UAE issues federal decree on regulating electronic, digital media
ABU DHABI, UAE - The UAE Government has issued a federal decree which aims to regulate and organize media in...
Geostrategy
SAMA issues rules regulating ‘buy now pay later’ companies
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has issued rules for regulating buy now pay later (BNPL) companies,...
Business
Business
DMCC hosts 200 Dubai-based Chinese businessmen at China Business Day
Dubai, UAE -- Dubai Multi Commodities Centre hosted a China Business Day at Almas Tower, which drew more than 200...
- DMCC is home to more than 750 Chinese companies, which accounts for over 12 percent of all Chinese businesses registered in the UAE.
- DMCC said in a statement that the event celebrated the flourishing commercial ties between the UAE and China as bilateral trade is likely to reach 200bn by 2030.
Business
Sahara Q1 net profit $125m
The net profit plunged by more than 56 percent compared to Q1 2022.
- The company said in a Tadawul disclosure that its revenue of 2 billion riyals in Q1 was 11.11 percent less than 2.3 billion in the first quarter of 2022.
- Earnings per share was 0.65 riyal during the first three months of 2023, lower than 1.48 in Q1 2022.
Business
Saudi Fund for Development to provide $130m loans to Kyrgyzstan
Two loan agreements were signed in the Kyrgyz capital Bishkek by the SFD CEO Sultan bin Abdulrahman Al-Marshad with the...
- The first agreement worth $100 million involves financing the construction of 3000 housing units covering an area 255,000 square meters.
- The second agreement is related to financing of the Taraz-Talas Road Project (Phase 4), which aims to reconstruct 93 km of road to improve road safety.
Business
Multiply Group, Media 247 sign pact
The Group will acquire a 55 percent stake in Media 247.
- The investment in Media 247 falls under the buy and build vertical strategy of acquiring profitable companies, Multiply Group said.
- Media 247 assets include over 45 exclusive outdoor premium hoardings, unipoles and 3D structures spread across Dubai's strategic locations.
Geostrategy
West imposed nearly 800 sanctions on Iran since Sept 2022: Analyst
Tehran, Iran -- The West has intensified economic pressures on Iran in recent months and imposed nearly 800 sanctions on...
- Several Western governments imposed new sanctions on Iran in the aftermath of the protests against the death in custody of Mahsa Amini.
- Mohsen Pakaeen, a foreign policy analyst, asked Iran to improve the economic structure of the country to avoid the negative consequences of the sanctions.
Business
Iraq’s entry into SWIFT platform positive business message
Baghdad, Iraq -- The Federation of Iraqi Chambers of Commerce FICC has said that Iraq offers promising investment opportunities and...
- Iraq has thousands of promising investment opportunities in oil, agro-industries, commercial and tourism, said FICC head Abdul Razzaq Al-Zuhairi.
- He called on the government to "improve these processes and eliminate red tape, bureaucracy, nepotism and other things that keep the investor from investing his money in Iraq."
Arts & Culture
Yara, Fouad Wahed enthrall Arab music fans at Eid al Fitr concert
Abu Dhabi, UAE -- Arab music and culture fans in Al Ain were treated to a special Eid al Fitr...
- The concert was organized by the Department of Culture and Tourism at Al Ain Convention Centre.
- Fouad Abdul Wahed showcased the depth of regional music with some of his classics, including Yal Beed, ‎Al Hob Al Kbeer and Awsafek 3ajab.
Business
UAE conventional banks’ assets $829 billion by end of Jan 2023
Gross assets of the Islamic banks operating in the country increased to AED620.9 billion as of the end of January...
- Conventional banks in the UAE accounted for nearly 83.1 percent of the total assets in the banking sector by the end of Jan 2023.
- The Islamic banks’ deposits increased to AED434.1 billion in Jan 2023, an annual increase of 3.1 percent, compared to nearly AED421 billion in Jan 2022.
Business
P&G earnings solid on higher pricings
Its Q1 profits rose 1% to $3.4 billion, on a 4% increase in revenues.
- P&G shares rose 2.7 percent in pre-market trading following the results, which were better than expected.
- While there was a fall in sales volumes, this was offset by a 10 percent surge in product pricing -- boosting sales gains.
Geostrategy
ACT initiative to support developing nations achieve climate goals
Launched by the World Economic Forum, the World Trade Organisation (WTO) and the World Bank Group, the scheme aims to...
- ACT will use the expertise of the three participating organizations to provide participating economies with tailored trade analysis.
- Vulnerable populations in developing economies often suffer disproportionately damaging outcomes in terms of health, food insecurity and livelihood.
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
UAE issues federal decree on regulating electronic, digital media
ABU DHABI, UAE - The UAE Government has issued a federal decree which aims to regulate and organize media in...
Geostrategy
Company News
Latest News
Gaza conflict: Fitch places Israel’s IDR on rating watch negative
London, United Kingdom -- Fitch Ratings has placed Israel's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'A+' on...
Business
Saudi e-visa facility extended to Turkiye, five other countries
Riyadh, Saudi Arabia-- Saudi Arabia announced Tuesday that it will grant e-visa to visitors from six new countries -- Turkiye,...
Business
Qatar’s Industrial Production Index falls 2.1 percent in Aug 2023
Qatar's Industrial Production index (IPI) reached 105.2 points in August 2023, a decline by 2.1 percent compared to the previous month (July...
Economy
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Business
UAE and Saudi Arabia lead MENA venture capital fundraising
Dubai, UAE -- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32...
- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32 percent increase compared to Q2 of 2023.
- Saudi Arabia and the UAE led the region in capital raised, with the Kingdom reporting a 172 percent QoQ increase.
Business
OERC and Arkan partner to transport raw limestone to UAE
Abu Dhabi, UAE -- Oman and Etihad Rail Company (OERC), the developer and operator of the UAE-Oman Rail Network, signed...
- Oman and Etihad Rail will provide logistics solutions for Emirates Steel Arkan through annual transportation of 4 to 6 million tons of high-quality raw materials to Al Ain.
- This ensures Emirates Steel Arkan can produce and export 2-3 million tons of finished goods to regional markets each year.
Geostrategy
Saudi Crown Prince launches Ardara company to develop AlWadi
Riyadh, Saudi Arabia -- Saudi Arabia's Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud Monday announced the launch of...
- This will be Ardara’s first development and will become a vibrant urban center and tourist destination for both local and international visitors, PIF said.
- AlWadi in Aseer region – meaning, the valley – will span 2.5 million square meters and will be developed with sustainability at its core.