Saudi Arabia’s Noor Riyadh festival sets 6 Guinness World Records
Riyadh, Saudi Arabia -- Noor Riyadh Festival 2023 has secured six new Guinness World Records, making it its third consecutive...
Arts & Culture
Gaza ‘integral part’ of Palestinian state: Abbas tells US official
The talks with US National Security Advisor Jake Sullivan came as Israel pressed its offensive in Gaza despite mounting international...
Geostrategy
Business
Jordan’s tourism income grows by 88.4 percent in first quarter
Dubai, UAE – Jordan’s tourism revenue increased by 88.4 percent in the first quarter of 2023 to reach 1.18 billion...
- The revenue reached 1.18 billion Jordanian dinars ($1.66 billion) as nearly 1.5 million tourists visited the country.
- Jordan as a whole received 4.6 million visitors in 2022 -- almost four times the level from 2020 -- earning the country $5.3 billion.
Business
ADCB-BLME partnership brings UK digital banking to UAE customers
Dubai, UAE -- Abu Dhabi Commercial Bank and its Shari’ah compliant digital banking subsidiary Al Hilal Bank have announced a...
- They can also apply for UK home financing, from their smartphones using the newly launched ADCB-Nomo and Al Hilal-Nomo banking apps.
- Abu Dhabi Commerical Bank and Al Hilal Bank sign partnership with Bank of London and the Middle East to make this service available.
Business
KPMG ordered to pay $231 million for Abraaj fund audit failure
Dubai, UAE -- KPMG Lower Gulf has been ordered by a Dubai court to pay more than $231 million to...
- The award is one of the largest ever against an accounting firm and exceeds KPMG Lower Gulf’s revenues of $210 million in its most recent financial year.
- KPMG Lower Gulf’s operations were already in the spotlight after allegations of nepotism and cronyism led to the resignation of its former head last October.
Geostrategy
Countries need $97 billion to achieve education targets: UNESCO
Paris, UAE -- Without $97 billion in extra funding, a range of countries will fail to meet their 2030 national...
- The largest financing gap is in sub-Saharan Africa: $70bn per year. The region has the furthest distance to travel, with 20 percent of primary school age children not in school.
- Around one third of the gap could be filled if donors fulfilled their aid commitments and prioritized basic education in the poorest countries, the report found.
Business
UAE India’s second biggest export destination, third for imports
Dubai, UAE -- The UAE continues to be the second most important export destination for India, according to annual trade...
- India's Ministry of Commerce and Industry said the US and the UAE retained the first and second place as top export destinations for the country.
- The number of new Indian companies that joined Dubai Chamber of Commerce in 2022 exceeded 11,000, bringing the total to 83,000 companies.
Business
Dubai records real estate deals worth $1.03bn in two days
Dubai, UAE -- Dubai's real estate market recorded real estate transactions worth AED1.1 billion ($299 million) on Friday, according to...
- On Friday, deals worth AED1.1 billion ($299 million) on Friday, according to the data released by Dubai's Land Department.
- The sales on Thursday included 388 villas and apartments worth AED791.15 billion, and 55 land plots worth AED236.4 million.
Economy
Gender equality in agrifood systems can add $1 trillion to global GDP: FAO
Rome, Italy -- Tackling gender inequalities in agrifood systems and empowering women reduces hunger, boosts the economy, and reinforces resilience...
- Globally, 36 per cent of working women are employed in agrifood systems, along with 38 per cent of working men.
- The gap in food insecurity between men and women widened from 1.7 percentage points in 2019 to 4.3 percentage points in 2021.
Business
Barwa Q1 net profit $64.55m
The company had reported a 2.18 percent rise in profit for 2022.
- For the first quarter of 2023, Lesha Bank announced a net profit of QR22 million, compared to 21 million the same quarter previous year.
- Qatar Fuel Company recorded a 15 percent decrease in net profit to QR223 in Q1 2023 compared to more than QR262 million for Q1 2022.
Economy
Italy calls for unconditional pre-reform bailout package for Tunisia
Tunisia reached a deal in principle in October with the IMF for nearly $2 billion to shore up its sinking...
- EU leaders including Italian Prime Minister Giorgia Meloni have warned of the risks of an economic collapse which could drive more people to cross the Mediterranean Sea.
- Migrants from across Africa and Tunisia itself regularly use Tunisia's coastline, less than 150km from the Italian island of Lampedusa, to reach Europe.
Business
Investment in rose market in Saudi Arabia’s Taif reaches $17m
Dubai, UAE -- The ongoing Taif rose season in Saudi Arabia, which starts at the beginning of March and last...
- Rose farms in the Sarawat Mountains in Taif Governorate harvest about 550 million roses annually.
- About 70 rose factories and laboratories extract and manufacture more than 80 rose derivatives.
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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’s Noor Riyadh festival sets 6 Guinness World Records
Riyadh, Saudi Arabia -- Noor Riyadh Festival 2023 has secured six new Guinness World Records, making it its third consecutive...
Arts & Culture
Company News
Latest News
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...
Geostrategy
Funds raised by startups within TECOM Group’s in5 hub up 20%
Dubai, UAE -- in5, part of TECOM Group and an innovation and entrepreneurship hub in the region, has witnessed a...
Business
Most Read
Business
Early economic measures tame Saudi inflation at 1.7% in Sept: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's Consumer Price Index (CPI) increased by 1.7 percent in September 2023, compared to September...
- CPI measures the prices paid by consumers for a fixed basket of goods and services consisting of 490 items. The prices are collected through field visits to points of sale.
- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position is strong, the IMF said recently.
Business
Marakeb first firm to develop maritime applications in SAVI cluster
Abu Dhabi, UAE -- The Abu Dhabi Investment Office (ADIO) announced that Marakeb Technologies will become the first anchor company...
- Marakeb is a technology provider for aerial, ground, and marine applications that has developed and manufactured solutions in the UAE for the past 15 years.
- Marakeb will be able to test new technologies at the cluster’s sea testing zone in Mussafah Port, which houses a port and the Abu Dhabi Maritime Academy.
Business
Dubai records weeklong real estate deals worth $3.51 billion
Dubai, UAE -- A total of 1,659 real estate transactions worth over AED 12.9 billion ($3.51 billion) were conducted during...
- The DLD report showed that 297 plots were sold for AED 5.08 billion, while 1,362 apartments and villas were purchased for AED 4.57 billion.
- The total value of mortgaged properties for the week reached AED 2.37 billion.