Saudi Arabia’s gross domestic product (GDP) has exceeded the ceiling of SAR 4.155 trillion ($1 trillion) for the first time, with the Kingdom joining the trillion-dollar club and achieving the national goal well ahead of the target date of 2025, according to a new report issued by the Federation of Saudi Chambers on the Kingdom’s 93rd National Day.
Category: Economy
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ADIB Successfully Completes Redemption Of Its $750 Million US Dollar Denominated Tier-One Perpetual Sukuk Issued In 2018
Abu Dhabi Islamic Bank (ADIB), a prominent financial institution, has announced the successful completion of the planned redemption of its USD 750 million additional tier-one (AT1) perpetual sukuk on the first call date, September 20, 2023.
These sukuk were initially issued on September 20, 2018, with a profit rate of 7.125 percent. They have now been fully redeemed at the trustee call amount, which is equal to the prevailing face amount of the certificates plus any outstanding payments as of September 20, 2023. Following the redemption, the trading of the certificates on the regulated market of the Irish Stock Exchange has been cancelled.
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UAE-Saudi trade reaches AED 586.75 billion in 5 years
The trade volume between the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia experienced a significant increase of 28 percent in 2022, reaching a total of AED 137.51 billion. This figure surpasses the previous year's trade volume of AED 107.41 billion in 2018. Consequently, the cumulative non-oil trade between the two nations over the span of five years amounts to AED 586.75 billion.
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Hamdan Bin Mohammed Supports Dubai Marine Transport Master Plan 2030
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has granted approval to the Dubai Marine Transport Master Plan 2030. This comprehensive plan entails a 188% expansion of the marine transport network, a 400% increase in passenger lines, and the creation of the world's first electric abra utilizing 3D printing technology.
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Invest in Sharjah Promotes Investment Opportunities at Belt and Road Summit
Sharjah FDI Office, known as Invest in Sharjah, actively participated in the Belt and Road Summit held in Hong Kong from September 13th to 14th, 2023. The delegation representing Invest in Sharjah included Ahmed Obaid Al Qaseer, CEO of Sharjah Investment and Development Authority (Shurooq); Marwan Saleh Alichla, Director of Investment Promotion & Support at Invest in Sharjah; Elie Armaly, Director of Business Development at Shurooq; and Fatima Al Shamsi, Investment Promotion Coordinator at Invest in Sharjah.
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UAE: Gold Prices Rise, Boosted by Weakening US Dollar
Gold prices in the UAE experienced an upward trend at the beginning of the week, nearing a one-month high during early trading. According to data from the Dubai Jewellery Group, the price of 24K gold increased by half a dirham, reaching Dh235.5 per gram at the market's opening, compared to last week's close of Dh235 per gram. At 9 am UAE time, the prices for 22K, 21K, and 18K gold stood at Dh218.25, Dh211.25, and Dh181.0 per gram, respectively.
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Emirates NBD Invests Strategically in Komgo through its Innovation Fund
Emirates NBD, a prominent banking group in the MENAT region (Middle East, North Africa, and Türkiye), has made a strategic equity investment in Komgo, a leading software development and technology services company revolutionizing the trade finance industry.
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UAE Corporate Tax Exemption for High-Earning Self-Employed Professionals
Self-employed professionals in the UAE earning over Dh1 million annually will be subject to UAE Corporate Tax. However, they are not required to establish a formal company structure for their operations.
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Booming Global Space Economy Unleashes Billions in Investments and Opportunities
The global space economy is experiencing remarkable growth, presenting lucrative economic prospects as it surpasses the half-a-trillion-dollar milestone in 2022, just a few decades after the concept of the "space economy" emerged.
Various studies conducted by prominent global institutions indicate that the global space sector is poised to exceed $1 trillion in value in the coming years.
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GCC Asset Management Market Poised to Reach $500 Billion by 2026 on Strong Oil Prices and Capital Inflows
According to a study, the asset management market in the GCC is expected to surpass global growth rates and reach nearly $500 billion in onshore assets by 2026, marking a significant increase from $400 billion at the end of 2022. Wealth management experts at Strategy& Middle East, a part of the PwC network, believe that the GCC asset management industry possesses robust growth potential, driven by favorable oil prices, substantial trade surpluses, and strong capital inflows, despite the complexities of the global market.