Saudi Arabia plans to sustain borrowing spree to fund major projects beyond oil: report
Saudi Arabia secured a $2.5 billion revolving credit facility from Abu Dhabi Islamic Bank, Credit Agricole SA, and Dubai Islamic...
Economy
US proposes $8B arms deal with Israel; Biden plans strikes on Houthis as Gaza aid faces Trump-era cuts
The US proposes an $8 billion arms deal with Israel, plans intensified strikes on Yemen's Houthis, while Israel considers cutting...
Geostrategy
Economy
Qatar’s inbound visitors see 183% rise in March
Doha, Qatar - Inbound visitors to Qatar surged by 183.5 percent YoY in March, according to the 111th issue of...
- The total number of visitors reached 433,000 in the month, a rise of 11% over February
- Gulf Cooperation Council visitors accounted for the highest number at 38%
DEWA adds 200 MW of clean energy from solar park
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) has added 200 MW of clean energy from the fifth phase...
- DEWA organized a conference in March 2023 to give an overview of the latest developments of the 1,800MW 6th phase for local and international developers
- The solar park's current production capacity is now at 2,327MW, which is about 15.7 percent of Dubai's total production capacity of energy
Business
Dubai based Astra Tech launches ‘Ultra app’ Botim
Dubai, UAE - Dubai-based consumer technology holding group Astra Tech has launched the world's first "Ultra app" - Botim 3.0. ...
- The app is a combination of fintech, e-commerce, and GPT, built on top of a communication platform
- Botim GPT is an executional GPT that leverages AI to execute tasks and process transactions through conversation
Business
World’s longest submarine cable lands in Jeddah, Yanbu
Jeddah, Saudi Arabia -- Center3, a connectivity company owned by stc Group, and Meta Company announced on Tuesday the landing...
- The project, a part of the 2Africa subsea cable consortium, is geared tow making Saudi Arabia a global digital hub linking three continents of the world - Asia, Africa and Europe.
- With over 45,000 km of length, the project will connect 33 countries by the completion of the project in 2024, delivering reliable connectivity and internet services
Economy
Saudi Arabia approves rules to aid foreign investment in securities market
Riyadh, Saudi Arabia - Saudi Arabia has approved new rules aimed at boosting foreign investment in the country's securities market. ...
- The rules aim to make it easier for foreign investors to enter the Saudi capital market by consolidating regulations governing foreign investment into a single document
- They remove several requirements previously placed on Qualified Foreign Investors, including the need to apply for a qualification and assessment agreement
Economy
DIFC, PwC launch program to boost tax settlement knowledge
DUBAI, UAE- DIFC Academy announced a collaboration with PwC’s Academy to offer a globally recognized diploma program aimed at upskilling...
- Under the deal, DIFC Academy will offer the UAE Corporate Tax Diploma Program in collaboration with PwC’s Academy.
- The program was announced in preparation for the UAE Federal Corporate Tax Law, which comes into effect June 1, 2023.
UAE airports record 56% growth in Q1 with 32m passengers: GCAA
Abu Dhabi, UAE - Passenger traffic through the UAE's airports during the first quarter of 2023 increased by 56.3 percent...
- UAE's civil aviation sector has managed to restore pre-pandemic passenger traffic levels, Director-General of the General Civil Aviation Authority (GCAA), Al Suwaidi said
- The aviation sector in the country contributes about 14% of the gross domestic product, while in major countries, the aviation sector's contribution does not exceed 2 to 3%
Business
QOIC reports 38% profit in Q1
The company reported an increase in its EPS to QR 0.014.
- The company's net profit rose by 37.89 percent to reach QR 4.552 million ($1.253 million)
- It also reported a rise in its Earnings Per Share (EPS), which amounted to QR 0.014 ($0.0039)
Abu Dhabi named smartest city in MENA region and 13th globally
Abu Dhabi, UAE - Abu Dhabi has been named the smartest city in the Middle East and North Africa (MENA)...
- The study surveyed 120 residents in each of the 118 cities and evaluated infrastructure and digital services available to them
- It focussed on five main pillars: health and safety, mobility, activities, work and education system, and governance.
Kuwait Crown Prince dissolves National Assembly, again
Kuwait City - Kuwait's Crown Prince, Shaikh Mishal Al-Ahmad Al-Jaber Al-Sabah, issued a decree on Monday to dissolve the National...
- Despite being the only Gulf Arab state to have an elected government, the emirate - one of the world's largest producers of crude oil - remains mired in political turmoil
- The country suffers from constant stand-offs between elected lawmakers and cabinets installed by the reigning Al-Sabah family, which keeps a firm grip on political life
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Saudi Arabia plans to sustain borrowing spree to fund major projects beyond oil: report
Saudi Arabia secured a $2.5 billion revolving credit facility from Abu Dhabi Islamic Bank, Credit Agricole SA, and Dubai Islamic...
Economy
Company News
Blinken, Wang discuss Gaza war in phone call
Geostrategy
Latest News
Tawzea, NWC ink pacts
Business
Pakistan, Dubai ink deals worth $3 billion at Davos
Davos, Switzerland - Pakistan and Dubai signed two agreements totaling over $3 billion on the sidelines of the World Economic...
Economy
Houthis say US ship hit in latest attack, promise safe passage for Russian, Chinese ships
In its own statement, the US military's Central Command, which is responsible for the Middle East, said the Houthis on...
Saudi Arabia to host WEF special meeting in April
Davos, Switzerland — Saudi Arabia will host a special meeting of the World Economic Forum (WEF) in Riyadh this April, Saudi...
Economy
Most Read
Business
Turkey’s Tosyali plans $5bn investment for steel plant in Saudi Arabia: report
Riyadh, Saudi Arabia - Turkish-based Tosyali Holding is making nearly $5 billion investment in a new steel plant in Saudi...
- The investment is part of Tosyali Holding's broader expansion strategy, which encompasses ventures in Algeria, Angola, Senegal, and Spain
- In line with their renewable energy efforts, Tosyali Holding plans to boost its solar output from the current 240 megawatts to 2,500 megawatts
Business
Aramco chief expects oil demand to rise by 1.5 mbpd in 2024
Riyadh, Saudi Arabia - Saudi Aramco's President and CEO, Amin Nasser, anticipates a surge in global oil demand, projecting an...
- Amin Nasser pointed out that the global oil market is poised for a supply shortage as consumer stockpiles have dwindled by 400 million barrels over the past two years.
- He acknowledged that while global oil markets can manage short-term disruptions in the Red Sea, sustained attacks on ships could lead to a shortage of tankers
Economy
UAE launches new ‘EcoMark’ green accreditation framework for MSMEs
Davos, UAE - The UAE has announced plans to develop the first-ever sustainability accreditation framework explicitly for micro, small and...
- The EcoMark certification, which is based on ISO standards and digitally enabled, will include a full suite of resources to help MSMEs attain EcoMark status
- Launching the initiative, UAE minister Al Zeyoudi stressed that MSMEs have a pivotal role in driving the transition toward a lower carbon economy