, which concluded its season 27 recently, welcomed a record 9 million visitors. The park is now preparing for its next season and has invited traders, small business owners and entrepreneurs to bring their businesses to the multicultural park. They can register their interest in Season 28 opportunities through the online business portal. |
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| Saudi Arabia’s NDMC closes May sukuk issuance at $1.15bn
Saudi Arabia’s National Debt Management Center has closed the issuance of SR4.33 billion ($1.15 billion) riyal-denominated sukuk in May. |
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| Jeddah Islamic Port container volume surges 25% in April: Mawani
Improved operational capabilities at Jeddah Islamic Port led to a 25.07 percent surge in container throughput during April, according to a statement released by the General Authority for Ports, also known as Mawani. |
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| TAQA to invest over $3bn in Uzbekistan’s power sector
Uzbekistan’s power sector is set to receive a major boost after the UAE-based utilities firm Abu Dhabi National Energy Co. announced plans to invest over $3 billion in new and existing power plants. |
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| Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021
Decelerating food prices drove Oman’s inflation levels to a 10-month low of 1.1 percent in April, according to the country’s National Center of Statistics and Information. |
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| UAE, Egypt bid to boost investment partnerships
The UAE International Investors Council has signed a memorandum of understanding with the Egyptian-Emirati Business Council to enhance existing investment partnerships, the Emirates News Agency reported on Monday. |
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| CMA plans to list over 24 firms on Saudi stock market in 2023
Saudi Arabia has more than 24 initial public offerings lined up for 2023 as it seeks to create boost the economy and create financing channels for emerging sectors. |
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| Aramco signs 3 deals with key steel pipe manufacturers in Kingdom
In a bid to secure a substantial supply of steel pipes, Saudi oil giant Aramco has signed three contracts estimated at around $493 million with the Kingdom’s leading steel pipe manufacturers. |
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| Saudi Arabian Industrial Investments Co. acquires a stake in Italian chemical manufacturer
Saudi Arabian Industrial Investments Co., also known as Dussur, has announced the acquisition of a stake in Italmatch Chemical, a global specialty chemical additive manufacturer based in Italy, the Saudi Press Agency reported. |
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| International investors keen on entering Saudi market, says minister
As the Kingdom’s economy is performing exceptionally well, Minister of Industry and Mineral Resources Bandar Alkhorayef, said foreign investors are keen on entering the Saudi market. |
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| Gulf oil giants turn to start-ups in carbon-capture bid
Faced with mounting pressure over planet-heating pollution, Gulf Arab energy giants are turning to humble tech start-ups as they search for ways to remove emissions while keeping oil flowing. |
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| Foreign, joint investments in Saudi industrial sector reach $144bn
Saudi Arabia is rapidly expanding its industrial sector with foreign and joint investments totaling more than SR542 billion ($144 billion), as the Kingdom continues to diversify its economy. |
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| UAE: Will 9% corporate tax apply to personal income, investments? Ministry clarifies
The Ministry of Finance on Wednesday clarified that individuals conducting business activities in the UAE will be subject to corporate tax only if their combined turnover exceeds Dh1 million a year. |
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| Enhanced economic integration between Arab countries is essential, says Saudi finance minister
Saudi Minister of Finance Mohammed Al-Jadaan said on Friday that a series of global crises have highlighted the importance of economic integration among Arab nations, the necessity for increased cooperation, and the need for the development of sustainable economic and financial models. |
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| Kuwait’s consumer spending solid in Q1
Official consumer, monetary and banking data in the first quarter of 2023 continued to signal a normalization in Kuwait’s non-oil economy post-pandemic. |
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| UAE ranks second globally in customer trust: UAE Banks Federation
UAE Banks Federation (UBF), the representative and unified voice of UAE banks, revealed that the rate of digital banking services use through a number of banking channels has risen to 100 per cent reflecting the impressive advancements made by the UAE in deploying the latest technologies, as well as conforms the customer confidence in the levels of security of these services. |
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| UAE: 88% drop in collective labour disputes in Q1 2023, says ministry
In the first quarter of 2023, the Ministry of Human Resources and Emiratisation reported an 88 per cent drop in collective labour disputes compared to 2022. |
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| Saudi trade balance surplus surges to $12bn in February
Saudi Arabia’s balance of trade witnessed its first increase in nine months as it grew by SR6 billion ($1.6 billion) in February 2023 compared to a month earlier. |
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| Saudi Arabia’s M3 money supply surges 4.74% since end of December
Saudi Arabia’s M3 money supply has surged 4.74 percent since December 2022, according to data released by the Saudi Central Bank, also known as SAMA. |
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| ACWA Power signs deals worth over $120m with Uzbek energy companies
ACWA Power Co. has inked agreements valued at over $120 million for energy projects in Uzbekistan in what is a further strengthening of bilateral energy relations between Saudi Arabia and the Central Asian country. |
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| Saudi holdings of US Treasuries up by $4.5bn in March
RIYADH: Saudi Arabia’s holding of US Treasuries increased by $4.5 billion month-on-month in March to reach $116.2 billion, according to the latest data released by Washington’s Treasury Department. |
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| UAE travel and tourism sector to add another 7,000 jobs in 2023 for third straight year of growth
Dubai: UAE’s travel and tourism industry keeps creating jobs, with a further 7,000 new hires set to happen this year. If so, this would be the third straight year of workforce expansion in the industry, with airlines leading the way and now being followed by major hotel operators. |
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| Oil steadies as IEA turns bullish on demand
RIYADH: Oil futures were steady on Tuesday after mostly weaker-than-expected data from China muddied the outlook for demand from the world’s top crude importer while US plans to refill its Strategic Petroleum Reserve underpinned prices. |
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| Saudi financial market outperforms G20 counterparts in 2022:report
RIYADH: Saudi Arabia’s financial market led its counterparts in other G20 countries in 2022 in terms of shareholders’ rights and stock market capitalization as a percentage of gross domestic product, according to the Capital Market Authority. |
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| UAE: Gold prices slump Dh2 per gram in Dubai in early trade
Gold prices fell in Dubai on Wednesday morning by nearly two dirhams per gram following a drop in global precious metal prices last night. |
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| UAE FTA classifies tax agents based on economic sector to ease compliance for tax payers
Dubai: The 'tax agents' have been classified by the Federal Tax Authority to work on compliance measures for taxpayers. A flexible and clear online procedure has been brought in for tax payers to select a specialised tax agent suitable to the sector their economic activity falls under. |
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| The Central Bank of the UAE (CBUAE) on Tuesday said it imposed administrative sanctions on eight banks operating in the UAE.
UAE Central Bank imposes administrative sanctions on 8 banks |
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| Oil prices rise prospects of tighter supplies
RIYADH: Oil prices edged up on Monday as optimism about tightening supplies from the Organization of the Petroleum Exporting Countries and its allies supported crude prices. |
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| Riyad Bank partners with NEOM to fund Sindalah
RIYADH: Luxury tourist destination Sindalah island has received a SR3 billion ($800 million) boost thanks to a new partnership with Riyad Bank. |
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| Egypt sells $121.6m stake in state-controlled Telecom Egypt
RIYADH: Egypt’s government has sold a 9.5 percent stake in state-controlled Telecom Egypt for 3.75 billion Egyptian pounds ($121.6 million), the finance ministry has revealed, breathing life into a privatization program that had seemingly stalled. |