NEOM wraps up China tour by confirming Sindalah island attraction to open in 2024 RIYADH: Saudi megacity NEOM on Sunday wrapped up a tour courting Chinese investors with an event at its last destination, Hong Kong. The event was organized in partnership with the Belt and Road Office under the Commerce and Economic Development Bureau … Read more
RIYADH: Buoyed by the millions of Umrah performers and worshippers throughout the holy month of Ramadan, Saudi Arabia braces for a surge in travel for Eid Al-Fitr. The spike is expected to result in a significant rise in the number of arriving and departing passengers from key Umrah airports. Air travel between the UAE and … Read more
RIYADH: A new premium residency visa has spurred home-ownership demand among Saudi-based expats, with 77 percent now looking to buy a property, a survey has revealed. Global property consultancy Knight Frank surveyed 241 expatriates in Saudi Arabia, and discovered the primary motivation for real estate purchasing in the Kingdom, especially among millennials, is its perceived status … Read more
RIYADH: Real estate transactions are set to surge in Saudi Arabia in 2024 thanks to Vision 2023 investments, according to an S&P Global report. In a report titled “GCC Real Estate How Credit Stories Have Evolved,” S&P believes the Kingdom’s property sector will also benefit from economic growth of up to 3 percent in the Gulf Cooperation … Read more
RIYADH: Increased credit to corporate activities propelled a 10 percent annual surge in loans for Saudi banks in 2023, reaching SR2.58 trillion ($690 billion), the latest data showed. According to the Saudi Central Bank’s latest monthly bulletin, credit extended to individuals, constituting 48 percent of bank loans, grew by 7 percent in 2023, while corporates … Read more
RIYADH: Financial risks are increasing for countries neighboring Gaza, given the prolonged conflict and its spillage into nearby areas, says Fitch Ratings. According to the latest “Fitch Wire” newsletter, the involvement of Yemen’s Houthi forces underscores the potential impact on external finances, particularly affecting Egypt and Jordan. Egypt’s current account deficit narrowed in the fiscal … Read more
Tourism growth in Saudi Arabia propelling hospitality industry, says Rotana official RIYADH: The exponential growth witnessed in Saudi Arabia’s tourism sector underscores the profound influence of Vision 2030 in this domain, according to a top official. Elucidating the contribution of Rotana Hotels to the development of the tourism industry, Chief Operating Officer Eddy Tannous expressed that the … Read more
RIYADH: Disruptions in the Red Sea are expected to add to the global economic woes by increasing manufacturers’ working capital in Europe, the Middle East and Africa, according to a report. The maritime crisis is expected to affect the free cash flow of industrial manufacturers, a report issued by Fitch Ratings said. The agency noted that … Read more
RIYADH: The Gulf Cooperation Council countries witnessed a surge in US dollar sukuk issuance, registering a 178 percent year-on-year growth in the past year. According to a report by Fitch Ratings, in core markets like the GCC, Malaysia, Indonesia, Pakistan, and Turkiye, sukuk accounted for a 29 percent share of debt capital market issuances across … Read more
RIYADH: Abu Dhabi Ports Group has expanded its operational capacity with the acquisition of Spain’s APM Terminals Castellón for €10 million ($10.93 million) through a subsidiary. The deal was carried out by Noatum Terminals, the operations division of the Noatum Group, a fully-owned unit of the Emirati holding company. The takeover is aimed at modernizing … Read more