Mubasher: Saudi Arabia, the UAE, and Egypt accounted for 92% of total venture capital (VC) funding in the MENA region, according to a report by MAGNiTT. Saudi startups raised $400 million in VC funding in 2023, up 602% year-on-year (YoY), the …
Riyadh – Mubasher: Saudi Arabia and Ethiopia signed an agreement to form a joint Saudi-Ethiopian Business Council, advancing economic cooperation. The agreement establishes a foundation for businesses in the two nations to collaborate and better …
Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) has announced the pricing of its inaugural GBP 650 million sterling-denominated bond under its Euro medium-term note programme. The issuance is oversubscribed by more than 600%, …
UAE – Mubasher: The UAE climbed from 13th to 6th globally for international tourism receipts in 2023 after logging $51.90 billion. Leading the rankings were the US at $176 billion, followed by Spain, the UK, France, and Italy, according to the UN …
Riyadh – Mubasher: A Saudi investor alliance signed a deal in Djibouti to develop the Saudi Logistics City free zone project at Djibouti Port, the largest such contract abroad. The initial phase covers 120,000 square meters with the 92-year …
Riyadh – Mubasher: The headline seasonally adjusted Purchasing Managers’ Index (PMI) of Saudi Arabia withered a decline from 57 last April to 56.4 in May 2024, according to Riyad Bank’s latest data. The reading, which was the second-lowest for 22 …
UAE – Mubasher: Kamil Al Awadhi, Regional Vice President for Africa and the Middle East at the International Air Transport Association (IATA), stated that passenger traffic in the UAE and the GCC is projected to grow by 4% annually between 2024 …
Riyadh – Mubasher: The Saudi Export Development Authority (Saudi Exports) has signed a memorandum of understanding (MoU) with Alibaba. The agreement aims to enable Saudi products to penetrate global markets through improving visibility on the …
Riyadh – Mubasher: Saudi Arabia's communications and information technology exports rose above SAR 6 billion in 2023 supported by programmes designed to propel growth in the non-oil sector. Overall services exports jumped by 40% to SAR 182 …
UAE - Mubasher: The Dubai Chamber of Commerce highlighted that the GCC market remained the top global export and re-export destination for its member companies in the first quarter (Q1) of 2024. The GCC region accounted for 55.50% of total exports …
Riyadh – Mubasher: Saudi Arabia has granted over $129 billion in aid to 169 countries across the globe since 1996, the Supervisor General of the King Salman Humanitarian Aid and Relief Centre (KSrelief) Abdullah Al Rabeeah said, according to the …
Riyah – Mubasher: The Saudi Ministry of Economy and Planning has signed a memorandum of understanding (MoU) with Austria’s Ministry of Labour and Economy to boost economic cooperation between the two countries. The MoU aims to diversify and …
Mubasher: The crude oil market is witnessing a rise due to escalating tensions in the Middle East following the killing of an Egyptian soldier in a clash with Israeli forces, according to a report by Saxo Bank. The price of West Texas Intermediate …
Mubasher: The Middle East ranked as the fastest-growing real-time payment market for the second consecutive year in 2023, according to the 2024 Prime Time for Real-Time report by ACI Worldwide and GlobalData. The region's real-time payment market …
Cairo – Mubasher: The Egyptian Ministry of Petroleum and Mineral Resources plans to operate a new transportation pipeline for petroleum products on the Mediterranean coast, according to Al Arabiya Business. The new pipeline will link the MIDOR oil …
Riyadh – Mubasher: Saudi Arabia’s civil aviation sector is contributing $53 billion to the kingdom's economy, according to a report by the General Authority of Civil Aviation (GACA). The contribution of the sector to the Saudi economy includes …
Riyadh – Mubasher: The real estate office market in Riyadh has maintained good momentum in the first quarter of 2024 despite macroeconomic challenges, according to a report by real estate company Savills. The rise in Grade A offices is set to …
UAE – Mubasher: The UAE has been named the global leader in fibre-to-the-home (FTTH) penetration for the eighth consecutive year. The country has achieved an FTTH penetration rate of 99.30%, according to a report by the FTTH Council. The report …
Riyah – Mubasher: The total amount of money in circulation in the Saudi economy surged 8.30% year-on-year (YoY) to SAR 2.823 trillion in March 2024 from SAR 2.60 trillion. Month-on-month (MoM) total liquidity in the kingdom grew 2.50% from SAR …
Riyadh – Mubasher: S&P Global Ratings has assigned Gulf Insurance Group (GIG) a long-term financial strength rating of ‘A-’ with a stable outlook. The rating agency based its assessment on several strengths, including the company’s capital …
Riyadh – Mubasher: The headline seasonally adjusted Purchasing Managers’ Index (PMI) of Saudi Arabia was unchanged at 57 in April 2024, the same as in March, indicating continued strong operating conditions in the non-oil private sector, according …
UAE – Mubasher: Dubai-based neobroker amana launched a groundbreaking strategy to boost access to the MENA stock markets for its customers, according to a press release. In February, the investment service provider developed an initiative to …
Riyadh – Mubasher: Fitch Ratings granted Arabian Shield Cooperative Insurance Company the financial strength insurance tating of ‘A-' and the national financial strength insurance rating of ‘AA (SAU) '. The Saudi insurance firm’s outlooks was …
UAE – Mubasher: The UAE has signed a memorandum of understanding (MoU) with Iraq, Qatar, and Türkiye for cooperation on the Development Road project. The project seeks to create a sustainable economy bridging East and West, increase international …
Riyadh – Mubasher: The International Monetary Fund (IMF) upgraded its forecast for Saudi Arabia’s economic growth in 2025 from 5.50% to 6%. The fund expects the Saudi economy to be the second-fastest growing economy in 2025 after India, according …
