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Saudi FDI reforms poised to deliver transformative impact
Saudi Arabia continues to vigorously pursue its reform agenda, with a focus on bolstering foreign direct investment inflows and diversifying investment strategies despite a recent deceleration in its financial account as reported by the Saudi Central Bank and the Ministry of Finance.
Dubai: Tenants increasingly entering multiple-year contracts as rents continue to rise in 2024
Anticipating rentals staying high in the coming years, tenants in Dubai are increasingly entering into multiple-year contracts with landlords to protect themselves from the rise in rents.
Dubai: Rents to continue rising in 2024, but at a slower pace
Rents in Dubai will continue to rise in 2024 but at a more modest pace, due to undersupply in the market and the migration of foreign professionals and investors into the city.
Saudi Arabia’s non-oil activities increase by 3.5% in Q3: GASTAT
Saudi Arabia’s non-oil activities increased by 3.5 percent in the third quarter of 2023, compared to the same period of the previous year, as the Kingdom steadily diversifies its economy away from oil, official data showed.
Startup Wrap – Saudi Arabia leads November’s funding spree with $338m
Saudi Arabia’s startup ecosystem continues to dominate the region after raising the most funds in the Middle East and North Africa during November.
COP28: US-UAE climate-friendly farming effort grows to $17bn
Funding for a joint effort by the US and the UAE to advance climate-friendly farming around the world has grown to more than $17 billion, the countries announced on Friday at the COP28 climate summit in Dubai, according to Reuters.
Saudi jobs boom unmatched anywhere in the world, Budget Forum told
Some 1.1 million new jobs have been created in Saudi Arabia in the past year as the Kingdom’s economic diversification policies continue to bear fruit, according to a government minister.
Saudi budget 2024: GDP to grow at 4.4% with revenues estimated at $312.5bn
Saudi Arabia on Wednesday approved the state budget for 2024 with revenues projected at SR1.17 trillion ($312.48 billion) and expenditure at SR1.25 trillion, leading to a deficit of SR79 billion.
Saudi Arabia, IAEA discuss cooperation on development of nuclear energy
The International Atomic Energy Agency, the global overseer of the nuclear industry, says it is collaborating with Saudi Arabia to assist the Kingdom in developing its nuclear power production sector.
Saudi private sector employment reaches 10.8m
Saudi Arabia’s total number of employees in the private sector reached 10.8 million in November, up 0.93 percent from the previous month, according to newly released figures.
Crown prince affirms government’s commitment to enhance economic growth
Saudi Arabia’s Crown Prince Mohammed bin Salman affirmed the government’s commitment to enhance economic growth through the expansion of government spending as reflected in budget 2024 on Wednesday, the Saudi Press Agency reported.
Closing Bell: Saudi main index rose to close at 11,174
Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 30.19 points, or 0.27 percent, to close at 11,174.02
Council of Ministers to approve Saudi general budget on Wednesday
Saudi Arabia’s Council of Ministers will hold a session on Wednesday to approve the Kingdom’s general budget for the new fiscal year, Saudi Press Agency reported on Tuesday.
Closing Bell: Saudi main index loses 48 points to close at 11,144
Saudi Arabia’s Tadawul All Share Index turned red on Tuesday, as it shed 47.56 points, or 0.42 percent, to close at 11,143.83.
UAE’s banking entities commit over $270bn in sustainable finance
The UAE’s green economy is poised to receive significant support as the country’s banking federation and its affiliated national financial institutions have pledged to mobilize over 1 trillion dirhams ($270 billion) for sustainable finance by 2030.
Saudi SMEs see $270m boost from government-backed fund
More than SR1 billion ($270 million) has been allocated to small and medium enterprises in Saudi Arabia since 2017 by a government-backed platform known as Forsa.
Saudi Arabia offers tax incentives for companies moving regional HQs to Riyadh
Saudi Arabia said on Tuesday it will offer tax incentives for foreign companies that locate their regional headquarters in the Kingdom, including a 30-year exemption for corporate income tax.
Qatar’s industrial sector achieves 1.13% growth in October
Qatar’s producer price index for its industrial sector registered an increase of 1.13 percent in October 2023 compared to the previous month.
Saudi Arabia’s PIF buys significant minority stake in Rocco Forte Hotels
Saudi Arabia’s Public Investment Fund has acquired a significant minority stake in UK-based Rocco Forte Hotels, marking a strategic move to enhance its presence in the hospitality sector.
Saudi Arabia’s real estate supply reservations more than double
Citizens in Saudi Arabia are gaining greater access to residential units as the real estate supply reservations surged 110 percent year on year in November to reach 12,503, according to new figures.
Closing Bell: Saudi main index rises to close at 11,219
Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 41.54 points, or 0.37 percent, to close at 11,219.02.
Saudi Arabia to invest $100m to boost its aviation sector
Saudi Arabia plans to invest $100 million to serve 356 million passengers to further boost its tourism efforts and aviation strategy in line with Vision 2030, according to the president of the Kingdom’s General Authority of Civil Aviation.
Fintech to propel Islamic banking to $4 trillion by 2026
The global Islamic banking industry is projected to grow to $4 trillion by 2026, primarily driven by the GCC nations, a report said on Monday.
Startup Wrap – Saudi Arabia’s venture landscape receives influx of expanding startups
Saudi Arabia’s entrepreneurial space is getting bigger with more startups raising funding and others expanding into the Kingdom.
COP28: 50 oil and gas companies sign charter to accelerate climate action in industrial sector
COP28 Presidency and Saudi Arabia launched the Oil and Gas Decarbonisation Charter (OGDC), a global industry charter aimed at speeding up climate action across the oil and gas sectors.
Closing Bell: Saudi main index rises to close at 11,177
Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 74.43 points, or 0.67 percent, to close at 11,177.48.
Saudi Aramco sets LPG contract prices for December
The Saudi Arabian Oil Co., also known as Saudi Aramco, kept the official selling prices for liquefied petroleum gas in December unchanged from the previous month, according to an official statement.
Saudi Arabia achieves trade surplus of $27bn in Q3 2023
Saudi Arabia recorded a trade surplus of SR99.86 billion ($26.62 billion) in the third quarter of 2023, with merchandise exports growing by 2 percent compared to the previous quarter, according to the latest data released by the General Authority of Statistics.
UAE financial sector expected to grow 13% in 2023: ADDED Chairman
The UAE’s financial sector, a cornerstone of the country’s economic diversification drive, has surged by a remarkable 30 per cent in the second quarter of this year and is expected to continue its upward trajectory with an annual growth of 13 per cent in 2023, according to a senior economic official.
UAE's Aldar Properties buys London developer in Dh1.07-billion deal
Aldar Properties, a top real estate developer in Abu Dhabi, said on Friday that it has completed the acquisition of London-based developer London Square in a deal worth Dh1.07 billion ($291.4 million).
Special lending mechanism helping boost investment in Jazan region
RIYADH: Saudi Arabia’s Jazan region is attracting investments thanks to the lending mechanisms offered to regional investors, according to the assistant minister of industry and mineral resources for planning and development.
Saudi Arabia aims for 525 active fintech entities by 2030
RIYADH: Saudi Arabia has set a target to achieve 525 active financial technology entities by 2030, marking a significant milestone in the strategic development plan for the financial sector, according to a top official.
​​Global Islamic banking sector to hit $4tn by 2026
RIYADH: The global Islamic banking sector is set to be worth $4 trillion by 2026, driven primarily by Gulf Cooperation Council countries, according to recent data.
PIF secures 10% stake in Heathrow through agreement with Ferrovial
RIYADH — Saudi Arabia’s Public Investment Fund (PIF) on Wednesday officially confirmed its entry into a share purchase agreement with Spanish infrastructure giant Ferrovial S.A., marking the acquisition of a 10% stake in FGP TopCo (TopCo). TopCo serves as the holding company for Heathrow Airport Holdings Ltd.
UAE supports global energy transition projects with $350m
RIYADH: Renewable energy projects in emerging economies are set to receive a 1.3 billion dirhams ($350 million) financial injection from the UAE’s development bank.
UAE issues new Dhs500 polymer banknote with special design
In line with the vision of the wise leadership, and embodying the UAE’s global leadership role in climate action and a sustainable future, which resulted in its hosting of COP28
Eviqe Diamonds launches a certified cutting-edge lab-grown diamond production facility in Dubai
Dubai, known for its unsurpassed luxury and innovation, is now home to a groundbreaking UAE certified lab-grown diamond company that is set to redefine the luxury jewelry industry.
Saudi capital Riyadh to host World Expo 2030
PARIS: Riyadh will host the World Expo 2030 after defeating challenges from South Korea and Italy for the prestigious event.
​​Dar Al-Arkan launches Elie Saab’s first branded villas in Riyadh
Dar Al-Arkan, a real estate company in Saudi Arabia, has announced the launch of “Etoile by Elie Saab,” paving the way for the renowned designer’s first branded residence in the Kingdom.
Lorindale named Kingdom’s ‘best luxury concierge service’
Lorindale, a global luxury concierge and lifestyle management services provider based in the Kingdom, reaffirmed its position as the benchmark for personalized luxury, recently winning the Best Luxury Concierge Services 2023 in Saudi Arabia award at the Luxury Lifestyle Awards.
Dubai Taxi Company announces increase in number of shares allocated to retail investors in its IPO
DUBAI, Dubai Taxi Company has announced an increase in the number of shares offered in the UAE Retail Offer of its Initial Public Offering (IPO) in response to significant oversubscription of the UAE Retail Offer.
Bahrain's iGA publishes foreign trade report of October 2023
MANAMA, The Information eGovernment Authority (iGA) of Bahrain has published its foreign trade report of October 2023, which encompasses data on trade balance, imports, exports of products with national origin, and re-exports, according to the Bahrain News Agency (BNA).
Single stock options launched on Saudi Exchange
RIYADH: Saudi Exchange has officially launched single stock options, the newest offering in its derivatives market, with trading beginning on the morning of Nov. 27.
Saudi Arabia’s trade surplus with China soars by 257% in September
RIYADH: China maintained its position as Saudi Arabia’s primary trading partner in September, dominating both exports and imports, according to the latest data released by the General Authority of Statistics.
Saudi banks Q3 net income grew 3.7% to reach $4.8bn
RIYADH: Saudi Arabia’s banking sector saw a 3.74 percent quarterly increase in aggregate net income in the third quarter of 2023 to reach SR18.03 billion ($4.8 billion) from SR17.38 in the previous quarter, according to a recent report.
Dammam event to take Saudi-Sino ties on faster growth trajectory
DAMMAM: Saudi-Sino business ties are poised to grow stronger as more than 200 Chinese companies and manufacturers have arrived in the Kingdom to participate in the inaugural China Trade Week in Dammam, seeking to seize new business opportunities.
Abu Dhabi Finance Week takes off with 3,500 global and regional firms
His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, has inaugurated the second edition of Abu Dhabi Finance Week (ADFW 2023), taking place from Nov.27 to 30, under the theme ‘Investing in the Transition Era’.
UAE invests over Dhs183.5 billion in renewable energy projects
EmEmirates Development Bank (EDB), the key financial engine of UAE economic development and industrial advancement, has committed up to Dhs1.3 billion ($350 million) to support the Energy Transition Accelerator Financing (ETAF) platform, a global climate finance facility established by the International Renewable Energy Agency (IRENA) to accelerate the financing of renewable energy projects and drive funding of renewable energy projects in developing countries.
Saudi banks Q3 net income grew 3.7% to reach $4.8bn
Saudi Arabia’s banking sector saw a 3.74 percent quarterly increase in aggregate net income in the third quarter of 2023 to reach SR18.03 billion ($4.8 billion) from SR17.38 in the previous quarter, according to a recent report.
Saudi Arabia’s SMEs grow 3.5% in Q3, hitting 1.27m
The number of small and medium enterprises in Saudi Arabia reached 1.27 million by the end of the third quarter, propelled by the Kingdom’s economic diversification efforts.
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