Saudi Arabia achieves 73 percent increase in international tourist arrivals: UN report
The kingdom welcomed 17.5 million international tourists in the first seven months of 2024, leading G20 nations in tourism growth...
Economy
Domestic worker visa applications in UAE up 66% in June 2024, says a report
The UAE, relying on domestic workers (5% of the population), invests $3 billion annually, highlighting the rising demand for domestic...
Economy
Business
UAE’s e-commerce sector projected to earn $9bn revenue in 2024
Dubai, UAE - The UAE's online shopping market is gearing up for unprecedented growth, with revenue projections hitting $9 billion...
- One of the key drivers of this expansion is the emerging trend of "metaverse e-commerce," a segment anticipated to experience a 37% growth from 2024 to 2030
- The top performers in 2023 were Toys, DIY, and hobbies, leading with 29% market share, closely followed by fashion at 27%
Economy
Residential demand buoyed Qatar’s property sector in 2023
Doha, Qatar - Residential demand continued to buoy the country's property sector in Q4 2023, hapondo, a homegrown property portal,...
- The report pointed out that despite a decrease in real estate transaction volume to $4.6 billion from $5.82 billion, apartments remained popular for investment
- Key residential highlights included the Marina District in Lusail, while The Pearl remained the most sought-after location for apartment seekers
Business
China Eastern Airlines to operate three weekly fights between Shanghai and Riyadh
Riyadh, Saudi Arabia - The Saudi Air Connectivity Program (ACP) and China Eastern Airlines have entered into a strategic partnership...
- The new route is set to operate with an A330-200 aircraft, offering an annual capacity of 35,880 inbound seats
- Both parties anticipate increased trade, people-to-people exchanges, and dialogues across various sectors through this 'Air Silk Road' initiative
Economy
Iran agricultural, food exports hit US$5.5bn in 11 months
TEHRAN, IRAN – The Ministry of Industry, Mine, and Trade said that Iran exported fisheries, livestock, agricultural and food products...
- Iraq was the biggest importer of Iranian agricultural and food products worth US$1.7 billion.
- The UAE was the second largest importer of Iranian agricultural and food products worth $675 million
Economy
GASTAT adopts chain-linking method to calculate Saudi Arabia’s real GDP
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) said in a press release it issued on Sunday that...
- The fourth quarter 2023 results and the annual results for the same year have been reached at by using the new methodology.
- Saudi Arabia is the first country in the Gulf and Arab regions, and among the first G20 countries, to implement the chain-linking methodology.
Market Report
Non-Jordanian investors own 47% of ASE market value as of February 2024
AMMAN, JORDAN – Data released by the Amman Stock Exchange reveals that non-Jordanian investors bought shares worth US$12.5 million (JD8.9...
- From the beginning of 2024 till end of February, non-Jordanian investments in the stock exchange totaled $21.8 million in purchases.
- The contribution of Arab investors in the non-Jordanian group accounted for US$11.7 million or 93.6 percent in February.
Business
Doha Bank bond issue oversubscribed four times
Doha, Qatar - Doha Bank has successfully issued $500 million in international bonds, garnering a total order book of $2...
- The achievement follows an extensive marketing campaign by Doha Bank's management, engaging with investors globally to present the bank's objectives and performance overview
- The positive response from investors reflects confidence in Doha Bank's future prospects and the robust fundamentals of the Qatari economy
Arts & Culture
UAE elected Vice Chair of UNESCO’s committee for promotion of cultural diversity
Abu Dhabi, UAE - The UAE has been elected the Vice Chair of the UNESCO's Intergovernmental Committee (IGC) for the...
- The appointment was made during the 17th meeting of the committee, which was recently held at UNESCO’s HQ in Paris, France
- It acknowledges the UAE’s contributions to cultural diversity and its role in fostering a multicultural society both regionally and globally
Economy
Saudi Arabia to expand customs duty exemption for some industrial products from April 1
Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources has unveiled plans to broaden the range of...
- Industrial companies holding a valid license from the ministry will benefit from duty exemptions on specific items essential for their operations
- The items encompass raw materials, semi-finished materials, finished materials, packaging materials, machinery, equipment, and spare parts required for industrial production
Geostrategy
Dubai’s assets in endowment sector reaches US$2.8bn
DUBAI, UAE – Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said that under the guidance of Vice...
- Dubai witnessed an 18 percent increase in endowment assets compared to the previous year.
- The Crown Prince was briefed on key developments in the field of endowment work in Dubai.
Saudi Arabia achieves 73 percent increase in international tourist arrivals: UN report
The kingdom welcomed 17.5 million international tourists in the first seven months of 2024, leading G20 nations in tourism growth...
Economy
Company News
Latest News
Red Sea Fund opens applications for production cycle
Arts & Culture
ATM 2024 in Dubai to host 2,300 exhibitors from 165 countries
Dubai, UAE - The 31st edition of Arabian Travel Mart, 2024, taking place from May 6 to May 9, is...
Business
Ajman seeks strategic alliances at Arabian Travel Market 2024
Ajman, UAE - The Arabian Travel Market 2024 (ATM) kicks off in Ajman from May 6 to May 9, celebrating...
Business
Saudi Arabia issues warning against fraudulent Hajj 2024 operators
Riyadh, Saudi Arabia - Saudi Arabia is warning potential Hajj pilgrims to be cautious of fake Hajj companies that may...
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Geostrategy
Putin talks to Raisi, expresses hope for restraint in Middle East
Moscow, Russia - Russian President Vladimir Putin and his Iranian counterpart, Ebrahim Raisi, discussed the latest escalation in the Middle...
- According to the Kremlin, the Iranian leader said that Iran’s action was limited as he assured Putin that Tehran was not "seeking to escalate tensions further"
- Iran's President Raisi warned that "the slightest action against Iran's interests will definitely be met with a severe, extensive and painful response."
Geostrategy
Iran top security body: Response to Israeli aggression based on Article 51 of UN Charter
Iran’s Supreme National Security Council (SNSC) says the Iranian armed forces’ attack on the Israeli regime was carried out based...
- Iran's SNSC said in its statement that Israel had crossed red lines
- The Islamic Republic does not plan any further military action for now
Business
QFZ, AEMOB to drive EV innovation
AEMOB Forum will be held in Qatar from April 30 to May 2
- The collaboration harnesses QFZ’s unique position in facilitating trade and investment to propel the e-mobility ecosystem forward
- Scheduled to convene in Doha, Qatar from April 30 to May 2, the AEMOB Forum serves as a platform for driverless e-mobility