Economy Middle East

Saudi Arabia

Saudi Cabinet greenlights agreement for setting up IMF regional office in Riyadh
Economy

Saudi Cabinet greenlights agreement for setting up IMF regional office in Riyadh

The initiative seeks to enhance the presence and collaborative efforts of the IMF with Arab institutions

EFG Hermes concludes advisory on Cenomi retail’s sale of a portfolio of fashion brands to Abdullah Al-Othaim Fashion
Banking & Finance

EFG Hermes concludes advisory on Cenomi retail’s sale of a portfolio of fashion brands to Abdullah Al-Othaim Fashion

In December 2023, Cenomi Retail acquired 100 percent of the share capital of Innovative Outfit Trading Company

Egypt’s Modern Gas to develop $533K subsidiary in Saudi Arabia
Energy

Egypt’s Modern Gas to develop $533K subsidiary in Saudi Arabia

Modern Gas generated revenues of $55.2 million in 2023

Saudi Arabia’s crude exports dip 0.2 percent in January
Energy

Saudi Arabia’s crude exports dip 0.2 percent in January

OPEC+ extends output cuts amid market dynamics and global demand predictions

Telcos in the GCC embrace technology for revenue diversification: Report
MENA

Telcos in the GCC embrace technology for revenue diversification: Report

The revenue contribution from non-telecom operations will not have immediate impact on ratings, as per the report

Saudi Arabia’s mineral wealth estimated at $2.4 trillion
Industry

Saudi Arabia’s mineral wealth estimated at $2.4 trillion

Exploitation licenses in the Kingdoms mining sector soared by 138 percent

Oil prices hold near four-and-a-half month high on reduced exports, market caution
Markets

Oil prices hold near four-and-a-half month high on reduced exports, market caution

Surging prices fueled by refinery activity, China demand, and Middle East disruptions

Saudi Arabia’s banks experience boost in profits with 3.1 percent increase in net interest margin
Banking & Finance

Saudi Arabia’s banks experience boost in profits with 3.1 percent increase in net interest margin

The operating income grew by 9.5 percent

Saudi Arabia’s tourism sector attracts $13 billion in investments, eyes $85 billion in revenue
Hospitality & Tourism

Saudi Arabia’s tourism sector attracts $13 billion in investments, eyes $85 billion in revenue

Kingdom positions itself as a premier travel destination with ambitious growth plans

Economic and social reforms bolster Saudi Arabia’s stable credit ratings: Report
Economy

Economic and social reforms bolster Saudi Arabia’s stable credit ratings: Report

The non-oil sector investment is key to sustaining 3.3 percent annual GDP growth over 2024-2027, the report says

Moody’s affirms stable outlook for Bahraini banks amid non-oil growth
Bahrain

Moody’s affirms stable outlook for Bahraini banks amid non-oil growth

Non-oil economic growth in Bahrain is projected to remain stable at 3.2 percent

Saudi Arabia’s non-oil economy reaches 50 percent of real GDP
Economy

Saudi Arabia’s non-oil economy reaches 50 percent of real GDP

Private investment and robust exports drive record-breaking expansion