| North East England to benefit from $3.7bn Saudi investments: UK official
North East England is poised to receive a significant economic boost with investments worth £3 billion ($3.7 billion) from Saudi Arabia, as highlighted by the British deputy prime minister. |
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| Qatar Investment Authority commits to supporting France’s semiconductor sector
Qatar will venture into France’s tech industry as a major investment body announced its intent to anchor a financial commitment in Ardian Semiconductor. |
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| Qiddiya Investment Co. incorporates SEVEN to advance Saudi entertainment industry
Leisure firm Saudi Entertainment Ventures is set to be incorporated into Qiddiya Investment Co., an affiliate of the Kingdom’s sovereign wealth fund. |
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| Over half of Saudi customers eyeing to boost online spending in next 12 months
Saudi Arabia’s e-commerce landscape is expanding rapidly, with 53 percent of customers in the Kingdom looking to boost their online spending in the next 12 months, a survey showed. |
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| Closing Bell: TASI edges down to close at 12,120 points
Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, losing 138.69 points, or 1.13 percent, to close at 12,120.91. |
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| Saudi Arabia’s ICT spending surges 20% to $11bn
Saudi Arabia has witnessed a 20 percent year-on-year increase in government spending on information and communications technology in 2023, reaching SR41.87 billion ($11.16 billion), according to new data. |
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| ITFC’s new initiative promises to boost economic and trade growth in Central Asia
Economic and regional integration among the six Organization of Islamic Cooperation member countries is set to grow with a new program from the International Islamic Trade Finance Corp. |
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| Saudi poultry industry surges with over $1bn in investments at Riyadh expo
Saudi Arabia’s poultry industry has received a substantial boost as investment agreements surpassing SR4 billion ($1 billion) were signed during the ongoing Middle East Poultry Exhibition in Riyadh. |
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| Oman’s public debt slightly declines to $39bn
Oman’s public debt stood at 15.1 billion Omani rials ($39.23 billion) by the end of March, marking a slight decrease from 15.3 billion rials at the close of 2023. |
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| Saudi benchmark index closes in green with $1.8bn trade volume
Saudi Arabia’s Tadawul All Share Index wrapped up Monday’s trading session at 12,259.60 points, witnessing an increase of 42.55 points, or 0.35 percent. |
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| Saudi Arabia leads GCC IPO market with 594% surge in proceeds: Markaz
Saudi Arabia led the Gulf Cooperation Council initial public offering market with an annual 594 percent surge in the first quarter of 2024, according to Kuwait Financial Centre. |
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| Emirates Group books $5.1bn profit
Dubai’s Emirates Group announced annual profits of $5.1 billion on Monday, a rise of 71 percent, as the airline company set a new record for the second year in a row. Citing strong customer demand, it said group profits for the past two years hit $8.1 billion, surpassing the losses seen during pandemic-hit 2020-2022. |
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| Zain Group reports Q1 2024 revenue of $1.5 billion, net profit of $95 million
Zain Group, a leading provider of innovative technologies and digital lifestyle communications operating in eight markets across the Middle East and Africa, announced its consolidated financial results for the first quarter (Q1) ended March 31, 2024, with the company serving 42.4 million customers. |
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| Saudi EXIM Bank and SNB sign 2 agreements to boost non-oil exports
Saudi exporters are set to gain better access to credit facilities and risk coverage with the signing of two agreements between leading banks designed to boost non-oil exports. |
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| Expat remittances from Saudi Arabia hit $3.2bn in March
Remittances by expatriates in Saudi Arabia grew 28 percent in March as compared to the preceding month to reach SR11.96 billion ($3.2 billion), the highest since 2022, official data showed. |
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| Saudi delegation visits London to boost digital economy ties with UK
The digital economy ties between Saudi Arabia and the UK are poised to advance following the official visit of the Kingdom’s delegation to London. |
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| Saudi Arabia’s date sector sees 13.7% export growth in Q1, 2024
Saudi Arabia’s palm and dates sector is experiencing significant growth, with exports increasing by 13.7 percent in the first quarter of 2024 compared to the same period last year. |
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| Closing bell: Saudi main index slips to close at 12,217
Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 67.36 points, or 0.55 percent, to close at 12,217.05. |
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| UAE: Adnoc Distribution net profit surges to $150 million
Adnoc Distribution, the UAE’s largest fuel and convenience retailer, said on Thursday that its first quarter net profit saw a robust 13 per cent year-on-year increase to $165 million. |
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| Saudi Arabia woos investors with lucrative business environment
With an average growth rate of 4 percent over the past seven years and an upward trajectory buoyed by a pro-business environment, Saudi Arabia has demonstrated remarkable resilience amid global economic challenges. |
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| AlUla’s rise drives economic growth and job creation
Increasing visitor numbers to the cultural and tourism hub of AlUla is already delivering a boost to Saudi Arabia’s economy in line with Vision 2030 ambitions, experts have told Arab News. |
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| Non-oil growth to be sustained at high rate
Economic growth is set to remain robust, with strong demand underpinned by the ongoing property market expansion, solid performance by the financial sector, booming tourism, attractive foreign investment climate and capacity expansion initiatives in the hydrocarbon sector alongside renewables. |
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| AlTerkait: Al Safat shareholders’ rights increased by 30% compared to 2023
The general assembly of Al Safat Investment Company was held on Wednesday, May 8 at Al Safat Tower, where a long-term strategy was presented, focusing on a set of criteria and controls to ensure sustainability and financial stability, reflecting on its investments and the rights of its shareholders in the future. |
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| Kuwait’s business credit growth in Q1 recovers, but household weak
Kuwait’s domestic credit growth was a relatively decent 0.9 percent in Q1, resulting in a 2 percent y/y increase through March. |
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| Saudi Arabia’s Q1 budget deficit aligns with expectations; non-oil revenues rise by 9%
Saudi Arabia recorded a budget deficit of SR12.4 billion ($3.3 billion) in the first quarter of 2024, comprising 16 percent of the annual deficit forecast set by the Ministry of Finance at the end of the previous year. |
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| Saudi Arabia to reveal roadmap to turn aviation sector into $2bn industry
An ambitious roadmap setting out how Saudi Arabia will grow its aviation sector tenfold into a $2 billion industry will be unveiled at a special event in May. |
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| Closing Bell: Saudi main index slips to close at 12,284
Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 175.70 points, or 1.41 percent, to close at 12,284.41. |
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| Al Rajhi Bank launches $1bn in perpetual bonds, says document
Al Rajhi Bank, the world’s largest Islamic bank by assets and market capitalization, has launched $1 billion in Additional Tier 1 sustainable sukuk, or Islamic bonds, a document from one of the banks arranging the deal revealed on Thursday. |
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| stc Bank set to launch later this year, says group CEO
Saudi telecom giant stc Group has obtained official approval for the soft launch of its new banking sector subsidiary, aiming to provide Shariah-compliant fintech solutions. |
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| Global ESG sukuk market projected to surpass $50bn thanks to funding diversification
The global sukuk market linked to environmental, social, and governance principles is expected to exceed $50 billion in the next two years driven by funding diversification goals. |
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| Closing Bell: TASI edges up to close at 12,460 points
Saudi Arabia’s Tadawul All Share Index climbed on Wednesday, gaining 102.12 points, or 0.83 percent, to close at 12,460.11. |
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| Saudi bank loans up by 11% in March to hit $712bn
Saudi banks’ loans totaled SR2.67 trillion ($711.5 billion) in March, marking an 11 percent increase as compared to the same month in 2023, according to the latest official data. |
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| Dubai Financial Services Authority sees 40% surge in new license registrations, CEO reveals
New license registrations through the Dubai Financial Services Authority increased by 40 percent in the first months of this year compared to the same period in 2023. |
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| Closing Bell: TASI edges down to close at 12,357 points
Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, losing 14.51 points, or 0.12 percent, to close at 12,357.99. |
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| Kuwait oil price down 9 cents to $85.12 pb
The price of Kuwaiti oil went down by ninecents to USD 85.12 per barrel on Monday as opposed to USD 85.21 pb last Friday,said the Kuwait Petroleum Corporation (KPC), Tuesday. |
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| UAE aims to grow economy at 7% in 2024, minister says at Economy Middle East Summit 2024
The global challenges have tested the UAE’s resilience, but the aim is to grow the economy at 7 per cent in 2024, said Abdulla Bin Touq Al Marri, Minister of Economy. |
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| Qatar’s non-energy private sector records improvement in April
Qatar’s non-energy private sector witnesses improvement in business conditions in April as the Purchasing Managers’ Index hit 52, compared to 50.6 in March, according to the latest data. |
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| Saudi government assets to remain strong through 2030: S&P Global
The Saudi government’s assets are forecasted to remain strong amid steady economic diversification efforts aimed at reducing the Kingdom’s dependence on oil, stated a new report. |
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| SEC closes $3bn financing for 3.6GW capacity power stations
Saudi Arabia’s power generation is poised for a substantial boost following the successful closing of financing for two electricity projects, with a combined capacity of 3.6 gigawatts. |
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| Saudi private sector employment reaches 11.27m in April: official data
Saudi Arabia’s private sector has created more job opportunities, with the total number of employees reaching 11.27 million workers in April, official data showed. |
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| Closing Bell: TASI edges down to close at 12,372 points
Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 0.61 points, to close at 12,372.50. |
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| Saudi Arabia’s Ades secures $136.2m deals in Qatar, Egypt
Saudi Arabia’s Ades Holding Co. continues to expand its regional footprint as it seals two contracts worth SR511 million ($136.2 million), highlighting its growing influence in the oil and gas sector. |
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| Saudi Arabia posts budget deficit of $3.3bn in Q1 2024
Saudi Arabia’s non-oil revenues rose by 9 percent to reach SR111.51 billion ($29.73 billion) in the first quarter of 2024 as compared to the same period in 2023, the Ministry of Finance said. |
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| Saudi Arabia’s non-oil sector maintains growth with steady PMI of 57 in April
Saudi Arabia’s non-oil private sector continued its growth momentum in April, driven by strong demand conditions across domestic markets, as indicated by an economic tracker. |
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| Saudi Arabia’s car imports surge to 160k over last 2 years: official figures
Saudi Arabia’s car imports in 2023 hit 93,199, utilizing all modes of transportation — land, sea, and air — reflecting nearly a 40 percent growth from the previous year. |
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| Saudi Rasan to offer 30% shares for IPO on Tadawul
Saudi-based fintech Rasan Information Technology Co. is set to offer 22.74 million shares for an initial public offering on the Kingdom’s main market. |
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| Closing bell: Saudi main index rises to close at 12,373
Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 20.78 points, or 0.17 percent, to close at 12,373.11. |
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| Saudi bank loans increase by 11% in March to hit $712bn, fueled by real estate activities
Saudi banks’ loans totaled SR2.67 trillion ($711.5 billion) in March, marking an 11 percent increase as compared to the same month in 2023, according to the latest official data. |
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| Kuwait’s non-oil sector steadies in April, UAE maintains growth
Non-oil activities in Kuwait demonstrated steady growth in April, buoyed by effective advertising and competitive pricing, supporting the expansion in new orders, an economy tracker revealed. |
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| UAE’s Mubadala Capital plans $13.5bn investment in Brazil’s biofuel sector
Brazil’s biofuel market is set for substantial growth as UAE’s Mubadala Capital has committed to invest $13.5 billion over the next decade. |