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
Saudi Arabia reforms investment law, simplifies process and investor protection to achieve $100 bn FDI target
The law will ensure equal treatment between domestic and foreign investors, protecting intellectual property and promoting fair competition in line...
Economy
Business
QInvest exends book building period for MEEZA IPO
MEEZA is a leading provider of end-to-end IT services in Qatar.
- Qualified investors will use this extension to finalize internal approvals and submit their orders
- The purpose of the book building mechanism is to set the final Offer Share price for the IPO
Business
Masraf Al Rayan’s 2022 profit dips by 22%
In 2021, the company's profit was $0.46 billion.
- The figures issued by the bank show a decrease in the earnings per share to QR 0.140 per share in 2022
- The company has recommended a cash dividends of 10 percent of the nominal value of a share
Business
UAE’s EHS to showcase innovative health projects during Arab Health 2023
DUBAI, UAE - The Emirates Health Services (EHS) will showcase its 19 innovative healthcare projects during Arab Health Exhibition 2023,...
- Arab Health Exhibition is one of the largest forums that hosts major corporations, authorities and companies from all over the world.
- The forum provides an opportunity to achieve the goals of national strategies and projects that seek to turn the UAE into a global hub for health care.
Geostrategy
GCC Standardization Organization announces Training Plan for 2023
RIYADH, SAUDI ARABIA - The Gulf Cooperation Council (GCC) Standardization Organization (GSO) has announced its training plan for 2023 in...
- The 2023 training plan aims at contributing to developing cadres in the national standardization agencies in the member states.
- He said that the GSO will organize 15 training programs and workshops in a number of the cities in the GCC.
Geostrategy
Jordan, EU sign two financing agreements worth US$69m
AMMAN, JORDAN - Confirming its role as one of Jordan’s main supporters, the European Union (EU) on Sunday signed two...
- The first is financing a US$42 million program in support of Jordan's Ministry of Justice, Judicial Council, Judicial Institute and Public Security Directorate.
- The second US$27 million contributes to the "Green Growth" program from the Food and Resilience Facility.
Business
DEWA commissions 17 transmission substations worth US$871m in 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) inaugurated 17 new substations in 2022. These include fifteen 132kV stations...
- The transmission substations include 15 132kV stations with a conversion capacity of 2,280 megavolt amperes (MVA) and two 400kV stations with a conversion capacity of 4,000 MVA.
- DEWA installed 5km of 400kV overhead transmission lines and 247km of 132 kV ground cables to connect the substations to the main transmission network.
Geostrategy
UAE takes part in G20’s first Health Working Group meeting
NEW DELHI, INDIA - The UAE participated in G20'S first health working group session held in India from January 18...
- The aim of the meeting was to discuss the priorities for the health track within G20 under the Indian presidency this year.
- It will also focus on access to safe, effective, quality and affordable medical countermeasures.
Geostrategy
Canadian Prime Minister holds talks with Jordanian king
The two countries reaffirmed their commitment to bolstering international security and stability and to continue to work together to overcome...
- The two countries reaffirmed their commitment to bolstering international security and stability and to continue to work together to overcome regional and global challenges
- Regarding Syria, the two sides stressed the importance of finding a political solution to the crisis in Syria in accordance with United Nations Security Council Resolution 2254
Business
UAE banks’ saving deposits rise to $67bn
On a monthly basis, the deposits grew by 0.06 percent.
- On a monthly basis, the deposits grew by 0.06 percent, compared to about $67 billion in October 2022
- Demand deposits increased by $234 billion, or 82.5 percent, to $245 billion at the end of November last year
Geostrategy
Turkish parliament speaker claims Erdogan can legally run for office again
Sentop argued there is no legal or constitutional objection to Erdogan’s candidacy, terming it an issue that does not concern...
- Sentop argued there is no legal or constitutional objection to Erdogan’s candidacy, terming it an issue that does not concern opposition parties
- The opposition parties said that Erdogan’s announcement of his candidacy for the upcoming elections constitutes a violation of the constitution.
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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
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
Company News
Mashreq’s net profit surges 122%
Business
Latest News
Iran announces visa exemption for Saudi Arabia, 32 other countries
Tehran, Iran — Iran has waived visa requirements for passport holders from 33 nations, signaling a significant step in opening...
Geostrategy
Most Read
Business
UAE GDP set to double in 2024 from oil and non-oil boost: report
Dubai, UAE - The UAE’s GDP is expected to double in 2024 to 4.8%, up from 2.4% year-on-year in 2023,...
- The UAE has been actively pursuing non-oil sector expansion as part of its economic development plans
- The recent successful sovereign bond sale, which raised US$1.5 billion, has bolstered these efforts
Business
NEOM unveils Utamo, a $500bn project to showcase world’s mega artists
NEOM, Saudi Arabia - Saudi Arabia's $500 billion mega project, has introduced Utamo, a new art and entertainment destination set...
- Described by NEOM as "an innovative and multipurpose event and performance space," Utamo features VIP lounges and signature restaurants
- NEOM envisions Utamo as a venue where "reality and the digital realm converge," aiming to redefine entertainment benchmarks
Economy
GCC countries follow US Federal Reserve’s lead in holding interest rates
Abu Dhabi, UAE – The Central Banks of the United Arab Emirates and Qatar have chosen to maintain their current...
- The Central Bank of the UAE (CBUAE) announced that it would keep the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40 percent
- Following suit, Qatar Central Bank (QCB) also maintained its current interest rates, including the rates for deposit, lending, and repurchase agreements