Trump pledges historic tax cuts, investment growth, oil price action, and Ukraine peace effort at Davos 2025
The newly inaugurated president remarked that he would “like to meet with President Putin soon” and “get the war ended,”...
Joint Operations Room set up in Cairo to oversee Gaza ceasefire implementation
Cairo, Egypt - A joint operations room has been established in Cairo to oversee the implementation of the Gaza Strip...
Geostrategy
Economy
Gross banks’ assets up $1.03trn at end of April 2023: CBUAE
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) announced on Tuesday that the Money Supply aggregate M1...
- Total Bank Deposits increased by 1.9 percent, rising from $626.47 billion at the end of March 2023 to $638.73 billion at the end of April 2023
- The Money Supply aggregate M2 climbed by 2.0 percent, from $485.57 billion at the end of March 2023 to $495.47 billion at the end of April 2023
Turkey raises minimum wage by 34% to tackle inflation
Ankara, Turkey - Turkish government has announced a 34 percent increase in the monthly minimum wage, effective from July 1. ...
- The decision was reached by the minimum wage assessment commission, following negotiations between workers and employers
- President Tayyip Erdogan, who was re-elected, has indicated a willingness to implement interest rate hike in an attempt to stabilize the economy
Business
Dubai records over US$1.2bn in realty transactions
DUBAI, UAE - Dubai's real estate market recorded 638 sales transactions worth US$503 million (AED1.85 billion) on Tuesday, data released...
- The market also recorded 130 mortgage deals totaling US$732 million and 21 gift deals amounting to US$59.5 million.
- The sales included 566 villas and apartments worth US$394 million and 72 land plots worth US$109 million.
Business
Arada’s US$500m Sukuk lists in Nasdaq Dubai
DUBAI, UAE - Arada's US$500 million Sukuk was listed in Nasdaq Dubai. The Sukuk is the first issuance by Arada...
- This marks Arada’s first listing in the UAE, following its Sukuk listing last year on the London Stock Exchange.
- Arada has embarked on projects worth US$10 billion under development in Sharjah and Dubai.
Arts & Culture
Saudi Arabia to celebrate International Yoga Day in Riyadh City: Indian daily
Dubai, UAE - Saudi Arabia is gearing up to celebrate International Yoga Day on June 21 in Riyadh City, an...
- On June 16 the Indian community in Saudi Arabia celebrated Yoga at Real Madrid Stadium in Riyadh and the programme was called 'Disha Yoga Meet'
- More than 2000 Yoga enthusiasts joined the event which was by diplomats from other missions and also by Saudi Arabian Yoga instructor Nouf AL Marwai
Geostrategy
Kuwait forms new government led by Sheikh Ahmad Nawaf al-Sabah
Kuwait - Kuwait on Sunday formed a new government led by the Prime Minister, Sheikh Ahmad Nawaf Al-Ahmad Al-Jaber Al-Sabah....
- Saad Al Barrak was named as oil minister, replacing Bader Al-Mulla and Manaf Abdulaziz Al Hajri was reappointed as Finance Minister.
- The outgoing government had resigned following parliamentary elections held earlier this month in the Gulf OPEC oil producer
Economy
Oman’s SMEs leading the way in transition to a low carbon economy: report
Muscat, Oman - The small and medium-sized enterprises (SMEs) are playing a critical role in ushering in Oman's shift towards...
- A growing number of Omani SMEs are actively transforming their business models to embrace sustainable practices
- The SMEs account for 90 percent of firms worldwide and consume 13 percent of energy used by businesses
Business
Dubai Chamber of Digital Economy launches report on the emirate’s economy
DUBAI, UAE - Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has launched its...
- Dubai's Venture Capital Ecosystem provides an overview of the investor landscape backing start-ups and scale-ups in the MENA region.
- Dubai Chamber of Digital Economy is tasked with attracting leading tech firms, start-ups and scale-ups that can support the Emirate's digital ambitions.
Business
ADDED signs pact with Valeo to set up automotive technology hub in Abu Dhabi
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED) has partnered with Valeo to develop the automotive industry...
- Valeo plans to explore new areas of development by integrating its advanced technologies and its sustainability vision in green cities.
- The agreement to design and manufacture electric and autonomous driving car components will improve smart and sustainable mobility.
Business
Oman, India trade surged to $10bn in 2022
Muscat, Oman - India and Oman trade in 2022 reached $9.98 billion reflecting the deepening economic and commercial ties between...
- The nearly 90 percent growth in trade compared to the previous year highlights the strong demand for Indian goods and services in Oman
- The bilateral trade growth has been fuelled by over 6,000 India-Oman joint ventures in Oman, accounting for an investment of over $7.5 billion
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
Trump pledges historic tax cuts, investment growth, oil price action, and Ukraine peace effort at Davos 2025
The newly inaugurated president remarked that he would “like to meet with President Putin soon” and “get the war ended,”...
Company News
Albilad Capital to pay dividend
Business
Latest News
Saudi Arabia to US: No Israel ties until Palestinian statehood within 1967 borders
Riyadh, Saudi Arabia - Saudi Arabia on Tuesday explicitly conveyed to the United States its stance on diplomatic relations with...
Geostrategy
UAE, Russian Presidents discuss regional and global developments
ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan spoke by telephone to President of the Russian Federation...
Geostrategy
Sharjah Chamber posts growth in membership in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has announced a series of significant achievements of the...
Business
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Business
Jeddah Central Development Company signs 4 contracts worth $3bn
Jeddah, Saudi Arabia - The Jeddah Central Development Company, a company owned by the Public Investment Fund (PIF), signed four...
- The Jeddah Central Development Company will open the Jeddah Central destination to receive visitors at the end of 2027 from inside and outside the Kingdom
- The destination will include the Stadium, the Opera House and the Oceanarium, in addition to a sandy beach, a pier, a seafront promenade, and a marina
Economy
Saudi Arabia, Swiss Fund unveil billion-euro initiative for zero-emissions investments
Riyadh, Saudi Arabia - Saudi Arabia and Swiss Fund have decided to initiate financing initiatives in the debt market in...
- A substantial portion of this investment, approximately $1.8 trillion, is expected to be financed through bids aimed at attracting global investors from Switzerland and beyond
- Apart from investments in zero-emissions projects, the collaboration extends to the insurance industry, which is poised for significant growth in the coming years
Geostrategy
WW3 may begin before US President Biden’s term ends, Trump says
NEW YORK, US - World War III may break out before US President Joe Biden leaves office, former US president...
- Trump alleged that that Biden's policy had turned the world into hell and was leading the United States to a bloodbath.
- The US presidential election will be held in November and incumbent Joe Biden said that he would seek re-election.