Trump doubles down on Gaza shock plan, says Israel will turn over the territory to US
Trump said that by the time of the handover, Palestinians "would have already been resettled in far safer and more...
Geostrategy
WEF25: Saudi delegation calls for nations to put “greater good” first
The international community must prioritize cooperation and dialogue to overcome the challenges of a fragmented world, the Saudi delegation to...
Economy
Economy
UK reform of Consumer Credit Act to benefit Islamic finance
London, Britain - The UK government has announced plans to reform the Consumer Credit Act (CCA) which is expected to...
- The CCA, established in 1974, regulates various credit transactions, including Islamic finance products, such as credit card purchases, personal loans, and consumer hire agreements
- The proposed reforms, combined with organic development and the utilization of FinTech solutions, will further support the expansion of Islamic finance in the country
Business
Top Middle East bankers leave Credit Suisse for HSBC
Dubai, UAE - Credit Suisse Qatar CEO Aladdin Hangari is joining HSBC. Patrick D’Amico, a Zürich based Credit Suisse Managing...
- HSBC is a dominant player in the Middle East for commercial and private clients
- The bank is set to expand its coverage of ultra-rich clients across the MENA region
Business
Business reality TV series ‘Beban’ forays into Saudi Arabia
Manama, Bahrain: Entrepreneurship-themed reality television show ‘Beban’ announces the expansion of its third season to Saudi Arabia, as Hope Ventures,...
- The expansion comes in line with GFH Capital’s efforts to support Saudi-based startups and provide them with the tools, resources, and networks
- Beban has so far featured 62 businesses, resulting in successful co-investments by the private and public sectors exceeding $6 million
Business
QNB H1 2023 net profit at $2bn
QNB set aside $1.3 billion as provision for loan losses.
- There was an increase in the operating income by 14 percent to reach US$5 billion.
- This reflects QNB’s success in maintaining strong growth in various sources of income.
Economy
UAE per capita income rises to 7th rank globally
ABU DHABI, UAE - The UAE ranked seventh in the world in terms of per capita national income, according to...
- According to the Atlas method, the per capita national income in the UAE, in current US dollars, increased to US$48,950 in 2022.
- The expression of Gross National Income (GNI) in US dollars is done using the Atlas method, which was introduced in its current form in 1989.
Business
Former AT&T chairman quits PGA Tour board over ‘serious concerns’ about deal with Saudi fund
PGA Tour and the Public Investment Fund (PIF) are partnering on creating a for-profit company that combines the PGA Tour's...
- PGA Tour Commissioner Jay Monahan had announced the deal on June 6, causing surprise among the golf community
- Stephenson's resignation comes shortly before Congressional hearings where details of the partnership will be discussed
Business
Zeekr EVs coming to Israel as Chinese brand enters Middle East: Bloomberg
Dubai, UAE - Chinese electric vehicle brand Zeekr is set to make its debut in the Middle East as it...
- Zeekr, a subsidiary of Zhejiang Geely Holding Group, has partnered with Israeli distributor Union Group to establish a sales network for its vehicles
- The Middle East, with its oil-rich countries seeking clean energy investments, has become an attractive market for Chinese EV manufacturers
Business
DEWA’s 3D printing initiative saves over $137,000 in two years
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) in the UAE has recently announced that its 3D printing efforts...
- The organization successfully produced over 1,800 spare parts for various divisions including generation, transmission, and distribution at its R&D centre
- DEWA's R&D Centre at the Mohammed bin Rashid Al Maktoum Solar Park has already filed 23 patents, with six of them granted
Business
Dubai’s RTA digital channels generate revenue of US$953m in 2022
DUBAI, UAE - Director-General and Chairman of the Board of Executive Directors of Dubai’s Roads and Transport Authority Mattar Al...
- RTA launched a feature that allows users to instantly access their vehicle registration cards for virtual displays upon request.
- In 2022 RTA recorded 814 million digital transactions up from 676 million in 2021, reflecting a robust growth rate of 20 percent.
Business
FAO says world cereal production to reach record high in 2023-24
ROME, ITALY - World cereal production is predicted to hit a record high in 2023-24, according to the latest Cereal...
- FAO raised its 2023 global cereal production forecast to 2 819 million tonnes, indicating a 1.1 percent increase from the previous year.
- The higher forecast almost entirely reflects better prospects for global wheat production, now pegged at 783.3 million tonnes.
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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
Trump doubles down on Gaza shock plan, says Israel will turn over the territory to US
Trump said that by the time of the handover, Palestinians "would have already been resettled in far safer and more...
Geostrategy
Company News
Latest News
Israel faces fresh US calls against attack on Rafah
Palestinian Territories - Israel faced renewed calls from key ally the United States on Friday against launching a large-scale attack...
Geostrategy
Mawani completes Red Sea Gateway Terminal at Jeddah Islamic Port
Riyadh, Saudi Arabia - The Saudi Ports Authority, Mawani, announced the completion of the Red Sea Gateway Terminal at Jeddah...
Business
Saudi Arabia’s Madinah, KAEC, Al-Ahsa join UNESCO global network of learning cities
RIYADH, SAUDI ARABIA - The United Nations Educational, Scientific and Cultural Organization has announced that the cities of Madinah, King...
Geostrategy
Most Read
Economy
Saudi budget records $10 billion deficit in Q4 2023
Riyadh, Saudi Arabia - Saudi Arabia's general budget recorded a deficit of $9.86 billion in the fourth quarter of 2023,...
- The total revenues for the period amounted to $95.45 billion, while total expenses reached about $105.32 billion
- This reflects a slight increase in the deficit compared to the previous quarter, which stood at $9.54 billion
Economy
Saudi Arabia extends online services to help foreign firms set up regional hqrs in kingdom
Riyadh, Saudi Arabia - Saudi Arabia's Ministry of Commerce has announced the provision of online services for foreign companies looking...
- These services encompass issuing regional headquarters as a branch or as a new foreign company, in addition to issuing, amending, and renewing commercial registers
- The electronic services are accessible through the ministry's digital platform at e.mc.gov.sa and the Saudi Business Center's platform at business.sa
Economy
Saudi Arabia enacts law to safeguard whistle-blowers and witnesses
Riyadh, Saudi Arabia - Saudi Arabia on Tuesday granted approval for the law for the protection of whistleblowers, witnesses, experts,...
- The milestone law, previously greenlit by the Shoura Council, is designed to safeguard individuals who may face threats for providing information on crimes
- The law empowers judicial authorities to shield them from potential threats, assaults, revenge, intimidation, and other risks