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Press Dossier   News Category    Economy   
Saudi Arabia closes July sukuk issuance at $856m
Saudi Arabia completed its riyal-denominated sukuk issuance for July at SR3.21 billion ($855.7 million), according to the National Debt Management Center.
Saudi Aramco’s Wa’ed Ventures invests $15m in South Korean chipmaker Rebellions
Energy giant Saudi Aramco’s growth capital arm, Wa’ed Ventures, has invested $15 million in chipmaker firm Rebellions, marking the fund’s first investment in a South Korean startup.
Saudi Arabia leads GCC bond market with $37bn issuance in H1
Saudi Arabia emerged as the top issuer in the Gulf Cooperation Council bond market during the first half of 2024, raising $37 billion through 44 issuances, according to recent data.
Closing Bell: Saudi main market slips to close at 12,105
Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, losing 69.22 points, or 0.57 percent, to close at 12,105.54.
Saudi Arabia and Turkiye advance industrial and mining cooperation
Saudi Arabia and Turkiye are working to enhance cooperation in the industrial and mining sectors following recent high-level meetings.
KD 175.6m stc’s revenues for first six months of 2024; net profit KD 16.9m
Kuwait Telecommunications Company (stc), a world-class digital leader providing innovative services and platforms to customers and enabling the digital transformation in Kuwait, announced its financial results for the six months period ended June 30, 2024, highlighting the most significant achievements, financial and operational performance in addition to the social initiatives made by the company during 2024.
Saudi industry minister meets with Brazilian companies to discuss vaccine localization
Following meetings between Saudi Arabia’s industry minister and Brazilian companies, the Kingdom aims to boost the localization of vaccines and pharmaceuticals by leveraging Brazil’s expertise.
Demand for industrial and logistics assets in Dubai and Abu Dhabi surges 185%: Knight Frank
Industrial and logistics asset demand in Dubai and Abu Dhabi surged 185 percent year-on-year to 18 million sq. feet in the first half of 2024, a new report showed.
Saudi logistics platform OTO secures $8m funding for UAE and Turkiye expansion
Saudi logistics platform OTO is set to expand into the UAE and Turkiye, following a successful SR30 million ($8 million) series A funding round.
Saudi Arabia, Egypt to boost energy cooperation after high-level meeting
Saudi Arabia and Egypt are set to boost energy cooperation following a meeting between top officials to expand ties in petroleum, gas, electricity, renewable energy, and hydrogen.
Closing Bell: Saudi main index slips to close at 12,174
Saudi Arabia’s Tadawul All Share Index slipped on Monday, losing 28.17 points, or 0.23 percent, to close at 12,174.76.
Saudi Arabia launches competition for 5 licenses to boost mineral exploration
Saudi Arabia has unveiled its largest mineralized belts to date, spanning 4,788 sq. km and including five new exploration licenses.
Alandalus Property commences $222m commercial center project in Makkah
Saudi holy city Makkah is set to see a boost in its commercial infrastructure with Alandalus Property Co. commencing construction on an SR831 million ($222 million) project.
Saudi Arabia’s US treasury bond possession increases 22.46% year-on-year to $136.3bn
Saudi Arabia’s possession of US treasury bonds increased to $136.3 billion in May, compared to $111.3 billion for the same month in 2023.
Closing Bell: Saudi main index closes in green at 12,195
Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 6.73 points, or 0.06 percent, to close at 12,195.05.
Saudi Arabia’s foreign direct investment stock hits $218bn in Q1
Saudi Arabia’s foreign direct investment stock reached SR817.7 billion ($218 billion) in the first quarter of 2024, marking a 6.1 percent rise compared to the same period last year, recent data showed.
Saudi government agencies boost emerging tech adoption by 10% in 2024
Saudi Arabia’s government agencies have made significant progress in integrating new technologies, showing a 10 percent improvement from the previous year, according to an official report.
Closing Bell – Saudi indexes end week in green, TASI closes at 12,188
Saudi Arabia’s Tadawul All Share Index ended the week in green, gaining 30.71 points, or 0.25 percent, to close at 12,188.32.
UAE’s debt market soars 11.8% to $281bn in H1, 71.5% dominated by US dollars
The UAE’s debt capital market outstanding surged by 11.8 percent annually to $281 billion in the first half of this year, with 71.5 percent of US-denominated dollars, a new report has revealed.
Almarai, 30Export sign deal for nearly $16m export boost strategy
A SR60 million ($15.9 million) deal has been signed between food company Almarai and marketing logistics firm 30Export to boost the former’s foreign trade prospects.
Kingdom stands at forefront of leisure and entertainment in region
RIYADH: When Saudi Arabia launched the General Entertainment Authority in 2016, skeptics were doubtful about its outcome as the Kingdom was just taking its nascent steps in the sector.
Masdar raises $1b through second Green Bond to fund new projects
Abu Dhabi Future Energy Company - Masdar, the UAE’s clean energy powerhouse, on Friday announced it has successfully raised $1 billion through its second green bond issuance, under its Green Finance Framework.
SIB reports 25.8% rise in net profit
Sharjah Islamic Bank (SIB) announced an increase in its net profit by 25.8%, amounting to Dhs622.4 million for the first six months of 2024, compared to Dhs494.6 million for the same period of the previous year.
UAE a beacon of science and knowledge, says Rashid Al-Saleh
Sharjah: Abdulaziz Rashid Al-Saleh, Director of Sharjah Real Estate Registration Department (SRERD), said, ‘Union Pledge Day’, which falls on the July 18, is a great historical day on which the Founding Fathers, led by the late Sheikh Zayed Bin Sultan Al-Nahyan, may God have mercy upon him, signed the declaration of the Union and the UAE Constitution, in which the statement of the Union and the official name of the United Arab Emirates was announced.
Saudi Arabia reports minimal impact from global outage; airports resume normal operations
RIYADH — The National Cybersecurity Authority (NCA) reported that the impact of the global technical disruptions on national entities in Saudi Arabia has been minimal.
ADCB posts net profit of Dhs4.456b in H1’24
Abu Dhabi Commercial Bank PJSC (ADCB) today reported its financial results for the second quarter of 2024 (Q2’24). Strong performance in H1’24 driven by double-digit YoY growth in net interest income and non-interest income in the context of robust UAE fundamentals.According to the financial results’ statement,
Emirates reports no impact on flight operations amid global IT disruption
An Emirates spokesperson confirmed that there has been no impact on Emirates’ flight operations.
Global gas demand to rise by 2.5% in 2024, says IEA
RIYADH: Global gas demand is expected to rise by more than 100 billion cubic meters or 2.5 percent this year, driven by continued expansion in fast-growing Asian markets, according to an analysis.
Saudi weekly POS spending hits $3bn, driven by hotel sector surge
RIYADH: Saudi Arabia’s point-of-sale spending totaled SR11.9 billion ($3.19 billion) from July 7 to 13, driven by a 3.8 percent weekly surge in hotel sector transactions, official data showed.
Ajman’s DoF, FAB to enhance digital govt service experience
The Department of Finance in Ajman (DoF) has signed a service agreement with First Abu Dhabi Bank (FAB) to augment a unified digital payment platform for Ajman’s government, SADAD Ajman and its digital wallet.
Saudi economic growth to outstrip global average in 2025: IMF
RIYADH: Saudi Arabia’s economic growth is expected to outpace the global average in 2025 according to the latest International Monetary Fund study.
Saudi Cabinet approves establishment of national minerals program
RIYADH: Saudi Arabia is set to launch a new national minerals program, further strengthening its position as a regional and global center for the mining and metals sector.
Gold at record high as rate cut bets fuel demand
Gold prices rose to an all-time peak on Wednesday, driven by mounting hopes of a US interest rate cut in September after recent comments from Federal Reserve officials.
ADGM announces fee revision for commercial licences starting 2025
Abu Dhabi Global Market (ADGM) has announced significant revisions to its licencing fee schedule as part of its transitional arrangements for Al Reem Island businesses.
Boubyan Bank’s net profits grow 20% to KD 50 million for H1 2024
Boubyan Bank has announced KD 61 million in operating profits for the first half of this year as the bank recorded KD 50 million in net profits at a growth rate of 20 percent compared with last year, while the earnings per share amount to 11.1 fils.
CBUAE and NBE sign currency swap agreement, two MoUs
Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Mamo E. Mihretu, Governor of the National Bank of Ethiopia (NBE), have signed a bilateral currency swap agreement for the UAE Dirham and Ethiopian Birr.
Abu Dhabi’s GDP grows by 3.3% in Q1, driven by non-oil sectors
Abu Dhabi’s gross domestic product increased by 3.3 percent annually during the first quarter of 2024, driven by the growth of non-oil economic activities.
Emirates SkyCargo places $1b order for 5 Boeing 777 Freighters
Emirates SkyCargo, the cargo arm of the world’s largest international airline, has announced a firm order for an additional five Boeing 777 freighters, with immediate delivery between 2025 and 2026. The US$ 1billion order will take the airline’s total order book to 315 wide-body aircraft.
Strategic partnership between Saudi Awwal Bank and UnionPay International fuels Saudi Vision 2030 tourism drive
In a strategic step towards enhancing the digital payment ecosystem in the Kingdom, Saudi Awwal Bank, a leading bank in the Kingdom of Saudi Arabia, announced its strategic partnership with UnionPay, a world-leading payment network.
Saudi delegation visits Airbus in Hamburg to mark historical deal
A delegation from Saudia airline has made a special visit to Airbus’s factory in Hamburg to see for itself the progress of the largest aircraft deal in the Kingdom’s aviation history.
Global sukuk issuance hits $91.9bn in H1: S&P Global
RIYADH: Global sukuk issuances reached $91.9 billion in the first half of 2024, marking a marginal year-on-year increase of 0.87 percent, driven by issuers from Saudi Arabia and the UAE.
Saudi Arabia leads GCC IPO market with $2.1bn raised in first half of 2024
RIYADH: Saudi Arabia led the Gulf Cooperation Council’s initial public offering market in the first half of 2024, raising $2.1 billion in what was an annual increase of 141 percent, an analysis has revealed.
EDB reports Dhs11.14b in H1 cumulative financing
Emirates Development Bank (EDB) has reported outstanding H1 2024 results, marking a significant impact on the UAE’s economy. The Bank’s cumulative total financing since launching its new strategy in April 202
3,752 licences issued, 30,910 renewed in Sharjah in H1
The Sharjah Economic Development Department (SEDD) has released its report for the first half of 2024, which showed an increase in the total number of business licences issued and renewed in Sharjah to 34,662, a 3 per cent growth year-on-year (YoY).
Diriyah Club ownership transferred to PIF-backed firm, boosting Saudi sports sector
RIYADH: Saudi Arabia’s sports sector is set for a major boost as ownership of Diriyah Sports Club transfers from the Ministry of Sport to Diriyah Co., a firm owned by the Public Investment Fund.
Kingdom's banks lead GCC in credit quality
RIYADH: Saudi banks showcased a notable improvement in credit quality in the first three months of the year as the non-performing loan ratio decreased to 1.4 percent, according to data from the Saudi Central Bank.
Oman sees hotel revenue rise 10.2% thanks to European-led tourist surge
European travelers to Oman helped fuel a 10.2 percent rise in hotel revenue in the first five months of 2024, official data has revealed.
Saudi stock market’s nominal value split benefits 42 companies in 2023
RIYADH: Investors saw increased affordability and liquidity as 42 companies on Saudi Arabia’s benchmark index and parallel market benefitted from the nominal value split mechanism in 2023, official data showed.
NWC initiates $150m in projects to enhance water services in Qassim region
RIYADH: Saudi Arabia’s Qassim region is set to see improvements in water services, with the National Water Co. initiating 14 projects valued at over SR561 million ($150 million).
Saudi main index rose to close at 11,881
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 89.14 points, or 0.76 percent, to close at 11,881.55.
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