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economy
Logistics
FedEx inaugurates $350.93 million hub at Dubai World Central
The new facility boasts AI-equipped high-speed X-ray machines
Miscellaneous
Major Tesla supplier Forvia to cut 10,000 jobs in Europe
Job cuts will be distributed across France, Germany, Poland, Spain
Economy
Saudi Arabia’s strategic reforms propel it to top spots in Kearney’s Global Retail Development Index
This positive development reflects the Kingdom's strategic shift away from oil dependence
Banking & Finance
GCC banks’ strong profitability provides robust shield against potential losses from cyber incidents
No significant losses from cyber incidents for rated GCC banks
Logistics
ADNOC L&S achieves $620 million in 2023 net profits
A 138 percent YoY increase
Economy
113th Arab Economic & Social Council: UAE reiterates support for joint efforts to achieve sustainable economic development
H.E. Bin Touq highlights UAE’s keenness to strengthen Arab level cooperation in new economy sectors
Logistics
AD Ports Group reports $370.28 million in net profit for 2023
Growth primarily driven by the Maritime & Shipping, Ports, Logistics, and Digital Clusters
Banking & Finance
Saudi Arabia’s 2023 budget generates $322.6 billion in revenues
Non-oil revenues in 2023 surged by 11 percent YoY
Economy
Oil and beyond: The Middle East economies’ path to new horizons
Region expected to grow by less than 3 percent in 2024
Markets
Saudi Arabia closes February sukuk issuance at $2.09 billion
Issuance was divided into three tranches
Banking & Finance
Air Arabia sees net profit rise 27 percent to $408 million in 2023
Driven by expanding operations, new routes fuel growth
Logistics
UAE, India forge trans-continental trade corridor agreement
Building bridges, expanding regional connectivity
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