Economics

Crypto theft loss doubles to $1.38 billion in first half of 2024: Report

Five incidents accounted for 70 percent of the total amount stolen so far this year

Dubai sees 190 prime property deals over $10 million in H1 2024 as supply drops: Report

The emirate's prime residential markets face a 47 percent supply shortage, with only 2,851 properties available

Saudi banks post $1.95 billion in aggregate profits for May 2024, reaching 14-month high

Cumulatively, banks recorded a total profit of $9.27 billion in the first five months of 2024

DEWA’s IPWP model attracts $11.87 billion investment over 10 years

Key projects include the Mohammed bin Rashid Al Maktoum Solar Park, which aims for 5,000MW by 2030 at AED50 billion

Oil prices steady amid storm threat and demand concerns

Brent crude futures for September delivery edged up 0.2 percent to $86.67 per barrel

UAE’s ADNOC, JBIC sign $3 billion green financing agreement

The credit facility is part of JBIC's GREEN lending program and is partially supported by Japanese commercial banks

Kuwait projects $61.7 billion budget revenues over next four years

Kuwait needs economic reforms for fiscal sustainability and diversifying non-oil revenues, says Minister

Saudi Arabia issues 121,521 business registrations in Q2 2024, up 78 percent year-over-year

E-commerce saw a 17.47 percent yearly increase, reaching 40,697 registrations

14 Saudi sports clubs slated for privatization in latest push to modernize industry

The first batch of clubs includes Al-Zulfi, Al-Nahda, Al-Okhdood, Al-Ansar, Al-Orouba, and Al-Kholood

China’s service trade soars to $415.6 billion in first five months of 2024, posting 16 percent growth

Exports amounted to approximately 1.22 trillion yuan, up 11 percent, while imports stood at 1.8 trillion yuan

Qatar’s non-oil private sector hits fastest growth in a year and a half, PMI reaches 55.9 in June

Companies continued to expand employment and the 12-month outlook remained strong

Saudi Arabia’s PIF expands Middle East-Asia Investments, invests $500 million in Hong Kong conglomerate

The investment includes $100 million in five-year convertible debentures and $400 million in a five-year loan