PKK declares ceasefire with Turkey after 40 years of armed struggle
Istanbul, Turkey - Outlawed Kurdish militants on Saturday declared a ceasefire with Turkey following a landmark call by jailed PKK...
Saudi Arabia, Gulf neighbours say Ramadan to start on Saturday
Observing fasting during Ramadan is one of the five pillars of Islam, requiring believers to abstain from eating, drinking, smoking...
Arts & Culture
Geostrategy
Turkey, Saudi Arabia exports vault 630% after normalization in ties
Istanbul, Turkey - Turkey's exports to Saudi Arabia have skyrocketed by an astonishing 630 percent in the first seven months...
- Data compiled by the Turkish Exporters Assembly (TIM) revealed that exports to the kingdom reached an impressive $1.25 billion
- Saudi Arabia's move to invest in Turkey's central bank with a $5 billion deposit earlier this year has contributed to stabilizing Turkey's economy
Business
PIF-owned Saudi tourism company to sponsor Al-Hilal Club
Riyadh, Saudi Arabia -- The Saudi Tourism Investment Company (ASFAR), a Public Investment Fund (PIF) portfolio company, has announced a...
- Under the terms of the agreement, ASFAR will serve as the official sponsor of the Al-Hilal Saudi Club until the end of the 2025-2026 season
- Founded in 1957, Al-Hilal Saudi Club is the most decorated football club in Saudi Arabia and the most successful Asian club
Business
Dana Gas logs $83m net profit
Revenue for the first half decreased 22% to $222 million.
- Revenue for the first half decreased 22 percent to $222 million compared to $284 million in H1 2022.
- The Group’s production in H1 2023 averaged 59,800 boepd, a 2 percent drop as compared to 61,100 boepd in H1 2022
Economy
Dubai taxi sector posts 10% growth
The market share of Hala Taxi service vehicles grew 35%
- The market share of Hala Taxi service vehicles grew 35% in H1 2023 2023, up from 28% in the same period of 2022
- Equally, the number of drivers in this sector soared from 19,000 to 26,000 between these respective periods
Economy
CBUAE revokes licenses of currency exchange house, commercial broker company
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has revoked the license of Dirham Exchange, an exchange...
- The administrative sanctions followed after the entities were found in violation of the UAE laws on combating money laundering crimes, the financing of terrorism, etc
- The findings showed that the entities had a weak compliance framework and failed to comply with their regulatory obligations and to report regulatory breaches to the CBUAE
Business
ADNOC Gas awards $3.6bn contract to expand its gas processing infrastructure
Abu Dhabi, UAE: ADNOC Gas, the integrated gas processing company, announced on Wednesday the award of a $3.6 billion (AED13.1...
- Over 70% of the award value will flow back into the UAE’s economy under ADNOC's successful In-Country Value (ICV) program
- The scope of the contract includes the commissioning of new gas processing facilities which will enable an optimized supply to the Ruwais Industrial Complex
Geostrategy
Pakistan’s Prime Minister, Saudi Deputy Foreign Minister discuss ties
Islamabad, Pakistan - Pakistan's Prime Minister Shehbaz Sharif met on Tuesday with visiting Saudi Deputy Foreign Minister Waleed bin Abdulkarim...
- Al-Khuraiji also met with the country’s Foreign Minister Hina Rabbani Khar
- In July, Pakistan received $2 billion in financial support from Saudi Arabia
Sharjah Business Women Council connects 500+ women to UAE’s business ecosystem in H1 2023
Sharjah, UAE - It's been a busy start to the year for members of the Sharjah Business Women Council (SBWC),...
- Sharjah Business Women Council has a member community of 2,000+ business women and aspiring entrepreneurs
- The council has brought members closer to new prospects in fashion, F&B, perfumes, and other sectors
Economy
Residential prices, rents dip across Qatar as World Cup boost dissipates
Doha, Qatar - The residential property market in Qatar is grappling with a dual challenge of decreased demand and increased...
- Lusail's Waterfront and Fox Hills districts have experienced the highest quarterly depreciation in average quoted rents for apartments
- The office market in Qatar is grappling with a challenge of its own, with a widespread drop in average rental rates attributed to an oversupply of office space
Business
Qatar Central Bank foreign reserves surge by 14.3% in July
Doha, Qatar - The international reserves and foreign currency liquidity of Qatar Central Bank (QCB) surged last July to reach...
- Gold reserves rose to $6.07 billion in the month, reflecting an increase of about $1.34 billion compared to same period last year
- Balances held in foreign banks experienced a decline of $699 million, reaching $4.95 billion by the end of July
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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
PKK declares ceasefire with Turkey after 40 years of armed struggle
Istanbul, Turkey - Outlawed Kurdish militants on Saturday declared a ceasefire with Turkey following a landmark call by jailed PKK...
Company News
Latest News
IMF predicts soft landing for global economy, yet growth remains muted
Dubai, UAE - The International Monetary Fund (IMF) in a report has indicated that the global economy is on course...
Economy
Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...
Business
Zelenskyy in Saudi Arabia to discuss war; meets Mohammed bin Salman
RIYADH, SAUDI ARABIA - President of Ukraine Volodymyr Zelenskyy and his accompanying delegation arrived here on Tuesday. The Ukrainian President...
Geostrategy
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Business
AI entity is Board Observer in IHC
IHC is a pioneer in leveraging AI for decision-making.
- Aiden Insight is a virtual entity endowed with sophisticated AI capabilities, and is set to revolutionise the way IHC handles the global investment landscape.
- This initiative by IHC is powered by AI capabilities of G42 in collaboration with Microsoft, setting a new benchmark for artificial intelligence development.
Geostrategy
France says ‘nothing ruled out’ to thwart Russia in Ukraine
French Prime Minister Gabriel Attal told the RTL broadcaster that there was "no consensus" on any "official" deployment of ground...
- Speaking a day after President Emmanuel Macron said that sending Western ground troops was not excluded, prime minister Attal said that "you can't rule anything out in a war."
- Macron, after hosting a meeting of two dozen European leaders to discuss Ukraine, on Monday painted a grim picture of a Russia whose positions he said were "hardening."
Business
Middle East and Africa smartphone shipments surge 30% YoY in Q4 2023
Dubai, Riyadh - Smartphone shipments in the Middle East and Africa (MEA) region witnessed a remarkable surge, growing by 30%...
- For the entire year of 2023, smartphone shipments in the MEA region increased by 11% YoY, reflecting an upward trend in consumer sentiment
- The MEA region demonstrated the highest YoY growth globally during this period, attributed to improved economic conditions and rebounding consumer demand