UAE announces top-up tax for multinational enterprises
Abu Dhabi, UAE - The Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on...
Business
NHC signs strategic deals worth $8 billion at the opening of Real Estate Future Forum 2025
Riyadh, Saudi Arabia - The National Housing Company (NHC) has signed a series of agreements, deals, and memoranda of understanding...
Economy
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.
Economy
‘Greenhouse gas emissions from agriculture likely to rise by 7.5% in next decade’
PARIS, FRANCE - Greenhouse gas emissions from agriculture are expected to increase by 7.5 percent in the next decade, said...
- Projected greenhouse gas emissions are less than half the projected output growth.
- This output indicates a significant fall in the carbon intensity of agricultural production.
Saudi Arabia highlights efforts to empower women at Human Rights Council Session
Geneva, Switzerland - Saudi Arabia played up its efforts to empower women and promote their participation in the country's economic...
- The event was organized by the Permanent Mission of the Kingdom of Saudi Arabia to the United Nations and other international organizations in Geneva
- Women constituted 41 percent of those occupying high-and-middle-level positions in the Saudi business sector in the previous year, Saudi minister Al-Mutairi said
Israel ranks 5th healthiest country in the world
Dubai, UAE - Israel ranks in 5th place out of the 167 countries on the index of the world’s healthiest...
- Asia is well represented generally, with the four top places rounded off by Japan, South Korea and Taiwan
- The bottom five places are Somalia, Lesotho, Chad, South Sudan and the Central African Republic
Economy
Russia to cut oil output by another 500,000 bpd
Moscow, Russia - Russia on Friday confirmed the reduction of oil supplies to markets by 500,000 barrels daily in August...
- Earlier, Deputy Prime Minister Alexander Novak told reporters that Russia will slash oil supplies to markets in August through the reduction of exports
- Saudi Arabia and Russia have recently announced their decision to extend cuts to oil production in an effort to bolster global oil prices
Business
Jeddah prepares to host 4th edition of Formula 1 Saudi Arabian Grand Prix
Jeddah, Saudi Arabia - The Formula One Organizing Committee announced on Thursday the initial calendar for the 2024 FIA Formula...
- The 4th edition of the Formula 1 Saudi Arabian Grand Prix will be held on the Jeddah Corniche Circuit on March 7-9, 2024
- The FIA Formula One World Championship begins in Bahrain on March 2 and ends in Abu Dhabi on December 8
Geostrategy
Zelenskiy to visit Turkiye Friday for grain deal talks with Erdogan
Ankara, Turkiye - Ukrainian President Volodymyr Zelenskiy is set to visit Turkiye on Friday to discuss the Black Sea grain...
- Turkiye and the UN brokered last year's deal, which allows for the export of grain and other agricultural products from Ukraine's Black Sea ports
- But Russia, angry about aspects of its implementation, has threatened not to allow it further renewal beyond July 17
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 announces top-up tax for multinational enterprises
Abu Dhabi, UAE - The Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on...
Business
Company News
Latest News
Iran, Armenia eye $3 billion bilateral trade volume
Tehran, Iran – Deputy Prime Minister of Armenia Mher Grigoryan on Thursday said that Iran and Armenia have the potential...
Geostrategy
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
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Economy
Saudi Arabia set to establish more smart industrial zones
Riyadh, Saudi Arabia - Saudi Arabia will establish more smart industrial zones, Minister of Municipal and Rural Affairs and Housing,...
- Minister of Municipal and Rural Affairs and Housing, Majed Al-Hogail revealed this at the conclusion of the inaugural Global Smart City Forum 2024 here on Tuesday
- Minister of Industry and Mineral Resources Bandar Alkhorayef who also attended the Forum, stressed the industry and mining sectors' increasing demand for smart industrial cities
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