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Expo 2020 Dubai exceeds forecast: 35,000 jobs to be supported every year until 2042, says report
Expo 2020 Dubai and its legacy are expected to contribute Dh154.9 billion ($42.2 billion) of gross value added (GVA) to the UAE’s economy from 2013 to 2042, a report from EY has shown.
Aldar and Mubadala to develop new commercial assets on Al Maryah Island
Aldar Properties and Mubadala Investment Company have signed heads of terms to develop commercial assets on Abu Dhabi’s Al Maryah Island, which will be located within Abu Dhabi Global Market (ADGM), the capital’s international financial centre and freezone.
Unemployment among Saudis falls to all-time low of 8%
The unemployment rate among Saudis has dropped to its lowest level since records began in 1991.
ADNOC Gas annual core earnings jump 32% on pro forma basis
Abu Dhabi National Oil Co. Gas on Thursday reported a 32 percent increase in its 2022 core earnings on a pro forma basis, citing a higher pricing environment and increased sales volumes amid strong market conditions.
Will strategic payroll alternative solve wage disparities of citizens?
The strategic payroll alternative is a project that was proposed in 2015 by the Civil Service Commission (CSC) to have similar salaries among Kuwaiti citizens who work in the public sector as long as they have the same qualifications, degrees and positions.
UAE: Gold prices edge lower in Dubai as concerns ease about global banking system
Gold prices edged lower in Dubai and globally on Thursday as easing concerns about the global banking system fed risk appetite and curbed some safe-haven bullion bids.
UAE to announce petrol prices for April soon
The UAE fuel price committee is set to announce petrol and diesel prices for the month of April 2023 either today or tomorrow.
Saudi banks’ net profits surge 7.5% to $1.4bn: SAMA
In the backdrop of a looming global banking crisis, Saudi lenders continue to maintain strong credit growth driven by corporate loans.
Saudi Ports Authority unveils plans to cut emissions by 1,046 tons
Crane movements in Saudi ports will be reduced in order to cut carbon dioxide emissions by as much as 1,046 tons by the end of the year, the organization responsible for the transit hubs has announced.
UAE announces early pension disbursements for Eid in 2023
The General Pension and Social Security Authority (GPSSA) has announced early pension disbursements during the 2nd quarter of 2023, in celebration of Eid Al Fitr and Eid Al Adha.
Bahrain GDP grows close to 5% in 2022; fastest pace in almost a decade
Bahrain posted a real gross domestic product growth rate of 4.9 percent in 2022, the highest economic growth pace since 2013, its Ministry of Finance and National Economy announced in its annual economic report.
Saudi Electricity Co. plans capital expenditure increase to $9.3bn for 2023
State-owned Saudi Electricity Co. has announced that it intends to allocate between SR30 billion ($8 billion) and SR35 billion for its 2023 capital expenditure, according to the company’s 2022 financial presentation.
Saudi Arabia allocates over $80bn for water projects
Saudi Arabia has allocated a budget of more than $80 billion to implement hundreds of water projects in the coming years, revealed a top minister.
Telecom operator Zain KSA posts record profit of $147m in 2022
Profits of Zain KSA, formally known as Mobile Telecommunication Co. Saudi Arabia, reached a record high of SR550 million ($146.7 million) in 2022.
Closing bell: Saudi benchmark index continues upward movement on promising market conditions
Saudi Arabia’s Tadawul All Share Index continued its upward trajectory on Sunday as it went up by 12.97 points or 0.93 percent to close at 10,459.36. The promising market conditions resulted in a rise in investor confidence, pushing the market up.
Saudi REDF deposits over $246m in Sakani accounts for housing projects
Saudi Arabia’s Real Estate Development Fund deposited more than SR925 million ($246.2 million) in the accounts of Sakani beneficiaries in March 2023.
Gold prices record gains for 4th week
Gold recorded positive gains for the fourth week in a row, closing at $1.978 an ounce, despite the slight decline witnessed at the end of last Friday’s trading.
UAE: Ministry fines 29 companies over Dh22 million for non-compliance
UAE's Ministry of Economy has imposed fines worth Dh22.6 million on 29 companies.
Global investors increasingly attracted by Saudi Arabia’s incredible economic progress, say top officials at Franklin Templeton
Driven by giga-projects and economic reforms under the Vision 2030 program, Saudi Arabia has emerged as an attractive destination for investors, said top officials at global asset management firm Franklin Templeton.
Inflation threatens food security in MENA region
The World Food Program (WFP) cautioned against the impacts of food inflation and currency collapse on food security in the Middle East and North Africa (MENA) region.
Boursa Kuwait’s AGM approves cash dividend of over KD 17 million for 2022
Boursa Kuwait Securities Company (KPSC) held its Annual General Assembly meeting for the year ended 31 December 2022 on March 23, 2023 at the Boursa Kuwait building.
Saudi investment funds hit record high after 25% surge: CMA
Saudi Arabia’s investment potential is being recognised by traders with the number of funds operating in the Kingdom hitting an all-time high, according to the Capital Market Authority.
SAMA and GCC banks follow Fed’s 25 bps interest rate hike
The Saudi Central Bank has increased its interest rate by 25 basis points to 5.5 percent, echoing Wednesday’s move by the US Federal Reserve to curb inflation.
Apico secures $29m funding for new plastics factory in Riyadh
A new plastics factory in Riyadh is a step closer after the Arabian Plastic Industrial Co. secured SR105.5 million ($29 million) of funding from the Saudi Investment Bank.
Moody’s boosts ratings for six key Saudi companies, including PIF and Aramco
Saudi Arabia’s Public Investment Fund and energy giant Aramco are among six firms in the Kingdom to have their ratings boosted from stable to positive by Moody's Investors Service.
UAE Central Bank moves a step closer to digital currency launch
The Central Bank of UAE (CBUAE) has signed a deal with G42 Cloud and R3 to provide infrastructure and technology to commence implementation of the Central Bank Digital Currency (CBDC) Strategy, one of the nine initiatives of the CBUAE’s Financial Infrastructure Transformation (FIT) Programme.
Saudi development fund and UNDP discuss developing cooperation
The CEO of the Saudi Fund for Development, Sultan Al-Marshad, met with Nahid Hussein, the resident representative of the UN Development Programme for the Kingdom, and her accompanying delegation in the capital, Riyadh, the Saudi Press Agency reported on Wednesday.
Saudi real estate rental deals up 81% to reach $20.2bn
Saudi Arabia’s residential and commercial rent deals almost doubled in value last year to reach SR76 billion ($20.2 billion) compared to SR41.9 billion in 2021.
Saudi Arabia’s NDMC closes March sukuk issuance at $897m
Saudi Arabia’s National Debt Management Center announced the closure of the Riyal-denominated sukuk program issuance for March with the total bid amount received at SR8.34 billion ($2.2 billion).
Refineries get ‘advanced ranking’
Mina Abdullah and Ahmadi Refineries have got an ‘advanced international ranking’ of risk engineering quality, the Kuwait National Petroleum Company (KNPC) said Wednesday.
Bolster supply chain management to ensure food security: Economist
Food security is in focus recently due to the political and economic situations around the world including the Russia-Ukraine war, financial crises and debates whether to raising the interest rate to control growing inflation.
Boubyan Bank distributes 6% in cash dividends and 6% in bonus shares
Chairman of Boubyan Bank Abdulaziz Abdullah Dakheel Al-Shaya reiterated the bank’s ongoing endeavors to achieve excellent and accelerating growth of financial indicators and market shares in a manner that benefits all its shareholders and the Kuwaiti economy, in addition to focusing on quality customer service and upskilling the bank’s human resources, which turns Boubyan into a banking and digital powerhouse in Kuwait and the region.
PIF-backed Rakiza raises $1bn to invest in Oman and Saudi Arabia
Public Investment Fund-backed Rakiza has raised $1 billion to invest in three projects in Oman and is close to signing off on several deals in the Kingdom, according to a statement.
Saudi Venture Capital launches $80m Saudi fintech fund
Saudi Arabia’s booming fintech sector is set to be boosted by an $80 million investment fund launched by Saudi Venture Capital Co..
Saudi National Bank says its Credit Suisse investment has ‘no impact’ on growth plans or profits
Credit Suisse's largest shareholder Saudi National Bank has confirmed there is “no impact” on its growth plans or profitability after the troubled Swiss lender was bought out by UBS.
Dubai inflation rises close to 5% in February on higher F&B prices
In line with the global trend, Dubai saw its annual inflation rate rising to 4.9 percent in February driven by an increase in food and beverages costs, the latest data from the emirate's Statistics Center showed.
Moody’s affirms UAE’s Aa2 rating, maintains stable outlook
International credit rating agency Moody’s on Tuesday affirmed the Aa2 long-term local and foreign currency issuer ratings of the UAE’s government with the outlook predicted to remain stable.
Closing bell: TASI rises 141.6 points on recovering oil prices
Saudi Arabia’s Tadawul All Share Index increased 141.62 points on Tuesday – or 1.39 percent – to close at 10,359.74, from 10,218.12, thanks to oil price rise, extending a recovery.
Saudi Arabia’s Agricultural Development Fund approves $610m in investment loans
Farmers in Saudi Arabia saw their funding from a dedicated investment organization rise by 167 percent year-on-year in the first three months of 2023, it has been revealed.
Saudi Arabia issues 46 mining licenses in January
Saudi Arabia’s Ministry of Industry and Mineral Resources issued 46 new mining licenses in January 2023 – a 33 percent drop compared to the previous month.
Aramco, DHL form new procurement and logistics hub JV
The Saudi Arabian Oil Co., also known as Saudi Aramco, announced a new end-to-end procurement and logistics hub joint venture with logistics firm DHL Supply Chain.
Saudi Arabia’s factory sector sees 50% growth since Vision 2030’s launch: Deputy minister
The number of factories in Saudi Arabia has increased 50 percent since the launch of Vision 2030 in 2016, according to the Deputy Minister of Industry and Mineral resources Osama bin Abdulaziz Al-Zamil.
Closing bell: TASI rises 60 points
Saudi Arabia’s Tadawul All Share Index increased 60.39 points on Monday – or 0.59 percent – to close at 10,218.12.
Boubyan Bank and Mastercard partner on remittance transfers
Boubyan Bank and Mastercard have partnered to simplify and speed up cross-border remittance payments. Through Mastercard Cross-Border Services, Boubyan Bank customers are now given greater choice and flexibility when sending money to destinations around the world.
Global banking crisis unlikely to affect GCC banks, says Moody’s
Banks in the Gulf Cooperation Council (GCC) region are strongly interlinked with their respective sovereigns and are unexposed to recently failed US banks, stated the global credit rating agency Moody’s Investor Service.
Dubai prime property prices cheaper by 80% compared to global cities, even after 2-year rise
Prime property prices in Dubai are cheaper by 20 to 80 per cent when compared to major cities such as Monaco, Hong Kong, New York, London, Geneva, Paris, Beijing, Tokyo etc. despite a massive increase in rates during the post-pandemic period
Saudi retail pharmacy chain Nahdi posts $236m profit for 2022
Nahdi Medical Co., one of Saudi Arabia's leading retail pharmacy chains, recorded SR888 million ($236.40 million) in net profit for the fiscal year 2022, recording a 9.3 percent rise over the previous year.
PIF-owned Saudi Investment Recycling to acquire 60% of Masab Plastic Factory
Public Investment Fund-owned Saudi Investment Recycling Co. has signed an agreement to acquire 60 percent of plastic resin manufacturer Masab Plastic Factory Co.
GCC banks resilient to US banks’ recent distress: Moody’s
Banks in the Gulf Cooperation Council region are strongly interlinked with their respective sovereigns and are unexposed to recently failed US banks, stated the global credit rating agency Moody’s.
Saudi National Bank says its Credit Suisse investment has ‘no impact’ on growth plans or profits
Credit Suisse's largest shareholder Saudi National Bank has confirmed there is “no impact” on its growth plans or profitability after the troubled Swiss lender was bought out by UBS.
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