Business & Money | Tuesday 2 April, 2024 11:53 am

ADQ launches holding company Arcera to build a global life sciences powerhouse anchored in Abu Dhabi

ADQ, an Abu Dhabi-based investment and holding company, has announced the formation of Arcera, a global holding company in the life sciences sector headquartered in Abu Dhabi, UAE, that is aiming to be a leader in addressing and mitigating healthcare challenges by offering products that improve the ...

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Business & Money | Tuesday 2 April, 2024 11:46 am

UAE's GDP to grow by 4.2% in 2024, rising to 5.2% in 2025: Central Bank

The Central Bank of the United Arab Emirates (CBUAE) expects the country's Gross Domestic Product (GDP) to grow by 4.2 percent in 2024, rising to 5.2 percent in 2025, while maintaining its estimate for a 3.1 percent growth in 2023. In its quarterly economic review report for the fourth quarter ...

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Business & Money | Tuesday 2 April, 2024 11:41 am

Al Akaria signs SAR 159.6M deal for Tilal Al Riyadh project

Saudi Real Estate Co. (Al Akaria) signed on April 1 a contract to implement the civil, structural, architectural, electromechanical and external works for Tilal Al Riyadh mixed-use project in Al Malqa district. Al Akaria signed the SAR 159.6 million contract with its 100%-owned subsidiary...

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Business & Money | Tuesday 2 April, 2024 11:36 am

SAMA says share of e-payments reaches 70% in 2023

The Saudi Central Bank (SAMA) announced that electronic payments in the retail segment accounted for more than 70% of total payments in 2023, compared to 62% in 2022.   The electronic payments represent one of the Financial Sector Development Program (FSDP) indicators, SAMA...

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Business & Money | Tuesday 2 April, 2024 11:34 am

GFSA awards 795,000 tons of imported wheat in 1st batch for 2024

The General Food Security Authority (GFSA) completed the procedures for awarding the first batch of imported wheat for 2024, amounting to 795,000 tons, for local market supply from the European Union, North and South America, Australia, and the Black Sea.   Governor Ahmed Al-Faris...

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Business & Money | Tuesday 2 April, 2024 10:57 am

Emaar EC reschedules SAR 1B loan with PIF for 3 months

Emaar The Economic City (Emaar EC) announced rescheduling a loan agreement worth SAR 1 billion with the Public Investment Fund (PIF) from 18 to 21 months, according to a statement to Tadawul today, April 1. Accordingly, the facility term will end on Nov. 19, 2024, instead of Aug. 19, 2024,...

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Business & Money | Tuesday 2 April, 2024 10:54 am

Industry Ministry starts expanding scope of industrial customs exemption

The Ministry of Industry and Mineral Resources commenced its plan to expand the scope of industrial customs exemption for all industrial establishments that have a valid industrial license from the ministry, on imports of specified materials and products.   The new customs exemption, ...

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Business & Money | Tuesday 2 April, 2024 10:53 am

Al Akaria signs SAR 722.1M contract with DGCL for metro excavation

Saudi Real Estate Co. (Al Akaria) signed on April 1 a contract with Diriyah Gate Company Limited (DGCL) for the excavation work of metro-box central, metro-box south and metro-box east.   The contract—worth SAR 722.1 million, inclusive of VAT—is valid for 1,276 calendar days. The ...

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Business & Money | Monday 1 April, 2024 2:10 pm

SPORTS BOULEVARD LAUNCHES A COMMYUNITY INITIATIVE “Walking Track” and RIYDE, RIYADH’S IMMERSIVE CYCLING EXPERIENCE DURING RAMADAN

The Sports Boulevard has launched the "Walking Track" initiative in collaboration with Al Nakheel Mall in Riyadh during the holy month of Ramadan to encourage residents and visitors of Riyadh to engage in walking exercise. The length of the walking track inside the mall is 506 meters, equivalent to ...

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Business & Money | Monday 1 April, 2024 12:44 pm

Middle East economy remains robust, despite oil cuts and geopolitical turbulence, according to PwC’s Economy Watch

The latest PwC Middle East Economy Watch, released today, indicates that the regional economy remains resilient despite challenges from oil cuts and geopolitical turbulence. The non-oil sector's growth is anticipated to stay robust, buoyed by a stronger-than-expected non-oil GDP performance in 2023 ...

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