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
GCC countries host nine million Indians, UAE alone home to 3.55 million
New Delhi, UAE - The number of Indians living in the Gulf Cooperation Council (GCC) countries has crossed nine million,...
Economy
Economy
Saudi Central Bank Governor discusses global economy in meeting with ECB chief
Riyadh, Saudi Arabia - The Saudi Central Bank Governor (SAMA) Ayman Al-Sayari discussed the recent developments in central banking and...
- Several events were organized on the sidelines of the visit including a high-level panel discussion titled “Interconnectedness and Increasing Capital Flow.”
- In addition, a seminar on "Women’s Empowerment within Central Banks” was conducted and featured speeches by SAMA’s governor and the ECB president
Economy
IMF upgrades Saudi Arabia’s 2025 economic growth prediction to 5.5%
Riyadh, Saudi Arabia - The International Monetary Fund (IMF) has revised its growth projections for Saudi Arabia's economy, revealing a...
- The IMF envisions a 3.1% global economic growth in 2024, followed by a further increase to 3.2% in 2025
- The upgraded forecast reflects the continuous economic growth and prosperity in the Kingdom
Geostrategy
UAE signs pact to develop digital infrastructure in Greece
ABU DHABI, UAE - The Ministry of Investment of the UAE and the Ministry of Digital Governance of the Hellenic...
- Data centers to be developed under this MoU can reach a total capacity of 500 megawatts.
- The data center market in Greece has witnessed significant growth in the last few years.
Economy
Saudi Arabia launches program to boost exports
Riyadh, Saudi Arabia - Saudi Arabia has embarked on a program to equip Saudi exporters with the necessary information on...
- General Authority for Foreign Trade, through its Agency for Private Sector Affairs and International Representation, has launched workshops called "Through the Attachés"
- The Foreign Trade Authority, with a focus on boosting exports, and safeguarding trade interests, plays a critical role in developing the national economy
Business
Saudi Crown Prince announces new company to boost Kingdom’s global tech status
Riyadh, Saudi Arabia — Saudi Crown Prince Mohammed bin Salman on Thursday launched a new company called Alat geared to...
- The company, chaired by the Crown Prince, aims to enhance the capabilities of the Saudi technology sector
- It aims to create 39,000 direct jobs and achieve a direct non-oil GDP contribution of $9.3 billion
Business
ADU inks MoU with Italy-Czech Republic Chamber of Commerce
ABU DHABI, UAE - Abu Dhabi University (ADU) has signed a Memorandum of Understanding with the Italy-Czech Republic Chamber of...
- The pact seeks to promote the exchange of faculty, researchers, and staff members between ADU and European universities.
- The agreement will help establish a research centre for entrepreneurship studies and start-ups in both Italy and the UAE.
The DCO Council announces multilateral initiatives to bridge digital divide
Manama, Bahrain - The Digital Cooperation Organization (DCO), a global intergovernmental organization dedicated to fostering digital prosperity for all by...
- Topics of discussion included cross-border market growth; the value of data; human-centric and sustainable digital economy
- The DCO Council also announced the joining of Bangladesh, Qatar, and Greece as the new member states
Average lifespan in Saudi Arabia rises to 77.6 years
Riyadh, Saudi Arabia — Average life expectancy in Saudi Arabia reached 77.6 years compared to 74 years in 2016, the...
- The remarkable progress is attributed to a series of strategic efforts, notably the incorporation of health promotion principles into all facets of life and policy
- Initiatives such as promoting walking culture, reducing salt in foods, and fortifying health services have collectively contributed to the nation's improved health landscape
Economy
Iran and Turkey to utilize modern tech for electricity exchange
Tehran, Iran - Iran and Turkey are set to enhance their electricity exchange capabilities through the implementation of modern technology,...
- The Iran Grid Management Company and the Turkish Electricity Transmission Company (TEIAS) will operationalize the Khoy-Van grid line
- The agreement sets the stage for full-scale operation, opening avenues for electricity exchange between Turkey and several European countries
Saudi products declared free from artificial trans fats
Riyadh, Saudi Arabia - The World Health Organization (WHO) has recognized the Saudi Food and Drug Authority (SFDA) for its...
- Deaths attributed to artificial trans fats globally are estimated at around 500,000 annually, being a major cause of cardiovascular diseases
- Saudi Arabia's accomplishment aligns with its Vision 2030 and the Health Sector Transformation Program, focusing on a healthy food and nutrition strategy
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
Company News
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Sheikh Hamdan praises ADNOC’s efforts in using AI in production process
ABU DHABI, UAE - Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, said that under the...
Business
Restoration project for Jeddah district’s old buildings completed
JEDDAH, SAUDI ARABIA – The Ministry of Culture, represented by the Jeddah Historic District Program, has announced the completion of...
Arts & Culture
Abu Dhabi Chamber sets up working group to support startups, SMEs
ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for...
Business
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Economy
Rise in remittances hikes demand for Jordanian dinar, says chamber of commerce
AMMAN, JORDAN – Rising remittances from the Kingdom’s citizens working abroad has contributed to increasing demand for Jordanian dinar. Exchange...
- There are positive indicators suggesting a stabilization in Jordan’s economy.
- Presently the currency exchange sector comprises 250 firms across Jordan.
Business
Saudi Arabia weighs handing state airline Saudia over to PIF
Riyadh, Saudi Arabia - Saudi Arabia is considering transferring ownership of its national carrier, Saudia, to the sovereign wealth fund,...
- Bloomberg initially reported the discussions regarding PIF's potential acquisition of Saudia
- Currently, PIF already holds ownership of Riyadh Air, the kingdom's upcoming airline
Arts & Culture
Beyonce album highlights the Black women changing country music
Nashville, United States - "Twenty-three in Music City / With dreams and high-heeled boots / Singin' for a crowd of blue...
- The 26-year-old, who is biracial, is one of many Black female artists carving out space in country music's capital
- Megastar Beyonce's highly anticipated country album, out Friday, has cast a spotlight on efforts by Black performers to create a more inclusive Nashville