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Reuters/Satish Kumar Emirates NBD dismissed as ‘press speculation’ reports it had undertaken due diligence on Banque du Caire Speculation since 2023 45% stake was in question Banks have rising profits Emirates NBD, Dubai’s largest bank by assets, has refuted media reports that it is undertaking due diligence on a state-owned Egyptian bank ahead of potentially buying a stake in the lender. Last week, Kuwaiti and Egyptian media published articles detailing how Emirates NBD – which has an Egyptian subsidiary – had begun examining the books of Banque du Caire, the North African country’s sixth-largest commercial bank. But Emirates NBD has…

As Saudi Arabia’s hospitality sector undergoes a transformation fueled by Vision 2030, Rotana Hotels, a prominent name in the regional hospitality industry, is strategically positioned to seize the opportunities this expansion presents. Eddy Tannous, Chief Operating Officer of Rotana Hotels, shared his insights with Destination KSA in an exclusive interview at the Saudi Tourism Forum held earlier this month. He delved into the factors driving the sector’s growth, the unique contributions of luxury hotels, and the company’s vision for sustainability and innovation. A Familiar Market with Unprecedented Potential (Credit: Instagram @roshrayhaan) “Saudi Arabia has been an integral part of hospitality…

Israel awarded licenses to BP, Azeri national oil firm Socar and local company NewMed Energy on Monday to explore natural gas in Israeli waters as the country seeks to boost domestic gas reserves and expand exports. In 2023 the trio jointly placed a bid for two offshore blocks in a fourth licensing round. Israel’s Energy Ministry said that additional licenses are expected to be granted and a fifth bidding round is planned for later this year, according to Reuters. As part of the licenses for the so-called Cluster I near the Leviathan field, Socar will act as operator of the…

Reuters/Nicoco Chan Apartment blocks under construction in Huizhou, Guangdong province. China’s real estate sector has contracted sharply in recent years The Gulf countries rely heavily on international trade. Exports account for 30 percent of Saudi Arabia’s GDP, nearly 50 percent in Bahrain, Kuwait and Qatar, and almost 70 percent in the UAE and Oman.  As such, economic developments in the rest of the world deeply affect the region’s oil-rich economies.  These countries tend to trade most heavily with Asian nations such as China, Japan, South Korea and India, followed by members of the European Union. Crude oil, refined products and…

China will help increase capacity at two solar projects in Kuwait, further boosting ties after the two countries agreed to develop a long-delayed strategic port. The new “framework agreement,” reached after six months of negotiations, will see the expansion of the Al-Shagaya and Al-Abdiliya solar plants, Kuwait’s state-run KUNA news agency reported Monday. The governments of both countries signed on Monday the framework agreement, which contains technical details on the joint cooperation on renewable energy. The agreement came in line with the Kuwaiti leadership’s directives to expand the implementation of grand projects signed with China. Under the agreement, the Chinese…

 Cairo/Shutterstock In association with Egypt has a significant trade advantage over the rest of Africa. Its geographical position in the far northeast of the continent makes it an outlier, but when it comes to multilateral trade agreements, Egypt has been a participant in more accords than any other African or Arab nation.  The country is part of, among others, the Common Market for Eastern and Southern Africa (Comesa); the Agadir Free Trade Agreement, which links North African countries and Jordan; the Greater Arab Free Trade Area Agreement and the European Union-Egypt FTA. It also has preferential access to the US…

The General Authority for the Care of the Affairs of the Prophet’s Mosque provided extensive services during the first half of Ramadan 1446 AH, including millions of meals, permits, and support for visitors.Madinah, March 18, 2025 – The General Authority for the Care of the Affairs of the Grand Mosque and the Prophet’s Mosque has unveiled its comprehensive statistical report, shedding light on the exceptional services offered to visitors of the Prophet’s Mosque during the first half of Ramadan 1446 AH. The report highlights a remarkable commitment to supporting worshippers, pilgrims, and visitors, ensuring that their spiritual needs are met…

Economic and architectural experts have described Crown Prince Mohammed bin Salman’s launch of the “Saudi Architecture Characters Map” as a strategic shift, transforming architecture into an economic asset for investment. In statements to Asharq Al-Awsat, they emphasized that the initiative will enhance Saudi Arabia’s competitive edge in the tourism and cultural real estate development sectors. Additionally, it is expected to boost the sustainability of the tourism economy and stimulate the manufacturing industries, from local stone production to carpentry, traditional carvings, and decorative arts. The move could also lead to the creation of specialized companies focused on reviving traditional crafts, gradually…

Acwa Power Saudi Arabia plans to proceed with 40GW of renewable power projects – 25.2GW of solar and 16GW of wind There is a widespread misconception that the Gulf lacks interest in renewable energy investment because it boasts abundant hydrocarbon reserves and low production costs. In reality major Opec+ members, particularly Saudi Arabia and the UAE, are implementing some of the world’s most sophisticated strategies to invest heavily in the energy transition, while preserving their crucial oil production capacity. In fact Saudi Arabia – often cast as a villain in international climate negotiations – has one of the region’s most…

Shutterstock/Andrey Popov Among Marketing Home Group’s subsidiaries are Ceramic Home, Lighting Stores, and Hatch Sanitary DIY and home design retailer 4.8m shares 30% stake Saudi Arabia’s Marketing Home Group (MHG), a company that oversees nine construction retailers and contractors, has received regulatory approval to sell shares to the public in an initial public offering (IPO). MHG is selling 4.8 million shares, representing 30 percent of its capital, the kingdom’s Capital Markets Authority (CMA) announced. No further details were given except that the IPO prospectus would be released “within sufficient time prior to the start of the subscription period”. MHG’s subsidiaries…