| NEOM secures $5.6bn to develop 1st phase of residential communities for workforce
Developmental work is fast gaining pace at Saudi Arabia’s futuristic city NEOM as the giga-project finalized contracts worth SR21 billion ($5.6 billion) to build the first phase of residential communities for the workforce. |
|
| Top Saudi banks maintain profitability in Q1 despite global headwinds: Alvarez & Marsal
Saudi Arabia’s top banks have continued to register steady earnings growth while maintaining profitability despite global headwinds amid rising interest rates, according to global professional services firm Alvarez & Marsal. |
|
| NIDC inks deal with Valeo Egypt to boost Kingdom’s automotive sector
In a push to localize the Kingdom’s automotive industry, Saudi Arabia’s National Industrial Development Center has inked a strategic deal with Valeo Egypt, the software development unit of the global automotive supplier. |
|
| Kuwait’s non-oil sector to grow 3.8% in 2023: IMF
Kuwait’s non-oil growth is projected to increase to about 3.8 percent in 2023 on account of a robust expatriate community, the International Monetary Fund has forecast. |
|
| Closing bell: Saudi bourses stay steady for the 3rd consecutive day
Saudi Arabia’s Tadawul All Share Index remained steady for the third consecutive day, as it edged up 23.28 points, or 0.21 percent, to close at 11,316.87 on Tuesday. |
|
| Saudi real estate fund signs deals worth $3.64bn to boost housing market
Aiming to boost Saudi Arabia’s housing market, the Kingdom’s Real Estate Development Fund inked finance agreements worth SR13.7 billion ($3.64 billion) in the first quarter of 2023. |
|
| Mawani inks deal with Saudi Post in logistics development boost
In a bid to materialize the goals outlined in Saudi Arabia’s National Transport and Logistics Strategy, Saudi Ports Authority, also known as Mawani, has entered into a strategic partnership agreement with Saudi Post to manage the authority’s postal requirements. |
|
| Saudi Arabia to build commercial project worth $1bn in Baghdad
Saudi Arabia has signed a contract with Iraq to establish a commercial project worth $1 billion in Baghdad, bolstering the economic ties between the two nations, reported the Iraqi News Agency. |
|
| Saudi Arabia’s non-oil sector growth steady as PMI clocks 58.5 in May
Saudi Arabia’s non-oil sector posted substantial momentum in May according to a business survey, as the Kingdom’s economic diversification strategy continues to progress. |
|
| Saudi-British business delegations meet to bolster intra-regional trade
Intra-regional trade between Saudi Arabia and the UK is set to receive a boost as top ministers from both countries held talks in London to strengthen economic ties. |
|
| Qatar’s budget surplus hit $5.4bn in Q1 exceeding expectations
Qatar registered more than two-thirds of its expected 2023 budget surplus in the first three months of the year thanks to a large inflow of oil and gas revenues, the country’s Finance Ministry has revealed. |
|
| Closing bell: Saudi bourses begin week on a positive note
Saudi Arabia’s Tadawul All Share Index began the week positively, gaining 207.01 points, or 1.88 percent, to close at 11,221.96. |
|
| UAE extends voluntary oil output cut till December 2024
The United Arab Emirates will extend its voluntary cut of 144 thousand barrels per day until the end of December 2024. |
|
| National Development Fund supports Saudi economy with $8bn financing in Q1
Saudi Arabia’s industrial sector and small and medium enterprises were among the key beneficiaries of the Kingdom’s National Development Fund which provided over SR30 billion ($8 billion) funding support in the first quarter of 2023. |
|
| Saudi Arabia to cut oil output in July, extend OPEC+ voluntary cut until end of 2024
Saudi Arabia will extend its voluntary cut of 500,000 bpd until the end of December 2024, in coordination with some countries participating in the OPEC+ agreement, the Kingdom’s energy ministry said on Sunday. |
|
| Saudi Arabia seeks Japanese investment in fast-growing mining sector
Backed by recent reforms in the mining sector, Saudi Arabia sought the participation of Japanese firms in its massive exploration activities that aimed to attract SR40 billion ($10.6 billion) in investment. |
|
| Dubai’s YallaHub gears up to expand presence in Saudi Arabia
Seeking to explore the immense growth opportunities in Saudi Arabia, Dubai-based e-commerce facilitator YallaHub launched a full-throttle expansion plan to enter the Kingdom’s burgeoning market by the second quarter of 2023. |
|
| 74% of online shoppers prefer local e-commerce over cross-border platforms
Saudi Arabia’s retail sector is eyeing significant growth on the back of its e-commerce market, as 74 percent of online shoppers in the Kingdom are expected to shift from global to local platforms. |
|
| Wallen Trading signs partnership with Renault Group to distribute cars in KSA
Wallan Trading Co., one of the leading players in the Saudi car market, signed a strategic partnership to become the official distributor of Renault Group as the Riyadh-based firm looks to expand its automotive offerings in the Kingdom. |
|
| Abu Dhabi’s ADNOC Logistics & Services trades 44.8% over IPO price in debut
Shares in Abu Dhabi’s ADNOC Logistics & Services climbed 44.8 percent above their listing price on its market debut on Thursday, after raising $769 million in an initial public offering for 19 percent of the business. |
|
| UAE ministry, FAB partnership to offer Dh5 billion financing solutions to investors
The Ministry of Industry and Advanced Technology (MoIAT) and First Abu Dhabi Bank (FAB) have entered a partnership to provide exceptional and competitive financing solutions worth Dh5 billion to both local and foreign investors in the industrial and advanced technology sectors. |
|
| Adnoc IPO: Logistics & Services shares jump over 50% on listing
Adnoc Logistics & Services, a subsidiary of Adnoc Group, shares jumped over 50 per cent to over Dh3 per share on the first day of trading on the Abu Dhabi Securities Exchange on Thursday. |
|
| Saudi banking sector growth driven by mortgages: report
Saudi Arabia’s banking sector has experienced rapid growth over the past few years, primarily driven by mortgages and thanks to continued government support, according to a new report from S&P Global Ratings. |
|
| Number of SMEs in Saudi Arabia rises 4.8% in Q1, exceeds 1.2m
Saudi Arabia is witnessing increased entrepreneurial activity as the total number of small and medium enterprises exceeded 1.2 million in the first quarter of 2023. |
|
| UAE imposes Dh65.9 million fines on 137 firms for not following anti-money laundering rules
In the first quarter of 2023, the Ministry of Economy imposed fines worth Dh65.9 million on 137 companies operating in the UAE's designated non-financial business or professions (DNFBP) sector, following an inspection of 840 companies for failing to comply with the anti-money laundering and combating the financing of terrorism (AML/CFT) legislation. |
|
| SAMA permits 2 fintech firms to offer flexible consumer spending options
Saudi shoppers can soon find more flexible payment options with two more buy now, pay later companies entering the consumer finance market. |
|
| Saudi Arabia’s merchandise exports soared 48.9% to $410bn in 2022
Saudi Arabia’s merchandise exports increased 48.9 percent year on year in 2022 to hit SR1.54 trillion ($410 billion), driven by a rise in oil exports, according to the latest report released by General Authority for Statistics. |
|
| Saudi Real Estate Refinance Co. issues $933m in sukuk to spur liquidity in realty market
The Kingdom’s housing market will get a fresh stream of liquidity, with Saudi Real Estate Refinance Co. announcing SR3.5 billion ($933 million) in sukuk issuances. |
|
| UAE: Petrol, diesel prices for June 2023 announced
The UAE fuel price committee on May 31 announced petrol and diesel prices for the month of June 2023. The new rates will apply from June 1. |
|
| Saudi Arabia issues 55 mining licenses in April
The number of mining licenses handed out in Saudi Arabia showed sustained growth for the third consecutive month, as the government issued 55 new permits in April. |
|
| Saudi Central Bank grants Tarabut Gateway open banking certification
As part of its efforts to become a global fintech hub, Saudi Arabia has granted open banking certification to Dubai-based Tarabut Gateway. |
|
| Closing bell: Saudi main index closes flat at 11,140 points
Saudi Arabia’s Tadawul All Share Index remained steady for the second consecutive day, gaining 4.31 points or 0.04 percent to close at 11,139.98. |
|
| 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. |
|
| 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. |
|
| 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. |
|
| 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. |
|
| 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. |
|
| 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. |
|
| 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. |
|
| 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. |
|
| 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. |
|
| 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. |
|
| 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. |
|
| 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. |
|
| 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. |
|
| 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. |
|
| 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. |
|
| 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. |
|
| 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. |
|
| 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. |