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Oman has granted Starlink Muscat a Class 1 license to provide nationwide satellite internet, expanding its services in the Middle East. The low-Earth orbit satellites will deliver high-speed broadband, reaching remote areas and supporting key sectors like oil, gas, and tourism. Starlink plans to launch in Kuwait, Bahrain, and Jordan in 2025, while services in Saudi Arabia and the UAE await regulatory approval.
Gulf banks can reduce compliance costs by over 20% by investing in AI and cloud technologies, according to Finastra. As regulatory demands increase, banks must modernize outdated systems to enhance efficiency, improve real-time risk management, and gain a competitive edge. Early adopters of these technologies will benefit from cost savings and long-term resilience.
Saudi Arabia's non-oil exports rose by 10.7% year-on-year in January, with national non-oil exports increasing by 13.1%. The value of re-exports grew by 5.7%, contributing to a decrease in oil exports' share of total exports from 74.8% to 72.7%. Imports also surged by 8.3%, while the trade surplus fell by 11.9%.
Saudi Arabia’s Tadawul All Share Index closed at 12,025.05, up 0.46%, with a trading turnover of SR6.02 billion. Zamil Industrial Investment Co. led gains with a 9.92% rise, while SAL Saudi Logistics Services Co. fell 3.88%. MBC Group reported a significant profit increase, while Emaar, The Economic City, faced a substantial net loss. The Capital Market Authority approved Specialized Medical Co.'s public share offering of 75 million shares.
BNP Paribas has maintained an overweight rating on Larsen & Toubro (L&T), citing a robust order inflow growth projected to exceed 15% this year, driven by a significant offshore contract from QatarEnergy LNG. The firm anticipates EBITDA margins to rise from 8.3% to 8.6% next year, supported by major projects and improved working capital management. Additionally, confidence in JSW Infrastructure's growth prospects was expressed, with projected EBITDA reaching ₹90-100 billion by FY30.
Saudi Arabia's real estate sector is poised for growth in 2025, driven by Vision 2030 initiatives, with a projected 5.8% expansion in the non-oil sector. The Kingdom's property market is expected to reach $101.62 billion by 2029, supported by strong demand in hospitality and residential sectors, despite challenges like rising costs and geopolitical issues. Major events like the FIFA World Cup 2030 are anticipated to further boost infrastructure development and investment opportunities.
Saudi Aramco has maintained its official selling prices for propane and butane for April at $615 and $605 per tonne, respectively. These liquefied petroleum gases are essential for heating, vehicle fuel, and petrochemical feedstock, with prices influenced by seasonal demand and supply dynamics. Last month, Aramco had reduced propane and butane prices by $20 per tonne.
Orascom Construction plans to reduce its projects in Egypt to a third by 2026, focusing on international expansion, particularly in the UAE and Saudi Arabia. CEO Osama Bishai emphasized the company's preference for foreign-funded projects and noted improvements in dues collection from government entities, despite ongoing local challenges. The firm is already engaged in significant projects abroad, including power plant expansions in Saudi Arabia and seawater treatment facilities in the UAE.
Valeo Health has secured $12 million in a Series B funding round, raising its total capital to $20 million. This investment will enhance its AI-driven at-home healthcare solutions across the KSA, UAE, and GCC, with a focus on personalized treatment plans using proprietary Longevity technology. CEO Sundeep Sahni emphasized the funding's role in scaling their technology and expanding their reach in preventive care.
Valeo Health has secured USD 12 million in Series B funding, led by Flintera, to expand its AI-driven personalized healthcare services across the GCC, including Saudi Arabia and the UAE. The funds will enhance product offerings and scale AI technology, aiming to provide proactive healthcare solutions. Founded by Sundeep Sahni, Nadine Karadag, and Ankur Majumder, Valeo focuses on health tracking, at-home tests, and personalized wellbeing coaching.
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Oman grants Starlink license for nationwide satellite internet services
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