Russia won’t consider ratings while granting loans to countries
Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...
Economy
7,000 digital marriage contracts delivered in Abu Dhabi since Oct
Abu Dhabi, UAE -- The Abu Dhabi Judicial Department has introduced a new service that allows marriage contracts to be...
Arts & Culture
Business
European Union backs tougher tax rules on crypto transactions
Regulators worldwide are increasingly worried about the lack of oversight of the digital currency sector but the European Union has...
- During a meeting of EU economy and finance ministers on Tuesday, they agreed on rules to go after individuals who stash their cash where tax authorities have no oversight.
- The rules will close loopholes that allow people to avoid taxation on their income using crypto assets, Swedish Finance Minister Elisabeth Svantesson said.
Business
Saudi Arabia’s per capita insurance spending up 30%
The majority of per capita insurance spending (60%) went towards health insurance, followed by general insurance (37%) and protection and...
- Health insurance accounted for 60 percent of total per capita spending on insurance, followed by general insurance (37%) and protection and savings (3%).
- The health insurance’s gross written premiums stood at $8.59 billion in 2022, up 27 percent from $6.78 billion in 2021
Business
Dubai records over $544 million in real estate transactions
Dubai, UAE -- Dubai real estate market has recorded deals worth AED 2 billion ($544 million) on Monday, Dubai Land...
- The sales included 599 villas and apartments worth AED1.45 billion, and 39 land plots worth AED335.3 million.
- In April, the emirate witnessed a surge of 46% in the value of real estate deals, compared April 2022, reaching $7.21 billion.
Business
GIG to pay $49m in dividends
This amounts to cash dividend of 54 percent (54 fils per share)
- The group had announced a net profit of KD 38.2 million ($124.7 million) and earnings per share of 134.56 fils for 2022.
- The group had achieved extraordinary profits in 2021 amounting to KD 49.2 million ($160.9 million) resulting from the acquisition of AXA operations in the Gulf region.
Business
Dubai’s most expensive ever penthouse sells for $33 million
Dubai, UAE -- Dubai luxury real estate market transactions hit a new high in May, with a four-bedroom penthouse in...
- The 12,113-square-feet property boasts views of both the Dubai skyline and Bulgari Marina, said Driven Properties, which sold the penthouse.
- The number of transactions grew by 17 percent to 8077 in April 2023, from 6898 transactions in April 2022.
Economy
Saudi Arabia’s rental prices key driver of inflation in April
At 2.7 percent, inflation remained unchanged from March, according to the kingdom's General Authority for Statistics. It was driven mainly...
- Actual rents for housing increased by 9.6 percent in April 2023, reflecting the increase in rents for apartments by 22.2 percent.
- The cost-of-living index for April rose to 109.16 points, according to the base year 2018, from 106.29 points in April 2022.
Business
Saudi Arabia’s insurance sector grows by 26.9 percent in 2022
Riyadh, Saudi Arabia -- Saudi Arabia's insurance sector grew by 26.9 percent in 2022, bringing gross written premiums to SAR...
- SAMA said in the 16th Saudi insurance market annual report that health, protection and savings, and motor insurance recorded significant increases in gross written premiums.
- The penetration ratio to non-oil GDP increased from 1.91 percent in 2021 to 2.09 percent in 2022. The overall loss ratio remained unchanged at 83.4 percent in 2022.
Geostrategy
GCC Secretary General hails Qatar’s role in Palestine-Israel ceasefire
Riyadh, Saudi Arabia -- The Gulf Cooperation Council has hailed Qatar's efforts for its role in the ceasefire between Israel...
- Jassem Mohamed Albudaiwi said the Qatari diplomacy has been successful in dealing deal with international and regional issues, seeking to resolve them through peaceful means.
- Albudaiwi also appreciated the efforts of Egypt in communicating with the two sides and contributing to establishing the ceasefire.
Economy
Dubai top Greenfield FDI destination for second time in a row
The emirate achieved an 89.5 percent year-on-year growth in 2022 and Foreign Direct Investment capital inflows of $12.79 billion. The...
- These exceptional achievements support the strategic vision outlined by the Dubai Economic Agenda D33, Sheikh Hamdan said.
- Dubai ranked first globally in attracting greenfield FDI projects in 2021, up from the third spot in 2020. It had attracted 418 freenfield FDI projects.
Three countries to get $280m for financing education programs
A total of $280 million will be provided to Cameroon, Kyrgyzstan and Uzbekistan as innovative financing under the SmartEd initiative...
- Developed in Dec 2021 by GPE and the ACG, a grouping of Arab financial development institutions, the nitiative has generated $500m to support education in lower-income countries.
- Funds under the initiative are accessible to 37 countries that are members of the Organization of the Islamic Cooperation and collectively are home to 28m out-of-school children.
Russia won’t consider ratings while granting loans to countries
Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...
Economy
Company News
ADNOC signs pacts with 30 firms
Business
Latest News
ASPACE to set up Saudi’s first satellite manufacturing unit
Riyadh, Saudi Arabia -- Saudi Arabia announced Thursday the completion of SAR 1 billion investment procedures by ASPACE, a Hong...
Business
How Saudi PIF is trying to build a post-oil economy
Riyadh, Saudi Arabia -- As global banking elites attend the Future Investment Initiative forum in Riyadh, a focal point of Saudi...
Business
FII7 concludes, WAVE launched on Day 3 to boost ocean regeneration
Riyadh, Saudi Arabia -- The seventh Future Investment Initiative Institute forum, which concluded in Riyadh on Thursday, saw the attendance...
Geostrategy
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Business
UAE banks’ investments hit record high in Aug to reach $159bn
Abu Dhabi, UAE -- UAE banks' investments surpassed AED 580 billion, hitting a record high in August 2023, according to...
- Banks investments also increased by AED 58 billion or 11 percent year-to-date compared to AED 527.4 billion at the end of 2022.
- Bonds held until maturity accounted for the largest share of bank investments at 47 percent, reaching AED 276 billion at the end of August 2023.
Business
Thuraya, nybl sign MoU
They will deploy AI in Thuraya and Yahsat satellites
- nybl provides various AI and ML sector-specific modules, including Oil and Gas, Security and Surveillance, with robust support for ESG.
- Under the MoU, both parties will focus on testing, certifying, and enabling the nybl platform over Thuraya and Yahsat satellites.
Business
Geopolitical conflicts pose biggest risk to global economy: Ajay Banga
The World Bank President expressed deep concern over the widening wealth gap, while calling for more action on gender equality...
- Countries around the world need to do more in terms of gender equality and women's rights, he said.
- Saudi Arabia has done very well when it comes to creating jobs for women and working toward women's rights.