Government ministers and business leaders from the world’s most influential economies gather in Manama, Bahrain for the opening of the second edition of the investment forum, spotlighting strategies for adapting to a fast-evolving economic landscape. Resilience, innovation, and future-ready strategies took centre stage today at Gateway Gulf 2024, as 250 distinguished attendees, including government ministers …

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At Gateway Gulf 2024, an investment forum hosted by the Bahrain Economic Development Board (Bahrain EDB), Aluminium Bahrain B.S.C. (Alba) and Daiki Aluminium Industry Company Ltd. reaffirmed their strategic partnership by announcing their intention to form a joint venture ‘Alba-Daiki Sustainable Solutions (ADSS)’ which will establish a cutting-edge, sustainable aluminium dross processing facility in the …

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Singapore Gulf Bank (SGB), the digital bank backed by Mumtalakat, the sovereign wealth fund of the Kingdom of Bahrain, and privately-held investment group Whampoa Group, today announced, on the sidelines of Gateway Gulf 2024, the launch of its corporate banking services. Operating under full regulatory approval from the Central Bank of Bahrain, SGB will offer …

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Today the Kingdom of Bahrain is delighted to announce J.P. Morgan Payments’ plans to hire software engineers and other technologists in Bahrain to serve its global payments business. This news is the next step in the continued strategic investment the business is making in technology talent globally. JPMorganChase is one of the world’s largest technology-driven …

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Edamah, the real estate arm of Bahrain Mumtalakat Holding Company (Mumtalakat), has announced on the sidelines of Gateway Gulf 2024 that construction is now underway for the Tivoli & Avani Hotels & Residences project at Bilaj Al Jazayer, and is due for completion in Q2 2026. The five-star Tivoli Hotel and four-star Avani Hotel at …

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Edamah, the real estate arm of Bahrain Mumtalakat Holding Company (Mumtalakat), has signed an agreement with Sunset Hospitality Group to operate the upcoming Beach Club at Bilaj Al Jazayer, on the sidelines of Gateway Gulf 2024. This high-end venue will complement attractions like the Bahrain Surf Park, as well as the exclusive Tivoli and Avani …

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A total of 32 landmark announcements and deals over USD 12 billion were announced at the second edition of Gateway Gulf 2024, which ran between 3 – 4 November. Organised by Bahrain Economic Development Board (Bahrain EDB), the forum was attended by 250 ministers and business leaders from around the world and highlighted significant trade …

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Bahrain Economic Development Board (Bahrain EDB) today reported at the sidelines of Singapore Fintech Festival 2024 attracting over USD 100 million in investment commitments from Singapore-based companies since November 2023 across key sectors, namely financial services, ICT, and tourism. Marking a new milestone for the Island nation’s investment promotion agency, the results demonstrate the impact …

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H.E. Ms. Eman Ahmed Al Doseri, Undersecretary of the Ministry of Industry and Commerce, headed the delegation of the Kingdom of Bahrain in the opening of the 40th Session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), which was held in Istanbul, Turkiye between the 4th and …

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Bahrain Economic Development Board (Bahrain EDB) successfully concluded its five-day strategic visit to the United Kingdom (UK). Designed to highlight the investment opportunities in Bahrain through a curated agenda of business meetings and roundtable discussions, the visit culminated at the Newmarket July Festival as part of Bahrain EDB’s partnership with Rashid Equestrian and Horseracing Club …

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The flagship installment of 2024’s Transformation Agenda series will be programmed by Economist Impact and hosted by Bahrain Economic Development Board with the support of the Central Bank of Bahrain & Bahrain FinTech Bay. Bahrain is gearing up for its second edition of Fintech Forward, which will be programmed by Economist Impact, hosted by Bahrain …

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Bahrain Economic Development Board (Bahrain EDB) successfully wrapped up a week-long visit to India which kicked off earlier this month on September 9, 2024, and spanned across the cities of Mumbai, Bengaluru, and Chennai. Led by H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain EDB, with the support of senior …

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His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Prime Minister, and Chairman of the Bahrain Economic Development Board (EDB), chaired the EDB’s Board of Directors meeting today at Gudaibiya Palace. During the meeting, His Royal Highness commended the broad outcomes achieved by the Economic Development Board through its cooperation and collaboration …

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Crypto.com has received full approval to provide payment service provider (PSP) services from the Central Bank of Bahrain through its subsidiary registered in the Kingdom of Bahrain under the commercial name “FORIS GFS BH B.S.C. CLOSED”, adding to the company’s significant regulatory milestones in the region. The PSP licence will allow Crypto.com to expand its …

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HE Mr. Abdulla bin Adel Fakhro, Minister of Industry and Commerce, affirmed the Kingdom of Bahrain’s continuous support to the industrial sector as a key pillar of economic development, in order to provide more quality opportunities for citizens and support the process of construction and development in the Kingdom. This came during His Excellency’s field …

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The Jordanian cabinet, headed by Prime Minister Bishr Khasawneh, recently extended its January 21 decision that exempted customs duties and general and private sales tax on maritime freight charges till June 30. As market prices of maritime freight are still higher than their normal rates due to the Red Sea crisis, the decision is aimed …

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Better Work Jordan’s 2023 Annual Report has recorded violations of national laws and international labour standards in the country’s garment sector, especially in occupational safety and health (OSH), despite progress in compliance and the joint efforts of the government, employers and labour unions for a collaborative garment industry. In the last few years, Better Work …

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The Jordanian cabinet, headed by Prime Minister Bishr Khasawneh, recently extended its January 21 decision that exempted customs duties and general and private sales tax on maritime freight charges till June 30. As market prices of maritime freight are still higher than their normal rates due to the Red Sea crisis, the decision is aimed …

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The International Finance Corporation (IFC) recently launched an initiative in Jordan for the textile sector that is backed by the government of the Netherlands. The project aims at facilitating new and expanded investment in the industry, boost export volumes and create employment opportunities. It encompasses a comprehensive approach, including sector analysis, investment climate enhancements through …

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Jordanian Prime Minister Bisher Khasawneh recently inaugurated a garment factory of Classic Fashion Apparel in Karak. The 45,000-sq-m factory will be the main production hub for the company’s operations in the southern region of the country and is expected to create over 1,000 direct jobs. Plans are under way to open another factory in Quweira …

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Jordan Industrial Estate Company announced the establishment of new industrial buildings in Al-Mwaqqar Industrial Estate to meet the growing demand for investment in the Estate and the increasing interest of numerous investors. Today, the company signed two implementation and engineering supervision agreements with a local construction company and an engineering consultancy company covering an area …

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The Jordan Chamber of Industry said that the industry index, recorded a growth of 1 per cent during the second quarter of this year compared to the same period last year, the Jordan News Agency, Petra, reported on Saturday. More than 62 per cent of industrial companies and businessmen expressed optimism and positive expectations for …

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Integrated Gas Company (IGC), the sole aggregator and supplier of natural gas in the Sultanate of Oman, has invited existing end-users to bid for short-term gas supplies in the first such auction of its kind by the wholly state-owned energy firm. On the market are around 9,000 million British Thermal Units (BTU) per day (approx …

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Total production and imports of natural gas in the Sultanate of Oman increased by 5.3 percent to 27.58 billion cubic metres by the end of June 2024 compared to 26.19 billion cubic metres during the same period in 2023. Statistics issued by the National Centre for Statistics and Information (NCSI) showed that industrial projects accounted …

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At the end of Q2-2024, the public revenue decreased by 2% to RO 6,197 million compared to RO 6,342 million registered over the same period of 2023. This decrease is mainly attributed to the decrease in net gas revenue and current revenue. According to the fiscal performance bulletin issued by the Ministry of Finance, the …

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Petroci Holding, the state-owned energy company of Côte d’Ivoire in West Africa, has seen its stake in Masirah Oil Limited (MOL), which owns and operates Block 50, offshore the Sultanate of Oman’s east coast, rise to 12.5 per cent, up from 8.39 per cent previously. The uptick, announced by MOL’s majority stakeholder Singapore-based Rex International …

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The National Center for Statistics and Information (NCSI) has revealed that the Sultanate of Oman’s total oil exports reached 179.36 million barrels by the end of July this year, marking a slight increase of 0.05 per cent compared to 178.9 million barrels during the same period last year. The report also highlighted a decrease in …

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Indonesian oil and gas firm PT Medco Energi Internasional Tbk (MedcoEnergi) has described stake acquisitions in two key hydrocarbon blocks in the Sultanate of Oman as a “significant milestone” for the state-owned company. MedcoEnergy saw its presence in Oman’s upstream sector ramp up dramatically late last year when it successfully acquired a 20 per cent …

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The Sultanate of Oman and Republic of Bulgaria are set to sign a Memorandum of Understanding (MoU) to strengthen their bilateral energy relations within the next two months. This agreement was reached during a meeting on August 23, 2024, between Eng Salim al Aufi, Oman’s Minister of Energy and Minerals and Vladimir Malinov, Bulgaria’s Minister …

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The Ministry of Housing and Urban Planning today signed 31 usufruct contracts in Dhofar Governorate for investment on a total area of 2.3 billion square metres, to the tune of more than OMR22 million. The contracts provide for the establishment of investment projects in agricultural, industrial, medical and commercial sectors. Twenty-five of the contracts deal …

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Qatar Insurance Company (“QIC Group”, “QIC”), the leading insurer in Qatar and the Middle East and North Africa (MENA) region, has reported a net profit of QR360m for the first half of 2024, rising 11% from QR325m over the same period in 2023. Following a meeting of the Board of Directors dated 14 August 2024, …

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Gulf International Services (“GIS” or “the Group”; QE ticker: GISS), yesterday reported a net profit of QR356m for the six-month period ended 30 June 2024, representing an incline of 27% compared to H1 2023. The drilling segment has made significant progress in strengthening its financial stability through strategic initiatives focused on enhancing profitability and optimizing …

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The volume of real estate trading in sales contracts at the Department of Real Estate Registration at the Ministry of Justice during the period from Aug. 04 to 08, reached QR217,052,596, while the total sales contracts for residential units in the Real Estate Bulletin during the same period reached QR17,662,685. The weekly bulletin issued by …

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Qatar’s financial sectors will continue to witness significant net profits in the coming quarters due to increasing interest rates. A report by Fitch Solutions indicated that huge net interest margins have continued to support the bank’s profitability this year. The net profits of Qatar National Bank surged by 7 percent y-o-y to QR8.2bn during the …

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Es’hailSat, the Qatar Satellite Company, visited Algeria TV during the past week to discuss areas for potential collaboration on broadcasting of TV channels in the country with Es’hailSat’s premier satellite services. Es’hailSat provides satellite, broadcast, teleport and managed services from Doha, Qatar and powers this relationship with more than 12 years of experience in catering …

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The Qatar Stock Exchange (QSE) index ended the current week’s trading with an increase of 0.72 percent, gaining 72.460 points to its balance, thus rising to 10,1251 points, supported by the telecommunications sector, which achieved weekly gains of 3.590 percent growth, and the banking and financial services sector, which increased by 1.520 percent. In this …

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The Sultanate of Oman, represented by the Ministry of Endowments and Religious Affairs, is taking part in the “9th Conference of Ministers of Endowments and Islamic Affairs in the Islamic World”. The two-day conference, which began today in Makkah, the Kingdom of Saudi Arabia, deals with the role of the ministers concerned in consolidating the …

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Sandan City, located in the Wilayat of Nakhal in the South Al Batinah Governorate, is emerging as a comprehensive hub for the automotive sector. The third phase of the Sandan Economic City project is currently underway, featuring several new initiatives in collaboration with a local developer. This phase includes creating “Auto Park,” a state-of-the-art automotive …

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The Royal Air Force of Oman (RAFO) in coordination with the Ministry of Labour carried out several appointments of national cadets who will undergo the various evaluation stages as per the applicable procedures of the Royal Air Force of Oman (RAFO) to the stage of admission on Sunday. The Royal Air Force of Oman (RAFO) …

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Integrated Gas Company (IGC) announced the launch of its first spot sale of natural gas in Oman, marking a significant milestone in the country’s energy sector. Under this pioneering agreement, IGC will supply 15,000 SM3 /D of natural gas to OCTAL FZC, a leading global PET packaging company with operations in Oman. Dr Muslam Qatan …

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New business and sales volumes in Egypt’s non-oil sector rose for the first time since August 2021 in June amid improvement in demand, according to the latest S&P Global Egypt PMI survey. Egypt’s manufacturing and services sectors saw new orders start to increase. However, declines in the construction, and wholesale and retail sectors painted a …

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UAE’s DP World and China’s Zhejiang Seaport Group have announced a new partnership that aims to strengthen port logistics and shipping routes between Jebel Ali Port in Dubai and Ningbo-Zhoushan Port in China. This partnership aims to attract shipping companies to establish additional maritime routes between the two ports. Moreover, it seeks to encourage shipping …

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The world’s five most valuable airline brands logged brand value growths of at least 11 percent, according to a report by Brand Finance, the world’s leading brand valuation consultancy. Delta (brand value up 21 percent to $10.8 billion) retained its top position as the world’s most valuable airline brand for the sixth consecutive year. Here …

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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has directed the development of the ‘Dubai Car Market’, the largest and most advanced car market in the world. The agreement for the 20 million square feet market was signed between Dubai Municipality and DP …

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Gold prices rose on Friday and were set for a second consecutive weekly gain as traders awaited U.S. employment data for more insight into the trajectory of the Federal Reserve’s potential interest rate cuts. In the UAE, gold prices saw an AED0.75 increase with 24-carat gold inching up to AED286.25 per gram, while 22-carat gold …

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Oil prices were largely unchanged on Friday, but remained on track for a fourth consecutive week of gains, trading near their highest levels since late April. This was driven by expectations of strong summer fuel demand and some supply concerns. Brent crude futures, which have risen 7 percent over the past four weeks, dipped slightly …

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The rise of the sharing economy in the hospitality sector is reshaping the travel industry globally, and the Middle East is no exception. The sharing economy, which refers to the peer-to-peer exchange of accommodations and travel experiences through platforms such as Airbnb and Dubizzle, presents both challenges and opportunities for traditional hospitality players. This article …

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The UAE has been ranked first in the Arab region and 29th globally in UNIDO’s Competitive Industrial Performance Index (CIP), climbing two spots from last year’s index. The CIP, which ranks 153 countries, assesses national industrial performance in the global economy, benchmarking the ability of countries to produce and export competitively. This index gauges and …

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Oman rose to the 53rd spot globally and the 4th spot regionally, in the 2024 Competitive Industrial Performance (CIP) Index released by the United Nations Industrial Development Organization, The CIP evaluates and measures the industrial competitiveness of 153 economies worldwide. Industrial development initiatives fueling progress Dr. Saleh Said Masan, undersecretary of the Ministry of Commerce, …

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In line with global trends aimed at promoting marine sustainability and reducing carbon emissions, the Ministry of Transport, Communications, and Information Technology, along with its strategic partners in Omani ports, is working on strategic plans to transition to green mobility and achieve carbon neutrality in the Sultanate by 2050. Sohar Port has announced the receipt …

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Global investment in clean energy technology and infrastructure is set to hit $2 trillion this year, twice the amount going into fossil fuels, an International Energy Agency report showed. Total energy investment is expected to exceed $3 trillion for the first time in 2024, the IEA said in its annual World Energy Investment report. Some …

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Last week’s award of two new green hydrogen blocks in Dhofar Governorate, to a pair of international consortiums, has firmed up a leading role for the Port of Salalah as an important gateway for green molecule exports from the Sultanate of Oman. The winning consortiums were: (a) EDF Group, J-POWER and Yamna, and (b) Actis …

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OPEC+ will likely prolong voluntary oil cuts into the third and possibly fourth quarters of 2024 and extend some cuts into 2025, two OPEC+ sources said ahead of the group’s meeting on Sunday. The Organization of the Petroleum Exporting Countries and allies led by Russia, together known as OPEC+, has made a series of deep …

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Oman’s trade balance surplus rose 37 percent year on year to OR2.6 billion ($6.8 billion) at the end of the first quarter of 2024, as rising oil and gas revenues benefited the sultanate’s balance of payments, official data showed. The total value of merchandise exports jumped 16.7 percent year on year to OR6.5 billion, state-run …

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Artificial intelligence (AI) is poised to drive the UAE’s industrial evolution, promising substantial gains in productivity, adaptability, and sustainability over the coming decade, experts revealed at the Make it in the Emirates (MIITE) Forum in Abu Dhabi. During a fireside chat titled ‘Advancing the AI Revolution: Implementing new computing paradigms in real-world industrial settings,’ moderated …

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Al Yah Satellite Communications, better known as Yahsat, has signed a deal with Airbus to build its new satellites, Al Yah 4 and Al Yah 5, as it aims to enhance its fleet and expand services. Airbus Defence and Space will design and build the geostationary telecoms satellites based on the Eurostar Neo platform, the …

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Abu Dhabi is waiving fines for businesses that failed to renew their commercial licences before the onset of the coronavirus pandemic, as it seeks to support businesses and attract more investments into the emirate. The Abu Dhabi Department of Economic Development is cancelling fines, which begin at Dh200 per month and are capped at Dh4,000, …

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The world economy is expected to grow by 2.6 per cent this year, and the expansion rate is expected to remain consistent throughout the year, without significant fluctuations, according to a report by the World Bank. It will be the first time in three years that the global growth rate will stay steady despite escalating …

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The UAE’s industrial sector will receive an additional Dh23 billion ($6.3 billion) in funding, backed by major companies, as the country intensifies its plans to expand its domestic manufacturing capabilities and boost self-sufficiency. Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, said that the industrial sector is one …

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OPEC+ will hold next month’s policy meeting online rather than in person, while several delegates said they expected the group to extend its current supply cuts into the second half of the year. Saudi Arabia and its partners will gather on June 2 — a day later than initially planned — to review roughly 2 …

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Algeria’s SONATRACH and ExxonMobil signed a Memorandum of Understanding to study existing opportunities to develop oil and gas resources in the Ahnet basin and the Gourara basin, with an emphasis on operational excellence, technological innovation , respect for the environment and best sustainability practices. The Chairman and CEO of SONATRACH said, “We are delighted with …

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The United Arab Emirates is on course to achieve its full oil capacity target more than a year earlier than expected. Abu Dhabi National Oil Co.(ADNOC) is likely to reach its 5 MMbpd goal by the end of next year or early 2026, ahead of the 2027 goal the company had set, according to people …

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Subsea7 S.A. won a “sizeable” contract from Serica Energy, for the offshore Belinda field development south-east of the Triton FPSO. According to an online statement, the contract is valued between $50 million and $150 million. The Belinda field is operated by Serica Energy and located approximately 190 kilometers east of Aberdeen in the UK Central …

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CNOOC Limited’s wholly-owned subsidiaries have entered into petroleum exploration and production concession contracts (EPCCs) with the Ministry of Mineral Resources and Energy of Mozambique (MIREME) and Empresa Nacional de Hidrocarbonetos (ENH) for five offshore blocks in Mozambique. The contracts were signed for a total of five blocks, S6-A, S6-B, A6-D, A6-E and A6-G, all located …

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ADNOC announced at the ‘Make it in the Emirates’ forum an increase in its local manufacturing target for critical industrial products in its procurement pipeline to AED90 billion ($24.5 billion) by 2030 to propel UAE’s economic diversification, strengthen the industrial sector and expand local manufacturing capabilities. The new target is part of ADNOC’s expanded In-Country …

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Saudi Arabia’s logistics sector has spawned a new breed of entrepreneurial talent aiming to utilize the most recent technological trends to boost the economic pillar. The Kingdom’s last-mile deliveries have been encountering delays and inefficiencies due to slow technology adoption, which has called for new innovations in the sector. According to a report by global …

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The rent now, pay later sector in Saudi Arabia is poised for considerable expansion, with startup Rize set to enhance the industry’s efficiency. Given the substantial down payment required for tenants to secure a rental property in the Kingdom, the company is seeking to foster greater sustainability within the sector. Established in 2021 by Ibrahim …

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Aiming to establish itself as a regional financial hub, Saudi Arabia has sent out a compelling invitation to startups worldwide. The Kingdom’s push to enhance its fintech landscape has attracted the interest of MoneyHash, a US-based startup eyeing the nation’s promising potential in this sector. Established in late 2020 by Nader Abdelrazik, Mustafa Eid, and …

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In a landmark move set to transform the construction landscape of Saudi Arabia, WakeCap, a Saudi-based provider of smart solutions for construction project management, and OpenSpace, a US-based leader in reality capture and AI-powered analytics, announced a strategic partnership aimed at making cutting-edge global technology easily accessible to the local market. WakeCap provides real-time insights …

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Unitrans Group, through its flagship brand Budget Saudi, holds the title of being the world’s single largest franchise owner of ABG in that category. This global recognition, coupled with a legacy of 45 years in Saudi Arabia, underscores Budget Saudi’s commitment to delivering world-class services and creating memorable journeys and experiences. The agreement was confirmed …

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Budget Saudi, a car rental company in the Kingdom, has renewed its Budget and Payless franchise agreement with Avis Budget Group. The agreement will extend the two entities’ partnership for another 10 years, until 2033. Unitrans Group, through its flagship brand Budget Saudi, holds the title of being the world’s single largest franchise owner of …

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Saudi Deputy Minister of Foreign Affairs Waleed Elkhereiji met Honduran Foreign Minister Eduardo Enrique Reina in the country’s capital city, Tegucigalpa, on Tuesday. During the meeting, they discussed Saudi-Honduras relations and ways to strengthen them, along with prominent regional and international issues, the Saudi Foreign Ministry said on X. The two ministers also signed a …

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Saudi Arabia is emerging as a hotspot for international investment. Its latest hook? Sustainable hospitality. The Kingdom led the Middle East and Africa’s hotel-building activity in 2023, with 42,033 hotel rooms constructed. This accounted for 35.1 percent of the 119,505 built in the region over the year, according to data from hotel monitoring firm STR. …

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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? On its eighth anniversary, Saudi Vision 2030 has reached several remarkable milestones and made steady progress since its inception by Crown Prince Mohammed bin Salman, revealing a transformative journey that …

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In a push to accelerate the shift toward the fourth industrial era, Bahrain’s Ministry of Industry and Commerce announced the iFactories initiative that aims to transform the country’s industrial sector. Launched in strategic partnership with Tamkeen, a public authority designed to support Bahrain’s private sector, the initiative outlines an ambitious plan to transform 300 factories …

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Bahrain’s Ministry of Works has floated tenders for a series of road infrastructure development projects such as demolition work at Ghirayfah for the widening of Al Fateh Highway as well as engineering consultancy services for the development of Prince Saud Al Faisal Highway project and the widening and upgrade of National Charter Highway. Announcing it …

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Investment Corporation of Dubai (ICD) and Brookfield Corporation (Brookfield) have announced that they have reached an agreement with Olayan Financing Company and Lunate for the sale of a 49% stake in ICD Brookfield Place (ICDBP), a top-class commercial and retail property located in the Dubai International Financial Centre (DIFC). Upon completion, Lunate, through one of …

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Bahrain’s gross domestic product (GDP) increased by 2.4% at constant prices in 2023 when compared to the previous year, according to national accounts estimates issued by the Information and eGovernment Authority (iGA). The GDP surged to BD13.6 billion ($40 billion) at constant prices for 2023 compared to BD13.3 billion ($35 billion) the year before. The …

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With 30 episodes, the show unveils the intricate production processes, from raw materials to market-ready goods, highlighting Omani youth’s contributions and cutting-edge technologies. “Made in Oman” delves deep into the success stories of Omani industries, emphasizing their transformation of local resources into world-class products. Viewers look inside at leading factories like Valley Steel and Areej …

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Through a series of case studies presented and roundtable discussions, the seminar examined the profound effects of digital legislation and technological innovations on international trade. Discussions focused on how these factors influence trade flows and enable businesses to increase trade volumes both domestically and across borders. The seminar hosted international experts from the U.S. and …

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Bahrain Economic Development Board (Bahrain EDB) and Georgetown Law School co-hosted the seminar “Innovating Trade: The Impact of Digital Laws and Emerging Technologies” at the Ritz-Carlton Bahrain. Through a series of case studies presented and roundtable discussions, the seminar examined the profound effects of digital legislation and technological innovations on international trade. Discussions focused on …

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The island nation of Bahrain reported a total of USD 2.4 billion in investment stemming from 9 major projects, which are set to generate 3,000 employment opportunities following the introduction of its Golden License in April 2023. The initiative, which delivers white-glove treatment and first-priority allocation on key project milestones such as land allocation, aims …

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Edamah, the real estate arm of the Kingdom’s sovereign wealth fund, Bahrain Mumtalakat Holding Company “Mumtalakat”, has recently signed a 25-year lease agreement with Bahrain Titanium, a subsidiary of Interlink Metals & Chemicals AG (Interlink), for a 50,000 sqm industrial plot at Askar, for a Titanium multiphase facility valued at upwards of USD 200 million. …

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Edamah, the real estate arm of the Kingdom’s sovereign wealth fund, Bahrain Mumtalakat Holding Company “Mumtalakat”, has recently signed a 25-year lease agreement with Bahrain Titanium, a subsidiary of Interlink Metals & Chemicals AG (Interlink), for a 50,000 sqm industrial plot at Askar, for a Titanium multiphase facility valued at upwards of USD 200 million. …

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Bahrain has achieved the ranking of 1st in the Middle East and North Africa (MENA) in trade, investment, and financial freedom for the third consecutive year according to the 2024 Index of Economic Freedom, an annual guide published by The Heritage Foundation, Washington’s leading think tank. With an economic freedom score higher than the world …

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In a recent report released by the Swiss organization “IQ Air,” Kuwait emerged as the 11th country worldwide in terms of air quality, ranking 134 countries and regions based on air pollution levels with fine PM 2.5 particles. Meanwhile, Bangladesh topped the list as the most polluted country according to this indicator. Within the Arab …

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Abdullah Al-Joaan, the Minister of Trade and Industry and Chairman of the Board of the Public Authority for Industry, has issued a decree prohibiting the export and re-export of cardboard waste for three months. This directive will take effect upon its publication in the Official Gazette. The decision aims to foster the adoption and advancement …

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In the first ten months of 2023, local banks have experienced a notable decline in the monthly financing they extend to the industrial sector, marking a significant 32.4 percent decrease from the corresponding period in 2022. The total monthly financing dropped from 1.359 billion dinars in 2022 to 918.7 million dinars in 2023. Insights from …

Continue reading “Kuwait bank’s financing of the industrial sector declined in 1st 10 months of ’23”

The financing provided by local banks to the industrial sector saw a significant increase in January compared to December 2023, rising by 123.5% to 148.9 million dinars from 66.6 million dinars. This surge represents a noteworthy boost in funding for industrial activities within Kuwait. Moreover, on an annual basis, this increase amounted to 38.3% from …

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GCC countries and Türkiye will start negotiations on a free trade agreement to boost economic ties between the various parties. Gulf Cooperation Council (GCC) Secretary General Jasem Mohamed Albudaiwi and Republic of Türkiye Minister of Trade Dr. Omer Bolat have signed an agreement to start negotiations on a Free Trade Agreement (FTA) in a move …

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Saudi Arabia has emerged as a key player when it comes to environmental responsibility, setting ambitious targets to mitigate greenhouse gas emissions via carbon credit offsets. At the forefront of Saudi Arabia’s environmental initiatives is the dynamic approach to carbon neutrality. The Kingdom is determined to not only reduce its carbon footprint but also actively …

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The least developed countries are set to benefit from the Abu Dhabi Declaration at the 13th WTO Ministerial Conference, improving global supply chain access. Trade deals, aimed at fostering new agreements, will extend international trading system benefits to more nations, following intensive negotiations, as reported by the UAE’s official news agency, WAM. Members have agreed …

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Startup momentum in the Middle East and North Africa region is on the rise, with the eagerly awaited technology event LEAP24 just around the corner. Regional venture capitals have replenished their funds and burgeoning enterprises have secured financing – preparing Riyadh’s ecosystem for a significant entrepreneurial uplift from March 4 to 7. US-based fintech MoneyHash …

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Saudi Arabia’s non-oil exports to Gulf Cooperation Council countries saw a 42 percent annual increase in the final three months of 2023, according to official data. Information released by the Kingdom’s General Authority of Statistics showed the total value of these transactions reached SR20.8 billion ($5.55 billion), primarily due to an increase in re-exports, which …

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Ugo Humbert produced a ruthless masterclass to defeat Kazakhstan’s Alexander Bublik in straight sets and seal ATP 500 victory in the Dubai Duty Free Tennis Championships. The French No. 5 seed, who rose to a career-high world No. 14 after his heroics in Dubai, made it a clean sweep of six titles in six ATP …

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Saudi economists are hopeful that the 2014 fiscal budget, likely to be announced on Monday, would pursue capacity building and balanced development throughout the Kingdom. The Saudi stock market made significant gains in recent days as expectations grew over an expansionary budget. The Tadawul All-Share Index (TASI) climbed 0.5 percent to 8,551.23 points — a …

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Saudi Arabia offers an “extraordinary opportunity” for Irish firms looking to invest in everything from technology to tourism, according to Ireland’s minister for enterprise, trade and employment. Appearing on the Arab News current-affairs show “Frankly Speaking,” Simon Coveney singled out the Gulf region as a “really good example of how international trade can create wealth, …

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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. According to the Saudi Press Agency, the food product manufacturing sector received 29 permits, followed by the non-metallic mineral industry with 21. Moreover, the rubber and plastics industry obtained 15 …

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Sports industry is valued over $5 billion in 2023, policy advocate specialist, Phiwe Hlatshwayo, cited the global sports market report 2023. Hlatshwayo affirmed that Africa’s sports industry has potential to drive economic growth and development. She emphasized the transformative power of sports in shaping Africa’s future, elaborating that sports is a tool for social cohesion, …

Continue reading “Sports industry valued at $5B in 2023”

Qatar is investing approximately $1.5 billion in Egypt’s industrial sector in 2024, according to Head of the Egyptian Commercial Service, Yahya Al-Wathiq Billah. This announcement marks the first mention of Qatar’s new investments in Egypt since the agreement between the two nations in March 2022, which outlined investments and partnerships worth a total of nearly …

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Italy’s Mapei invests about $25 million to establish a factory in Egypt with a production capacity of up to 100 thousand tons annually. This came during Prime Minister Mostafa Madbouly’s inspection of Mapei’s factory during his tour to visit factories on the 10th of Ramadan City and El Obour City. The Regional Area Manager Middle …

Continue reading “Italian Mapei completes first phase of its $25M factory”

The Minister of Industry, Ahmed Samir, announced the signing of 12 agreements and partnerships in nine integrated industrial projects, with a total investment exceeding $2 billion during 2023. These projects span sectors such as agriculture, pharmaceuticals, metals, chemicals, and electric cars, and are part of the industrial partnership initiative involving Egypt, the Emirates, Jordan, and …

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The Suez Canal Economic Zone (SCZONE) signed five major framework agreements, valued at a $234 million. These agreements have been reached with private sector companies operating across various industrial sectors. The total investment amount will be divided into LE 1.2 billion and $195 million. The SCZONE aims to leverage these agreements to capitalize on Egypt’s …

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Bahrain ranked in the top half (27th) of 64 global economies on the 2023 Institute for Management Development (IMD) World Talent Ranking, climbing 8 positions since 2022 and placing 2nd in the Arab World. The rankings assess three factors of each country: the investment in and development of home-grown talent, the appeal factor – which …

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Fintech Forward 2023 (FF23) wrapped up its inaugural event last week, which was held at Bahrain Exhibition World securing more than 900 attendees. Following an evening networking session and dinner on October 10, the event for the first day which was held as part of FF23, ‘The Transformation Agenda: Finance Re-imagined’, was programmed by Economist …

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A testament to investor confidence in Bahrain as a global destination for talent and investment Bahrain Economic Development Board (Bahrain EDB) has attracted USD 295 million in direct investments within the Information and Communications Technology (ICT) sector as part of a total projected direct investment worth USD 1.4 billion, during the first nine months of …

Continue reading “On the Sidelines of GITEX, Bahrain EDB Attracts USD 295 million in ICT as part of total Direct Investments worth USD 1.4 billion”

Based on a recently published Economic Impact Study by the International Data Corporation (IDC), cloud spending in Bahrain is projected to contribute over USD 1.2 billion to the Kingdom’s GDP by the year 2026 (an equivalent to approximately 2.3% of GDP). This is expected to generate an economic return of USD 6.7 for every dollar …

Continue reading “According to an Economic Impact Study Published by IDC Cloud Spending Projected to Contribute USD 1.2 Billion to Bahrain’s GDP by 2026”

Conexus Resources Group, the UK-headquartered pioneer of innovative solutions in the metals and agricultural commodities sectors operating in 15 countries across the world including Switzerland and Singapore, announced today the inauguration of its flagship aluminium rod plant in Bahrain, Konexus Aluminium. The new facility affirms Bahrain’s standing as a leading destination for manufacturing and export …

Continue reading “Conexus Resources Group Expands Global Portfolio with its Inaugural USD 100 Million Aluminium Plant in Bahrain”

Conexus Resources Group, the UK-headquartered pioneer of innovative solutions in the metals and agricultural commodities sectors operating in 15 countries across the world including Switzerland and Singapore, announced today the inauguration of its flagship aluminium rod plant in Bahrain, Konexus Aluminium. The new facility affirms Bahrain’s standing as a leading destination for manufacturing and export …

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A delegation from Bahrain, led by H.E. Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, is set to join world leaders that will be gathering at the World Economic Forum (WEF) Annual Meeting 2024 at Davos from January 15 to January 19, 2024. Convening under the theme “Rebuilding Trust” to instill …

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Saudi Arabia’s Ministry of Industry and Mineral Resources issued 115 industrial licenses with investments worth SR4 billion ($1.06 billion) in August 2022, official data showed. The data from the ministry revealed that the number of industrial units across the Kingdom reached 10,707, up from 10,685 in July 2022. In August 2021, the number of industrial …

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The Saudi Ministry of Industry and Mineral Resources issued 90 new industrial licenses in June, which were distributed over five industrial sectors. Industries associated with the manufacturing of non-metallic minerals bagged 18 licenses followed by food products with 14 and 12 permits were issued for the manufacturing of fabricated metal products. Nine licenses were issued …

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Saudi Arabia’s Public Investment Fund has a complete plan in place to grow the fund’s assets to between $2 to $3 trillion by the end of this decade, said its Governor Yasir Al-Rumayyan, as the Kingdom steadily progresses towards achieving its goals outlined in Vision 2030. In an interview given to the Thmanyah podcast, Al-Rumayyan …

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Saudi Arabia has huge potential in the esports market given its location between east and west, the chairman of the board of Directors of the Saudi Esports Federation (SEF) said Monday. Prince Faisal bin Bandar bin Sultan, speaking about the Kingdom’s e-sports strategy recently launched by Crown Prince Mohammed bin Salman, also said Saudi youth …

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Egypt-based B2B e-commerce startup MaxAB raised $40 million in a pre-series B funding round to expand to Morocco as well as grow its fintech solutions. Established in 2018, the company offers underserved traditional retailers the ability to connect with food and grocery suppliers with a wide range of embedded finance solutions. The company will be …

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Egyptian President Abdel Fattah El-Sisi said on Wednesday that the government is committed to the protection of workers in black sand reserves. Speaking at the inauguration of the Egyptian Black Sand Co.’s complex in Kafr El-Sheikh, he highlighted the state’s commitment to ensuring there is no negative health impact on the workers in the complex. …

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Saudi Arabia and China are working together to strengthen their already well-established strategic ties, as the Kingdom’s minister of industry and mineral resources hold meetings with key Chinese officials in Beijing. Bandar Alkhorayef on Wednesday held talks with China’s Vice Minister of Commerce Wang Shouwen during which they discussed ways to boost economic collaboration and …

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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. According to the Saudi Press Agency, the food product manufacturing sector received 29 permits, followed by the non-metallic mineral industry with 21. Moreover, the rubber and plastics industry obtained 15 …

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King Salman has ordered the extension of the Citizens Account Program and provision of extra support to its beneficiaries for a full year, the Saudi Press Agency reported on Monday. The decision, made after recommendations from Crown Prince Mohammed bin Salman, is expected to ease the financial burden on the most vulnerable in Saudi society …

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Saudi Arabia’s Film Commission will launch the fourth edition of the Filmmakers Program later this month, as it continues to develop Saudi talent in the industry. Previous editions of the program included more than 62 training courses and trained more than 2,430 people, the Saudi Press Agency said on Monday. In this version of the …

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Oil prices jumped 1.5 percent in the first session of the New Year, due to potential supply disruptions in the Middle East after a naval clash in the Red Sea, and hopes of strong holiday demand and an economic stimulus in China, the top crude importer, according to Reuters. Brent crude rose $1.20, or 1.5 …

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The National Investment Company (NIC), in partnership with ‘Creative Confidence,’ has honored the first batch of ‘Shift’ program graduates, exclusively tailored to qualify freshly graduated Kuwaiti females to develop their investment skills, expand their capabilities, and grow their knowledge in a way that will make them compelling candidates to embark into the investment world. The …

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French energy firm TotalEnergies (TTEF.PA) plans to restart its long-delayed $20 billion Mozambique liquefied natural gas (LNG) project in the first quarter of next year, two sources told Reuters late on Friday. Work on the project has been halted since 2021 when a violent insurgency led by Islamic State-linked militants threatened the Cabo Delgado site, …

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Russia is hoping its shipments of liquefied natural gas (LNG) will offset a sharp fall in pipeline gas exports to Europe, but a shortage of gas tankers and sanctions hold back its plans, analysts and industry sources said. Russia wants to boost its share of the LNG market to 20% by 2030 from 8% now, …

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Kuwait Integrated Petroleum Industries Company (KIPIC) has sufficient stocks of diesel, naphtha, kerosene and fuel oil to meet obligations to local and foreign customers despite an almost complete shutdown of the al-Zour refinery last week, CEO Walid al-Badr told Reuters on Thursday. Gas supplies to the refinery were halted in a “force majeure situation” owing …

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Oman has announced a three-day period of mourning following the death of Kuwait’s Sheikh Nawaf Al Ahmad Al Jaber Al Sabah. Work was halted on Saturday, December 16 and will be stopped in public and private sectors on Sunday, December 17 and Monday, December 18 before resuming on Tuesday, December The Diwan of Royal Court …

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Majid Al-Futtaim, a shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has published a sustainable finance paper, which examines the significant increase in sustainable finance in the MENA region and the ways it can act as a catalyst for positive change. Titled “Aligning Growth with Purpose,” the paper looks …

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GFH Financial Group has joined the World Economic Forum as an associate partner, in line with the group’s expanding global presence and commitment to fostering meaningful collaborations. Through the partnership, senior leaders from the group will actively participate in and contribute to WEF’s annual meeting in Davos, a gathering that convenes more than 200 influential …

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Bab Rizq Jameel, a company that is part of Community Jameel Saudi, celebrated its 20th anniversary, and the profound impact it has achieved by providing income opportunities. A ceremony was held on Dec. 3 at Hussein Jameel Hall in Jeddah, celebrating major milestones and achievements, in addition to launching the new corporate identity. For more …

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Central banks worldwide amassed 42 tons of gold into their official reserves in October, continuing their acquisition of the precious metal, the latest data showed. According to the World Gold Council, central banks witnessed a 41 percent slowdown in gold buying in October compared to September. However, it still maintained a 23 percent increase above …

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The Ministry of Planning and Economic Development aims to raise industrial production by 19 percent in FY2023/2024 to record LE4.3 trillion up from LE3.6 trillion in FY2022/2023, while the target for FY2025/2026 is LE5.74 trillion with a rise of 15 percent in comparison to the previous year. The industrial sector in Egypt is divided into …

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The Egyptian government aims to raise industrial investment rates in a sustainable manner, deepen and localize the industry, grow local supply chains, deepen interactions. These come within the framework of the state’s plan to increase the economic growth rate to between 7% and 9% to provide job opportunities sufficient to reduce unemployment rates. In order …

Continue reading “20 decisions to increase industrial investment in Egypt”

The Egyptian Ministry of Industry is currently approaching the preparation of the national strategy for industry, which focuses on attracting investments to deepen the industry. The ministry is targeting prioritizing industrial sectors in which Egypt has an industrial base, opportunities and competitive advantages at the regional and global levels. The strategy aims to achieve a …

Continue reading “Egypt adopts new strategy to increase industry’s contribution to domestic product by 20%”

President of the General Syndicate for Engineering, Metallurgical and Electrical Industries, Engineer Khaled Al-Feki, revealed that there are serious steps Egypt is taking to localize the traditional and electric car industry. This comes within the framework of the directives of President Abdel Fattah Al-Sisi, to localize the industry locally, and thus significantly reduce the import …

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President Abdel Fatah al-Sisi received Wednesday Chairman and CEO of Italy’s Danieli Group Gianpietro Benedetti who stated that the company planned to expand its activities in Egypt. That is by establishing green industrial complexes capitalizing on incentives offered by Egypt, recently-introduced advanced infrastructure, as well as regional and global trade agreements. President Sisi told Benedetti …

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“The [Egyptian] state’s biggest goal for the industry sector is to meet the needs of the Egyptian market,” said President Abdel Fattah El Sisi during the inauguration of the 2nd edition of the annual international exhibition for industry, on Saturday. He added that Egypt seeks to support the industry sector to provide job opportunities, noting …

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According to an Institute of National Planning report cited by local media, Egypt is actively working to boost its export rates in seven key industrial sectors. These sectors include computer manufacturing, electronic and optical products, and metal industries. The report also highlighted other sectors targeted for improvement, namely chemical products manufacturing, leather products, the paper …

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Sports industry is valued over $5 billion in 2023, policy advocate specialist, Phiwe Hlatshwayo, cited the global sports market report 2023. Hlatshwayo affirmed that Africa’s sports industry has potential to drive economic growth and development. She emphasized the transformative power of sports in shaping Africa’s future, elaborating that sports is a tool for social cohesion, …

Continue reading “Sports industry valued at $5B in 2023”

Qatar is investing approximately $1.5 billion in Egypt’s industrial sector in 2024, according to Head of the Egyptian Commercial Service, Yahya Al-Wathiq Billah. This announcement marks the first mention of Qatar’s new investments in Egypt since the agreement between the two nations in March 2022, which outlined investments and partnerships worth a total of nearly …

Continue reading “Qatar commits $1.5 billion investment in Egypt’s industrial sector”

Italy’s Mapei invests about $25 million to establish a factory in Egypt with a production capacity of up to 100 thousand tons annually. This came during Prime Minister Mostafa Madbouly’s inspection of Mapei’s factory during his tour to visit factories on the 10th of Ramadan City and El Obour City. The Regional Area Manager Middle …

Continue reading “Italian Mapei completes first phase of its $25M factory”

Oil prices edged up on Monday, recouping some of the losses suffered at the end of last week, as investors focused on a tight global supply outlook while a last-minute deal that avoided a US government shutdown restored risk appetite. Brent December crude futures rose 8 cents, or 0.9 percent, to $92.28 a barrel by …

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As part of its ongoing commitment to sustainability, the UAE’s flagship carrier, Emirates, has entered into an agreement with Shell Aviation to procure over 300,000 gallons of blended sustainable aviation fuel for use at its international hub in Dubai. According to a press statement, the initial SAF delivery under this partnership is expected to commence …

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The Organization of the Petroleum Exporting Countries is optimistic on demand and sees under-investment as a risk to energy security, Secretary-General Haitham Al-Ghais said on Monday at an energy industry event in Abu Dhabi. He stressed the importance of continued investment in the oil and gas industry and said he sees calls to stop investing …

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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. The emirate’s real non-oil GDP soared to 154 billion dirhams ($42 billion), marking its highest since 2014. This increase represents a record …

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Affirming Saudi Arabia’s strong growth prospects in the near term, the Organization for Economic Co-operation and Development revealed that the Kingdom’s gross domestic product is expected to rise by 3.9 percent in 2024. The OECD revealed that Saudi Arabia’s inflation rate is expected to average 2.1 in 2024, a sign that the Kingdom is successfully …

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Lowering its growth forecast for 2023, Saudi Arabia expects to post a budget deficit this year rather than an earlier projected surplus, mainly due to “expansionary” spending policies and “conservative revenue estimates.” Saudi Arabia will continue its fiscal and structural reforms as the Kingdom is steadily embarking on its economic diversification journey in line with …

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Ali Mohsen Al-Alaq, governor of the Central Bank of Iraq, met with Jordan’s Prime Minister Bishr Khasawneh on Sunday, Jordan News Agency reported. Khasawneh stressed his commitment to expanding collaboration, notably in the economic and banking sectors. Speaking about his visit to Baghdad in July, Khasawneh said the two countries had agreed to strengthen cooperation …

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Egypt has spent millions of dollars on new urban communities over the past nine years, its housing minister said on Sunday. Speaking at the “Story of a Homeland” conference in the New Administrative Capital, Housing and Urban Communities Minister Assem El-Gazzar said: “In the past nine years we have built 1.5 million housing units. “We …

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Lebanon’s interior minister, Bassam Mawlawi, said on Monday that the recent deadly violence at a Palestinian refugee camp had abated, as officials attempted to ease concerns after Gulf states warned their citizens against traveling to the country. “The situation in Ain Al-Helweh camp has now calmed down,” he said, referring to the restive camp in …

Continue reading “No tourist exodus from Lebanon despite Gulf nations’ warnings about violence, industry experts say”

On a recent afternoon at the Oriental Paper Products factory just outside of Beirut, more than a dozen workers were busy on the factory floor, grateful for their jobs producing notebooks, papers, and office supplies. But one level up, in CEO Ziad Bekdache’s office, the mood was far grimmer. Not for the first time, the …

Continue reading “In Lebanon, manufacturers mull stark choices to stay in business”

The industrial sector in Lebanon, despite the falling national economy, continues to solider on in order to revive the market and create new business opportunities especially with the increasing demands for Lebanese products. The sector was one of the few offering hard foreign currency in Lebanon, which is still suffering from the decrease in the …

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Saudi Arabia’s National Housing Co. has partnered with the Cityscape Global real estate exhibition in a bid to boost property activity in the Kingdom. The event, scheduled from Sept. 10 to 13 at the Riyadh Exhibition and Convention Center in Mulham, will be held under the patronage of the Ministry of Municipal and Rural Affairs …

Continue reading “Saudi National Housing Co. joins Cityscape Global as founding partner”

Egyptian presidential spokesman Ahmad Fahmi has said that Italian energy major Eni is planning to invest $7.7 billion in the country. The announcement was made after Egyptian President Abdel Fattah El-Sisi met with Eni’s CEO Claudio Descalzi, where he lauded the firm’s activities in his country. The meeting was also attended by Egypt’s Minister of …

Continue reading “Share of digital payments in Saudi Arabia hits 62%, says SAMA official”

Considering some 90 percent of Saudi Arabia’s territory is largely desert and ill-suited for farming, few might expect the Kingdom to be the site of a new agricultural boom designed to boost domestic crop production and reduce dependence on imported foodstuffs. As large swathes of the Arab world struggle with food insecurity and supply-chain disruptions, …

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For Siwar Derbeli a national rice shortage is not just another inconvenient symptom of Tunisia’s stretched national finances but a source of hunger because the coeliac disease she suffers from means it is one of the few staples she can comfortably eat. Shortages of imported goods sold at subsidised rates have been increasing in Tunisia …

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In a bid to further deepen economic and trade ties, Saudi Arabia and Italy will sign 18 cooperation agreements across various fields, said Khalid Al-Falih, the Kingdom’s minister of investment. Speaking at the Saudi-Italian Investment Forum in Milan on Sept. 4 at the Gallia hotel, Al-Falih said that both countries can complement and leverage each …

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Egyptian presidential spokesman Ahmad Fahmi has said that Italian energy major Eni is planning to invest $7.7 billion in the country. The announcement was made after Egyptian President Abdel Fattah El-Sisi met with Eni’s CEO Claudio Descalzi, where he lauded the firm’s activities in his country. The meeting was also attended by Egypt’s Minister of …

Continue reading “Italy’s Eni plans to invest $7.7bn in Egypt”

In a significant development, Oman’s refinery and petroleum production saw a 13.5 percent uptick at the end of July 2023, according to a report by the country’s National Centre for Statistics and Information. The data revealed that the production of standard-grade petrol M-91 escalated by 31.2 percent in comparison to the same period last year, …

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Banks in the UAE held savings deposits to the tune of Dhs268.6bn by the end of June 2023, according to the latest statistics released by the Central Bank of the UAE (CBUAE). This does not include interbank deposits, as per state news agency WAM. The central bank’s statistics showed these deposits increased by 5.8 per …

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Bitcoin is often referred to as ‘digital gold’ to indicate its utility as a store of value. However, rapid price swings in its brief decade-long history have concerned would-be investors keen on exploring it as a stable form of investment. This is why the concept of gold-backed cryptocurrencies became popular. To put it simply, gold-backed …

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Egypt is emerging as a real estate investment hotspot, according to analysis by Knight Frank MENA. With Middle East Sovereign Wealth Funds looking to invest up to $120bn in Egypt, the real estate sector in Cairo, in particular, could flourish. Amid the post-pandemic landscape, a revitalised global interest in Africa has emerged, underscored by significant …

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Dubai’s ultra-luxury property sector saw 176 high-end homes sold for AED3.1bn ($845m) in the first half of the year, according to Unique Properties analysis. The Dubai real estate agency also reported that 219 homes sold in the premium price range in the past year. This places Dubai as the fourth most active city in the …

Continue reading “Dubai real estate specialists ignoring millionaires to focus on billionaires as 176 homes sold for $845m”

The Dubai real estate sector recorded transactions valued at AED23.1bn ($6.3bn) in the week ending August 55, according to data from the city Land Department. In total there were 3,229 transactions. 183 plots were sold for AED1.33bn ($362m) and 2,361 apartments and villas were sold for AED5.77bn ($1.6bn). Dubai real estate this week The top …

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Saudi Arabia’s franchise sector is set to enhance its contribution to the Kingdom’s gross domestic product with an initiative by the Small and Medium Enterprises General Authority. This initiative aims to unlock multiple opportunities within the sector. Also known as Monsha’at, the authority has organized the Commercial Franchise Week, a part of a series of …

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Affirming its commitment to the global fraternity, the Saudi Fund for Development has laid the foundation stone to kick off the construction of the Mangoky Bridge in Madagascar, an island country lying off the southeastern coast of Africa. The SFD has contributed $20 million as a soft loan to the project, alongside contributions from institutions …

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In a bid to promote collaborative ties in the digital economy, Saudi Arabia’s minister of communications and information technology held talks with counterparts from Egypt and Turkiye on the sidelines of the G20 ministerial meeting in India. These discussions reflected the Kingdom’s commitment to fostering international partnerships in the realm of digital transformation, the Saudi …

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Saudi Arabia’s Ministry of Industry and Mineral Resources issued licenses to 124 industrial units in January, according to an official statement. The total investment value of these units is estimated at SR2.4 billion ($639 million). The factories will be established in five economic sectors. According to the official data, 29 licenses were issued in the …

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The Public Investment Fund (PIF) announced that it has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA). The MoU is intended to expand cooperation and investment between the two entities, enabling new and promising investments in Oman’s rapidly growing economy. PIF to invest in Oman The MoU provides benefits and incentives …

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The Public Investment Fund (PIF) announced that it has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA). The MoU is intended to expand cooperation and investment between the two entities, enabling new and promising investments in Oman’s rapidly growing economy. PIF to invest in Oman The MoU provides benefits and incentives …

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The annual inflation rate in the Sultanate of Oman reached 0.69 percent at the end of June 2023, according to the monthly consumer price survey data issued by the National Centre for Statistics and Information (NCSI). The inflation rate was driven by the increase in most of the main groups that make up the consumer …

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The total domestic production of natural gas amounted to 26.19 billion cubic metres until the end of June 2023, an increase of 2.3 percent compared to the same period in 2022, when the total amounted to 25.60 billion cubic metres. Statistics issued by the National Centre for Statistics and Information (NCSI) showed that industrial projects …

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The industrial sector recorded the best performance among the indices of the Muscat Stock Exchange in last week’s trading. The industrial sector index rose during the week’s trading to the level of 6,170 points, recording its best level in 3 weeks, but it was unable to maintain these gains and ended the trading at 6,150 …

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Opal Bio Pharma (OBP), a pharmaceutical company in Oman, has begun the construction of the country’s first factory dedicated to manufacturing essential medicines and vaccines. The foundation stone for this groundbreaking facility was laid at Khazaen Economic City, with an estimated cost of OMR60 million ($156 million), according to a report by Times of Oman. …

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Saudi Arabia‘s Embassy in Lebanon has urgently advised its citizens to evacuate Lebanese territory as tensions rise in the region. The escalation follows violent clashes near the Ein Al Hilweh Palestinian refugee camp earlier this month. In an official statement, the Saudi embassy urged citizens to steer clear of conflict areas. Although the statement didn’t …

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The new Oman Labour Law terminates the need for employers to withhold employee passports Sultan Haitham bin Tarik of Oman recently issued a new labour law aimed at ensuring a fair and balanced relationship between employers and employees while promoting transparency in labour practices. The Labour Law 53/2023, this legislation, issued via Royal Decree, features …

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“The agreement aims to address the gas supply crisis for power plants, while tackling payment issues and complications arising from US sanctions,” said the statement from the prime minister’s office. Iraq is reliant on Iranian gas for a third of its energy needs, but is unable to directly pay for it as a result of …

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While Iraq was teetering on the edge of a full-fledged internal conflict last summer, today, the country seems to enjoy a level of stability not seen in the past two decades. This is due to a shared desire across the political spectrum, particularly within the Shia community, to stabilise the country. After last year’s intense …

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The Lebanese banking sector has witnessed its first merger since the financial crisis hit the country in 2019, as banks continue to experience difficult and uncertain operating conditions. Bank Audi is merging the local business operations of its fully-owned subsidiaries Audi Private Bank and Audi Investment Bank into its own business. All the assets, liabilities …

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As Lebanon battles ongoing economic devastation, billionaire businessman Bahaa Hariri has openly backed a civic plan for the country’s path to recovery. Hariri, son of assassinated Lebanese Prime Minister Rafik Hariri, told Arabian Business he is backing Sawa Li Lubnan (Sawa) – a group that is mobilising citizens to campaign for meaningful reform in Lebanon …

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Amidst an increasingly turbulent year, a ray of hope has shone on Lebanon in the form of an influx of expats and tourists benefiting from the collapsed exchange rate, where the lira has lost close to 80 percent of its value, making the country incredibly appealing for those with dollars to spend. This hope may …

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Egypt has agreed to supply natural-gas to Lebanon through Jordan and Syria as the Arab states seek to help end power shortages in their crisis-ridden neighbour. Energy ministers from the four countries agreed during a meeting in Jordan on Wednesday to work out details of a plan to resume Egyptian gas shipments and Jordanian power …

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A bit of stability and normality – that’s all Lebanon’s private sector is asking for from the new government formed last week after a year of sectarian squabbling over cabinet seats. “We’re not asking for much,” said Mirielle Korab-Abi Nasr, vice president of the Real Estate Developers Association in Lebanon (REDAL). The caretaker government over …

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The role of remittance inflows has shifted from developing human capital to meeting basic needs following the outbreak of the crisis with 72 percent of recipients using remittances to sustain their lifestyle or make minor changes, according to The Increasing Role and Importance of Remittances in Lebanon, a report released by United Nations Development Programme …

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Under invitation from the Kingdom of Saudi Arabia and the President of the Islamic Summit, the Organization of Islamic Cooperation (OIC) will convene next week an emergency open meeting for the Executive Committee to discuss the burning of the Holy Qur’an in Sweden. The meeting will be held in its headquarters in Jeddah and will …

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The Holy Makkah Municipality has said that the cleaning contracts for this year’s Hajj included 13,549 workers, drivers, supervisors and observers of cleanliness. Of the 13,549 workers, 7,250 have been allocated to work in the holy sites. A total of 912 pieces of cleaning equipment have been deployed — 438 of them in the holy …

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Saudi Arabia’s embassy in France urged the Saudi citizens residing in the country to keep utmost caution and stay away from places of protests. The embassy called on the Saudi students and their families to follow the instructions of the French authorities in this regard. This is in the wake of protests and unrest that …

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The industrial sector in Lebanon, despite the falling national economy, continues to solider on in order to revive the market and create new business opportunities especially with the increasing demands for Lebanese products. The sector was one of the few offering hard foreign currency in Lebanon, which is still suffering from the decrease in the …

Continue reading “Lebanon’s industry carries falling national economy on its shoulders”

Foreign Minister Ahmed Attaf, who gave an interview to Italy’s official news agency Nova (published on Wednesday), said Algeria wants to enter the BRICS bank capital and has applied to join Shanghai Cooperation Organization (SCO). “We have expressed our intention to join the BRICS and look forward to the summit in South Africa in August. …

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The Algerian car market will be equipped with a large number of FIAT vehicles from July onwards, between 10,000 and 12,000 units. This was stated by the Managing Director of Stellantis Group for North Africa at a press conference at SAFEX on the side-lines of Algiers International Fair. Boutahra revealed that they would be importing …

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Sonatrach’s CEO, Toufik Hakkar, said efforts should be “intensified to consolidate Africa’s role and capacity to benefit from its natural resources, strengthen economic integration, enhance the sense of collective responsibility, and facilitate the exchange of energy expertise and technologies among its countries, which will benefit its people.” Sonatrach Group CEO Toufik Hakkar, at the 1st …

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Algeria has made progress in terms of attractiveness and intends to communicate more in order to enhance its attractiveness to foreign investors and develop its influence in the region. This is the objective of the organization of the International Fair of Algiers (FIA) which brings together more than 630 participants is an exceptional showcase to …

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Schneider Electric is making a comeback in Algeria, a reappearance and a geo-economic and strategic redeployment both announced the day before yesterday and during a press briefing held on the side-lines of the 54th Algiers International Fair (FIA 2023), through which Director General of Schneider Electric Group, Samuel Philippe, informed the Group’s main objectives on …

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The Qatar Chamber reviewed the bilateral cooperation with the Investment Promotion Agency of the Uzbekistan. During a meeting held at the Chamber’s venue Ali Saeed Bu Sherbak Al Mansouri, the Assistant General Manager for Governmental Relations & Committees Affairs and Murat Mirzaev, Director of the Investment Promotion Agency of Uzbekistan, reviewed economic and commercial cooperation …

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Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region was honoured at the graduation ceremony of the eighth cohort of the “Kawader Malia” programme, for its outstanding contribution towards supporting the development of young Qataris and its commitment to shaping the country’s future workforce. Held at the four seasons hotel in …

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The expected free trade agreement (FTA) between GCC states including Qatar and the UK will further boost trade between Qatar and the UK, Lulu Group International Director Dr Mohamed Althaf said. Talking to Qatar Tribune recently, Althaf said, “There is a lot of initiative from the UK government to reach out to countries ‘One to …

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The economies of the Gulf Cooperation Council (GCC) are projected to grow at a slower pace in 2023 compared to the previous year, in the face of lower oil and gas earnings and a global economic slowdown, according to the new World Bank Gulf Economic Update (GEU). The GCC is expected to grow by 2.5 …

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Bahrain’s high-level delegation concluded its official visit to India, which took place from 14 to 17 March 2023, in New Delhi and Mumbai. Organised with the support of the Ministry of Industry and Commerce (MOIC) and the Bahrain Economic Development Board (Bahrain EDB), the visit highlighted key investment opportunities in the Kingdom of Bahrain and …

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Supported by the Bahrain Economic Development Board (Bahrain EDB), two India-based leading companies, Aerolam Middle East and Titan Company Limited (Titan), are set to launch their operations in Bahrain. With a total investment of approximately USD 45 million, the milestone achievement was announced on the sidelines of the recent high-level Bahraini delegation visit to India …

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The Kingdom of Bahrain has cemented its business-friendly reputation, ranking 1st globally as the ‘Best Destination for Getting Started Abroad’ in 2023, according to the Expat Essentials Index published by InterNations. The milestone ranking of first in the overall index, which places Bahrain firmly ahead of leading countries including the United Arab Emirates (UAE), Singapore, …

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Aptar Closures, a global leader in dispensing closures and active material science solutions, recently announced the acquisition of a majority stake in Gulf Closures, a closure manufacturer for beverage products in Bahrain. AlZayani will remain as the minority shareholder. Aptar Closures will leverage its global business capabilities and Gulf Closures’ manufacturing expertise, regional network, and …

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In partnership with the Labour Fund (Tamkeen) and supported by the Bahrain Economic Development Board (EDB), the recently launched coding school in Bahrain, Reboot Coding Institute (Reboot01) is set to enroll around 100 Bahrainis for their first selection pool for its inaugural two-year programme. With the aim of preparing a new generation of highly-skilled professionals, …

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Bahrain today announced the launch of a Golden License, providing incentives and streamlined services to foreign and local businesses with large-scale investment projects in Bahrain, in an important step in the country’s pursuit to incentivise investments and boost job creation under its fiscal and economic reforms. The move builds upon the growing investment attractiveness of …

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Howden, the international insurance broker, announces today that it has received a regulatory license from the Central Bank of Bahrain to establish operations in the Kingdom of Bahrain. This represents a significant step in Howden’s strategic growth ambitions for the Gulf region. The establishment of Howden Bahrain adds another key territory to Howden’s footprint in …

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A high-level delegation from Bahrain, led by the Minister of Industry and Commerce, H.E. Abdulla bin Adel Fakhro supported by H.E. Noor bint Ali Al Khulaif, Minister of Sustainable Development, is heading for a weeklong visit to Japan and South Korea scheduled from May 5 to May 12, 2023. Organised by the Ministry of Industry …

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A delegation from the UAE met with representatives from almost 30 companies from Germany on Tuesday during a roundtable. The objective was to accelerate industrial collaboration and build on joint efforts in promoting sustainable industrial development, de-carbonisation and energy security. The roundtable co-hosted by the Ministry of Industry and Advanced Technology (MoIAT) during Hannover Messe, …

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A ground-breaking ceremony took place today for a major integrated refinery and petrochemical complex being developed by Huajin Aramco Petrochemical Company (HAPCO). The joint venture between Aramco (30%), NORINCO Group (51%) and Panjin Xincheng Industrial Group (19%) is developing the complex in the city of Panjin, in China’s Liaoning Province. On March 26, it was …

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A first shipment of independently-certified low-carbon ammonia has arrived in Japan for use as fuel in power generation. It represents another milestone in the development of this lower-carbon energy solution. The shipment is the result of a successful multiparty collaboration across the low-carbon ammonia value chain. The ammonia was produced by SABIC Agri-Nutrients (“SABIC AN”) …

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Minister of Industry and Mineral Resources Bandar Al-Khorayef addressed a panel session titled: “Dealing with the Unpredictable Economic Consequences of 4IR Technological Progress” in the second edition of the LEAP Tech Conference held in Riyadh between the 6-9 February under the theme Into New Worlds. Al-Khorayef confirmed that the ministry is targeting to become a …

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Emirates Telecommunications Group Co. has agreed to take a 50.3 percent stake in a super app managed by Careem, Uber Technologies’ Middle East subsidiary, in a transaction valued at $400 million, e& said in a filing on Monday. The Super App will be managed by Careem founders Mudassir Sheikha and Magnus Olsson, said the company, …

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Egypt’s annual urban consumer inflation rate in March climbed to 32.7 percent year-on-year, just shy of an all-time record, from 31.9 percent in February, data from the country’s statistics agency CAPMAS showed on Monday. The surging inflation rate follows a series of currency devaluations starting in March 2022, a prolonged shortage of foreign currency and …

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Oil steadied on Monday, after rising for three straight weeks, as looming supply cuts from Saudi Arabia and other producers of the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, balanced concern about weakening global growth that may dampen fuel demand. Crude last week jumped more than 6 percent, a third weekly …

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Top Italian firms want in on Kuwait’s development, establish partnerships within its private sector and offer expertise to businesses, an industry chief from Italy says. Carlo Bonomi, President of Italian business confederation Confidustria, lauded its efforts to diversify its economy under the Kuwait Vision 2035 development strategy, reported the state’s official news agency (KUNA) on …

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Oman Tourism Development Company (Omran) has affirmed that work on several projects is progressing at a steady pace and is in various stages of implementation. Speaking to the Observer, Ammar al Kharusi, Director of Development, said: “We are currently working on the Masterplan for the Sustainable City Yiti project of the flagship ‘The Nikki Beach …

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It’s been a wild few years for the microchip industry, recovering from a long-term supply squeeze only to be thrust into the centre of a US-China battle to control supply lines of the valuable technology. But an industry long associated with volatility is quietly getting excited that artificial intelligence (AI) could be the key to …

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The General Authority of Civil Aviation (GACA) President Abdulaziz Al-Duailej announced on Wednesday the launch of the Al-Ahsa International Airport development and expansion project. The airport’s capacity will be jumped by 250 percent to accommodate one million passengers annually once the project is completed. Al-Duailej made the announcement while addressing the Al-Ahsa Forum 2030. Prince …

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NorthLadder, the leading second-hand marketplace in the Middle East, has expanded its services to Saudi Arabia, with residents in Riyadh and Jeddah now able to sell their old laptops, mobile phones, tablets, and smartwatches for instant cash at their doorstep. The company has already gained a lot of interest from the Saudi market and aims …

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Modern Electronics Company (MEC) has announced the official inauguration of its newly revamped service centre in Riyadh. MEC, a company known as a leader in Saudi Arabia’s consumer electronics industry, was recently appointed by Panasonic as its official distributor for major appliances across the Kingdom. The redesigned facility, comprises of 975 sqm of service centre …

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Saudi company Manga Productions announced a partnership with Tsubasa Co., including production collaboration and distribution of “Captain Tsubasa” and various other projects. Attending the signing ceremony was world-renowned Mangaka and creator of “Captain Tsubasa,” Mr. Yoichi Takahashi. CEO of Manga Productions, Dr. Essam Bukhary, stated: “We are pleased to announce our partnership with Tsubasa Co. …

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Prince Mohammed Bin Salman College of Business and Entrepreneurship (MBSC), a world-class business and entrepreneurship education leader, recently participated in the Biban 23 Forum through a session titled Entrepreneurial Ecosystem in KSA: Global Entrepreneurship Monitor Results (2016-2022). Led by Dr. Muhammad Azam Roomi, Professor of Entrepreneurship at MBSC and team leader of the GEM Saudi …

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Egyptian President Abdel Fattah El-Sisi said on Wednesday that the government is committed to the protection of workers in black sand reserves. Speaking at the inauguration of the Egyptian Black Sand Co.’s complex in Kafr El-Sheikh, he highlighted the state’s commitment to ensuring there is no negative health impact on the workers in the complex. …

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The Saudi Arabian government is reportedly planning to invest $38bn into the country’s gaming industry. Most recently, the Saudi government increased its stake in Nintendo to 8.26 percent through the Public Investment Fund, the state’s sovereign wealth fund, and it also holds millions of shares in EA and Take-Two. Savvy Gaming Group, a subsidiary of …

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The Lebanese Economy Minister on Tuesday admitted his department can do little to stop the country’s steep financial decline, as he discussed the decision to make supermarkets display the rate-to-the-dollar at which goods are priced. Amin Salam said the measure was introduced to guard against rampant price manipulation, as the national currency continues to plummet …

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Business conditions in Lebanon’s private sector improved in February to a four-month high, indicating a slower pace of deterioration, amid a relative increase in new orders and output. The country’s Blom purchasing managers’ index (PMI), a measure of the strength of its private sector, rose to 48.8 in February, from 47.7 in January, its highest …

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Another judicial case involving embattled Central Bank Governor Riad Salameh has recently caught public attention in Lebanon. The Mecattaf money transfer company investigation involves allegations of money laundering, corruption and influence peddling. In the latest development, Mount Lebanon First investigating judge Nicolas Mansour has set hearings on April 3 for Mr Salameh and several others, …

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Much has been said about Lebanon’s manifold crisis, more specifically the implosion of the country’s economy through an ongoing financial crisis that has been exacerbated by the Beirut port explosion, Covid-19, the impact of the Ukraine war on global food prices, and the country’s ongoing political paralysis. Much more can, and should, be said on …

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The industrial sector in Lebanon, despite the falling national economy, continues to solider on in order to revive the market and create new business opportunities especially with the increasing demands for Lebanese products. The sector was one of the few offering hard foreign currency in Lebanon, which is still suffering from the decrease in the …

Continue reading “Lebanon’s industry carries falling national economy on its shoulders”

Egypt and Lebanon discussed Monday launching a ro-ro (roll-on/roll-off) line with the aim of increasing import/export trade between the two countries. The proposal was tabled during a meeting between Egyptian Minister of Transport Kamel El-Wazir and Lebanese Minister of Public Works and Transport Ali Hamieh on the sideline of the 69th session of the Executive …

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The Arab Observatory for Human Rights of the Arab Parliament hailed the remarkable achievements made by Saudi Arabia to develop human rights as part of its development vision for 2030. The vision’s main focus is on the citizen and the human being, under the prudent vision of Custodian of the Two Holy Mosques King Salman …

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Aluminium Bahrain (Alba) Chief Executive Officer Ali Al Baqali inaugurated the the company’s Annual Majlis for 2023 on Tuesday (January 17) at the Oasis Hall. Attended by Alba’s executives, directors, and managers, the opening session shed the light on the successes Alba celebrated in 2022 as well as lessons learnt as the company journeys in …

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Investors need to look to the Asian region for the best investment opportunities in the short and medium term, said Steve Brice, Global Chief Investment Officer at Standard Chartered Bank. Providing his outlook for 2023, Brice said there will be a slowing of global inflation and fewer federal interest rate rises in the first half …

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The value of exports of Bahrain origin products increased 24%, reaching BD4.967 billion ($13.18 billion) during 2022, compared to BD3.994 billion in the previous year. The value of imports into Bahrain increased 10% in 2022, reaching to BD5.842 billion, compared to BD5.316 billion for the previous year, said the foreign trade report of 2022 released …

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The BMMI Group will be showcasing various products including two of its own brands, Purely and Nature’s Origins, at Gulfood Exhibition at the Dubai World Trade Centre from February 20 to 24. Participating for the first time, BMMI will be part of the Bahrain Pavilion. The Purely brand offers customers with consistent, high-quality, and ethically …

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The Bahrain Association of Banks (BAB) has addressed ways to overcome the challenges facing many small and medium enterprises (SMEs) when applying for financing from banks. “We all know how important SMEs are, which make up more than 95% of the number of enterprises in Bahrain. We seek to help these institutions rise and grow. …

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Gulf Islamic Investments (GII) a leading shari’ah-compliant global alternative investment company, with over $3 billion of assets under management in real estate, private equity and venture capital, has announced the opening of its new company, Gulf Ventures Capital, with headquarters in Bahrain. This comes as part of GII’s strategy to expand its footprint in the …

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Bahrain’s Economic Development Board (EDB) succeeded in attracting investments for 89 projects exceeding BD415 million ($1.1 billion) during 2022, it was revealed at the EDB board meeting on Sunday. The investment will contribute to creating more than 6,000 quality job opportunities for Bahraini citizens over the next three years, said a Bahrain News Agency report. …

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Bahrain has now joined the UAE, Egypt, and Jordan to become the fourth member of the Industrial Partnership for Sustainable Economic Development at its second Higher Committee meeting held in Cairo, Egypt. Bahrain will boost the partnership’s total industrial manufacturing value from $106.26 billion to $112.5 billion. The Partnership will focus on textiles and clothing …

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The Bahrain-based Oil and Gas Holding Company (nogaholding) announced a collaboration deal with UAE technology pioneer AIQ to integrate and deploy artificial intelligence (AI) and digital solutions into its upstream operations. Under the collaboration pact, the energy investment specialists will utilise the latest AI technologies provided by AIQ to increase the operational efficiency of Tatweer …

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The UAE Central Bank has raised its benchmark borrowing rate following a similar move by the US Federal Reserve. CBUAE has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 50 basis points – from 3.9% to 4.4%, effective from Thursday, 15 December 2022. This decision was taken following the …

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Global blockchain services giant Binance has launched binance.bh, a new platform that allows users to access Binance’s range of regulated products and services. This includes direct top-ups and withdrawals, in local currencies, the company said in an emailed statement on Monday. All users have to do is link their bank accounts with their binance.bh account. …

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Evermore, the popular diamond brand from Dubai-based Siroya ALTR, is eyeing a major expansion in the GCC region, with immediate plans to make foray into Saudi Arabia and Bahrain. The company is also finalising further expansion within the UAE, with plans to open at least three more stores in the coming few months. “We are …

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Aiming to reimagine the global living experience through its portfolio of tech-enabled branded residences Stella Stays is planning to become the biggest residential hospitality player in the region, said its co-founder and CEO. Speaking to Arab News in an exclusive interview, Mohannad Zikra said that the Dubai-based proptech startup that is disrupting the global residential …

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The future looks bright for Saudi Arabia and other Middle East and North African economies, but governments in the region must be wary of geopolitical instability and inflation to sustain growth, ministers told the World Economic Forum on Thursday. Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim took part in a panel discussion on …

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Saudi Arabia’s Ministry of Industry and Mineral Resources issued 115 industrial licenses with investments worth SR4 billion ($1.06 billion) in August 2022, official data showed. The data from the ministry revealed that the number of industrial units across the Kingdom reached 10,707, up from 10,685 in July 2022. In August 2021, the number of industrial …

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Jordan and Saudi Arabia will discuss ways to expand economic relations and build joint industrial partnerships during a Jordanian delegation’s visit that started on Saturday. The delegation, led by Amman Chamber of Industry chief Fathi Jaghbir, includes representatives of industrial companies operating in a range of production sectors. The visit has been organized by the …

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In a remarkable environmental initiative, the Environment Agency – Abu Dhabi (EAD) has shown how modern technology can be used for the greater good when it planted nearly one million mangrove seeds…using drones. This is part of EAD’s plans to work with local, regional and international partners, and establish Abu Dhabi as a global hub …

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Following announcements of 13 international hotels opening in Saudi Arabia’s mega-project The Red Sea, a new futuristic resort has been announced to open in 2024. The Sheybarah Resort is a ‘hyper-luxury’ hotel located in Sheybarah Island, designed by Dubai-based architectural firm Killa Design. The first batch of 73 prefabricated villas was delivered at the Red …

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The UAE is poised to emerge as the first choice for global companies in the digital asset business for their global expansion, following the Gulf country approving a new regulation to govern virtual assets in the country, sector experts said. The new regulatory framework is also expected to fuel the mainstream adoption of blockchain applications …

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UAE and Bahrain’s non-oil trade exchange increased by more than 92 percent in the past decade. In 2022 non-oil trade exchange between the two nations totaled $6.5bn (AED23.7bn) compared to $3.3bn (AED12.3bn) in 2012, according to recent data issued by the Federal Competitiveness and Statistics Centre (FCSC). Their total non-oil trade exchange during the same …

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Egypt’s government has rejected claims that the country is exposed to bankruptcy risk due to its debts and the cost of servicing them during rate rises and inflation. It also cited a report on the performance of the Egyptian economy from June to November. The Cabinet said Egypt’s ratio of external debt to GDP was …

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Saudi Arabia private utility firm ACWA Power has signed a $1.5 billion agreement with Power China, it has been reported by Reuters. No further details were released, and ACWA Power did not respond to Arab News’ request for a comment. The deal comes amid a flurry of Memorandums of Understanding signed by the energy provider …

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On the sidelines of summits in Riyadh on Friday with the visiting president of China, Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman presided over the meeting of the 43rd session of the Supreme Council of the Gulf Cooperation on behalf of King Salman. Lauding Saudi Arabia’s convening of the Riyadh GCC-China Summit …

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Saudi Arabia’s Ministry of Industry and Mineral Resources has announced that the Kingdom issued permits for non-oil industrial projects in August worth an accumulated SR4.1 billion ($1.1 billion), MEED reported. Some 115 licenses were issued for non-oil industrial projects — 20 percent higher than those issued in July. Those issued in August brought the total …

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Saudi Arabia has issued permits for 725 industrial projects worth an accumulated SR1.37 trillion ($265 billion) in the first nine months of 2022, according to data from the Ministry of Industry and Mineral Resources. This comes as the Kingdom is pushing to develop domestic industrial and manufacturing sectors as part of its strategy to diversify …

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Before the start of the 2022 FIFA World Cup, real estate prices were surging in Qatar and neighboring countries, causing people to rent their properties at high prices and cash in on the increased market demand. Taking place in the Arab world for the first time, the 2022 FIFA World Cup is an unprecedented event. …

Continue reading “Foreign or joint capital constitute 39% of total investments in KSA’s industrial sector, says ministry”

Saudi Arabia’s Industrial Production Index increased by 15.7 percent in September 2022, compared to the same month in 2021, official data showed. The index, calculated through an industrial production survey showed positive growth trends, driven by an increase in production activities of mining and quarrying, manufacturing, and electricity and gas supply, according to the General …

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A flydubai flight travelling from Warsaw to Dubai reportedly made an emergency landing in Ankara, Turkey on Thursday due to a security threat, according to local reports. It was later confirmed that the threat was a hoax. According to reports by Turkish newspaper Daily Sabah “after the 161 passengers and bags were removed from the …

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Abu Dhabi’s IHC is looking to raise cash with IPOs of its technology and health units next year its CEO says. On the back of an outstanding year, which has seen profits surge 236% in the first nine months of the year, IHC will look to sell off assets and diversify investments next year. IHC …

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Iran’s construction industry is expected to grow by 2.5% in real terms in 2022, following annual growth of 1.8% in 2021. It is then expected to register an annual average growth of 3.6% between 2023-26, supported by government investments on the energy, oil and gas, petrochemicals, infrastructure and industrial sectors. Over the year, the industry’s …

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The value of Iran’s oil products export increased 40 percent in the first half of the present Iranian calendar year (March 21-September 22), as compared to the same period of time in the past year, the boar director of Iranian Oil, Gas and Petrochemical Products Exporters Union (OPEX) announced. Hamid Hosseini said while the six-month …

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Iraq is keen to maintain stable oil prices at not more than $100 per barrel, Prime Minister Mohammed Shia al-Sudani told reporters on Saturday. Iraq, a member of the Organization of the Petroleum Exporting Countries (OPEC), will have discussions with other members to reconsider and increase its production quota, he added in a briefing. “Iraq …

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The world was hoping to crucify Saudi Arabia as a top oil exporter, its energy minister said on the sidelines of the COP27 summit in Egypt, adding the kingdom would be closely monitoring other countries’ renewable promises. Setting out what he said were Saudi Arabia’s steps to produce cleaner energy and reduce its carbon footprint, …

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Diamond Developers, in partnership with the Oman Tourism Development Company (OMRAN Group), has announced the launch of The Sustainable City – Yiti in Muscat, Oman. With an investment value of nearly $1 billion, the city will be built over an area of 1 million square metres and will be developed within the phase one of …

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Saudi Arabia‘s economy is expected to witness a 7 percent acceleration in 2022, driven by stronger oil output following OPEC+ production cuts and continued growth in non-oil sectors, according to the latest World Bank report. The World Bank’s Gulf Economic Update (GEU), “Achieving Climate Change Pledges,” report highlights that growth in the kingdom’s economy will …

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Petrofac, a leading provider of services to the global energy industry, has signed a Memorandum of Understanding (MOU) with Oman Hydrogen Centre (OHC) to collaborate in building capabilities for Oman’s renewable energy sector, the company announced on Wednesday. The agreement aims to strengthen the sector, particularly in green hydrogen. The partnership “will bring considerable benefits …

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The Ministry of Commerce, Industry and Investment promotion has issued a ministerial decision that bans imports of plastic bags with effect from January 2023. The decision comes in line with the ministry’s plan to regulate market activities pertaining to the import of products that damage the environment, according to Sami Salim Al Sahib, Director General …

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The Board of Directors of Oman Rail-Etihad Rail joint venture company, held its inaugural meeting in Dubai, two days after signing an agreement to form the $3 billion railway company. The passenger trains are designed to reduce travel time from Sohar to Abu Dhabi to 1 hour 40 minutes, and from Sohar to Al Ain …

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The MSX index closed at 4,508.68 points, up by 0.72 per cent from the previous close. The Sharia Index ended up by 0.7 per cent at 481.57 points. Oman Qatar Insurance, up 5.41 per cent, was the top gainer while Muscat Thread Mill, down 8.7 per cent, was the top loser. Shares of HSBC Bank …

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Global crude oil prices rose by more than two per cent on Wednesday after Russian President Vladimir Putin announced a partial military mobilisation, raising fears of a shortage in oil and gas supplies. Brent crude futures rose $2.28, or 2.5 per cent, to $92.90 a barrel, after falling $1.38 in the previous session, while US …

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The inflation rate of the Consumers Price Index (CPI) in the Sultanate of Oman stood at 2.4 per cent in August 2022, according to the latest data issued by the National Centre for Statistics and Information (NCSI). The data indicated a rise in the prices of main groups in August 2022 compared to August 2021, …

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Union Minister for Commerce Piyush Goyal Thursday met with the UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and held discussions to bolster the trade and investment ties between the two countries. The meeting occurred on the sidelines of the Group of 20 (G20) nations’ trade, investment, and industry ministerial meeting. …

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Like other markets globally, financial markets in Oman and the wider GCC were mostly impacted by the conflict in eastern Europe, according to an industry expert. “The ongoing Russia-Ukraine conflict has strongly affected energy deliveries and profoundly changed how the market worked,” said Daniel Takieddine BDSwiss CEO Mena. Elaborating on the current oil prices, both …

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Muscat’s Sohar Port and Freezone has signed a pact with Oman-based Arkan Sohar Logistics to build a container freight station and logistics complex in the port which will occupy 26,000 sq m. Arkan Sohar Logistics will provide bonded and non-bonded facilities, ambient and covered storage, as well as temperature-controlled, dry, chilled, and frozen storage facilities …

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Port of Duqm Company (PODC), in collaboration with Oman Society for Petroleum Services (Opal) and Oman logistics Association (OLA) organised a forum on ‘Business Opportunities at Port of Duqm’, which attracted oil and gas companies operating in the Sultanate of Oman. The forum aimed at encouraging business collaboration with Port of Duqm, where a large …

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Deutsche Hospitality, a leading German hospitality management group, announced the official opening of IntercityHotel, Muscat, as well as, the debut of the much-awaited Steigenberger Residence, Doha. The announcement was made on Monday, at the Future Hospitality Summit (FHS) 2022. The coming of these new properties boosts Deutsche Hospitality’s presence in Oman to three operational properties. …

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The Ministry of Commerce, Industry and Investment promotion has issued a ministerial decision that bans imports of plastic bags with effect from January 2023. The decision comes in line with the ministry’s plan to regulate market activities pertaining to the import of products that damage the environment, according to Sami Salim Al Sahib, Director General …

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Abraj Energy Services is rebranding, as the firm looks towards a potential listing on Oman’s Muscat Stock Exchange later this year. In a statement, the company called the identity a refocusing on modernisation and innovation of its service offerings. Abraj currently offers a range of services including drilling and workover rigs as well as fracturing, …

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Petrofac, a leading provider of services to the global energy industry, has signed a Memorandum of Understanding (MOU) with Oman Hydrogen Centre (OHC) to collaborate in building capabilities for Oman’s renewable energy sector, the company announced on Wednesday. The agreement aims to strengthen the sector, particularly in green hydrogen. The partnership “will bring considerable benefits …

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Applications are now open for training courses for public and private school students participating in the World Robot Olympiad, which organises tournaments in over 85 countries worldwide. Bahrain is among the nine countries organising the tournament in the Middle East. The theme of the 2022 Olympiad is “My Robot, My Friend”. The Ministry of Education …

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One investment at Kazerooni Heights can go a long way. In today’s uncertain economic times, investors are looking for something they can rely on to add value to their portfolios. Real estate is known to be one of the most reliable long-term investments and apartments are a good option to consider: Kazerooni Heights offers two …

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Bahrain International Circuit (BIC), “The Home of Motorsport in the Middle East”, announced today a fantastic new international racing series that will be coming to Sakhir and the region for the first time later this year, as part of the FIA WEC 8 Hours of Bahrain this November 11 and 12. The 2022 WTCR – …

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Rain Financial Inc, a crypto exchange in the Middle East with several customers from Saudi Arabia, UAE & Bahrain, announced axing 30 of its Bahraini employees in various markets, citing challenges in the global cryptocurrency. The company informed its staff this week about the decision, where the cuts impact a range of departments. “As cryptocurrencies …

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WestPoint Home (WPH), a global marketer and manufacturer of home products, has announced an investment of $9 million in the third phase expansion of its manufacturing complex in Bahrain. The announcement followed the recent meeting between WPH senior officials and the Minister of Industry, Commerce and Tourism, Zayed R Alzayani. Officials from the American Chamber …

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Bahrain recently launched the fastest regional multi-modal logistics hub—the Bahrain Global Sea-air Hub—with only a two-hour turnaround time for all containers. So products can reach customers in half the time and at 40 per cent of the present cost. The advantages include a 50 per cent reduction in average lead time compared to pure sea …

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Bahrain has now joined the UAE, Egypt, and Jordan to become the fourth member of the Industrial Partnership for Sustainable Economic Development at its second Higher Committee meeting held in Cairo, Egypt. Bahrain will boost the partnership’s total industrial manufacturing value from $106.26 billion to $112.5 billion. The Partnership will focus on textiles and clothing …

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Network failures across Lebanon still loom as employees of state-owned internet provider Ogero continue their strike after negotiations hit a dead-end. The strike started on Tuesday, with Ogero employees demanding for higher salaries amid an economic meltdown. A three-and-a-half-hour long meeting was conducted between the disgruntled workers and Lebanon’s communications minister Johnny Corm, but no …

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Saudi Arabia and Bahrain are set to further enhance their bilateral cooperation in the labour sector and discussed various measures to boost joint efforts in this sector. A meeting between Saudi minister of human resources and social development Ahmed bin Suleiman Al-Rajhi and minister of the Kingdom of Bahrain Jameel bin Mohammed Ali Humaidan in …

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Bahrain is seeing a major uptick in the demand for office space, with a 5.5 percent jump in office space in the first quarter of 2022 over the same year-ago period, fuelled by an improvement in economic sentiment and growth in the non-oil sector, a latest report said. The Grade B and Grade C project …

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Egypt’s engineering exports rose during the first half of 2022 by 27 percent to $1.8 billion, compared to $1.4 billion in the same period of 2021, according to the monthly report of the Export Council for Engineering Industries. Engineering exports witnessed a 4 percent increase in June 2022 compared to the same month 2021, reaching …

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The UAE’s ADNOC Distribution Company, listed on the Abu Dhabi Securities Exchange, announced, Thursday, that it has entered into an agreement to acquire a 50 percent stake in Total Energy Egypt. ADNOC Distribution clarified, in a press release, that it had signed an agreement with “Total Energy Marketing Afrique S.A.S.” to acquire a 50 percent …

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Working on becoming an attractive hub for foreign investments, Egypt offers a variety of incentives and advantages for investors; CEO of Egypt’s Information Technology Industry Development Agency (ITIDA), Amr Mahfouz, reviews three reasons why investors would prefer Egypt to invest in. Mahfouz told the Polish-English business magazine, Focus on Business, that the first and the …

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During the new fiscal year 2022/2023, the government aims to increase production for the petroleum and mineral resources sector at current prices from 671.5 billion pounds in the previous year to about 790.9 billion pounds, an increase of 17.8 percent, according to the economic and social development plan submitted by the Minister of Planning, Dr. …

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AL-Qamzi Developments announced the launch of its new project, SeaZen — which spans 204 feddans — on Sunday, with investments worth EGP 14bn. In a press conference Abdallah Al-Qamzi — Chairperson of Al-Qamzi Emirati Group — said that construction on the project will begin in October and that the first phase will be completed in …

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Banks operating in the Egyptian market and a number of real estate financing companies have injected EGP 46.368bn in financings to about 29,000 customers within the Central Bank of Egypt’s (CBE) initiative to finance real estate for low and middle-income people. The Social Housing and Mortgage Finance Support Fund revealed in a report on Sunday …

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Chairperson of Hegaz Development Ibrahim Ahmed Al-Zawawi said that the company is developing the Sokhna Hills Project in Ain Sokhna on an area of ​​100 feddans and that it will be developed over three phases. Al-Zawawi explained that the project includes residential units, a hotel, a commercial mall, and an athletic area, pointing out that …

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“The second phase of the project comprises unique units in a variety of areas that meet the ambitions and desires of customers by providing a number of commercial units under the ‘franchise system’ to achieve the highest investment return for customers in its project,” said Adel Abdel Moneim — Chairperson of LUD’s Board of Directors. …

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Oman is set to extend an economic overhaul that has helped to stabilise the finances of the weakest Gulf state, according to its foreign minister. “Our fiscal position is now sound and improving,” Sayyid Badr bin Hamad Albusaidi said in a podcast hosted by Al-Monitor. “This gives us really a solid foundation to make real …

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Barka Desalination Company (BDC) has announced the successful close of the first phase of its IPO for listing on the Muscat Stock Exchange (MSX). Based on the price discovery process completed through book building by large and institutional investors, the allotment price for shares has been determined at 145 baisa at the highest end of …

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The first spot market for electricity in the Middle East has launched in Oman, helping the country in its efforts to lower the cost of power. While competitive electricity and water markets are common in the United States, Europe and parts of Asia, until now, they had not reached the Middle East but that has …

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H2 Industries and Oman’s Public Establishment For Industrial Estates (Madayn) have signed a memorandum of understanding (MoU) to develop a waste-to-hydrogen plant in conjunction with PV solar power plants with base-load capacity in the sultanate of Oman. The proposed $1.4 billion facility will be built on a 200,000 square metre coastal site. The facility will …

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The World Bank has approved US$85 million in financing for the Jordan Support for Industry Development Fund Project, which aims to promote investments and exports in the manufacturing sector through the operationalization of a new Industry Development Fund. The fund is one of the commitments Jordan has made under its Economic Priority Plan 2021–2023. Jordan …

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Jordan’s garment industry did not witness the pandemic’s worst impact, proving to be ‘relatively’ resilient in its adaptability to new trends, according to Better Work Jordan Annual Report 2021, which noted that the economic downturn in the country’s garment industry has only had a 15 per cent reduction in exports and a full rebound is …

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Jordanian Industrial Estates Company recently participated the Annual Investment meeting 2022 in Dubai and presented The Industrial estates with its services, incentives and the discounts on selling and renting standard Lands and Buildings for the new estates which built in (Alsalt – Madaba– Altafilah). Furthermore, COE Dr. Luay Sahwil and The General Manager Mr. Omar …

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The investment package the government has recently endorsed is aimed to enhance the production competitiveness in the Tafileh Industrial Estate, attracting more investments to the estate and creating more jobs in the governorate to address unemployment, Chairman of the Jordan Industrial Estates Corporation (JIEC) Luai Sihweil said on Monday. Sihwil, in a JIEC statement cited …

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Jordan, the United Arab Emirates (UAE) and Egypt have launched the Industrial Partnership for Sustainable Economic Development to implement industrial projects worth $10 billion. Jordan’s state-run Petra news agency reported that under the partnership announced on Sunday during a meeting between the three countries in Abu Dhabi, a fund will be created and managed by …

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A welcoming billboard is seen along the airport road in Lebanon’s capital Beirut on Wednesday following a campaign by the Tourism Ministry to replace the pictures of political figures with images of natural sites as the country is trying to draw more tourists (AFP photo) BEIRUT — Lebanon’s economy should receive a welcome injection of …

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In what is the fourth dual listing on the Abu Dhabi Securities Exchange (ADX), GFH Financial Group B.S.C. announced its secondary listing on the exchange on Tuesday. The listing is set to further expand GFH’s investor base and enhance liquidity in its shares amid increased regional and international participation on the exchange. This is GFH’s …

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Bahrain-based Al Waha Fund of Funds announced on Monday its participation in LionBird III, an $85 million digital health-focused fund, floated by Tel Aviv-based venture capital LionBird. Al Waha’s partnership with LionBird will also seek to aid Bahraini and GCC startups in navigating the complex US healthcare market and connecting with the right experts and …

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Capital values across Bahrain’s residential real estate segment have remained largely stable on a quarterly basis, according to real estate service provider Savills. The capital value index for apartments and villas in the country, when compared annually, however has dropped by an average 1.2 percent and 2.6 percent respectively, Savill’s said in its Q1 2022 …

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Saudi stock markets opened higher in early morning trade, as oil prices fluctuated steadily. Oil prices rose on Friday, with Brent crude exiting the week at $119.72 and US West Texas Intermediate settling at $$118.87. The main index, TASI, opened 0.18 percent higher at 12,627, while the parallel market, Nomu, started 0.08 higher at 22,861 …

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DMS is the outcome of Vision 2030’s revolutionary potential in shaking up the fields of mobility and logistics. It is a digital growth engine launched by SAPTCO to explore new possibilities and build innovative startups. DMS is working toward becoming the leading venture builder in the mobility sector; it aims to make it seamless, smart …

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New York is on track to advance with 22 green projects, in line with the state’s climate ambitions. In addition, EU countries will use money from the EU recovery fund to expand liquified natural gas capacity. Meanwhile, Moscow is seeing a jump in profits from energy exports in 2022, despite sanctions from the West. Looking …

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Saudi Arabia has launched a new strategy with the World Economic Forum to promote industrial innovation and advanced manufacturing in the country. Minister of Industry and Mineral Resources and Chairman of the Saudi Industrial Development Fund Bandar bin Ibrahim Al-Khorayef launched the Saudi Advanced Manufacturing Hub, or Saudi AMHUB, strategy, which will look to position …

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The young population in Saudi Arabia is helping the country to achieve the goals of Vision 2030, according to Saad Al-Shahrani, deputy minister at the Saudi Ministry of Investment. While speaking at the Saudi Spanish Investment Forum in Riyadh on Sunday, the minister revealed that the young population in the nation is tackling all the …

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Saudi Arabia issued 260 new industrial licenses during the first quarter of 2022 — up from the 206 handed out in the previous three months, the government has revealed. Figures issued by the Ministry of Industry and Mineral Resources show that while there was a quarter-on-quarter rise, the number approved was down from 308 in …

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Dar Al Arkan, the Saudi-based real estate company, and Oman Tourism Development Company have signed an agreement to develop AIDA, one of the largest mixed-use real estate projects in the sultanate. The project marks Dar Al Arkan’s first entry into Oman and the value of the investment from both parties will reach SR6 billion ($1.6 …

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The construction of new hotels in prime tourism destinations such as Saudi Arabia, Qatar, Oman and the UAE remains substantial despite the pandemic headwinds over the past two years. According to new research commissioned by Arabian Travel Market, Makkah and Doha are both expanding their hotel room inventory by 76 percent, followed by Riyadh, Madinah …

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Diamond Developers, in partnership with the Oman Tourism Development Company (OMRAN Group), has announced the launch of The Sustainable City – Yiti in Muscat, Oman. With an investment value of nearly $1 billion, the city will be built over an area of 1 million square metres and will be developed within the phase one of …

Continue reading “$1bn sustainable city project to be built in Muscat, set for 2025 completion”

Football fans coming to Qatar for the World Cup will not have to shell out huge amounts on accommodation, assured CEO of the FIFA World Cup Qatar 2022, Nasser Al Khater. In comments to The Sun, Al Khater said that Qatar will make this World Cup as affordable as possible for everyone. “We have always …

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Saudi Arabia’s real estate sector has started the year with fragmented performance and activity levels across the Kingdom’s regions. Looking at Saudi Arabia’s office sector figures, visitation to the workplace has since late September 2021 remained above its pre-pandemic baseline and now sits 19.7 percent above the baseline, with the majority of occupier activity continuing …

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The Oman Investment Authority has split its assets into local and foreign portfolios, the state news agency said on Sunday. Abdulsalam Al Murshidi head of the Omani Investment Authority said the “Generation Portfolio”, which consists of foreign assets and some local assets in various instruments including public and private markets, in addition to real estate, …

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The manufacturing sector of Qatar is showing a robust growth as 18 new factories were established in the fourth quarter of the last year. According to figures released by the Ministry of Commerce and Industry, the number of new local products registered in the last quarter of 2021 was 81. In the same period, 768 …

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Gulf nations are interested in buying stakes in a fuel-distribution company owned by the Egyptian army, as well as a power plant co-built by Siemens AG, among their multi-billion-dollar investment pledges, according to Ayman Soliman, the CEO of the Sovereign Fund of Egypt (SFE). “Several international investors, including Gulf sovereign wealth funds, have showed interest …

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Global fashion and lifestyle retail conglomerate Apparel Group has expanded its footprint in Qatar, with the launch of 20 stores at the Place Vendome mall in Lusail City. The 20 new stores includie Charles & Keith, Beverly Hills Polo Club, Rituals, LC Waikiki, Birkenstock, Molten Chocolate & Café, Skechers, R&B, R&B Kids, BBZ, Hema, Crocs, …

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The European Commission – which is the executive branch of the European Union – has taken another positive step towards its goal of implementing visa-free travel for all countries in the GCC. In its latest decision, the European Commission has proposed the waiving of visa requirements for all Qatar and Kuwait nationals. Under this proposal, …

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Halal medicines as a category within the wide universe of pharmaceuticals? Dubai’s Prime Healthcare is definitely hoping this breakthrough happens in the UAE and Gulf markets – and at some point in the near future itself. “Worldwide, halal pharmaceuticals make up 7 per cent of the global pharma market, but many still remain unaware of …

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The UAE is fast emerging as the digital finance capital of the region and a global digital hub, helped by conducive regulations, government leadership and talent inflow. The UAE is driving digital transformation with the adoption of digitization across public and private sectors. The UAE government recently approved a Digital Economy Strategy that aims to …

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Privately owned businesses will now be able directly list shares on the Abu Dhabi Securities Exchange (ADX)’s Growth Market, without the need for an initial public offering (IPO), presenting a path for companies to begin their capital markets journey. To be eligible for inclusion in the Growth Market, companies must convert to a private joint …

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In a move that seeks to align the information and communication technology (ICT) strategies of Dubai’s government entities with the emirate’s digital transformation objectives, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has issued Executive Council Resolution No. (15) of 2022. According …

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The Red Sea Development Co. is marching ahead with its construction plans as it aims to have its first hotels this year at the site. For this, thousands of workers and staff are mobilizing to the destination, and TRSDC is making sure they are all safe and well. As the UN marks the World Health …

Continue reading “As TRSDC advances construction, focus shifts to employees’ physical, mental wellbeing”

The recent Lebanese court order restricting lenders from moving money abroad is the fallout of deep rot long building in the banking sector. This comes on the back of the country’s mounting debt amidst the deteriorating economic condition – the crisis that many blame on Lebanon’s corrupt political class and the government which defaulted on …

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Saudi Arabia’s construction market may go back to the pre-pandemic levels this year as the Public Investment Fund, or PIF, is pushing for more projects. In 2021, the contracts industry registered a 78 percent rise in activities as compared to 2020 and this upward momentum is expected to continue in 2022, according to the US-Saudi …

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Those in charge of Arab financial institutions should review their work strategies and directions in light of the global changes and the region’s requirements by considering the priorities and needs of the citizens, Saudi Minister of Finance Mohammed Al-Jadaan said on Thursday. Speaking at the inauguration of the annual joint meetings of the Arab financial …

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The International Energy Agency, or IEA, has listed members’ contributions to a 120-million-barrel release of crude and oil products from emergency stockpiles aimed at cooling global oil prices following Russia’s invasion of Ukraine. The release of stocks by the US-allied members of the IEA — which is made up of 31 mostly industrialized countries, but …

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The recent Lebanese court order restricting lenders from moving money abroad is the fallout of deep rot long building in the banking sector. This comes on the back of the country’s mounting debt amidst the deteriorating economic condition – the crisis that many blame on Lebanon’s corrupt political class and the government which defaulted on …

Continue reading “Lebanon banking sector crumbles amid a deepening economic crisis”

Saudi Arabia’s oil chief said markets are going through a “jittery period” and reiterated Tuesday that the kingdom’s ability to ensure energy security is no longer guaranteed. Energy Minister Prince Abdulaziz bin Salman said cross-border attacks have put to question “our ability to supply the world with the necessary energy requirements.” The attacks have been …

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The energy ministers of Saudia Arabia and the United Arab Emirates, key members of OPEC+, said on Tuesday the producers’ group should not engage in politics as pressure mounted on them to take action against Russia over its invasion of Ukraine. Asked by the moderator at an industry event about whether OPEC+ has a moral …

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Tejarah Talks, a new initiative launched by the Ministry of Commerce, Industry & Investment Promotion (MoCIIP) will hold its first event on February 23 at the Civil Aviation Authority Training Centre in Al Hail North. Supported by Sohar Port & Freezone, HSBC and Oman Business Forum, over the coming year Tejarah Talks will bring together …

Continue reading “New initiative unveiled to examine key issues shaping Oman’s business landscape”

In line with the official inauguration of Port of Duqm, Asyad Ports-Duqm is set to commence the operation and management of the general cargo terminal that includes three commercial berths in Port of Duqm, following Asyad Group’s strategy to enhance the competitiveness of Omani ports and maximise their investment and economic returns, as underpinned by …

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Asian shares were mostly lower on Monday after a retreat on Wall Street, as investors watched for developments in Ukraine after Russia rescinded earlier pledges to pull tens of thousands of its troops away from Ukraine’s northern border. Tokyo, Seoul, Hong Kong and Shanghai declined while Sydney advanced. Russia is a major energy producer and …

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The MSX index closed at 4,084.28 points, down by 0.09 per cent from the previous close. The Sharia Index ended up by 0.23 per cent at 496.20 points. Takaful Oman, up 9.52 per cent, was the top gainer while, Phoenix Power, down 6.00 per cent, was the top loser. Shares of United Finance were the …

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Energy investments in the Mena region are expected to continue to grow on the strength of higher oil and gas prices throughout 2022, according to a new report. “The uptick in regional energy investments, which registered a $13 billion increase in Apicorp’s latest five-year outlook issued in the second quarter of 2021, will continue over …

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The Public Establishment for Industrial Estates – Madayn launched the first integrated Omani digital platform (SouqMadayn) for displaying, buying and selling Omani products under the patronage of Dr Said bin Mohammed Al Saqri, Minister of Economy, in the presence of a number of their excellencies at the Knowledge Oasis Muscat. SouqMadayn platform aims at displaying, …

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Shell Oman Marketing Company has launched its first electric vehicle (EV) charging hub in Oman, located at Al Bandar Service Station in Seeb. It has supplemented the existing fuel station with a fast electric charging point, catering to the EV owners in the capital. The new ShellRecharge service will enable customers to charge their EVs …

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The Central Bank of Oman (CBO) raised OMR177 million by way of allotting treasury bills on Wednesday. The treasury bills are for a maturity period of 91 days, from February 23 until May 25, 2022. The average accepted price reached OMR99.822 for every OMR100, and the minimum accepted price arrived at OMR99.820 per OMR100. The …

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The Public Establishment for Industrial Estates – Madayn is promoting the available investment opportunities in its network of industrial cities at Expo 2020 in the UAE. This comes in line with its vision in enhancing the Sultanate’s position as a leading regional centre of manufacturing, ICT, innovation and entrepreneurship excellence, and its mission in attracting …

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The MSX index closed at 4,044.86 points, down by 0.33 per cent from the previous close. The Sharia Index ended down by 1.12 per cent at 489.78 points. Sembcorp Salalah, up 5.19 per cent, was the top gainer while, Al Jazeera Services, down 9.81 per cent, was the top loser. Shares of Vision Insurance were …

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Brent crude prices surged past $100 a barrel for the first time since 2014 amidst report of an impending Russian invasion into Ukraine. The escalating tensions sparked fears of a disruption in critical energy exports. Futures in London jumped almost 3.3% after a news report that Russian President Vladimir Putin has decided to conduct a …

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Tethys Oil’s share of the production, before government, take, from Blocks 3&4 onshore the Sultanate of Oman, in January 2022 amounted to 325,632 barrels of oil, corresponding to 10,504 barrels of oil per day. The Official Selling Price (OSP) for Oman Export Blend Crude Oil for January 2022 was $80.26 per barrel. The OSP, as …

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Construction work has started on five new industrial cities across Oman as the sultanate seeks to establish a total of 40 by 2040. Coinciding with Industry Day in Oman, Hilal bin Hamad Al Hasani, CEO of the Public Establishment for Industrial Estates (Madayn), revealed that new industrial cities are being built in Khasab, Ibri, Thumrait, …

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His Excellency Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry, met with His Excellency Mr. Abdul Hadi Awang, the Malaysian Prime Minister’s Special Envoy to the Middle East, who is currently visiting Qatar. During the meeting, the officials touched on the bilateral relations between the two countries in the commercial, …

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Oman is set to extend an economic overhaul that has helped to stabilise the finances of the weakest Gulf state, according to its foreign minister. “Our fiscal position is now sound and improving,” Sayyid Badr bin Hamad Albusaidi said in a podcast hosted by Al-Monitor. “This gives us really a solid foundation to make real …

Continue reading “Oman set to extend economic reforms as finances stabilise after Covid shock”

Oman set to extend economic reforms as finances stabilise after Covid shock Oman is set to extend an economic overhaul that has helped to stabilise the finances of the weakest Gulf state, according to its foreign minister. “Our fiscal position is now sound and improving,” Sayyid Badr bin Hamad Albusaidi said in a podcast hosted …

Continue reading “Boeing said to launch 777X freighter with Qatar Airways plane deal”

Boeing Co. formally launched a freighter version of its 777X jetliner as Qatar Airways struck one of the largest cargo deals on record, giving the US planemaker an edge over longtime rival Airbus SE. The Doha-based carrier placed a firm order for 34 of the 777-8 freighters plus options for an additional 16 jets, the …

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Qatari officials are weighing whether to relax the country’s ban on alcohol at sporting events amid pressure from FIFA and Anheuser-Busch InBev to let fans drink beer in stadiums at the 2022 World Cup, according to people familiar with the matter. Deliberations so far have centered on whether to make Bud Light or another lower-alcohol …

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Direct one way flights from Dubai to Doha, Qatar on November 20 cost $1,089, nearly five times the current airfare of $217 Flights from Dubai to Doha are set to witness a record upsurge in ticket prices, as the state of Qatar prepares to host the FIFA World Cup 2022 in November. Direct one way …

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The economies in the six-member Gulf Cooperation Council will grow at their fastest paces in several years, according to a Reuters poll of economists who cautioned the risk to that outlook was skewed to the downside. Crude oil prices, a major driver for Gulf economies, climbed to their highest since 2014 on Wednesday, driven by …

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Staff at Qatar Airways who vent work worries online say the state carrier is retaliating with legal threats and job cuts – part of a growing corporate trend to monitor and muzzle employees who dare speak out. Advocates say the carrier’s attempts to silence employees and delete critical posts – be it in private or …

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Qatar National Bank QPSC braced for credit losses by boosting the amount of money set aside in provisions and signaled caution over the main international markets where it has a presence. The Middle East’s biggest bank booked 7.1 billion riyals ($1.9 billion) in loan-loss provisions during 2021, up 21 percent from the previous year, according …

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Worries that the current shortage of liquefied natural gas will persist through the middle of the decade are triggering a rush to sign long-term deals, pushing up the price of contracts for the super-chilled fuel. While contracts had been getting cheaper over the last few years due to rising supply from Qatar and end-users favoring …

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Mannai Corp. said its board approved the sale of French information technology services provider Inetum SA, paving the way for a disposal that could fetch upward of $2 billion. Mannai didn’t identify the potential buyer or how much it expects to receive from the sale. The deal is subject to entering definitive transaction documentation and …

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Fans can start applying to buy tickets for the FIFA World Cup in Qatar, with a prime seat for the final priced at 5,850 Qatari riyals ($1,598). Ticket applications opened on Wednesday for the world’s biggest soccer tournament, which starts in November. A seat for a group-stage match starts at 250 riyals for international visitors, …

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At the cramped shop where Kholoud Ahmed sells the traditional Muslim women’s gowns known as abayas, the rainbow of colors is a revelation. In the past, women in Riyadh typically dressed in the same black abaya no matter where they were going. Now, observed Ahmed, 21, there’s a differently colored or styled abaya for every …

Continue reading “Progress for Saudi women is uneven, despite cultural changes and more jobs”

Saudi Arabia said on Sunday it expected to post its first budget surplus in nearly a decade next year, as it plans to restrict public spending despite a surge in oil prices that helped to refill state coffers hammered by the pandemic. After an expected fiscal deficit of 2.7% of gross domestic product this year, …

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Saudi Arabia’s crude oil exports in October rose for a sixth straight month to their highest since April 2020, the Joint Organisation Data Initiative (JODI) said on Thursday. The kingdom’s crude oil exports rose to 6.833 million barrels per day (bpd), up from 6.516 million bpd in September. The world’s largest oil exporter’s total exports …

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Unemployment among Saudi citizens remained at 11.3% in the third quarter, unchanged from the previous three months, official data showed on Monday. The unemployment rate of Saudi Arabia’s working age population, which includes all residents above 15 years old, was 6.6% in the third quarter, data from the General Authority for Statistics showed. That was …

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Saudi Arabia plans to convert its airport operators into holding companies and transfer them to its powerful sovereign wealth fund with a view to eventual privatisation for some, the head of Saudi Arabia General Authority of Civil Aviation said on Monday. Abdulaziz al-Duailej told the Saudi-owned Asharq Al-Awsat newspaper that Abha International Airport is being …

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Saudi Arabia has delayed the launch of a major development strategy for the city of Riyadh up to 2030 until next year due to some “incomplete elements”, the state news agency SPA reported on Tuesday. SPA said the development strategy for the capital is to be “finalised” in 2022. Saudi Arabia is investing $220 billion …

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An influential Saudi cleric who once served for years as head of the kingdom’s Shariah courts and whose ultraconservative views sparked outcry died on Wednesday, leaving behind a legacy that mirrored the kingdom’s decades-long slide toward Wahhabism. His family announced his death on Twitter, saying 90-year-old Sheikh Saleh bin Mohammed al-Luhaidan died after battling an …

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The world’s top oil exporter, Saudi Arabia, has cut February’s official selling price (OSP) for all grades of crude it is selling to Asia by at least $1 a barrel, three sources with knowledge of the matter said on Thursday. State oil giant Saudi Aramco set the February OSP for Arab Light crude at $2.20 …

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Dubai-based Emirates Group has announced it is looking to recruit more than 500 IT professionals as the airline continues to rebound from the impact of the pandemic. The company said it is experiencing strong air travel demand across all areas of the business, and a range of opportunities will be available for skilled IT professionals. …

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Easa Saleh Al Gurg Group (ESAG), one of the largest family business conglomerates operating in the UAE, has announced that staff will adopt a hybrid style working schedule from January 1 in line with the new weekend shift announced by the government last week. ESAG staff, who work across 27 companies, will have a blended …

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Saudi Arabian Military Industries (SAMI), a wholly-owned subsidiary of the Public Investment Fund (PIF), has signed a joint venture agreement to build a high-precision manufacturing facility in the kingdom to produce aircraft components. The deal with France’s FIGEAC AÉRO Group and the Saudi Arabian Industrial Investments Company (Dussur) will establish SAMI FIGEAC AÉRO Manufacturing. The …

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Kuwait Projects Co, the holding company with assets of about $33 billion, has appointed Sheikha Dana Nasser Sabah Al Ahmad as its CEO, in another senior appointment for a woman in the Gulf. Sheikha Dana was previously the CEO of Al Futtooh Holding Co and on Kuwait Projects’ board since 2020, according to a statement. …

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Abu Dhabi Ports and the Manufacturers Association of Israel (MAI) today signed an agreement to enhance trade, investment and technology cooperation between the United Arab Emirates and Israel, in the presence of His Excellency Falah Mohamed Al Ahbabi, Member of the Abu Dhabi Executive Council and Chairman of Abu Dhabi Ports. The Memorandum of Understanding …

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Khalifa Industrial Zone Abu Dhabi (KIZAD), a subsidiary of Abu Dhabi Ports, today announced the formation of a green ammonia production facility, targeting regional and international markets. Helios Industry, a privately-owned special project vehicle company (SPV), plans to invest over AED3.67 billion (USD1 billion) in the construction of the facility over several years, which it …

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United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, recently won 11 accolades in the 2021 Arabian Property Awards. The Pearl Island awards include Mixed Use Development award, Leisure Development award for Corinthia Yacht Club, Leisure Architecture award for Corinthia Yacht Club, Retail Architecture …

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Qatar and United States offer growth opportunities to businesses. The bilateral trade volume between the two countries is set to rise further as economies come out of coro-navirus pandemic, said a senior US official during a webinar. Natalie Baker, Chargé d’Affaires, US Embassy in Qatar discussed the key policy areas that play a role in …

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The total value of real estate transactions in the sales contracts registered with the Real Estate Registration Department of the Ministry of Justice from November 7 to 11, reached QR373,507,402. The types of real estate traded included vacant lands, houses, residential buildings, a com-mercial building and multi-purpose buildings. Most of the trading took place in …

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Leading Saudi real estate outfit Dar Al Arkan will mark its first foray into Qatar with the development of a “premium project” on Qetaifan Island North. The move comes following a deal struck between Dar Al Arkan and Qetaifan Projects, a leading Qatari real estate development company owned by Katara Hospitality. The project will include …

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The United Nations in Iraq has welcomed commitments made at COP26 in Glasgow but stresses the need for urgent action on these promises to limit climate change’s adverse impacts on human rights and sustainable development in Iraq. Commitments made at the UN Framework Convention on Climate Change (UNFCC) conference – attended by a Government of …

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The newly resuscitated Iraq National Oil Company (INOC) has been authorised by the government in Baghdad to directly negotiate with U.S. oil giant, Chevron, for it to develop the long-delayed Nasiriyah oil field in the southern DhiQar province, according to several domestic news sources. The idea of developing the 4.36 billion-barrel Nasiriyah oilfield has been …

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A robust month-on-month double-digit jump – particularly in printing as well as in the production of food, beverages and cement – led Qatar’s manufacturing sector to expand in March 2021, according to the Planning and Statistics Authority (PSA). The country’s Industrial Production Index (IPI) saw a 1.4% monthly increase this March despite the reintroduction of …

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The outlay provided for various projects in the third quarter are: infrastructure and roads (QR2.62bn), sewer and drainage (QR166.9mn), parks and green areas (QR71.7mn) and miscellaneous (QR84.7mn). According to the Ministry of Finance, the projects to be completed this year are Food Security Project, Doha Old Port and Lusail Light Rail Transit. The work on …

Continue reading “Newly awarded projects during Q3 total QR2.9bn: Ministry of Finance”

Ahead of the 2022 FIFA World Cup, the hospitality and tourism sector are expected to further stimulate economic activities and open new windows of opportunities to bolster the market, which is projected to grow at a compound annual growth rate of 12.1% between 2019 and 2022 to reach $1.4bn. This was revealed on the occasion …

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Deputy Prime Minister and Minister of Local Administration Tawfiq Kreishan on Saturday called for resolving all issues related King Abdullah II and Muwaqqar industrial estates that are home to 505 investment companies, providing 19,600 jobs. The prime minister after his visit to Mafraq Governorate, 80km northeast of Amman, has decided to form a ministerial committee …

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The ministerial committee for following up on the performance of the free and development zones on Saturday checked on Al Hassan Industrial Estate (HIE) and Irbid Development Zone (IDZ). Deputy Prime Minister and Minister of Local Administration Tawfiq Kreishan during his meeting with a number of investors at the HIE and the IDZ, said that …

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The volume of new investments in industrial estates for the first six months of 2021 increased by 2 per cent to JD73 million compared with JD71.3 million during the same period last year, the Jordan Industrial Estates Company (JIEC) said on Monday. The JIEC, since the beginning of the year, has signed 82 contracts with …

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With rubbish piling up in the desert, the United Arab Emirates has found a new way to get rid of its trash — incinerators that will turn it into electricity. The UAE, one of the world’s top oil NSE -1.70 % exporters, is building the Gulf region’s first waste-to-power plants to ease its chronic trash …

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The bonds, which is comprised of medium and long-term tranches, captured the demand of international and regional investors. Global books peaked at over $22.5 billion, a statement said. The announcement was made during a virtual media briefing where Younis Haji Al Khoori, Undersecretary of Ministry of Finance previewed the results of the subscription to the …

Continue reading “The UAE’s Ministry of Finance has successfully closed its offering of a $4 billion US dollar-denominated multi-tranche sovereign bond package.”

Kuwait-based ALAFCO Aviation Lease and Finance Company has signed a financing agreement worth $75 million to strengthen its operations as the travel industry looks to rebound from the global coronavirus pandemic. The Islamic Corporation for the Development of the Private Sector (ICD) and ALAFCO signed the four-year syndicated secured financing agreement with $50 million from …

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One of the world’s largest oil NSE -0.99 % producers, Saudi Arabia, announced Saturday it aims to reach “net zero” greenhouse gas emissions by 2060, joining more than 100 countries in a global effort to try and curb man-made climate change. The announcement, made by Crown Prince Mohammed bin Salman in brief scripted remarks at …

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Saudi Arabia, advised by the world’s largest fund manager BlackRock, has launched a national infrastructure fund to support up to 200 billion riyals ($53.32 billion) in projects over the next decade, state news agency SPA said on Monday. The National Infrastructure Fund will invest in areas such as water, transportation, energy, and health, contributing to …

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Saudi Arabia said on Wednesday it had licensed 44 international companies to set up regional headquarters in the capital Riyadh under the kingdom’s push to become a regional commercial hub and vie for foreign capital and talent. Among the 44 companies are multinationals in sectors including technology, food and beverages, consulting and construction including Unilever, …

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Saudi Arabia could go carbon neutral before its 2060 target if technology evolves quickly enough, its energy minister said on Wednesday, days before the COP26 climate summit. Prince Abdulaziz bin Salman said new processes enabling the “circular carbon economy” — a concept where waste carbon is captured and repurposed — were key to the world’s …

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The Saudi Arabia of today is far different from the Saudi Arabia of Sept. 11, 2001. All but four of the 19 hijackers on 9/11 were Saudi citizens, and the Saudi kingdom was the birthplace of Osama bin Laden, the head of al-Qaida and mastermind of the attack 20 years ago. In the two decades …

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Saudi Arabia’s economy posted a 1.8% annual growth in the second quarter, according to official gross domestic product (GDP) estimates, but the non-oil sector of the world’s largest oil exporter lost steam. The figures, published on Monday by the General Authority for Statistics, revised upwards earlier estimates of a 1.5% overall growth in the second …

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The value of Saudi Arabia’s imports from the United Arab Emirates (UAE) in July fell by 33% month on month, official data showed on Wednesday, after the kingdom imposed new rules in July on imports from other Gulf countries. Imports from neighbouring UAE fell to 3.1 billion riyals ($827 million) in July from 4.6 billion …

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When the OPEC+ alliance of oil producers gathers next week, group leader Saudi Arabia can savor a moment of triumph. Eighteen months after slashing crude production during the pandemic, Riyadh is set to pump at almost pre-Covid levels of 9.8 million barrels a day this month as a recovering global economy clamours for energy supplies. …

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A Saudi court on Sunday issued a final order on the restructuring of the Algosaibi family’s conglomerate AHAB, putting a formal end to one of Saudi Arabia’s largest and longest debt disputes. AHAB filed for a financial restructuring in 2019 under the framework of Saudi Arabia’s bankruptcy law, introduced the previous year to make the …

Continue reading “Saudi Aramco’s once again a $2trn company as oil soars”

Kuwait-based logistics giant Agility confirmed on Tuesday that it applied for a licence to establish a digital bank. The move is part of the company’s “ongoing focus on digital initiatives”, according to vice chairman and chief executive Tarek Al Essa in a statement to the Dubai Financial Market. However he said the application is in …

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The Global Portable Ventilators Market is estimated to be USD 770.5 Mn in 2021 and is expected to reach USD 1,080.8 Mn by 2026, growing at a CAGR of 7%. The factors fueling the growth of the portable ventilator market are increasing incidenc