Dubai’s Careem celebrates 1bn rides

The billionth journey was completed by Captain Razak Uppattil, who has completed 10,500 rides since joining Careem. (Reuters/File Photo)
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Updated 02 December 2022
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Dubai’s Careem celebrates 1bn rides

  • Family trip back home to India brings delight to employee
  • Super app had 10th anniversary in July 

 

DUBAI: Hailing app Careem has celebrated the completion of 1 billion rides across the Middle East, North Africa and Pakistan.

The billionth journey was completed by Captain Razak Uppattil, who has completed 10,500 rides since joining Careem four years ago. 

To commemorate the milestone, the Dubai-based super app gave Uppattil a trip back home to visit his family in India.

He said: “It’s the people that I get to meet from all over the world that I really enjoy.

“I have three children back home in Kerala, India, and I am so excited I’ll see them soon.”

Genera Tesoro, who was Careem’s 1 billionth passenger, was given a year of ride-hailing trips to mark the milestone. 

Careem, which marked its 10-year anniversary in July, is now operating in more than 100 cities in 14 countries. It recently expanded its fleet in Qatar by more than 50 percent ahead of the World Cup.


Aramco cuts July propane, butane prices amid market shifts

Updated 5 sec ago
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Aramco cuts July propane, butane prices amid market shifts

RIYADH: Saudi Aramco has lowered its official selling prices for propane and butane for July 2025, reflecting changing global market dynamics.

In a statement released on Sunday, the oil giant set propane at $575 per tonne and butane at $545 per tonne—both down $25 from the previous month. The adjustment continues a downward trend driven by evolving supply-demand conditions.

Propane and butane, classified as liquefied petroleum gases, are essential fuels for heating, transport, and petrochemical production. Aramco’s monthly pricing serves as a key benchmark for LPG shipments from the Middle East to the Asia Pacific.

The global LPG market is undergoing a reshuffle as China shifts away from US imports due to steep tariffs, increasingly turning to Middle Eastern suppliers. In turn, American cargoes are being rerouted to Europe and other parts of Asia.

This realignment is putting pressure on global LPG prices and weakening demand for US shale byproducts, impacting both American shale producers and Chinese petrochemical firms. Meanwhile, the trend is spurring greater interest in alternative feedstocks like naphtha.

Middle Eastern exporters are benefiting from the shift, stepping in to fill the gap left by falling US exports to China. Buyers in Asia, including Japan and India, are also taking advantage of the softer prices to strike more favorable supply deals.


China rolls over $3.4 billion of commercial loans to Pakistan

Updated 24 min 52 sec ago
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China rolls over $3.4 billion of commercial loans to Pakistan

  • The IMF required Pakistan’s foreign exchange reserves to be over $14 billion at the end of the current fiscal year on June 30
  • Foreign loans, especially the Chinese ones, are critical to shoring up cash-strapped Pakistan’s low foreign exchange reserves

KARACHI: China has rolled over $3.4 billion in loans to Islamabad, which together with other recent commercial and multilateral lending will boost Pakistan’s foreign exchange reserves to $14 billion, a finance ministry source said on Sunday.

Beijing rolled over $2.1 billion, which has been in Pakistan’s central bank’s reserves for the last three years, and refinanced another $1.3 billion commercial loan, which Islamabad had paid back two months ago, the source said.

Another $1 billion from Middle Eastern commercial banks and $500 million from multilateral financing have also been received, he said.

“This brings our reserves in line with the IMF target,” he said.

The loans, especially the Chinese ones, are critical to shoring up Pakistan’s low foreign reserves, which the IMF required to be over $14 billion at the end of the current fiscal year on June 30.

Pakistani authorities say that the country’s economy has stabilized through ongoing reforms under a $7 billion IMF bailout.


Egypt to offer Hurghada airport to private sector by end of 2025

Updated 38 min 55 sec ago
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Egypt to offer Hurghada airport to private sector by end of 2025

RIYADH: Egypt plans to offer Hurghada International Airport to the private sector by the end of 2025 as part of a broader strategy to modernize its aviation sector and attract foreign investment, President Abdel Fattah El-Sisi said.  

The announcement came during a meeting in Al-Alamein City with Minister of Civil Aviation Sameh El-Hefny and EgyptAir In-Flight Services Chairperson Soheir Abdullah, where El-Sisi reviewed the national roadmap for enhancing civil aviation infrastructure and operations. 

The move forms part of a national strategy designed in partnership with the International Finance Corp., which is advising on a new public-private participation model for the country’s airports. The framework is expected to be finalized by summer 2025 and will target 11 major airports while maintaining public ownership. 

In an official post, Ambassador Mohamed El-Shenawy, spokesman for the presidency, said the meeting reviewed the comprehensive strategic vision for the advancement of the entire civil aviation sector, including air navigation, aircraft fleet development, airport upgrades, and enhancement of human resource capabilities. 

“These efforts are part of the state’s broader plan to improve the efficiency of the aviation sector, increase its capacity, and enhance the quality of services provided to travelers, in support of the national goal to raise the number of tourists to 30 million,” the post added. 

El-Sisi issued directives to proceed with developing Egyptian airports through international partnerships centered on efficiency and sustainability, while ensuring an attractive investment environment that guarantees economic feasibility and long-term growth. 

The plan supports Egypt Vision 2030, the country’s national development blueprint, which includes transforming airports into regional aviation hubs equipped with the latest global systems.  

El-Sisi also reviewed the “New Republic Air Gateway” project at Terminal 4 of Cairo International Airport. Once completed, the new terminal will increase the airport’s capacity by at least 30 million passengers, pushing total throughput beyond 60 million annually.

The project is designed in line with international standards for safety, security, and environmental sustainability. 

The meeting also touched on Egypt’s achievements in air navigation, especially during recent regional airspace closures that increased daily traffic to over 1,600 flights. 

According to the presidential spokesman, organizations including Eurocontrol, the International Civil Aviation Organization, and the International Air Transport Association praised Egypt’s air traffic controllers for maintaining operational stability and service continuity. 

Additionally, the meeting highlighted EgyptAir’s recent successes. The national carrier was named “Best Airline Staff in Africa” for 2025 by Skytrax at the Paris Air Show. 

Other accolades included Best Economy Class Meals, Most Improved Airline in Africa for a second consecutive year, and Best Cabin Crew in Africa. 

The airline advanced 20 positions in the global ranking to 68th place out of more than 325 carriers. 

The minister said EgyptAir plans to expand its fleet to 97 aircraft by 2028-29. Efforts are also underway to upgrade in-flight services, infrastructure, and ground operations, as well as enhance lounge amenities and punctuality. 

These initiatives are aimed at strengthening the airline’s global competitiveness and overall passenger experience. 


Oman’s GDP grows 4.7% as non-oil sectors expand

Updated 29 June 2025
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Oman’s GDP grows 4.7% as non-oil sectors expand

  • Agriculture, services, and construction exports lead economic growth

RIYADH: Oman’s gross domestic product at current prices grew by 4.7 percent year on year in the first quarter of 2025, reaching 10.53 billion Omani rials ($27.3 billion), compared with 10.06 billion rials during the same period in 2024.

Preliminary data released by Oman’s National Centre for Statistics and Information attributed the increase primarily to stronger performance in non-oil activities, which grew 4.1 percent to 7.13 billion rials compared to 6.85 billion rials a year earlier.

Across economic sectors, agriculture and fisheries posted the highest growth rate, expanding 11.1 percent to 326.6 million rials. 

Industrial activities rose 2.8 percent to 1.97 billion rials, while services activities grew 4.2 percent with a total contribution of 4.84 billion rials to GDP.

Oil activities also contributed to the overall expansion, recording a 6.8 percent increase in value-added, reaching 3.71 billion rials by the end of the first quarter of 2025, up from 3.47 billion rials in the same period of 2024.

While crude oil activities declined 7.5 percent to 2.74 billion rials, natural gas activities saw a marked increase of 89 percent, with value-added rising to 970.8 million rials.

This performance comes as Oman continues to strengthen non-oil sectors and diversify its economy. 

Earlier in June, Credit Oman reported that insured non-oil exports reached 61.2 million rials in the first quarter, a 6 percent increase from the same period last year, driven by higher shipments of construction materials, petrochemicals, mining products, and agricultural goods.

Overall, the sultanate’s broader non-oil exports rose 8.6 percent to 1.61 billion rials, accounting for 28.6 percent of total exports.

The government is also pursuing fiscal reforms to support long-term growth. Under a royal decree, Oman will become the first Gulf country to introduce personal income tax, imposing a 5 percent levy on taxable income exceeding 42,000 rials per year starting in 2028. 

The measure is expected to apply to about 1 percent of the population.

Earlier in June, the country’s residential property market was reported to have shown renewed strength. 

Official data from Oman’s National Centre for Statistics and Information indicated that residential property prices rose 7.3 percent year over year in the first quarter, led by a 6.5 percent increase in residential land values, which form the largest component of the real estate index.

Apartment prices rose 17 percent in May, while villas gained 6.4 percent, and other residential units increased 2.2 percent. The overall residential real estate price index advanced 5.5 percent quarter over quarter.

The gains reflect a broader regional upswing in property activity during early 2025. 


Saudi FDI net inflows jump 44% in Q1 to $5.9bn

Updated 29 June 2025
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Saudi FDI net inflows jump 44% in Q1 to $5.9bn

RIYADH: Saudi Arabia attracted SR22.2 billion ($5.9 billion) in net foreign direct investment in the first quarter of 2025, up 44 percent year on year, driven by rising inflows and sharply lower capital outflows. 

According to figures released by the General Authority for Statistics, this compares to SR15.5 billion during the same period last year. The figure, however, marked a 7 percent drop from the final quarter of 2024, when inflows totaled SR24.0 billion. 

Gross inflows — the total foreign capital entering the Kingdom — stood at SR24 billion, up 24 percent from SR19.4 billion in the first quarter of 2024, but down 6 percent from the SR25.6 billion recorded in the preceding quarter.

Net FDI reflects the actual retained investment after subtracting outflows such as dividends, loan repayments, or capital exits — making it a more accurate indicator of lasting foreign capital in the economy. 

The FDI boost coincides with Saudi Arabia’s growing appeal among global investors. In April, the Kingdom climbed to a record 13th place in Kearney’s 2025 Foreign Direct Investment Confidence Index while maintaining its rank as the third most attractive emerging market, underscoring strong investor confidence. 

In its latest release, GASTAT stated: “The volume of outflows amounted to about SAR 1.8 billion during Q1 of 2025. It achieved a decrease of 54% compared to Q1 of 2024, where the volume of outflows reached SAR 3.9 billion.” 

The report noted that this represented a 7 percent increase from the fourth quarter of 2024, when outflows stood at SR1.7 billion. 

The narrowing gap between inbound and outbound foreign capital underscores the resilience of the Kingdom’s investment environment amid ongoing economic transformation efforts. 

It also reflects a growing trend of multinational companies establishing regional headquarters in the Kingdom. Under new localization rules linked to government contracts, several global firms have set up or expanded their presence in Riyadh. 

In March, Dell Technologies became one of the latest tech giants to open a regional office in the Saudi capital, joining companies such as PepsiCo, Schneider Electric, Morgan Stanley, PwC, and Deloitte — all of which have ramped up operations to tap into the Kingdom’s rapidly evolving market and $1.1 trillion giga-project pipeline. 

The Kingdom’s performance comes against a backdrop of global declines in foreign direct investment.  

According to the UN Conference on Trade and Development, inward FDI inflows in Saudi Arabia fell 31 percent in 2024 to $15.73 billion, while outflows rose 27.1 percent to $22.04 billion.  

The report attributed the downturn to persistent trade tensions, geopolitical uncertainty, and weakening investor sentiment worldwide.  

Earlier this month, S&P Global said it expects FDI into Gulf Cooperation Council countries to slow further in 2025, citing lower oil prices and a more gradual rollout of economic diversification plans across the region.