| Saudi Arabia’s real GDP rises by 1.3% in first quarter: GASTAT
Saudi Arabia’s real gross domestic product saw a 1.3 percent rise in the first three months of this year compared to the previous quarter, official data showed. |
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| Saudi Arabia, UAE supplied 85% of Japan’s crude oil in March
Saudi Arabia and the UAE provided 85 percent of Japan’s total crude oil needs in March, according to the Agency of Natural Resources and Energy of the nation’s Ministry of Economy, Trade and Industry. |
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| Malaysia to witness $10bn investment from ACWA Power in renewable energy sector: prime minister
Saudi utility firm ACWA Power has expressed interest in investing $10 billion in Malaysia over the next 10 years to develop renewable energy projects. |
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| Cashless payments in Saudi Arabia to rise by 7.6% in 2024
Cashless payments in Saudi Arabia are expected to surge by 7.6 percent in 2024 to SR550 billion ($146.8 billion) as compared to SR511.5 billion the previous year, a report said. |
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| BlackRock, PIF launch multi-asset investment management platform in Riyadh
BlackRock Saudi Arabia and the Public Investment Fund signed a memorandum of understanding on Tuesday which entitles the former to establish a Riyadh-based multi-asset investment platform. |
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| Closing Bell: TASI closes in green; Saudi banks profits up
Saudi Arabia’s Tadawul All Share Index wrapped up Monday’s trading session at 12,369.46 points, witnessing an increase of 137.92 points, or 1.13 percent. |
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| Saudi Central Bank and BIS co-host meeting on reserve management in Riyadh
The evolving global landscape presents new challenges and opportunities for central bank reserve managers, the governor of Saudi Arabia’s apex financial institution explained at a high-level meeting. |
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| Dubai Financial Market posts 171% rise in profit for first quarter
The Dubai Financial Market on Monday announced that it posted a net profit of Dh95.6 million before tax for the first quarter of 2024, a rise of 171 per cent as compared to the same period last year. |
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| Islamic finance industry projected to grow in 2024-2025
The Islamic finance industry is projected to grow globally in 2024-2025 with total assets likely to witness single-digit growth driven by economic diversification efforts, a report said. |
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| Qatar launches national strategy to boost renewable energy mix
The use of solar power and other renewable energy sources is set to boost with the launch of a comprehensive strategy by the Qatar General Electricity and Water Corp. |
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| Mawani announces first container shipment from Jubail Commercial Port to Riyadh Dry Port
Saudi sea and rail transport links are set to be enhanced with the commencement of the first container shipment from Jubail Commercial Port to Riyadh Dry Port. |
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| Closing Bell: Saudi benchmark index edged down to close at 12,381
Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 102.46 points, or 0.82 percent, to close at 12,381.95. |
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| UAE: Will petrol prices rise for May due to Iran-Israel conflict?
The UAE will announce petrol prices for the month of May 2024 on Tuesday to align them with global rates. |
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| Al-Sager: Our profits underscore our successful strategic investments
Isam Al-Sager, the Vice Chairman and Group CEO of National Bank of Kuwait (NBK), said, “NBK continued recording solid performance and building on past year’s momentum as we advance in executing our diverse strategy and leveraging our flexible business model throughout the challenging macroeconomic landscape.” |
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| UAE-India trade on track to surpass $100b by 2023
The UAE and India are on track to surpass a target of $100 billion in bilateral non-oil trade by 2030 in the wake of the landmark free trade agreement signed in May 2022. |
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| UAE economy set to expand at ‘fastest clip’ in GCC
Buoyed by strong performance in non-oil sectors, the UAE economy is on track to expand at the fastest clip in the region while Saudi Arabia will grow at a slower pace this year than previously predicted as oil prices drop from recent peaks. |
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| PIF set to have $2 trillion in assets under management by 2030: report
Saudi Arabia’s Public Investment Fund is poised to reach $2 trillion in assets under management by 2030, propelling it from 5th to 2nd place globally among sovereign wealth bodies, according to Global SWF. |
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| Islamic Development Bank’s 2024 annual meetings start in Riyadh under King Salman’s patronage
The Islamic Development Bank’s 2024 annual meetings are being held under the patronage of King Salman bin Abdulaziz in Riyadh between Apr. 27 and 30, 2024. |
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| Dubai: Interest-free loans announced for some businesses hit by heavy rains
Interest-free loans could be granted to some small and medium-sized enterprises in Dubai that were hit by record rains last week, it was announced on Saturday. |
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| Eight years since its launch, Saudi Vision 2030 is already well ahead of schedule
Saudi Arabia’s transformation has involved many authors: The government, Saudi citizens, the private sector, and international partners. Their combined efforts have meant that by 2023 — the Vision 2030 midpoint — the plan was already ahead of schedule. |
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| How Vision 2030 is transforming Saudi Arabia into a globally competitive economy
What extraordinary feats did Saudi Arabia accomplish to see itself ranked ahead of China, Germany and the UK on a global measure of economic competitiveness? |
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| Egyptian startups secure funding to boost expansion to Saudi Arabia following a period of stagnation
Startups in Egypt have started to gain momentum with several ventures securing funding to boost expansion efforts to the Kingdom. |
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| IMF opens first MENA office in Riyadh
The International Monetary Fund has opened its first office the Middle East and North Africa region in Riyadh. |
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| Closing Bell: TASI edges down to close at 12,254 points
Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 101.16 points, or 0.82 percent, to close at 12,254.53. |
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| China’s wealth fund joins with Bahrain’s Investcorp for $1bn Middle East investment
China’s growing interest in the Middle East continues as the country’s sovereign wealth fund partnered with Bahrain’s Investcorp to establish a $1 billion investment pot. |
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| Closing Bell: TASI edges down to close at 12,355 points
Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 128.72 points, or 1.03 percent, to close at 12,355.69. |
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| Saudi Arabia closes April sukuk issuance at $1.97bn
Saudi Arabia has completed its riyal-denominated sukuk issuance for April at SR7.39 billion ($1.97 billion), representing a rise of 66.44 percent compared to the previous month. |
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| Saudi economy witnessing a fundamental shift, says minister
Since the launch of Vision 2030, Saudi Arabia has witnessed a fundamental shift in its economy and the business environment is transforming with the creation of new sectors, said the Kingdom’s economy minister. |
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| Saudi Arabia to develop 320k new hotel rooms by 2030: Knight Frank
Saudi Arabia is gearing up to expand its hospitality sector by developing 320,000 new hotel rooms by 2030, according to an analysis by global property giant Knight Frank. |
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| Saudi entrepreneurs among beneficiaries of $493m Social Development Bank funding in Q1 2024
Almost 12,000 Saudi entrepreneurs received support and training from the Kingdom’s Social Development Bank in the first quarter of 2024, it was revealed. |
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| Boubyan Bank records net profit of KD 25m for the first quarter
Boubyan Bank has announced KD 31.7 million in operating profits for the first quarter of this year as the bank recorded KD 25 million in net profits at a growth rate of 21 percent compared with last year, while the earnings per share amounts to 5.2 fils. |
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| NBK reports KD 146.6m profits
National Bank of Kuwait (NBK) has announced its financial results for the three-month period ended 31 March 2024. |
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| KFH records net profit of KD 162.8m
Chairman of Kuwait Finance House (KFH) Hamad Abdulmohsen Al Marzouq announced that KFH achieved a net profit of KD 162.8 million for the first quarter of 2024 for shareholders |
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| UAE set to exceed Cepa target
The UAE signed its 11th Comprehensive Economic Partnership Agreement with Colombia on Friday and said it now expects to exceed its initial target of signing free trade agreements with 21 countries and five economic blocs aimed at doubling foreign trade to Dh4 trillion by 2031. |
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| Saudi Arabia’s non-oil exports surge by 4.4% in February: GASTAT
Saudi Arabia’s non-oil exports, including re-exports, saw a surge of 4.4 percent in February compared to the same period the previous year, official data showed. |
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| Closing Bell: Tasi slips for the second consecutive day
Saudi Arabia’s Tadawul All Share Index continued its downward trend for the second consecutive day as it shed 24.52 points to close at 12,484.41. |
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| 'UAE Companies Investment Meet' aims to unlock Kuwait potential
The embassy of the United Arab Emirates in Kuwait held a press conference, on Monday, to announce the launch of the “UAE Companies Investment Meet” titled “Unlocking Kuwait’s Potential.” |
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| Saudi Arabia’s non-oil exports surge by 4.4%: GASTAT
Saudi Arabia’s non-oil exports, including re-exports, saw a surge of 4.4 percent in February compared to the same period of 2023, official data showed. |
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| Saudi Arabia fastest-growing IT market in region, ICT spending to hit $37.5bn in 2024
Saudi Arabia is the fastest-growing information technology market in the Middle East, Turkey, and the African region, with double-digit growth in technology spending, according to analysts. |
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| Saudi Aramco in talks to acquire 10% stake in China’s Hengli Petrochemical
Energy giant Saudi Aramco held talks with Chinese Hengli Group Co. to acquire a 10 percent stake in its subsidiary, subject to due diligence and required regulatory clearances. |
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| Sukuk issuance to continue steady growth in 2024: Fitch Ratings
Global sukuk issuance is expected to continue growing in the remaining months of this year, driven by funding and refinancing demands, Fitch Ratings said. |
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| ACWA Power inks deal to drive renewable energy development in Azerbaijan
Saudi energy giant ACWA Power is signing a new agreement to accelerate the development of renewable projects in Azerbaijan. |
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| Closing Bell: TASI edges down to close at 12,509 points
Saudi Arabia’s Tadawul All Share Index closed at 12,508.93 points on Monday, losing 9.29 points or 0.07 percent. |
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| Oman nominal GDP sees 2.8% slip
Oman’s nominal gross domestic product registered an annual 2.8 percent drop thanks to an output decrease from the hydrocarbon sector, according to the latest figures. |
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| Alistithmar Capital, Ezdihar Real Estate partner to launch $293m property development fund
Saudi Arabia’s Alistithmar Capital is teaming up with Ezdihar Real Estate Development Co. to create an SR1.1 billion ($293 million) property fund in a move that will benefit Riyadh’s commercial and office landscape. |
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| UAE and Oman establish $35bn investment partnerships across multiple sectors
Trade and economic ties between the UAE and Oman are set to further strengthen thanks to the signing of investment deals worth 129 billion dirhams ($35.12 billion). |
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| Saudi Arabia accelerates automotive sector localization
RIYADH: Saudi Arabia’s automotive sector localization is fast on track as part of the government’s efforts to achieve its Vision 2030 targets, according to a senior official. |
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| UNCTAD sees global growth rate 2.6% in 2024
RIYADH: Global economic growth is anticipated to slow to 2.6 percent in 2024, with the UN Trade and Development agency highlighting an uneven post-pandemic financial recovery among countries. |
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| Saudi food security drive receives boost with new Tadco partnership
RIYADH: Saudi Arabia’s food security drive is set to receive a boost as Tabuk Agricultural Development Co., also known as Tadco, signs an agreement to construct high-tech greenhouses. |
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| KSA begins 3rd round of 'Sah' savings offerings with 5.59% return
RIYADH: Saudi Arabia has opened its third round of the subscription-based savings product, Sah, for April, offering a 5.59 percent return, encouraging financial stability and growth among citizens. |