GCC

GCC countries should strengthen supply chains to ensure industrial growth: Oliver Wyman

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Saudi Arabia’s AI adoption ignites technological advancement and economic growth RIYADH: As artificial intelligence gains global attention and becomes a buzzword, Saudi Arabia is positioned for accelerated adoption to enhance efficiency across its industries. Over the years, AI has evolved into a transformative technology revolutionizing numerous industries and domains. Its development and adoption across sectors … Read more

GCC oil companies’ capex to grow by 5% to reach $115bn in 2024

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RIYADH: Egypt’s new economic path, focused on structural reforms empowering the private sector to lead growth and attracting investment, has begun to yield positive results, said the country’s finance minister.   Mohamed Maait highlighted that despite the harsh impacts of global and regional economic crises, Egypt has seen financial indicators surpass budget estimates and targets over the … Read more

Saudi insurers lead GCC region in net profit and revenues, study shows

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RIYADH: The net profit of insurance companies in Saudi Arabia surged by 1,221.3 percent year-on-year in 2023 to $861 million, driven by favorable economic conditions.  According to the report released by research firm Insurance Monitor, in association with Lux Actuaries and Consultants, four firms from the Kingdom grabbed their spots on the list of the … Read more

GCC to ensure food security through a unified strategy

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RIYADH: Climate change, natural disasters and other global challenges have prompted a new regional food security strategy from the Gulf Cooperation Council. Faisal Al-Rawas, chairman of the Federation of the GCC Chambers, said the strategy is focused on developing agricultural, livestock, and fishery projects to achieve added value to the food industries, enabling the countries to achieve food security and … Read more

GCC chief meets Hungary’s ambassador to Saudi Arabia

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GCC Secretary-General Jasem Mohamed Al-Budaiwi met the Ambassador of Hungary to the Kingdom Balazs Selmeci at the headquarters of the council in Riyadh on Wednesday. The officials discussed ways to enhance cooperation between the GCC and Hungary in various fields, and the latest regional and international developments of common interest, the GCC reported. Al-Budaiwi on … Read more

With investment from UAE firm-led consortium, Aster DM expands in KSA and GCC

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Fairmont Riyadh has unveiled “Luminous Nights” — a month of gastronomic delights and luxurious celebrations bringing loved ones, friends, family, and colleagues together. Embracing the spirit of Ramadan, the festivity will see the hotel come alive at sunset, as the sacred traditions of Ramadan intertwine with Fairmont’s signature luxury and culinary excellence. The property invites … Read more

GCC, Turkiye eye stronger economic ties with launch of free trade talks

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RIYADH: Ten out of the 11 airports in Saudi Arabia that received passengers’ complaints in February resolved them on time, according to the General Authority of Civil Aviation.  In its monthly classification for air transport service providers, GACA highlighted the performance of airlines and related transport hubs based on traveler complaints filed during the second month … Read more

GCC telecommunication firms reinventing themselves as ‘techcos’: S&P Global 

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RIYADH: Telecommunication companies in the Gulf Cooperation Council region are redefining themselves as technology firms to diversify their revenue streams, S&P Global said.  In its latest report, the credit rating agency noted that moderate growth prospects for core telecom operations are one of the key drivers which compel these firms to rebrand as techcos. 

Fitch expects IPO momentum in GCC to continue in 2024

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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

Diversification strategies paying off for GCC economies

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RIYADH: Transport, tourism and logistics are set to help the Gulf Cooperation Council region secure gross domestic product growth far above the lobal average, economists have told Arab News. Experts believe that a focus on non-oil trade by GCC governments is helping countries display economic resilience in the face of global disruptions, such as the conflict … Read more