MENA

Alpha Dhabi records $3 billion net profit in 9 months

The Group achieved revenue of $12 billion, representing a 36 percent year-on-year increase 

81.4 percent of Japan’s oil imports sourced from UAE, Saudi Arabia in September 

UAE stood out with 31.33 million barrels, while Saudi contributed 27.98 million barrels 

Sharjah real estate sees 69,078 transactions worth $7.62 billion in 9 months

UAE nationals contributed $3.72 billion through the purchase of 22,908 properties 

UAE’s non-oil sector projected to grow between 4 percent and 5 percent in 2025: IMF

The country's economic growth is projected to lead region in 2025, says Dr. Azour

Sheikh Mohammed bin Rashid issues Decree on Board of Dubai Electronic Security Centre

As per the Decree, Tamim Mohammed Al Muhairi will serve as Vice Chairman

764 major deals drive $15.79 billion in Abu Dhabi, Dubai bourses this year

At ADX, there were 549 transactions, encompassing 16.6 billion shares valued at AED55.4 billion

Global climate investment gap projected at $2.7 trillion annually by 2030, warns Moody’s

The report noted that investment has risen since the Paris Agreement, but reaching net zero by 2050 needs much more effort 

Oil prices surge as OPEC+ weighs production delays and U.S. gasoline stockpiles drop to two-year low

Brent crude futures, now reflecting the January contract, increased by $1.41, or 2 percent, reaching $74.22 a barrel

Google launches AI Opportunity Initiative for MENA region with $15 million funding

New initiative aims to further empower half a million individuals within two years with critical AI skills

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