| Why corporate optimism in Saudi Arabia and UAE remains widespread despite global economic headwinds
A new survey of business leaders in Saudi Arabia and the UAE reveals widespread corporate optimism in the two countries about the coming year, despite the uncertainties and challenges that have plagued the global economy in 2022. |
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| Saudi Arabia’s PIF announces establishment of Aseer Investment Company
Saudi Arabia’s Public Investment Fund has established a company to operate as its investment arm in the Aseer region of Saudi Arabia. |
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| Capital markets need to step in to secure Vision 2030 goals: S&P Global
Saudi Arabia’s banking sector will not be able to fund all of the Kingdom’s Vision 2030 projects, according to a report which said more private investment is needed. |
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| UAE petrol prices: Motorists relieved after prices slashed for December
Motorists were relieved after the UAE fuel price committee slightly reduced petrol rates for the month of December despite global crude oil prices staying on the higher side. |
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| Egypt signs $1.1 billion renewable energy deal with AMEA Power
Egypt has sealed an agreement with AMEA Power a $1.1 billion agreement for a solar project and a wind farm with a combined capacity of about 1 gigawatt (GW). |
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| Gulf Islamic Investments launches a $100m Shariah-compliant debt fund
GDF-I will focus on supporting high growth companies in resilient sectors such as consumer, healthcare, education, logistics, technology, and technology enabled businesses in the GCC region and high growth Indian companies looking to expand in the GCC and internationally. |
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| Adnoc working with Goldman Sachs on gas business
Abu Dhabi National Oil company (Adnoc) has engaged Goldman Sachs to work on consolidation of its gas operations for a planned stock market flotation next year, two sources close to the transaction told Reuters. |
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| Dubai rents witness a 27% jump in 2022
The Dubai rental market continues its boost as the average rent witnesses a jump of 27 per cent this year, with the demand also getting a major boost in line with strong economic activity in the emirate, according to the Zoom Property Insights. |
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| Saudi Arabia extends term for $5 billion Egypt central bank deposit
Saudi Arabia on Tuesday extended the term for a $5 billion deposit the Kingdom made to Egypt’s central bank, Saudi Press Agency reported. |
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| Strong credit growth reflects GCC's economic rebound
Credit growth in the GCC remained strong during third quarter 2022 despite higher interest rates, underscoring strong economic activity and business confidence in the region. |
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| How European VAT decisions could impact UAE businesses
The European Court of Justice (ECJ) is amongst the leading judicial authorities whose decisions are accepted as authoritative precedents by the tax authorities across the globe. |
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| Rising Riyadh home prices push deals value up 6% but volume falls
As residential prices continue to rise in Saudi Arabia’s cities, the total transaction value of houses in the Kingdom has increased by 6 percent compared to this time last year, the latest report from global property consultancy firm Knight Frank showed. |
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| Economic performance of Bahrain, Oman expected to improve as oil prices surge: S&P
RIYADH: With oil revenue projected to rise amid strengthening crude prices, S&P Global Ratings expects Bahrain and Oman to improve their economic performance as the Gulf nations continue with their fiscal reforms. |
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| Middle East Asia-Pacific to account for 58% of global air passengers by 2040: ACI
RIYADH: Air passenger demand is likely to double globally over the next 20 years, with Asia-Pacific and the Middle East accounting for 58 percent of the volume, according to a report by Airports Council International. |
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| Top 10 Saudi banks’ net profits surge 9.3% in Q3 as interest income rises: Report
RIYADH: The aggregate net profit of Saudi Arabia’s top 10 banks increased by 9.3 percent to SR16.5 billion ($4.39 billion) in the third quarter of 2022, compared to the previous three months, as rising interest income boosted their performance, an analysis done by professional services firm Alvarez & Marsal showed. |
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| ACWA Power expands Indonesian portfolio thanks to partnership with state electricity firm
RIYADH: Saudi energy firm ACWA Power will work with Indonesia’s state-owned electricity provider to develop battery storage for renewable energy facilities and green hydrogen development in the Asian country. |
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| BEEAH Group paves way for a sustainable future in the region
RIYADH: Saudi energy firm ACWA Power will work with Indonesia’s state-owned electricity provider to develop battery storage for renewable energy facilities and green hydrogen development in the Asian country. |
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| EmaraTax a cornerstone to shape future of UAE tax system: Official
The new and improved integrated digital tax service platform EmaraTax, set to be launched by the Federal Tax Authority (FTA) in a few days, will be a cornerstone of our efforts to shape the future of the UAE tax system,” asserted FTA Director General Khalid Ali Al Bustani at an awareness seminar the Authority organised for the platform. |
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| Airbus may delay some 2023 jet deliveries on supply chain issue
Airbus is preparing the ground for further delays to planned delivery dates of some medium-haul aircraft in 2023 even as it races to meet delivery targets for 2022 in the face of supply chain and labour problems, three industry sources said. |
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| Dubai Chambers unveils plans to expand roles of business councils
Dubai Chambers has unveiled new plans to establish new country-specific business councils operating in Dubai and expand their roles to support ongoing efforts to boost Dubai’s non-oil foreign trade and create new channels of economic cooperation between business communities in the emirate and promising markets around the world. |
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| Experts to explore $69.27 billion opportunities in leisure sector
The global amusement parks market grew from $42.68 billion in 2021 to $69.27 billion in 2022 at a compound annual growth rate (CAGR) of 62.3 percent, according to research reports. The amusement parks market is expected to grow to $140.5 billion in 2026 at a CAGR of 19.3 percent. |
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| UAE announces expanding salary support to citizens in private and banking sectors
The UAE government has expanded the salary support it offers to Emiratis hired in the private and banking sectors. |
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| Qatar reviewing London investments after advert ban: Report
Qatar is reviewing its London investments following a decision by the city’s transport authority to ban Qatari adverts from its bus, taxi, train and underground network, the Financial Times reported. |
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| Kuwait is the first investor in Jordan with USD 18 bln
Kuwait’s ambassador to Jordan, Aziz Al-Daihani, said on Saturday that Kuwait is the first investor in Jordan with an amount of 5.5 billion Kuwaiti dinars (USD 18 billion). |
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| S&P awards Boubyan Bank the highest credit rating in Kuwait
Boubyan Bank took a new step towards further achievements as it approached the end of this year by receiving a new upgrade of its credit rating from Standard & Poor’s Ratings, which upgraded the bank’s long-term issuer credit rating to “A”, and revised its Outlook to “Stable”, while upgrading its SACP rating to “bbb+”. |
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| ENBD REIT announces stable interim dividend of $4.5 million or $0.018 per share
ENBD REIT, the Sharia-compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced its net asset value (NAV) as at September 30, 2022, reflecting a continued improvement to $172 million ($0.69 per share), up from $166 million the previous quarter and $164 million as of September 30, 2021. |
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| Flurry of R&D cooperation deals signed as Sustainable Partnerships Conference ends
More than 50 cooperation and research partnership agreements were signed between universities and various sectors at the Sustainable Partnerships Conference held in Riyadh. |
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| Saudi CMA approves registration and IPO of Aramco’s Luberef shares
Saudi Arabia’s Capital Market Authority has approved the registration and initial public offering of 50 million shares of Saudi Aramco Base Oil Co.’s Luberef refinery unit, accounting for 29.6 percent of the firm’s share capital, according to a statement. |
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| UAE: Experts discuss importance of arbitration in enhancing economic environment
Sharjah International Commercial Arbitration Centre ‘Tahkeem’ organised a panel discussion titled ‘Horses for Courses’ as part of the fourth edition of Dubai Arbitration Week 2022. |
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| UAE firms best Q3 performers in GCC
Profits of listed companies across the GCC witnessed a quarter-on-quarter decline of 8.0 per cent while those in the UAE recorded higher profits during the third quarter 2022. |
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| Saudi Tourism Development Fund allocates $266m to back 50 projects, reveals minister
The Saudi Tourism Development Fund has allocated SR1 billion ($266 million) to back up to 50 medium and small projects the Kingdom’s Minister of Tourism Ahmed bin Aqil Al-Khatib has announced. |
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| Saudi listed firms’ net profit soars 32% as energy, banking sectors shine
Energy firms and banks helped fuel a 32 percent year-on-year rise in aggregate profits for listed companies in Saudi Arabia in the third quarter of 2022, according to a report released by Kamco Invest. |
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| Saudi investment ministry signs $1.86bn deal with Nestle to invest on food industries over 10 years
Saudi Arabia’s Ministry of Investment signed an MoU to establish a cutting-edge manufacturing site, a research and development program in the Kingdom and Nestle’s first business incubator and upliftment program for Saudi talent. |
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| UAE market goes into overdrive as economy improves
The UAE business fraternity puts the pedal to the metal this week with a slew of announcements reflecting its capital adequacy and financial stability in the public and private sectors. |
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| UAE to touch over 6% in GDP growth in 2022, buoyed by economic tailwinds
RIYADH: The gross domestic product growth of the UAE is expected to reach over 6 percent in 2022, firmly outperforming the 3.8 percent rate registered last year, said a senior official of the International Monetary Fund. |
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| Saudi Arabia a key market for Deutsche Bank as it eyes expansion: top official
RIYADH: Germany’s Deutsche Bank AG is considering Saudi Arabia and Indonesia as its key markets for expansion, as governments in the resource-rich nations are spending heavily, according to a top official. |
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| Saudi Arabia to launch index to measure investment funds’ performance: CMA official
RIYADH: Saudi Arabia is on track to launch an index to measure the performance of investment funds in the market, Asharq reported, citing the assistant undersecretary of Listed Companies and Investment Products at the Capital Market Authority. |
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| Saudi Aramco signs 59 agreements under iktva program to create 5,000 jobs
RIYADH: Saudi Aramco, one of the biggest energy producers in the world, has signed 59 corporate procurement agreements under its ‘In Kingdom Total Value Add’ program with 51 local and global manufacturers. |
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| Saudi fish production to touch 119,000 tons in 2022, offering 59% self-sufficiency
RIYADH: Saudi Arabia's fish production is expected to reach 119,000 tons by the end of this year, moving the Kingdom close to 60 percent of self-sufficiency, said the minister of environment, water, and agriculture. |
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| Adnoc Drilling purchases three high-specification jack-up rigs
Adnoc Drilling Company on Monday announced that it has signed an agreement to acquire an additional three brand new high-specification offshore jack-up drilling units. |
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| Qatar signs 27-year deal with China as LNG competition heats up
QatarEnergy has signed a 27-year deal to supply China’s Sinopec with liquefied natural gas (LNG), the longest such LNG agreement so far as volatile markets drive buyers to seek long-term deals. |
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| Qatar signs world's 'longest' gas supply deal with China: energy minister
Qatar's state energy company announced a 27-year natural gas supply accord with China on Monday, saying it was the longest ever seen in the industry. |
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| Abu Dhabi records 41% rise in realty deals in Q3
In Abu Dhabi, registered real estate sales reached 1,835 transactions compared to 1,299 transactions in Q3 2021, recording a sharp increase of 41 per year on year, and 11 per cent quarter-on-quarter, driven by the outstanding performance for the off-plan transactions, Property Finder Market Watch, the latest quarterly report from Property Finder, showed on Monday. |
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| Bahrain secures $291m tourism sector investments in 2022
The Bahrain Economic Development Board has secured 110 million Bahraini dinars ($291 million) in direct investment in the tourism sector during the first nine months of 2022, according to a statement. |
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| Saudi SMEs need to transform into resilient, tech-savvy operations to go global: KPMG
Industrial small and medium enterprises in Saudi Arabia will have to transform into resilient and technologically savvy operations in order to go global and be able to compete internationally, according to a report by the multinational professional services network KPMG. |
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| Saudi Central Bank to kick off Qualification Program to aid insurance sector
The Saudi Central Bank, also referred to as SAMA, has announced the kickoff of a Qualification Program to aid the financial departments in the insurance sector, according to a statement. |
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| Geidea empowers women to compete in Saudi fintech boom
Saudi fintech firm Geidea has launched a training program in partnership with The London Institute of Banking and Finance to support women in the fintech sector. |
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| Top 10 UAE banks’ profitability surges 15.1% in Q3
The top ten UAE banks’ profitability in the third quarter 2022 jumped on the back of higher core interest income despite a slowdown in loans and advances growth, according to a leading global professional services firm. |
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| VAT on director’s services in UAE: six things to know
Individuals now have another reason to cheer on at this new year. Effective January 1, 2023, functions of a member of a board of directors performed by a natural person will no longer be treated as a supply of services. The remuneration received by the individuals to perform director’s functions will thus be outside the scope of VAT. |
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| Taqa 9-month net income surges 53% on higher commodity prices
Abu Dhabi National Energy Company, popularly known as Taqa, on Monday said its net income surged 53 per cent to Dh6.5 billion during the first nine months of 2022 while group revenue climbed 14 per cent to Dh38.7 billion due to higher commodity prices within the oil and gas segment. |