Aviation DXB passenger traffic hit record high of 92m in 2024 Dubai International Airport (DXB), the world’s busiest international airport, received 92.3 million passengers in 2024, the highest annual traffic to date. The 6 percent year on year rise was driven by sustained growth throughout the year, capped by an exceptionally busy last quarter, Dubai Media Office said in a statement. December emerged as the busiest […] January 31, 2025
Banking & Finance Dubai lender Mashreq’s 2024 profit rises 4% to $2.5bn Net profit at Dubai-listed lender Mashreq reached AED9 billion ($2.5 billion) in 2024, a 4 percent year-on-year increase, as revenue and margins remained strong. Revenue stood at AED13.4 billion, rising 24 percent annually and maintaining a three-year compound annual growth rate of 32 percent. Net interest income grew by 9 percent year on year despite […] January 31, 2025
Banking & Finance Dubai’s Fintech Galaxy to test open banking in Jordan Dubai company Fintech Galaxy has become the first open banking company to receive regulatory approval in Jordan. The Central Bank of Jordan’s (CBJ) approval will allow the fintech to join the regulatory sandbox, JoRegBox, to test and deploy open banking services in the country. The JoRegBox initiative is part of the central bank’s broader plan for financial technology […] January 31, 2025
Markets DFM earnings rise 14% on robust trading volume Dubai Financial Market Company, the operator of the Dubai stock exchange, has announced a net profit increase of 14 percent year on year for 2024. The result was driven by robust trading volumes from retail and institutional investors and strong capital inflows, it said. The bottom line stood at AED376.4 million ($102.5 million) last year […] January 31, 2025
Finance Egypt targets $40bn to meet budget funding needs Egypt is aiming to raise up to $40 billion through its global medium-term note programme. The net proceeds will be used to finance a portion of the fiscal deficit or any other purpose outlined in the state budget law, according to a base offering circular published on the London Stock Exchange (LSE). The minimum denomination […] January 31, 2025
Finance Lendo raises $690m to fund SME growth in Saudi Arabia Lendo, a Saudi debt crowdfunding platform, has secured a SAR2.6 billion ($690 million) facility to fund more small and medium-sized enterprises (SMEs) in the kingdom. The facility, led by J.P. Morgan, will expand its lending capacity, introduce new innovative products, and expand SME coverage in the kingdom, says the company. This aligns with Vision 2030’s […] January 31, 2025
Markets Saudi poultry producer to list 30% stake on Tadawul Poultry producer Arabian Company for Agricultural and Industrial Investment (Entaj), plans to list a 30 percent stake on the Saudi Exchange (Tadawul). The Capital Market Authority, the kingdom’s market regulator, approved the offering of 9 million shares on Tadawul in September 2024. The offering price will be set following the end of the institutional bookbuilding […] January 30, 2025
Economy EU’s $3bn to back Jordan’s economy amid challenges The European Union (EU) will provide a €3 billion ($3.13 billion) financial package to Jordan to support its growth, as it manages the impact of regional geopolitical challenges. The 2025-2027 financial package will include €640 million in grants, €1.4 billion in investments, and €1 billion in macro-financial assistance. “Jordan is a key partner for Europe in the Middle […] January 30, 2025
Artificial Intelligence Oman to release new artificial intelligence policy Oman will release a revised national Artificial Intelligence (AI) policy in the first quarter of 2025, according to a local media report. The updated policy will provide a governing framework for the use and development of AI and safeguard national interests, the Oman Daily Observer reported, citing Hassan Al Lawati, national program head for AI […] January 30, 2025
Economy GCC central banks align with Fed to keep rates steady The central banks in the six-nation Gulf Cooperation Council (GCC) have aligned with the US Federal Reserve to hold their interest rates steady. The Central Bank of the UAE will maintain its base rate on overnight deposit facility (ODF) at 4.4 percent, the UAE state-run Wam news agency reported. No other central banks in the […] January 30, 2025
Leisure & Hospitality Alpha Dhabi takes majority stake in ADX-listed hotel operator Alpha Dhabi Holding, which is listed on the Abu Dhabi Securities Exchange (ADX), has acquired a controlling 73.73 percent stake in the National Corporation for Tourism and Hotels (NCTH) via a swap deal. The stake was acquired after selling assets from Alpha Dhabi Hospitality Holding and Murban Energy to Abu Dhabi-listed NCTH in exchange for […] January 30, 2025
Banking & Finance ADIB 2024 profit rises 16% to $436m on revenue surge Abu Dhabi Islamic Bank (ADIB) reported a 16 percent annual surge in net profit to AED6.1 billion ($435.6 million) in 2024, driven by strong balance sheet growth, increased business momentum and diversified revenue growth. Revenue rose by 14 percent to AED10.6 billion from AED9.3 billion last year. This growth was supported by strong increases in […] January 29, 2025
Real Estate Bahrain’s Arcapita to set up $1bn real estate investment trust Arcapita Group Holdings, a Bahrain-based global alternative investment company, is planning a real estate investment trust (REIT) of its property assets in the Middle East valued at $1 billion, a news report said. Banks have been approached to set up the REIT, Bloomberg reported, citing sources familiar with the matter. The report said the plan […] January 29, 2025
Telecoms Saudi Arabia’s STC to build $9bn telecom network Saudi Telecom Company (STC) has won a SAR32.64 billion ($8.7 billion) contract to develop a new telecommunications infrastructure in Saudi Arabia. The contract was awarded by an “unknown” government entity, the Saudi-listed telco said in a bourse filing on Tuesday. The contract includes building, operating and providing telecommunications infrastructure services. The work will be completed […] January 28, 2025
Economy Saudi Arabia in talks for $6bn Turkish arms deal Turkey expects to strike a $6 billion agreement with Saudi Arabia for the sale of warships, tanks and missiles. The deal may include Saudi Arabia joining Turkey’s fighter jet development project, which could be signed during the visit of President Tayyip Erdoğan to the kingdom in March, Bloomberg reported, citing unnamed officials. Ankara aims to […] January 28, 2025
Health Pure Health buys stake in Greece’s Hellenic Healthcare Abu Dhabi-listed Pure Health has agreed to purchase a 60 percent stake in Hellenic Healthcare, an Athens-based private healthcare services provider. The transaction values Hellenic Healthcare at €2.2 billion ($2.31 billion). The sellers – CVC Capital Partners VI and the founder of Hellenic Healthcare – will retain 35 percent and 5 percent stakes in the […] January 28, 2025
Construction Ajman real estate deals rise 21% to $5.6bn in 2024 The value of real estate transactions in the northern emirate Ajman exceeded AED20.5 billion ($5.6 billion) in 2024, rising 21 percent year on year, according to official data. Some 15,125 real estate transactions took place, the UAE’s state-run Wam news agency reported. Omar bin Omair Al Muhairi, director-general of the Department of Land and Real […] January 28, 2025
Renewable Energy Acwa Power targets green hydrogen link to Europe The Saudi renewables company Acwa Power and the Italian natural gas transport operator Snam are to jointly explore investments to set up a green hydrogen supply chain. The collaboration aims to establish a “dependable and cost-effective” supply of green hydrogen from Saudi Arabia to Europe. The two companies will also evaluate the development of an […] January 27, 2025
Construction Dubai real estate deals surge 20% to record $207bn in 2024 The value of real estate transactions in Dubai surged 20 percent year on year to AED761 billion ($207.2 billion) in 2024, official data showed. The record performance was driven by the emirate’s dynamic economy, robust infrastructure and progressive policies, the UAE state-run Wam news agency reported. The number of real estate transactions rose 36 percent […] January 27, 2025
Oil & Gas Adnoc Gas strikes $450m LNG supply deal in Japan State-owned Adnoc Gas has signed an AED1.65 billion ($450 million) three-year liquefied natural gas (LNG) supply agreement with Jera Global Markets, an energy trade from Japan. The LNG will be supplied from the 6 million tonnes per annum (mtpa) Das Island liquefaction facility, the world’s third longest-operating LNG plant. The facility has shipped more than […] January 27, 2025
Aviation Oman Air cuts fleet size by 29% to reduce losses Oman Air, the Gulf state’s flag carrier, last year cut its fleet size by 29 percent year on year to 32 aircraft, lowering its operational cost as part of its turnaround strategy. The airline carried 5.4 million passengers, down 13 percent year on year. Annual Ebitda rose by 40 percent to OR24 million ($62.2 million), […] January 27, 2025
Aviation Istanbul Airport remains Europe’s busiest Daily flight arrivals in Turkey’s Istanbul Airport have surpassed major European airports such as Amsterdam, London, and Paris in 2024, making it the continent’s busiest. The airport received an average of 1,401 daily flights last year, an increase of 2 percent year on year, thus retaining its position as the busiest air hub in Europe […] January 27, 2025
