Business

E-payments account for 79% of Saudi retail transactions in 2024: SAMA

the financial - 19 April, 2025

RIYADH: Electronic payments made up 79 percent of all retail transactions in Saudi Arabia in 2024, up from 70 percent the previous year, according...

GCC banks poised to weather global trade turbulence: S&P report

the financial - 18 April, 2025

RIYADH: Despite rising global trade tensions and heightened market volatility, banks across the Gulf Cooperation Council are expected to remain resilient, according to a...

Saudi asset management industry hits $266bn, poised for further growth: Fitch Ratings

the financial - 18 April, 2025

RIYADH: Saudi Arabia’s asset management industry grew by 20 percent year on year in 2024, pushing the sector’s total assets to SR1 trillion ($266...

Business

Abu Dhabi Chamber reveals surge in UAE F&B exports as revenues set to hit $38.3bn

the financial - 29 November, 2024

The UAE food and beverage industry is thriving and Abu Dhabi Chamber of Commerce and Industry is supporting businesses in the sector The Abu Dhabi...

Business

Saudi Arabia’s Diriyah Co. set to attract new wave of investors with $500m ticket sizes

the financial - 29 November, 2024

RIYADH: Saudi Arabia’s Diriyah Co. is attracting a new wave of global investors with potential ticket sizes of $500 million or more, according to the...

Business

Saudi Arabia reveals 33.8% annual spending boost on Vision 2030 projects

the financial - 29 November, 2024

RIYADH: Spending on Vision 2030 programs by Saudi Arabia has increased by an annual rate of 33.8 percent since the launch of the Kingdom’s...

Business

Salik collaborates with Parkonic, the largest private parking operator in the UAE, and expands geographically for the first time beyond the Emirate of Dubai

the financial - 28 November, 2024

Salik Company PJSC (“Salik” or the “Company”), Dubai’s exclusive toll gate operator, announces it has partnered with Parkonic, the UAE’s largest private sector parking...

Business

Indian rupee weakens against UAE dirham

the financial - 27 November, 2024

The Indian rupee weakened on Wednesday, pressured by strong demand for the U.S. dollar from public sector banks, mostly related to the monthly expiry...

Business

Closing Bell: Saudi main index closes in red despite $3.2bn in trade volume

the financial - 26 November, 2024

RIYADH: Saudi Arabia’s Tadawul All Share Index dropped by 0.65 percent or 77.18 points to settle at 11,787.72 points on Monday. The total trading turnover of the benchmark index was SR12.2 billion...

Business

Saudi Arabia’s fintech demand offers growth prospects for UK firms: London Lord Mayor

the financial - 26 November, 2024

RIYADH: UK-based fintech firms have an opportunity to address rising demand for fintech services in Saudi Arabia, according to the Lord Mayor of London. Speaking...

Business

Saudi Arabia’s non-oil exports surge 16.8% in Q3: GASTAT

the financial - 25 November, 2024

RIYADH: Saudi Arabia’s non-oil exports reached SR79.48 billion ($21.17 billion) in the third quarter of 2024, a rise of 16.76 percent compared to the same...

Business

Saudi stock market rises to 7th globally in size, says CMA chief

the financial - 24 November, 2024

JEDDAH: The Saudi stock market has experienced significant growth, now ranking seventh globally and showcasing the resilience of the real economy, according to Mohammed...

Business

Saudi CMA seeks feedback on foreign investment and market access reforms

the financial - 23 November, 2024

RIYADH: Saudi Arabia’s Capital Market Authority is seeking to attract more foreign investments and improve market accessibility by inviting feedback on proposed amendments to...

Business

UAE’s Lulu Retail Q3 net profit at $35.1mln on strong sales across markets

the financial - 22 November, 2024

Lulu Retail Holdings posted its Q3 net profit at $35.1 million, up 126% year-on-year (YoY). The UAE-based hypermarket chain operator which earlier this month...

Business

Saudi local content projects valued at $213bn by Q3 2024, says Alkhorayef

the financial - 22 November, 2024

JEDDAH: The value of projects under Saudi Arabia’s local content initiatives has reached approximately SR800 billion ($213 billion) by the third quarter of 2024,...

Business

Indian rupee hits new all-time low against UAE dirham

the financial - 22 November, 2024

The Indian rupee weakened to its all-time low on Thursday, pressured by likely foreign outflows from local stocks and renewed strength in the dollar...

Business

Saudi Arabia raises $910m in November sukuk offering

the financial - 21 November, 2024

RIYADH: Saudi Arabia’s National Debt Management Center has completed its riyal-denominated sukuk issuance for November, raising SR3.41 billion ($910 million), a 28.19 percent year-on-year...

Business

Saudi hotel industry sees 11.4% spending surge, amid overall weekly POS decline: SAMA

the financial - 21 November, 2024

RIYADH: Spending in Saudi hotels saw a week-on-week increase of 11.4 percent between Nov. 10 and 16, reaching SR399.7 million ($106.4 million), according to the...

Business

COP29: Developing countries urge action on climate finance deal

the financial - 20 November, 2024

Measures available to manage the rising global temperature are not sufficient, a leading Thai official has told the UN’s climate change conference in Baku. Speaking...

Business

UAE to become one of world’s biggest gold trade hubs after surpassing UK

the financial - 19 November, 2024

The UAE is becoming one of the most important hubs for gold trade in the coming years, a recent report by the DMCC revealed. This...

Business

Saudi Arabia, Tunisia sign deal to boost bilateral investments

the financial - 19 November, 2024

Deal focuses on sharing regulations and laws to enhance investment environment in both countries Talks covered several sectors of mutual interest, including industry, transport, and...

Business

Saudi Arabia’s demand for apartments pushes new mortgages over $16bn

the financial - 18 November, 2024

RIYADH: Banks in Saudi Arabia granted SR60.92 billion ($16.24 billion) in residential mortgages in the first nine months of 2024, an annual rise of 4.88...

Business

Saudi Arabia’s official reserves reach $457bn, up 4%

the financial - 18 November, 2024

RIYADH: Saudi Arabia’s official reserve assets reached SR1.71 trillion ($456.97 billion) in September, marking a 4 percent increase year-on-year, according to new data. Figures released by...