Rights group slams Meta for silencing pro-Palestinian voices
"Meta's censorship of content in support of Palestine adds insult to injury at a time of unspeakable atrocities and repression...
Geostrategy
Business
stc’s acquisition of Telefonica stake okayed
Spain's Securities Market Regulatory Authority cleared the deal.
- Morgan Stanley, which advises on the deal from the buyer's side, accumulated a little less than 3 percent of Telefonica’s capital during an unspecified period of time.
- Media reports said that stc announced recently it acquired a 9.9 percent stake in Telefonica for SAR 8.5 billion (2.1 billion euros).
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.
Business
DAE closes $1.6 billion loan
DAE said this is the company's largest ever loan facility.
- The facility enabled DAE to tap the Islamic banking liquidity and consolidate its existing banking relationships in the Middle East, Asia, North America, and Europe, it said.
- Proceeds from the facilities will support the future financing needs of the business and refinance a maturing credit facility.
Arts & Culture
Picasso’s ‘Woman With a Watch’ to be exhibited in Dubai on Sept 25-26
This would be for the first time that the painting has been exhibited outside of the United States in over...
- This would be for the first time that the painting has been exhibited outside of the United States in over 50 years.
- The painting depicts Marie-Thérèse Walter, Picasso’s “golden muse” and the subject of many of his most iconic works.
Videos
Realty sector’s success hinges on GDP growth
The kingdom’s Minister of Housing, Majid Al-Hogail recently said that Gulf country's residential real estate finance is expected to exceed...
- Saudi Arabia has unveiled the MENA region's inaugural real estate stock exchange, marking a transformative moment for property trade in the Kingdom.
- The Kingdom's residential real estate finance is expected to exceed 1.2 million contracts with a value of SR600 billion ($162 billion) by 2030.
Business
BFB, The Family Office sign partnership
Bahrain FinTech Bay is a fintech ecosystem builder.
- BFB said that it will also explore the development of innovative digital investment solutions aligned with market trends.
- Bader Sater, CEO of Bahrain FinTech Bay. "Our combined strengths will lead to the creation of cutting-edge digital investment offerings that cater to the market's evolving needs."
Business
Iran steel production to rise by 22% in two years to 55MT annually
Tehran, Iran -- Iran’s annual steel production capacity is expected to increase by more than 22 percent within the next...
- A senior official said that Iran’s steel output capacity had increased by more than six times in 20 years to reach a current figure of 45 million mt per year.
- Iran is seeking greater access to export target markets as the domestic demand for steel is expected to stay at a present level of 20 million mt per year in the coming years.
Economy
Saudi ministry inks economic pact with Alfaisal University
RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic...
- Under the MoU, the two parties will cooperate to promote economic development, activate academic research.
- The Ministry of Economy and Planning will provide consultations on the use of university resources such as student research.
Company News
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ADNOC Gas net income $3.37bn
Business
Bank of Sharjah joint lead manager for $350m Ittihad sukuk
SHARJAH, UAE - Bank of Sharjah announced its selection as joint lead manager and bookrunner in the debut US$350 million...
Business
SEVEN to build $347m entertainment destination in Saudi Arabia’s Aseer
Riyadh, Saudi Arabia -- Saudi Entertainment Ventures (SEVEN), a PIF subsidiary, has announced the fifth entertainment destination in the Kingdom,...
Business
ADDED launches program to improve SMEs’ access to financial services
Abu Dhabi, UAE -- The Abu Dhabi Department of Economic Development (ADDED) has launched a program to improve the access...
Business
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Geostrategy
International migration flows to OECD countries at record highs in 2022
Paris, UAE -- Permanent migration to OECD countries reached 6.1 million in 2022, a 26 percent increase compared with 2021,...
- Fifteen 15 out of the 38 OECD countries registered in 2022 their highest levels of permanent migration over the past 15 years.
- Over two million new asylum applications were lodged in OECD countries in 2022, well above the previous record of 1.7 million in 2015.
Economy
ADB plans to invest US$100bn to maximize climate impact
MANILA, PHILIPPINES - Setting the scene for a low-carbon and climate-resilient Asia and the Pacific, the Asian Development Bank (ADB)...
- By 2030, more than 55 percent of the population of Asia and the Pacific will live in urban areas, driving up demand for urban-related services.
- If urban areas continue along the same growth trajectory, Asian cities could contribute over half of the rise in global GHG emissions in the next 20 years.
Business
Dubai records weeklong real estate deals worth $2.45 billion
Dubai, UAE -- A total of1,852 real estate transactions valued at more than AED 9 billion ($2.45 billion) were conducted...
- The DLD weekly report said that 384 plots were sold for AED 2.54 billion, 1,468 apartments and villas were sold for AED 3.38 billion.
- A total of 139 properties were granted between first-degree relatives worth AED507 million.