MENA

Qatar’s Ooredoo reports $4.85 billion revenue in first nine months of 2024

EBITDA rose by 4 percent to $2.11 billion, resulting in an EBITDA margin of 44 percent

Dubai Reef achieves key milestone with first 1,000 purpose-built reef modules fabricated

The initiative aims to deploy a total of 20,000 specially designed reef modules of varying sizes over a span of three years 

stc Group’s tali ventures leads $10 million investment in Series B funding for NorthLadder

This funding round was spearheaded by tali ventures, with additional contributions from the Dutch Founders Fund and Crescent Ventures

S&P predict robust growth in UAE Islamic finance driven by non-oil economy, $6.1 billion sukuk surge 

The agency notes a rise in foreign currency sukuk issuance, particularly in real estate and finance, to attract foreign investment 

Binghatti launches $1.36 billion Skyrise project in Business Bay

This launch further aligns with Binghatti's ambitious goal to expand its project portfolio to exceed AED100 billion within the next 18 months

FII8: Non-oil GDP now represents 52 percent of Saudi economy, Aljadaan says

The Minister noted that women's participation in the workforce has reached 35 percent, surpassing the vision's target of 30 percent 

FII8: stc Group joins hands with three new partners for Sustainability Champions program

The Group further reinforces its commitment to sustainability, connectivity, and technological advancement at FII8

FII8: Saudi Arabia strengthens framework for high-integrity carbon markets to achieve national emission reduction targets

Strategic collaboration between the Regional Voluntary Carbon Market Company, Clean Development Mechanism Designed Authority

FII8: PIF and Google Cloud to launch global AI hub in Saudi Arabia to support ICT goals, foster tech partnerships

This partnership grants customers access to Google Cloud’s technology, boosting growth and AI delivery 

Oil prices soar on optimism over U.S. demand, potential OPEC+ output delays

Brent crude futures were up by 47 cents, or 0.65 percent, reaching $73.02 a barrel

Dubai Internet City: 25 years of transforming Middle East’s digital landscape, empowering global tech firms

Dubai Internet City’s ecosystem has grown in 2024 to include multinational corporations, start-ups, and Fortune 500 companies 

Air Arabia Abu Dhabi to introduce new direct flights to Russia’s Yekaterinburg starting December 27

This new non-stop service will run twice weekly, offering convenient access between Zayed International Airport and Koltsovo International Airport

Egypt signs MoU with DP World to explore development of 500-acre public free zone 

This initiative aims to target key industries such as electronics, automotive, apparel, and footwear

Etihad Airways to launch new flights to Egypt’s Al Alamein starting July 2025

The move will offer travelers direct access to the Al Sahel region, renowned for its vibrant and rapidly developing coastal resorts 

Dubai Real Estate Sector Strategy 2033 set to ignite surge in transactions, attract global investments

The strategy seeks to elevate economic impact through enhanced transparency and strategic investment initiatives

FII8 conference explores geoeconomics and future investments

Highlighting the need for investment, development support, and strong legal frameworks to attract international investors 

UAE gold prices soar, global rates hit record high ahead of Diwali

Markets are also bracing for a series of economic indicators in the coming days 

Oil prices climb following unexpected draw in U.S. oil stocks, anticipation of key economic data

Brent oil futures for December delivery climbed 0.5 percent to $71.50 per barrel

Dubai’s du profits rise 49.7 percent to $517.2 million in nine months

During Q3, net profit surged to AED719 million, representing the highest quarterly net profit in the past three years

Emirates strengthens connectivity, expands travel options through new MoUs with Vietnam Airlines and VietJet

The MoUs were formalized during the Vietnam - UAE Business Forum, which took place recently at the Hilton Dubai Palm Jumeirah 

Qatar records $4.85 billion surplus of foreign merchandise trade in September 2024

Imports of goods reached approximately $2.71 billion, up 4.9 percent YoY

Sheikh Mohammed approves Dubai’s largest ever budget for 2025-2027 with $82.2 billion expected revenue

For FY 2025, estimated expenditures are set at AED86.26 billion, with anticipated revenues of AED97.66 billion