Tourism Morocco aims to double airport capacity by 2030 Morocco expects airport traffic to reach 60 million passengers by 2030 and 90 million by 2035, according to a government official. The growth from 32 million passengers in 2024 is expected as a result of the 2030 Fifa World Cup, which Morocco will co-host with Spain and Portugal, Morocco World News reported, quoting transport and […] February 6, 2025
Trade UAE’s foreign trade hit new peak of $817bn in 2024 The UAE’s foreign trade expanded last year at seven times the global rate of 2 percent, vice president and prime minister Sheikh Mohammed bin Rashid told the the state-run Wam news agency on Wednesday. Non-oil trade grew by 42 percent year on year to AED135 billion, supported by comprehensive economic partnership agreements (Cepas), accounting for […] February 6, 2025
Real Estate Union Properties to continue cutting legacy debt in 2025 Union Properties will continue to cut its legacy debt this year after lowering it by nearly 40 percent since 2022. As part of its recovery plan, the Dubai-listed developer reduced its legacy debt to AED575 million ($156.6 million) by the end of December 2024, from AED1.47 billion in 2022. It will repay another AED150 million […] February 6, 2025
Employment Turkey’s new strategy targets skilled jobs for youth Turkish president Tayyip Erdoğan has launched a new youth skills development programme to increase employment. The “Iskur Youth Programme” will support one million students over the next four years, equipping them with new skills and financial assistance, Daily Sabah newspaper reported, citing the president’s speech. Nearly 200,000 students will benefit from the programme this year […] February 5, 2025
Economy Egypt secures $1.6bn loan from Islamic Development Bank Egypt has secured $1.6 billion loan from Jeddah-based Islamic Development Bank (IsDB) Group to support its critical sectors and encourage private sector participation in economic growth. The government has signed a $1.5 billion deal with Islamic Trade Finance Corporation (ITFC), which is part of a five-year framework valued at $6 billion to enhance Egypt’s development […] February 5, 2025
Tech UAE orders airlock module for lunar spacewalks The UAE’s Mohammed Bin Rashid Space Centre (MBRSC) has awarded Thales Alenia Space (TAS) a contract to develop an airlock module for the Gateway, the world’s first space station to orbit the moon. TAS is a joint venture between France’s Thales and Italy’s Leonardo. The value of the contract was not disclosed. The Emirates Airlock […] February 5, 2025
Oil & Gas BP to invest up to $25bn to redevelop Iraqi oilfields BP may invest up to $25 billion to redevelop four Kirkuk oil and gas fields in Iraq, according to a media report. The British oil major is likely to commit between $20 billion and $25 billion in a profit-sharing pact that will last more than 25 years, Reuters reported, quoting an unnamed senior Iraqi oil official. […] February 5, 2025
Petrochemicals Borouge profit rises on high-value product sales The net earnings of Borouge, Abu Dhabi’s listed petrochemicals company, jumped 24 percent year on year to $1.2 billion in 2024, supported by record production and sales volumes. Annual revenue rose 4 percent to $6 billion, while total costs improved by 2 percent. The high-value infrastructure services segment accounted for 40 percent of total sales […] February 4, 2025
Aviation Kuwait’s Jazeera Airways cuts losses as revenues rise Low-cost carrier Jazeera Airways, which trades on the Kuwaiti stock exchange, narrowed its fourth-quarter 2024 loss on rising revenue and operational efficiency. Net loss narrowed by 42 percent year on year to KD4.2 million ($13.6 million) in the final quarter, as operating revenue climbed 15 percent year on year to KD45.1 million. Passenger numbers grew 9 […] February 4, 2025
Tourism Egypt’s tourism revenue tops $15bn in 2024 Egypt’s tourism revenues more than doubled to $15.3 billion in 2024 compared to $7.2 billion in 2014 amid a major overhaul of the industry. Inbound tourist numbers rose by 60 percent to 15.8 million last year from 9.9 million in 2014, local media outlets reported citing a report released by the cabinet’s media office. The […] February 4, 2025
Oil & Gas Saudi Arabia defers Pakistan’s oil dues ahead of IMF review Saudi Arabia has granted Pakistan an oil import financing facility, deferring oil payments of $1.2 billion by one year. The Saudi Fund for Development CEO Sultan Bin Abdul Rehman Al Marshad and Kazim Niaz, secretary of the economic affairs division of Pakistan, signed the agreement in the presence of prime minister Shehbaz Sharif, state-backed Pakistan […] February 4, 2025
Aviation Riyadh Air in talks to buy 50 more widebody aircraft Saudi Arabian airline Riyadh Air, backed by the Public Investment Fund (PIF), is in talks with US and European planemakers for 50 additional widebody aircraft, according to a news report. The airline is evaluating the Airbus 350-1000 and Boeing 777X models, Bloomberg reported, citing unnamed informed sources. The carrier is eager to secure delivery slots, […] February 4, 2025
Logistics Egypt urges return of Suez Canal traffic after Gaza ceasefire Egypt has held talks with 23 maritime companies, encouraging them to resume transits through the Suez Canal following the ceasefire agreement between Israel and Hamas. There are many positive indicators for the Red Sea region as stability returns, said Osama Rabie, chairman of the Suez Canal Authority (SCA). He said the SCA has been flexible […] February 3, 2025
Transport Bahri 2024 profit rises to $533m as revenue jumps 8% Net profit at the National Shipping Company of Saudi Arabia (Bahri) surpassed the SAR2 billion ($533.2 million) mark for the first time in its history as revenue increased as a result of its fleet expansion. Net profit for 2024 reached SAR2.2 billion, rising 34 percent year on year. Revenues hit a record high of SAR9.5 […] February 3, 2025
Industry $1.7bn contract awarded for UAE’s first methanol plant A joint venture between Abu Dhabi National Oil Company (Adnoc) and the state-owned sovereign wealth fund Abu Dhabi Developmental Holding Company (ADQ) has awarded an AED6.2 billion ($1.7 billion) contract to build the UAE’s first methanol production facility. The joint venture, Ta’ziz, has granted an engineering, procurement and construction (EPC) contract to South Korea’s Samsung […] February 3, 2025
Economy Kuwait forecasts budget deficit of more than $20bn Kuwait’s draft budget for 2025-26 projects a deficit of KD6.3 billion ($20.4 billion), the finance minister has said. Total revenue is forecast to reach KD18.2 billion, while expenditure is set at KD24.5 billion, state-run Kuna news agency reports, citing finance minister Noura Al-Fassam. Non-oil revenues are anticipated to rise 9 percent to KD2.9 billion, […] February 3, 2025
Markets Saudi developer Umm Al Qura to float on Tadawul Umm Al Qura for Development and Construction (Umm Al Qura), the developer of Masar, a mixed-use project in Mecca, plans to float just over nine percent of its capital through an initial public offering (IPO) on the Saudi stock exchange. The net proceeds will be used to cover costs associated with land settlements, infrastructure, and project financing expenditures. Funds […] February 3, 2025
Industry Proposed Adnoc-OMV entity targets Mubadala unit The global polyolefins group proposed by Abu Dhabi National Oil Company (Adnoc) and Austria’s OMV has set its eye on its first acquisition. The proposed merged entity will try to acquire Canada’s Nova Chemicals from Mubadala Investment Company as its first growth opportunity, Adnoc has confirmed in a statement. The Abu Dhabi oil company said negotiations […] February 2, 2025
Finance Arab Bank plans 40% dividend after record 2024 profit The board of Jordan’s Arab Bank Group has proposed a dividend of 40 percent for 2024 after profit reached a record high. Net profit rose 21 percent to more than $1 billion in 2024 compared to $829.6 million in 2023. The profit rise was driven by growth across various business segments and geographic markets. Operating […] February 2, 2025
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