Wednesday 19 February 2025

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SECOND TALLEST TOWER
Sale of units at Dubai's 131-storey Burj Azizi begins

UAE-based Azizi Developments has announced the sales launch for its new landmark, Burj Azizi, which on completion, is set to be world’s second tallest tower at 725m. The 131-storey building offers a mix of residential, hotel, retail and leisure spaces.

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1

SPENDING UP 6.7%
Saudi Arabia fiscal deficit widens to $30.8bn in 2024

Saudi Arabia's Ministry of Finance budget performance report has revealed a wider deficit of SAR115.6 billion ($30.82 billion), 2.8% of GDP, in 2024, higher than the budget estimate of SAR79 billion, and a deficit of SAR80.9 billion in 2023, a report said

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2

BIA TRAFFIC HITS 9.4m
Gulf Air passenger numbers soar 5.4% to 6.2m in 2024

Gulf Air, the national carrier of Bahrain, achieved significant growth in 2024 and reported a 5.4% increase in passenger numbers in 2024, reaching a total of 6.2 million passengers, compared to 5.9 million in 2023.

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3

SPOTLIGHT
Majority plan more vacations this year, finds survey

The travel market is set to grow in 2025 with 84% of people participating in a survey planning to go on the same amount or more holidays this year, compared to 2024.

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4

ANALYSIS
Mideast organisations set to increase AI investment: report

More than 65% of organisations in the Middle East plan to increase investment in AI in the coming year, despite talent and technology challenges they face, according to a new report.

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Top Trade News

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Industry Sectors

Construction & Real Estate

Sale of units at Dubai's 131-storey Burj Azizi begins

UAE-based Azizi Developments has announced the sales launch for its new landmark, Burj Azizi, which on completion, is set to be world’s second tallest tower at 725m. The 131-storey building offers a mix of residential, hotel, retail and leisure spaces.

More…
Retail & Wholesale

Damiani joins Panerai to open new luxury outlet in Madrid

The Damiani Group, a leading player in the luxury sector, has announced the opening of its new outlet in the heart of Spanish capital Madrid in partnership with renowned Swiss manufacturer of high-end watches Panerai.

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Energy, Oil & Gas

German group to build big heat exchanger facility in Dubai

German technology group Allied Heat Exchange (A-HEAT) has announced plans to develop the largest heat exchanger production facility in GCC. Spanning 1.2 million sq ft, the built-to-suit facility will be located within DP World’s flagship free zone Jafza.

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Finance & Capital Market

Takatuf turns cornerstone investor for Umm Al Qura IPO

Leading Saudi developer Umm Al Qura said it has signed a binding investment agreement with Takatuf, a unit of Abdullah Sulaiman Al Rajhi for its IPO. As the cornerstone investor, Takatuf is committed to a subscription of a total of 8.87 million shares.

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Analysis, Interviews, Opinions

Majority plan more vacations this year, finds survey

The travel market is set to grow in 2025 with 84% of people participating in a survey planning to go on the same amount or more holidays this year, compared to 2024.

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Industry, Logistics & Shipping

Global firms setting up Saudi HQ doubles to 600; nets $320bn FDI

Saudi Arabia has announced tremendous response from global companies in joining the kingdom's growth story with nearly 600 firms set to open their headquarters within the country, thus taking its total investments to SAR1.2 trillion ($320 billion).

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Travel, Tourism & Hospitality

Saudi's flynas to take delivery of over 100 Airbus planes by 2030

Saudi budget carrier flynas is likely to receive more than 100 Airbus planes over the next five years, as part of its broader deal for 280 Airbus jets, said a top official. The airline aims to operate 160 aircraft by 2030 in bid to meet growth targets.

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IT & Telecommunications

Northstar Technology, HFCL announce strategic partnership

Northstar Technology, a leading ICT and telecom solutions provider, and HFCL, a global leader in telecom infrastructure and technology, have announced a strategic partnership during the 14th annual Fiber Connect MENA Conference and Exhibition in Dubai.

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Motoring

Musk's company in deal to develop Dubai Loop project

Roads and Transport Authority (RTA) has signed an agreement with Elon Musk's Boring Company for the development of 'Dubai Loop' project. A 17-km-long underground transport system, it features 11 stations that can handle over 20,000 passengers per hour.

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Health & Environment

Sudair Pharma to set up new insulin plant in Saudi Arabia

Saudi-based Sudair Pharma Company has laid the foundation stone for its new insulin plant coming up in the Sudair City. The plant is expected to produce 15 million insulin pens per annum, which will cover the needs of 500,000 patients in its first year.

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Media & Promotion

Big 5 Construct Saudi kicks off with new two-week format

Big 5 Construct Saudi is back in Riyadh for its 13th edition in a new format, at a time when the kingdom's construction sector is undergoing a transformation fuelled by the opportunities from a trillion-dollar pipeline of projects, said the organiser.

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Education, HR & Training

American School of Bahrain gets key AI endorsement from US body

American School of Bahrain said it has become one of the first 10 schools worldwide, and the first in the GCC, to receive the Responsible AI in Learning (RAIL) endorsement from Middle States Association, a US accreditation body for colleges and schools.

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Miscellaneous

PIF named title sponsor for Saudi ladies golf tournament

Golf Saudi has announced that PIF is the new title partner of the renamed PIF Saudi Ladies International, a partnership which also sees the prize money for the tournament equaling with the men’s contest, underlining PIF’s commitment to inclusion in sport.

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