| Closing Bell: Saudi main index slips to close at 12,053 Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 15.82 points, or 0.13 percent, to close at 12,053.15. |
| stc revenues reach KD 261.8m for 9 months of 2024; net profit KD 24.7m Kuwait Telecommunications Company (stc), a world-class digital leader providing innovative services and platforms to customers and enabling the digital transformation in Kuwait, announced its financial results for the nine months period ended September 30, 2024, highlighting the most significant achievements, financial and operational performance in addition to the social initiatives made by the company during 2024. |
| Saudi Arabia nears cashless society with 98% contactless payment: Visa executive Saudi Arabia has achieved 98 percent adoption of contactless payments for in-person transactions, a leap from just 4 percent in 2017, according to a top Visa executive. |
| Saudi private sector investments in Africa to reach $25bn: finance minister Saudi private sector investments in Africa are expected to reach $25 billion in the next 10 years as economic and trade cooperation between the Kingdom and the continent strengthens, said a top minister. |
| Saudi ACWA Power’s investment in Africa reaches $7bn, CEO says Saudi ACWA Power has invested $7 billion in Africa to date, according to the electric power generation company’s CEO. |
| ACWA Power reaches 50 MW at South Africa’s Redstone solar plant Saudi utility firm ACWA Power has achieved a milestone of 50 megawatts at its Redstone Concentrating Solar Power plant in South Africa and is set to reach full capacity soon. |
| Africa’s economic vitality is key to global stability, says Saudi minister Africa’s economic vitality has a profound impact on global stability, Saudi Arabia’s Minister of Investment Khalid bin Abdulaziz Al-Falih emphasized during a forum ahead of the Future Investment Initiative event. |
| ABK reports 19% increase in net profit to KD 38.83 million for 9 months of 2024 Al-Ahli Bank of Kuwait (ABK) proudly announced its robust 9-month 2024 financial results, once again affirming its position as a leading financial institution. |
| Closing Bell: Saudi benchmark index up 1.54% to close at 12,068 Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 182.91 points, or 1.54 percent, to close at 12,068.97. |
| Saudi Aramco’s Wa’ed Ventures earmarks $100m for AI investments Saudi Arabia’s $500 million venture capital fund, Wa’ed Ventures, a wholly-owned subsidiary of Aramco, has earmarked $100 million to invest in artificial intelligence startups. |
| Saudi Arabia signs localization agreements for wind energy steel towers Steel towers for wind energy systems will soon be manufactured in Saudi Arabia following the signing of two agreements by the Kingdom’s Local Content and Government Procurement Authority. |
| Saudi-UAE trade soars 25% to $30bn amid strengthened economic ties Saudi Arabia’s trade with the UAE has experienced a 25 percent increase, highlighting a significant boost in economic collaboration between the two nations. By the end of 2023, the trade volume reached SR113 billion ($30 billion), up from SR90 billion in 2019. |
| Middle Eastern coastal towns transition to permanent communities Coastal towns across the Middle East are undergoing a significant transformation, evolving from seasonal vacation spots into vibrant, year-round communities. |
| Saudi Arabia’s real estate price index rises 2.6% in Q3: GASTAT Saudi Arabia’s real estate price index rose by 2.6 percent in the third quarter of 2024 compared to the same period last year, driven by growth in residential sector expenses, according to official data. |
| UAE the top destination for Saudi Arabia’s non-oil goods: GASTAT Saudi Arabia’s neighbor UAE was the favorite destination for the Kingdom’s non-oil goods in August, with exports seeing a monthly rise of 10.42 percent to reach SR6.78 billion ($1.81 billion) |
| Pakistan, Saudi Arabia vow to increase cooperation between small and medium enterprises Pakistan’s Minister for Industries and Production Rana Tanveer Hussain met with Saudi Arabia’s Governor of Small and Medium Enterprises General Authority Sami bin Ibrahim Al-Husseini on Thursday agreed to enhance cooperation between the two countries in the SME sector. |
| UAE banks extend $22bn in loans to SMEs in H1 of 2024: CBUAE UAE banks provided 81.2 billion dirhams ($22.1 billion) in loans and financial facilities to small and medium-sized enterprises by the end of the first half of 2024, according to official data. |
| Saudi Central Bank’s governor highlights global, domestic economic resilience at IMF meeting Ayman Al-Sayari, the governor of the Saudi Central Bank, emphasized on Friday the resilience of the global economy despite ongoing challenges. |
| Closing Bell: Saudi main index slips to close at 11,886 Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 15.71 points, or 0.13 percent, to close at 11,886.06. |
| IsDB approves $156m deal for cancer treatment facilities in Turkmenistan The Islamic Development Bank has approved a $156.3 million financing agreement to build three state-of-the-art cancer treatment facilities in Turkmenistan. |
| GCC sovereign wealth funds lead global dealmaking with $55bn in transactions Sovereign wealth funds across the Gulf Cooperation Council signed off $55 billion across 126 transactions in the first nine months of 2024, accounting for 40 percent of global deals, a new report showed. |
| Saudi Arabia surpasses FDI targets with $26bn inflows in 2023 Saudi Arabia’s foreign direct investment inflows reached SR96 billion ($25.6 billion) in 2023, marking a 50 percent annual increase from the previous year, according to recent data. |
| Dubai jobs: 185,000 vacancies to open up by 2030 in aviation sector Dubai's aviation sector is expected to create 185,000 new jobs by 2030, bringing the total number of people working in aviation-related activities to 816,000, according to a new report released by Emirates Group and Dubai Airports on Thursday. |
| Saudi Arabia’s non-oil exports surge by 7.5% in August: GASTAT Saudi Arabia’s non-oil exports, including reexports, rose by 7.5 percent in August, reaching SR27.52 billion ($7.33 billion) compared to the same month last year, official data showed. |
| Saudi Arabia pushes for global economic cooperation Saudi Arabia has urged for stronger multilateral cooperation to promote sustainable economic growth during the annual meeting of global financial institutions in Washington. |
| Saudi hotel spending rises 8.5% despite overall drop in POS transactions: SAMA Hotel spending in Saudi Arabia surged by 8.5 percent during the week of Oct. 13— 19, reaching SR293.8 million ($78.2 million), despite an overall decline in point-of-sale transactions, official data showed. |
| Human resource development crucial for Saudi industrial sector, official highlights Developing human resources within Saudi Arabia’s industrial sector is crucial to staying on top of the market, particularly as technology continues to evolve, an official has emphasized. |
| Closing Bell: Saudi bourses edge down Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, shedding 51.32 points to close at 11,956.99. |
| Saudi economy to achieve 4.6% growth, among highest in GCC by 2025: IMF Saudi Arabia’s economy is set to expand by 1.5 percent and 4.6 percent in 2024 and 2025, respectively, according to an analysis by the International Monetary Fund. |
| Saudi Arabia announces $13.3bn of investment deals at Global Health Exhibition Speaking on the opening day of the Global Health Exhibition in Riyadh on Monday, the Saudi minister of health, Fahad Al-Jalajel, announced imvestment deals in the sector worth more than SR50 billion ($13.3 billion). |
| Multilateral action needed to promote sustainable economic growth, says Saudi finance minister Multilateral action should be adopted to address current risks and promote future sustainable economic growth and human development, a top Saudi official reiterated. |
| Saudi Arabia raises $2.09bn in October sukuk issuance Saudi Arabia’s National Debt Management Center raised SR7.83 billion ($2.09 billion) through its riyal-denominated sukuk issuance in October, a sharp 201 percent increase from the previous month. |
| Saudi Arabia opens bidding for 7 mining licenses in Makkah and Riyadh regions Saudi Arabia has invited local and international investors to compete for seven mining exploration licenses across the Makkah and Riyadh regions, covering a combined area of 1,070 sq. km. |
| Saudi Arabia, UAE lead GCC IPO activity with $1.7bn raised in Q3: Markaz Saudi Arabia and the UAE led the initial public offering activity in the Gulf Cooperation Council in the third quarter of the year, raising $1.7 billion, a 6 percent increase from the previous year, an analysis showed. |
| KFH reports net profit of KD 482.9 million up to end of Q3 2024, an increase of 4.6% Chairman of Kuwait Finance House (KFH) Hamad Abdulmohsen Al-Marzouq announced that KFH has, by the grace of Allah, achieved a net profit for its shareholders of KD 482.9 million ($1.58 billion) up to the end of the third quarter of 2024, an increase of 4.6 percent compared to the same period last year. |
| Dammam leads Saudi cities with major gains in Kearney’s global index The Saudi city of Dammam has emerged as a standout performer in Kearney’s 2024 Global Cities Index, achieving a 19-rank increase in the “Business Activity” dimension. |
| Saudi Arabia’s Capital Market Authority invites feedback on new funds regulations Saudi Arabia’s Capital Market Authority is inviting feedback on proposed amendments to the Investment Funds Regulations, encouraging stakeholders, market participants, and the public to share their insights. The consultation period will run for 15 calendar days, concluding on Nov. 5. |
| Al-Baha to build $2bn medical facility thanks to deal signed at Global Health Exhibition Saudi Arabia’s Al-Baha region is set to develop a medical facility worth over SR7 billion ($2 billion), reinforcing the Kingdom’s commitment to advancing health care infrastructure. |
| GCC banks capable of handling potential funding outflows: S&P Global Gulf Cooperation Council banks are well equipped to manage potential funding outflows in the event of ongoing regional conflicts thanks to strong liquid assets, an analysis has found. |
| Qatar’s CPI up 0.82% annually in September Qatar’s consumer price index for September reached 107.82 points, up 0.82 percent year on year, driven by a rise in recreation and culture group costs, new figures revealed. |
| Closing Bell: Saudi markets close in green at 12,008 Saudi Arabia’s Tadawul All Share Index rose by 1.06 percent, or 125.38 points, to reach 12,008.31 points on Monday. |
| Closing Bell: Saudi main index slips to close at 11,882 Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 24.50 points, or 0.21 percent, to close at 11,882.93. |
| Saudi Arabia’s PIF launches new property developer to transform staff housing market Saudi Arabia’s Public Investment Fund has established a new property developer focused on housing for staff involved in major construction projects. |
| Abu Dhabi announces up to Dh500,000 loan offer for Emiratis Emiratis who have taken out a loan to build or purchase a house can apply for a top-up of up to Dh500,000 under the Abu Dhabi government's new initiative, it was announced on Saturday. |
| Saudi Arabia and Spain discuss opportunities in drone and automotive industries Saudi Arabia is exploring partnerships with Spanish companies in drone technology, automotive components, and geological surveying, as the Kingdom’s industry minister held talks with business leaders in Madrid. |
| Saudi restaurant and cafe sales boost August POS spending to $15.6bn Saudi Arabia’s point-of-sale spending reached around SR58.51 billion ($15.6 billion) in August, marking a 9.67 percent rise compared to the same month last year, according to the latest data. |
| Riyadh sees 19% surge in Grade A office space rents in H1: JLL Rents for Grade A office spaces in Riyadh reached SR2,090 ($556.43) per sq. meter annually in the first half of this year, a 19 percent increase from the same period in 2023. |
| Saudi Arabia, China forge tourism partnerships to boost investment, travel Officials from Saudi Arabia and China have begun discussions to enhance tourism ties, boost investment, and expand travel opportunities. |
| Oman’s credit balance reaches $81.6bn in August Oman’s total credit balance in the banking sector grew 3.3 percent in August, reaching 31.4 billion Omani rials ($81.6 billion), official data showed. |
| UAE’s economic growth remains robust on reforms, investments The UAE’s economic outlook for 2025 is positive, supported by ongoing infrastructure development plans including to raise oil and gas production capacity, a still-buoyant real estate and construction sector and surging tourism. |