Saudi Arabia expects budget deficits in 2023 and 2024 as spending rises
The announcement comes one year after the Gulf kingdom, the world's biggest crude exporter and the Middle East's largest economy,...
Economy
Masdar, Taaleri acquire 8 energy projects
The hybrid renewable energy projects in Poland have 1Gw capacity.
Business
Economy
Qatar’s Consumer Price Index increased by 5.93% in Dec 2022
Doha, Qatar-- Qatar's Consumer Price Index (CPI) rose by 5.93 percent in December 2022 to reach 108.20 points, driven primarily...
- On monthly basis, the CPI increased by 1.24 percent when compared to CPI of November 2022.
- Prices decreased in Communication by 3.37 percent, Health by 2.31 percent, Clothing and Footwear by 0.38 percent and Miscellaneous Goods and Services by 0.08 percent.
Business
Dubai realty transactions cross half a trillion dirham mark in 2022
"The exceptional performance of the real estate sector reflects support the goal of the Dubai Economic Agenda D33 launched to...
- In 2022, a total of 80,216 investors made 115,183 new real estate investments worth AED264.15 billion, an annual growth of 59.5% in volume and 78.4% in volume.
- The real estate sector's growth coincides with the growth of the emirate's economy despite the challenging global economic situation.
Business
Mubadala acquires DCA
DCA is a US-based dental services organization with 390 allied practices,
- Mubadala and funds managed by Harvest Partners jointly control DCA and will work closely with the management team.
- Founded in 1991, DCA has approximately 5,400 employees, including over 885 dentists in 22 states and welcomes over 3.5 million patient visits per year.
Business
Majid Al Futtaim among firms to halve real estate emissions by 2030
These companies also pledged to reach net-zero carbon no later than 2050. With buildings contributing 38 percent of all energy-related...
- Avison Young, Edge, GPFI Group, Ivanhoé Cambridge, JLL Schneider Electric and Signify were the other firms that pledged the emissions cut.
- These firms will meet these targets by implementing the Forum’s Green Buildings Principles, which provides a sequence of steps to deliver net-zero carbon real-estate portfolio.
Videos
Two UAE cities among best expat destinations
Expat Essentials Index ranks cities on the basis of quality of life, ease of settling in, working abroad, personal finance...
- The United Arab Emirates is the best place for expatriates to thrive professionally, according to InterNations Expat City Ranking 2022’s Expat Essentials Index
- The rankings are based on in-depth information about five areas of expat life: Quality of Life and Ease of Settling In Working Abroad, Personal Finance and new Expat Essentials.
Economy
UAE launched clean energy projects worth $43 bn in 2022: Minister
UAE Minister of Energy Suhail bin Mohammed Al Mazrouei highlighted the UAE Energy Strategy 2050, the first unified energy strategy...
- UAE’s clean energy production in 2021 totaled 7,035.75 megawatts (MW), underscoring the country's efforts in the clean energy sector.
- The minister said that once commercially operational, the third reactor will add another 1,400 MW of carbon-free electricity to the UAE's electricity grid.
Business
Iraq chamber asks government to tie up with German construction firms
Baghdad, Iraq-- The head of the Federation of Iraqi Chambers of Commerce - FICC, Abdul Razzaq Al-Zuhairi, called on the...
- FICC and the Federation of Iraqi Industries participated in the meetings between the two parties during the visit of PM Muhammad Shia Al-Sudani to Berlin.
- The Iraqi delegation seeks to encourage German companies and businessmen to invest in Iraq, FICC said in a statement.
Business
UAE Tax Policy ranks fourth on World Competitiveness Yearbook 2022
Dubai, UAE: The United Arab Emirates ranks fourth on the list of 63 economies around the world in the Tax...
- Published by Switzerland-based International Institute for Management Development (IMD), the World Competitiveness Yearbook assesses and ranks 63 economies around the world.
- The UAE place on the Yearbook depicts the country’s total contribution to GDP with its taxes, its stable rates of inflation, low tariffs and balanced price indexes.
Business
Building permissions issued by Qatar fall by 18 percent in Dec
Doha, Qatar-- The number of building permits issued in Qatar in December 2022 decreased by 18 percent (527 permits), compared...
- The decrease was noted the most in the municipalities of Al Rayyan (47 percent), Al Khor (37 percent), Al Shammal (25 percent.
- permits. Villas top the new residential buildings permits list, accounting for 83 percent (120 permits) in the residential sector.
Business
Al Seer Marine unveils MEGA II
MEGA II is the world's largest 3D printer, the company said.
- The technology will enable engineers to develop large-scale boats and products that are in high demand.
- The global additive manufacturing market size was valued at $13.84 billion in 2021 and is expected to reach $44.03 billion by 2027.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Saudi Arabia expects budget deficits in 2023 and 2024 as spending rises
The announcement comes one year after the Gulf kingdom, the world's biggest crude exporter and the Middle East's largest economy,...
Economy
Company News
Latest News
GCC ministers call upon Iraq to respect Kuwait sovereignty
New York, United States -- At a meeting on the sidelines of the 78th session of the UN General Assembly,...
Geostrategy
GCC countries hold interest rates following US Fed decision
Abu Dhabi, UAE -- In the wake of the US Federal Reserve's decision to maintain its interest rates, GCC countries,...
Economy
Sharjah Chamber to host two-day Gulf-Iraq Business event
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) said it is likely to host the first Gulf-Iraq...
Business
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Business
ZATCA, Korea Customs Service sign MoU to recognize AEO
Riyadh, Saudi Arabia -- Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) and Korea Customs Service have signed a memorandum...
- The move will accelerate the clearance of goods at customs points, enhance trade, and support their economies, SPA reported.
- ZATCA also showcased the “Clearance within Two Hours” initiative, which aims to unify the efforts of customs clearance authorities.
Business
AD ports’ digital customs transactions increase by 37% in H1
Clearance of goods transactions increased by 35.8%.
- AD Customs reported a 20 percent growth in customs clearance request in free zones areas.
- It also recorded a growth of 6 percent in customs declaration during the first six months of 2023.
Infographics
Aramco, IHC among biggest companies in Middle East
Energy, banking and financial services, and industrial sector companies are among the largest in the Middle East, especially the Gulf...
- High representation of these sectors is due to the region's rich oil and gas reserves and its growing population and economies.
- The Middle East is also home to a number of other significant industries, such as tourism, healthcare, and education.