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Press Dossier   News Category    Economy   
Spanish investments in Saudi Arabia exceed $3bn, boosting bilateral relations and vital sectors
Spanish investments in Saudi Arabia have surpassed $3 billion in the last 10 years, with bilateral relations contributing to the development of vital sectors, according to a top official.
Closing Bell: TASI ends the week in green with trading turnover at $2.18bn
Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 36.37 points, or 0.29 percent, to close at 12,502.35.
March data reveals slight dip in Dubai’s inflation
Dubai’s inflation witnessed a slight decrease in March, dropping to 3.34 percent compared to 3.36 percent in February, according to official data.
Saudi EXIM Bank inks deal with Swiss counterpart to elevate trade exchange
Saudi EXIM Bank and its Swiss counterpart have signed an agreement to boost the Kingdom’s non-oil exports, enhancing their global market competitiveness.
Saudi development fund agrees $50m loan deal with St. Vincent and the Grenadines
The Saudi Fund for Development signed a $50 million loan agreement with St. Vincent and the Grenadines on Friday to assist communities affected by natural disasters, Saudi Press Agency reported.
Saudi Arabia issues over 37k certificates of origin in March
Saudi exporters were issued 37,188 certificates of origin in March by the Ministry of Industry and Mineral Resources, marking an annual increase of 0.5 percent.
UAE records 64% surge in trademark registrations
The UAE recorded an annual 64 percent surge in trademark registrations, amounting to 4,610 in the first quarter of 2024, official data showed.
Saudi crude production hits 7-month high in February
Saudi Arabia’s crude production reached a seven-month high of 9.01 million barrels per day in February, data from the Joint Organizations Data Initiative showed.
IMF projects UAE growth at 4.2% for 2025, highest in 3 years
The International Monetary Fund (IMF) on Tuesday projected higher growth for the UAE economy for next year than in 2023 and 2024, the highest in three years.
Renewable energy continues to gain momentum in Saudi Arabia, says report
Saudi Arabia could achieve its 2030 renewable target of 130 gigawatts by strengthening existing green policies and ensuring their effective implementation, a new study showed.
Closing Bell: TASI loses 34.45 points to close at 12,465
Saudi Arabia’s Tadawul All Share Index closed at 12,465.98 points on Wednesday, dipping 34.45 points or 0.28 percent.
Microsoft to invest $1.5bn in UAE-based AI firm G42
Global tech giant Microsoft will invest $1.5 billion in the UAE-based artificial intelligence technology company G42, aiming to offer the latest AI solutions and skilling initiatives.
UAE grocery store chain Spinneys to float 25% stake on Dubai Financial Market
UAE-based grocery store operator Spinneys 1961 Holding PLC has announced its intention to proceed with an initial public offering on the Dubai Financial Market.
ACWA Power secures landmark $80m bridge loan from Bank of China for Uzbekistan projects
Saudi energy giant ACWA Power has secured an $80 million equity bridge loan from the Bank of China for its Uzbekistan initiatives.
Closing Bell: Saudi benchmark index edges down 1.64% to 12,500
Saudi Arabia’s Tadawul All Share Index shed 207.91 points or 1.64 percent on Tuesday to close at 12,500.43.
IMF raises growth forecast for Saudi economy to 6% in 2025
The International Monetary Fund has raised its expectations for Saudi Arabia’s economic growth in 2025 to 6 percent – up from 5.5 percent predicted earlier this year.
Saudi housing program Sakani benefits over 32,000 families in Q1
As many as 32,343 Saudi families benefitted from Sakani’s housing options during the first quarter of 2024, marking an annual 15 percent increase.
Saudi inflation eases to 1.6% thanks to food price changes: GASTAT
Saudi Arabia’s inflation eased to 1.6 percent in March, down from 1.8 percent the previous month, driven by changes in the food and beverage sector.
World Bank raises Saudi Arabia’s 2025 GDP growth forecast to 5.9%
The World Bank has raised its expectations for Saudi Arabia’s economic growth to 5.9 percent in 2025 from 4.2 percent predicted earlier in January.
GCC oil companies’ capex to grow by 5% to reach $115bn in 2024
The capital expenditures of national oil companies in the Gulf Cooperation Council are likely to grow by 5 percent in 2024 as compared to the previous year and are expected to reach $115 billion, according to a report.
Qatar inflation dips 1.4% in March: official data
A fall in food and beverage prices helped drive Qatar’s inflation down 1.4 percent in March as compared to the previous month, official data showed.
Budget Saudi Arabia to buy 70% stake in UAE freight firm Overseas Development
Saudi car rental firm United International Transportation Co. is set to acquire a 70 percent stake in the UAE’s freight forwarder Overseas Development through a recent deal.
ROSHN Group, Dar Al Arkan sign $57m deal
ROSHN Group, Saudi Arabia’s leading national real estate developer, signed a SR215 million ($57.3 million) sale and purchase agreement with partner developer Dar Al Arkan, the Saudi Press Agency reported.
Saudi Arabia’s point-of-sale transactions grew 20% to reach $14.33bn in February
Payments made through point-of-sale terminals in Saudi Arabia experienced a notable 20 percent annual increase in February, totaling SR53.72 billion ($14.33 billion), the latest data showed.
Saudi Arabia leads EV surge, driving sustainable mobility revolution in Mideast
As Saudi Arabia spearheads the transition toward sustainable solutions, electric vehicles are surging ahead and are expected to revolutionize transportation in the Middle East. But the question remains: will they soon become a part of our daily lives?
Closing bell: Saudi main index slips to close at 12,666
Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 38.52 points, or 0.30 percent, to close at 12,666.90.
Oman’s top 5 ports handle over 93.2m tonnes of cargo in 2023
Oman’s top five ports saw a 1.5 percent annual increase in cargo handling in 2023, surpassing 93.2 million tonnes, underscoring their growing significance in maritime trade.
Saudi master developer KEC inks 2 deals worth $78m for Al-Alya project
Saudi master developer Knowledge Economic City Co. has signed two deals to deliver 396 residential apartments within the first phase of its mixed-use project Al-Alya.
Najran Municipality introduces 20 investment opportunities in Yadamah governorate
Saudi Arabia’s Najran Municipality has unveiled 20 diverse investment opportunities across the governorate of Yadamah, encompassing commercial, sports, recreational, shopping, and event activities.
Saudi ADES secures $93.3m contract to operate jack-up rig in Qatar
Saudi drilling firm ADES is set to operate a SR350 million ($93.3 million) jack-up rig in Qatar, having secured a contract from TotalEnergies.
Vision 2030 putting Saudi Arabia on the map for global investors, experts say
Saudi Arabia’s investment landscape is poised for a prosperous future, fueled by its equity and debt markets, a range of economic experts have told Arab News.
Saudi banks’ foreign assets surge by 22%, reflecting robust international investments
The foreign assets of Saudi Arabia’s commercial banks surged by 22 percent in February, reaching a total of SR347.63 billion ($92.7 billion), compared to the same month of the previous year.
Saudi bank loans increase by 11% to reach $706bn, fueled by real estate activities
Saudi banks extended loans totaling SR2.65 trillion ($706.3 billion) in February, marking an 11 percent rise from the same month in 2023, according to the latest official data.
Saudi Arabia make up a third of Forbes Middle East’s 30 Most Valuable Banks
Saudi Arabia is home to a third of Forbes Middle East’s “30 Most Valuable Banks,” with a 25 percent annual rise in the Kingdom’s entities’ accumulative market value.
ADFD's combined investments top Dh216 billion
The Abu Dhabi Fund for Development’s (ADFD) combined sum of development financing and diverse investments has surpassed Dh216 billion, benefiting 106 countries across continents.
Deposits at Saudi banks increased 10.26% in February
Saudi banks’ total deposits reached SR2.54 trillion ($677 billion) in February, marking a 10.26 percent increase from the same month last year, the official data showed.
Boursa Kuwait releases its third standalone Sustainability Report
Boursa Kuwait released its third standalone Sustainability Report, which shed light on the Kuwaiti stock exchange’s corporate sustainability strategy and initiatives in 2023, as well as assessing the company’s non-financial performance and progress for the period from January 1 to December 31, 2023.
Saudi Arabia’s premium residency visa opens market to expats and investors
New additions to the premium residency visa options by the Saudi government this year could open the Kingdom’s market to affluent expatriates and investors, a survey said.
Gulf Bank app offers exclusive services for account transfers
Gulf Bank’s new mobile application is swiftly advancing towards digital leadership, offering a comprehensive range of high-quality services. Among these, is the seamless transfer feature between the customer’s personal accounts.
UAE: National Bonds announces highest-ever return on savings in 2023
National Bonds on Tuesday announced returns of up to 5.84 per cent on saving bonds for 2023 — the highest amount offered by the savings and investment firm in its history.
Saudi non-profit sector registers 1.4% rise in boost to Vision 2030 goals
Non-profit organizations in Saudi Arabia grew by 72 in March, as the sector recorded a 1.4 percent rise over the month.
Saudi Arabia witnessing unprecedented growth in asset management industry: CMA official
Asset management activity revenues of capital market institutions in Saudi Arabia reached SR4.2 billion ($1.12 billion) in 2023, representing a rise of 58.6 percent in four years.
Qatar’s bonds maturing in 2024 reach $5.5bn
Bonds and sukuk maturing for Qatar’s government during 2024 have amounted to 20.3 billion riyals ($5.5 billion), according to the central bank.
Riyad Bank considering IPO of its investment banking unit
Saudi Arabia’s Riyad Bank has approved the assessment and preparation of an initial public offering of its investment banking unit, Riyad Capital.
Closing Bell: TASI ends week in green, reaches 12,705 points
Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 83.20 points, or 0.66 percent, to close at 12,705.42.
China becomes top greenfield investor in Saudi Arabia with $16.8bn
China has become the top greenfield foreign direct investor in Saudi Arabia with investments amounting to $16.8 billion in 2023, a 1,020 percent rise from the previous year.
UAE non-oil sector sees sharp rise in optimism despite supply pressures
Business conditions in the UAE non-oil private sector strengthened sharply in March, with optimism reaching its highest point in six months, as indicated by a survey.
CBUAE’s foreign assets see 39% annual surge
The UAE central bank’s foreign assets surged to 695.04 billion dirhams ($189.2 billion) in January, showing a 38.8 percent yearly increase, according to official data.
Saudi Ministry of Industry and Mineral Resources issues 118 new permits as sector grows
Saudi Arabia issued 118 new industrial licenses in February – a 72 percent annual increase as the Kingdom’s manufacturing sector continues to strengthen.
Al-Baha, Eastern Province municipalities now offering over 1,000 investment opportunities
Investors can now access over 1,000 opportunities in sectors, including tourism, across the Al-Baha and the Eastern Province municipalities, according to the Saudi Press Agency.
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