| Saudi non-oil exports jump 12.7% to $6.76bn in October
Saudi Arabia: Saudi Arabia’s non-oil exports surged 12.7 percent year on year in October, reaching SR25.38 billion ($6.76 billion), underscoring the Kingdom’s push to diversify its economy away from oil dependence. |
|
| MODON signs $453m in deals to boost Saudi industrial cities
Saudi Arabia: Saudi industrial cities are set for further growth as the sector's authority revealed it has signed 23 development contracts with the private sector, valued at over SR1.7 billion ($453 million). |
|
| Saudi Arabia’s food & beverage sales drive $3.14bn in consumer spending
Saudi Arabia: Saudi Arabia’s consumer spending reached SR11.8 billion ($3.14 billion) in the week of Dec. 15 to Dec. 21, with the food and beverage sectors continuing to lead in sales, official data showed. |
|
| Federation of Saudi Chambers announces launch of 1st joint Saudi-Kuwaiti Business Council
Saudi Arabia: Economic cooperation between Saudi Arabia and Kuwait will soon prosper thanks to the establishment of the first joint council between the two countries. |
|
| Kingdom Holding buys $400m stake in Musk's AI company
Saudi Arabia: Kingdom Holding Company (KHC), a Saudi conglomerate with interests in key sectors such as hotel management, real estate and equity, has announced that it has acquired a key stake in xAI Corporation, an artificial intelligence company founded by Elon Musk and a team of global engineers, for SAR1.5 billion ($400 million) through participation in the Series C funding round. |
|
| Abu Dhabi Fund offers $40m loan for Maldives airport project
United Arab Emirates: Abu Dhabi Fund for Development (ADFD) has announced an additional loan of AED147 million ($40 million) to the island nation of Maldives to support the completion of its Velana International Airport project. |
|
| AD Ports Group completes restructuring of Noatum Group Assets
United Arab Emirates: AD Ports Group today announced the completion of the biggest restructuring in its corporate history, integrating the assets of recently acquired Noatum Group into its existing business structure. |
|
| ADFD extends additional AED147 million loan to complete Velana International Airport development in Maldives
United Arab Emirates: Abu Dhabi Fund for Development (ADFD) has announced an additional loan of AED 147 million (US$40 million) to support the completion of the Velana International Airport project in the Maldives. |
|
| Arab markets see 60% surge in trading volumes in November
Saudi Arabia: Trading activity across Arab financial markets surged in November, with volumes jumping nearly 60 percent, driven by strong performance in Iraq and other regional exchanges, a new report showed. |
|
| Aramco secures prime ratings for $10bn commercial paper program
Saudi Arabia: Saudi Aramco’s robust financial standing has been reaffirmed by Moody’s and Fitch, with the agencies assigning strong ratings to the energy giant’s newly established $10 billion US Commercial Paper Program. |
|
| Saudi Arabia, Iraq eye stronger digital cooperation
Saudi Arabia: Digital partnerships between Saudi Arabia and Iraq are on track to prosper after a top ministerial meeting between the two countries. |
|
| Saudi flyadeal records lowest complaint in November
Saudi Arabia: Saudi low-cost airline flyadeal recorded the fewest complaints among its competitors in November, with just 11 per 100,000 travelers, and achieved a 99 percent resolution rate, a recent report revealed. |
|
| Ministry warns retailers not to hike prices of 9 basic food items in UAE
United Arab Emirates: The UAE’s Ministry of Economy on Tuesday prohibited the retailers and suppliers from hiking prices of nine basic consumer goods — cooking oil, eggs, dairy, rice, sugar, poultry, legumes, bread, and wheat — in the country. The new pricing policy is scheduled to take effect on Jan.2, 2025. |
|
| Bahrain announces 6,900 new housing services for citizens
Bahrain: Bahrain's government has begun implementing the plan to provide 6,900 new housing services for its citizens as well as expansion of the Mazaya programme in 2024 to an additional 1,400 beneficiaries, reported BNA. |
|
| UAE non-oil sectors push GDP growth to 4% in 2024: CBUAE
United Arab Emirates: The UAE economy is expected to grow by 4 percent in 2024, driven by robust performance across key non-oil sectors, according to official projections. |
|
| Dewa set to implement $1.9bn smart grid project by 2035
United Arab Emirates: Dubai Electricity and Water Authority (Dewa) is set to implement a smart grid project over the next decade as part of its efforts to ensure seamless 24/7 integrated services across the electricity and water network. |
|
| Saudi banks report 24% profit growth amid strong non-interest income
Saudi banks’ aggregate profit reached SR7.7 billion ($2.05 billion) in October, marking a 23.67 percent year-on-year increase, newly released data has revealed. |
|
| Saudi Arabia strengthens food security with trout farming breakthrough
Saudi Arabia’s food security strategy has received a boost with a trout farming project developed through a partnership between King Abdulaziz City for Science and Technology and King Abdulaziz University. |
|
| Saudi Arabia inaugurates Yanbu Grain Terminal to boost food security, trade
Saudi Arabia has inaugurated the Yanbu Grain Handling Terminal, underscoring the Kingdom’s efforts to strengthen public-private partnerships, enhance agricultural trade, and bolster food security across the region. |
|
| Closing Bell: Saudi main index closes in green, reaches 11,949 points
Saudi Arabia’s Tadawul All Share Index increased by 0.84 percent or 99.42 points to reach 11,948.79 points on Monday. |
|
| UAE’s ADNOC boosts drilling capabilities with 2 new jack-up rigs
The Abu Dhabi National Oil Co. has received two new jack-up rigs, reinforcing its position as one of the largest drillship fleet owners globally. |
|
| ‘Paradigm shift’ as GCC urban population to surge 30% by 2030: Arthur D. Little
Urban populations across the Gulf Cooperation Council region are projected to grow 30 percent from 2020 to 2030, increasing demand for housing, infrastructure, and inclusive development, analysts say. |
|
| Saudi Arabia to welcome Middle East’s first TRIBE hotel in King Salman Park
French hospitality group Accor and Naif Alrajhi Investment have signed an agreement to bring the Middle East’s first TRIBE hotel to Saudi Arabia. |
|
| Closing Bell: Saudi main index slips to close at 11,849
Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 43.07 points, or 0.36 percent, to close at 11,849.37. |
|
| Oman launches food security projects to ensure supply, sustainability
Oman has launched new food security initiatives, partnering with government entities and the private sector to strengthen supply chain operations and enhance sustainability. |
|
| UAE, Hong Kong ink deal to expand cross-border debt issuance and investment
The UAE and Hong Kong are set to deepen ties in cross-border debt securities issuance and investment after their central banks signed a memorandum of understanding to enhance connectivity between their financial markets. |
|
| UAE’s AD Ports Group doubles credit facility to $2.13bn
The UAE’s Abu Dhabi Ports Group has successfully refinanced and more than doubled its revolving credit facility from $1 billion to $2.13 billion. The move extends the facility’s maturity from 2026 to 2028, with an option for further extension until 2030. |
|
| SAMA cuts benchmark interest rate to 5% in line with US Federal Reserve move
Saudi Arabia’s central bank lowered its benchmark interest rate to 5 percent, its third cut this year, aligning with the US Federal Reserve’s decision to reduce rates by 25 basis points. |
|
| Burgan Bank Receives CBK’s Approval to Acquire 100% Stake in Bahrain’s United Gulf Bank
Burgan Bank announced that it has obtained the final approval from the Central Bank of Kuwait (CBK) to acquire 100% stake in United Gulf Bank (UGB), a licensed conventional wholesale bank headquartered in Bahrain. |
|
| Kuwait and Bosnia explore investment opportunities
The Foreign Minister of Bosnia and Herzegovina, Elmedin Konakovic, said that his visit to Kuwait aims at tackling common interests, investment opportunities, and future projects between the two countries. |
|
| Harnessing the Sun: Saudi Arabia’s solar revolution
Saudi Arabia is a world leader when it comes to extracting energy sources from the ground, but it is the Kingdom’s drive to harness a power supply in the sky that is attracting attention. |
|
| SAMA cuts benchmark interest rate to 5% in line with US Federal Reserve move
Saudi Arabia’s central bank lowered its benchmark interest rate to 5 percent, its third cut this year, aligning with the US Federal Reserve’s decision to reduce rates by 25 basis points. |
|
| Fitch revises Oman’s outlook to positive, downgrades Egypt’s economic outlook
Fitch Ratings has revised Oman’s long-term foreign currency issuer default ratings to positive from stable and affirmed the IDR at BB+, driven by the availability of fiscal tools to combat future shocks. |
|
| Saudi Arabia emerging as global cybersecurity guardian: digital experts
From protecting its growing digital infrastructure to exporting cybersecurity technologies and expertise, Saudi Arabia is emerging as a key player in addressing global cyber threats. |
|
| Saudi Arabia drives MENA e-commerce growth during festive season: report
Saudi Arabia played a pivotal role in driving a 44 percent increase in e-commerce orders across the Middle East and North Africa region during the 2024 festive season, according to a joint study by Flowwow and Admitad. |
|
| Closing Bell: Saudi main index ends week in red; trade volume nears $3bn
Saudi Arabia’s Tadawul All Share Index closed in red on Thursday, losing 68.61 points, or 0.57 percent, to settle at 11,892.44. |
|
| Saudi tourism sector workforce grows 5.1%: GASTAT
Saudi Arabia’s tourism sector added jobs at a steady pace in the second quarter of 2024, with the workforce growing 5.1 percent year on year to 959,175, official data showed. |
|
| Saudi hotel sector sees 10% spending growth despite overall POS dip: SAMA
Spending in Saudi hotels saw a weekly rise of 10.4 percent between Dec. 8 and 14, reaching SR349.2 million ($92.9 million), according to official data. |
|
| Saudi Arabia, Turkiye explore construction sector partnerships in roundtable
Saudi Arabia and Turkiye explored investment opportunities and partnerships in the construction sector during a roundtable, focusing on enhancing supply chains and fostering collaboration between public and private sectors. |
|
| Middle East and Africa resilient as global M&A, venture deals volume falls 8.7%
Transactions in mergers and acquisitions, private equity, and venture financing fell during the first 11 months of the year, with the Middle East and Africa experiencing the smallest decline in deal activity. |
|
| Saudi Arabia’s ACWA Power launches $3bn renewable projects in Uzbekistan
Saudi utility giant ACWA Power launched three renewable projects in Uzbekistan, including wind, solar, and battery storage, marking a $3 billion investment in the country’s energy transition. |
|
| Saudi Arabia unveils enhanced e-guide to boost exports
The Kingdom’s businesses now have access to an enhanced support system through the newly launched electronic guide by the Saudi Export Development Authority. |
|
| Closing Bell: Saudi indices close in green
Saudi Arabia’s Tadawul All Share Index edged up on Wednesday, gaining 12.33 points, or 0.10 percent, to close at 11,961.05. |
|
| Saudi Arabia and Egypt ink supply chain deal to boost industrial ties
Saudi Arabia’s Falak Investment and Egypt-based Al-Tawakol For Steel Industries and Galvanization Co. have signed a supply chain cooperation agreement to strengthen the telecommunications infrastructure in the Kingdom. |
|
| Saudi Cabinet approves standard incentives for industrial sector
Saudi Arabia’s Cabinet has approved a set of standardized incentives aimed at boosting the Kingdom’s industrial sector, marking a significant step in the nation’s ongoing efforts to diversify its economy. |
|
| Saudi Arabia’s economy to expand by 3.7% in 2025: Mastercard Economics Institute
Saudi Arabia’s gross domestic product is expected to grow 3.7 percent in 2025, driven by a rise in the Kingdom’s non-oil activities, according to an analysis. |
|
| Saudi Arabia to automate 40% of its electricity distribution network by 2025: Minister
Saudi Arabia is working to automate 40 percent of its electricity distribution network by the end of 2025, having already achieved 32 percent of this target, according to the minister of energy. |
|
| Closing Bell: Saudi stock market ends in the red at 11,949
Saudi Arabia’s Tadawul All Share Index declined on Tuesday, dropping 148.01 points, or 1.22 percent, to close at 11,948.72. |
|
| PIF’s Diriyah Co. awards $202m contract for 2nd phase excavation works
An excavation contract worth SR758.5 million ($201.8 million) has been awarded to China Harbor Engineering Co. by Diriyah Co., as development of the city continues ahead of schedule. |
|
| Saudi Arabia launches duty exemption for industrial inputs to boost exports
The Saudi Export Development Authority has launched a new service, “Exemption for Export,” aimed at enhancing Saudi Arabia’s industrial competitiveness. |