| Abu Dhabi’s non-oil economy surges 12.3% in Q2 to $42bn: SCAD
Abu Dhabi’s non-oil economy grew by 12.3 percent in the second quarter of 2023, accompanied by a 3.5 percent increase in its overall gross domestic product, reported the Statistics Centre — Abu Dhabi. |
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| Saudi PMI rises to 57.2 in September as non-oil private sector grows
Saudi Arabia’s purchasing managers' index rose to 57.2 in September, up from 56.6 in August, as business confidence in the non-oil private sector improved, showed an economy tracker. |
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| Number of Saudis in private sector rises 10.5% in Q2
The number of Saudi nationals in the private sector rose 10.5 percent in the second quarter of 2023 to reach 2.2 million, a report by the National Labor Observatory showed. |
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| Closing bell – Saudi Arabia’s main index edges down 0.3%
Saudi Arabia’s benchmark index declined 0.3 percent to close at 11,005.94 on Monday recording a total trading turnover of SR5.2 billion ($1.4 billion). |
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| First regional sukuk meet calls for scientific approach to deal with risks
Global financial experts called for a scientifically guided approach to managing the risks associated with sukuk transactions during a meeting in Cairo on Sunday. |
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| Saudi Arabia issues 136 industrial licenses in August 2023
Saudi Arabia’s economic activity gained momentum with the Ministry of Industry and Mineral Resources issuing 136 industrial licenses in August compared to 102 in July. |
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| UAE: Time to buy gold? Precious metal prices hit 7-month low
Gold prices continued their downward trend on the first trading day of the week, falling half-a-dirham per gram to a 7-month low at the opening of the markets on Monday. |
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| Property sales drop, 50,000 flats vacant amid expat layoffs
The value of real estate sales in Kuwait declined during the third quarter of 2023 to KD 800 million, the lowest levels recorded since the third quarter of 2020. |
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| Banks in GCC benefiting from strong operating conditions: Fitch Ratings
Banks in the Gulf Cooperation Council are currently reaping the benefits of robust operating conditions, driven by factors such as high oil prices, contained inflation, and rising interest rates, according to Fitch Ratings. |
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| Saudi endowment investment funds exceed $133m in net assets
Saudi Arabia’s endowment investment funds have experienced significant growth, with the number of licensed funds increasing by 13 in 2023, reaching a total of 24, as reported by the General Authority of Awqaf. |
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| Closing bell: Saudi main index closes lower at 11,040
Saudi Arabia’s Tadawul All Share Index closed lower on Sunday, slipping 15.79 points or 0.14 percent to finish at 11,040.17. The benchmark index saw a total trading turnover of SR4.08 billion ($1.08 billion) with 79 listed stocks advancing and 135 retreating. |
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| S&P upgrades Oman’s credit rating to BB+ with stable outlook
In a new development signaling a shift in Oman’s economic landscape, global credit rating agency Standard & Poor has upgraded the nation’s long-term credit rating from “BB” to “BB+.” |
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| How the Kuwaiti dinar maintains its stability
Despite global economic crises, the Kuwaiti dinar continues to stand as one of the most stable currencies worldwide. |
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| Feathering the nest: Saudi Arabia sees poultry production as key for food security
Saudi Arabia aims to reach 80 percent food security in chicken, poultry, and protein supplies by 2025 as demand for hatching eggs increases, according to a leading industry figure. |
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| ABK-Egypt recognized as Fastest Growing Bank in Egypt for 2023
Al-Ahli Bank of Kuwait – Egypt (ABK-Egypt), a subsidiary of Al-Ahli Bank of Kuwait, has been recognized as the Fastest Growing Bank in Egypt for 2023 by International Business Magazine. |
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| Saudi Arabia revises budget estimates for 2023 and pre-budget statement for 2024
Saudi Arabia has lowered its growth forecast and expects to post a budget deficit this year rather than an earlier projected surplus, a preliminary budget statement showed on Saturday. |
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| UAE’s Tabby gets ready to relocate HQ to Saudi Arabia ahead of IPO on Tadawul
In recognition of Saudi Arabia’s booming financial technology sector, UAE’s Tabby, a forerunner in the buy now, pay later fintech space, is shifting its headquarters to Saudi Arabia as it gears up for its initial public offering. |
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| UAE announces retail fuel prices for October: Here's how much it will cost to get a full tank
The UAE on Saturday (September 30) announced the retail fuel prices for the month of October. The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by around 3 fils per litre from the month of October. |
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| Saudi Arabia’s overall unemployment rate drops to 4.9% in Q2
Saudi Arabia’s Vision 2030 has started paying dividends, with the Kingdom’s overall unemployment rate declining to 4.9 percent in the second quarter of this year, a dip of 0.2 percentage points compared to the previous three months, official data showed. |
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| Saudi businesses expect low levels of security threats in 2024: report
Driven by the increased use of advanced technologies, most large companies in Saudi Arabia expect low levels of security threats in 2024, a threat assessment investigation has revealed. |
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| Closing bell: Saudi main index slips 21 points to 11,056
Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 20.98 points, or 0.19 percent, to close at 11,055.96. |
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| Islamic banks set to flourish in GCC: Moody’s
Against the backdrop of Gulf Cooperation Council countries’ economic diversification efforts, Islamic banks are poised to outperform their conventional counterparts in profit margins, as per a recent report by Moody’s Investors Service. |
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| Saudi development fund signs $10m deal with AIIB to support infrastructure programs
The Saudi Fund for Development has signed a $10 million contribution agreement with the Asian Infrastructure Investment Bank to bolster the financial institution’s newly established programs, as reported by the Saudi Press Agency. |
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| Dubai slashes public debt by $7.89bn
The Public Debt Management Office of Dubai’s Department of Finance announced that it expects a reduction of about 29 billion dirhams ($7.89 billion) in public debt by the end of the year. |
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| High oil prices set to spur GCC Islamic banks’ asset growth
High oil prices and ambitious economic diversification agendas of the GCC countries will help Islamic banks across the region to sustain strong business activity over the next 12-18 months, with their profitability continuing to exceed that of their conventional peers, analysts at Moody’s said. |
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| UAE: Global oil prices rise over $12 a barrel in September; will local prices go up in October?
The UAE is set to revise retail petrol and diesel prices for October soon to bring the local fuel prices in line with the global rates. |
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| Saudi Arabia’s overall unemployment rate drops to 4.9% in Q2
Saudi Arabia’s Vision 2030 has started paying dividends, with the Kingdom’s overall unemployment rate declining to 4.9 percent in the second quarter of this year, a dip of 0.2 percentage points compared to the previous three months, official data showed. |
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| Closing bell: TASI edges up 1.5% to close at 11,077
Saudi Arabia’s Tadawul All Share Index closed at 11,076.94 points on Wednesday, marking an increase of 158.70, or 1.45 percent. |
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| Closing Bell – TASI grows 40 points; ADES Holding begins retail subscription
Saudi Arabia’s Tadawul All Share Index concluded its trading on Tuesday at 10,918.24 points, rising 0.37 percent. |
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| UAE dirham likely to stay strong
The UAE dirham is expected to retain its strength for the rest of 2023 and the country is set to enter 2024 in lock step with the US Dollar due to the peg, experts said at the Forex Expo Dubai 2023. |
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| UAE economy set for 3% growth in 2023, driven by non-oil sectors: S&P
The UAE is expected to achieve 3 percent economic growth in 2023 driven primarily by the non-oil sector, as outlined in a report by Standard and Poor’s. |
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| Closing Bell: TASI sheds 71 points to 10,878; Lumi Rental Co. shines on trading debut
Saudi Arabia’s Tadawul All Share Index declined 71.48 points, or 0.65 percent, on Monday to close at 10,877.94. |
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| KIPIC records 60 m safe working hours at Al-Zour refinery
Kuwait Integrated Petroleum Industries Company (KIPIC) on Monday announced the achievement of 60 million safe working hours without any accidents, loss of life, physical injuries, health or environmental damage, property damage, or interruption in operations at the Al-Zour refinery. |
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| Saudi economy joins trillion-dollar club: FSC
Saudi Arabia has reached a significant milestone as its gross domestic product crossed the coveted 1 trillion-dollar mark for the first time, revealed the umbrella body of the Kingdom’s business community. |
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| Saudi Arabia’s financial markets exceed 2022 strategic plan targets
Reflecting robust economic growth, Saudi Arabia’s financial markets reported a remarkable performance by the end of 2022, surpassing the strategic plan goals for 2022 in a number of indicators. |
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| World central banks pause as soft-landing appears imminent
The US Federal Reserve left its benchmark interest rate unchanged at the target range of 5.25 percent to 5.50 percent, as widely expected by the market. The central bank signaled borrowing costs will likely stay higher for longer after one more hike this year. |
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| Oman’s Q2 GDP falls 9.5% to $26.3bn due to drop in oil activities
Oman’s gross domestic product registered a 9.5 percent decline in the second quarter of 2023 compared to the same period last year, primarily attributed to a drop in oil-related activities. |
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| Middle East to bolster global hospitality space with $1.9tn worth of projects
Hospitality and residential projects worth $1.9 trillion are fueling a transformation of the Middle East, according to a report released ahead of a major industry conference. |
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| Global hospitality leaders eye investment opportunities at Abu Dhabi summit
The global hospitality sector is set to witness a significant influx of investment as key industry players from over 50 countries convene at the Future Hospitality Summit in Abu Dhabi from Sept. 25-27. |
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| Regional startups fuel surge in investments
Venture capital investments in the region have surged, with deep tech startups capturing a significant portion of the activity. |
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| Qatar’s August inflation drops 0.58% as key sectors see price softening
Qatar’s consumer price index experienced a monthly decline of 0.58 percent in August, reaching 106.25 points, according to the country’s Planning and Statistics Authority. |
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| IsDB, US EXIM Bank discuss trade financing avenues to fund development projects
Member countries of the Islamic Development Bank could have faster execution of their development projects thanks to its ongoing discussion with the US’ official export credit agency, according to the Saudi Press Agency. |
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| Souk Al-Manakh: Worst financial crisis in Kuwait
Fawaz, a 22-year-old, speaking to Kuwait Times, acknowledged he had always heard the name ‘Souk Al-Manakh’, but admitted to not knowing much about it. |
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| Rising female workforce boosts Saudi Arabia’s economic growth
Saudi Arabia’s economy is poised to benefit from the increasing number of working women as the Kingdom’s Vision 2030 initiative, aimed at enhancing female employment, has begun to demonstrate its potential economic impact, as outlined in a recent report by S&P Global. |
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| Closing bell: Saudi main index ends week in red to close at 10,949
Saudi Arabia’s Tadawul All Share Index dropped for the second consecutive day on Thursday as it shed 112.08 points or 1.01 percent to close at 10,949.42. |
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| Saudi Arabia’s merchandise exports steady at $24.34bn in July: GASTAT
Amid global economic headwinds, Saudi Arabia showcased resilience in its trade performance, as the Kingdom’s overall merchandise exports were steady in July hitting SR91.3 billion ($24.34 billion), down just 0.4 percent compared to June, official data showed. |
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| How eight mega-projects are transforming Saudi Arabia’s Riyadh into a global destination
Saudi Arabia’s Vision 2030 is paving the road for a better future by implementing transformative projects across the Kingdom. These projects aim to integrate advanced technologies and sustainable practices, ultimately enhancing the standard of living and quality of life for residents. |
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| Investment surge needed to achieve sustainable goals
RIYADH: Saudi Arabia’s Vision 2030 aligns powerfully with the UN sustainable development goals, according to a top government official. |
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| Saudi Arabia closes September sukuk issuance at $650bn
RIYADH: Saudi Arabia’s National Debt Management Center has closed its riyal-denominated sukuk program issuance for September with a total bid amount of SR2.45 billion ($650 billion), down 29 percent compared to August. |
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| Kuwaiti fund grants $570m loan to boost Gulf’s electricity expansion project
RIYADH: In a bid to enhance regional connectivity, the Gulf Electricity Interconnection expansion project has secured a $570 million loan from the Kuwait Fund for Arab Economic Development, according to an official release. |