Oil prices jump on report of Israel prepping Iran strike
Both main crude contracts jumped around one percent after CNN reported multiple US officials as saying the government had received...
Geostrategy
UK halts trade talks with Israel, summons envoy over Gaza
Foreign Secretary David Lammy accused Israeli Prime Minister Benjamin Netanyahu's government of "egregious actions and rhetoric" over its expansion of...
Geostrategy
Geostrategy
Iran foreign minister, Hamas chief discuss Gaza developments
Tehran, Iran - Iranian Foreign Minister Hossein Amir-Abdollahian held a phone conversation with Hamas chief Ismail Haniyeh on Friday night...
- During the call, Amir-Abdollahian praised the invocation of Article 99 of the UN Charter by the United Nations Secretary-General Antonio Guterres
- Iranian top diplomat told the Hamas chief that the crisis in Gaza had been a central feature of discussions between Iranian President and his Russian counterpart Putin
Business
Nasdaq faces $4m penalty for alleged Iran sanctions violations
New York, United States - Nasdaq Inc., headquartered in New York, has agreed to pay a $4 million settlement to...
- The violations stemmed from services provided by Nasdaq OMX Armenia to Iran and Iran's state-owned Bank Mellat
- Office of Foreign Assets Control noted that the settlement amount reflects their assessment that Nasdaq's actions were non-egregious
Economy
Iran, Oman call for using national currencies in mutual trade
Tehran, Iran – Iran and Oman have signed two memoranda of understanding to boost bilateral cooperation and using their national...
- The Iranian industry minister also announced his country’s readiness to jointly implement key industrial projects with Oman
- Head of the Central Bank of Iran Mohammad-Reza Farzin hailed any measure that helps boost monetary cooperation between the two countries
Business
Chinese firm announces $5bn investment in solar power chain in UAE
Dubai, UAE - Trina Solar, a Chinese renewable energy company, announced on Thursday plans to invest US$5 billion to create...
- Katherine Gao, Trina Solar CEO, described COP28 as an inspiring platform for leading companies to showcase their smart solutions in the fields of renewable energy
- The event, she added, provides an opportunity to exchange solutions with industry leaders and governments to integrate environmental practices across the supply chain
2 crew members killed as Saudi fighter jet crashes
An investigation into the cause of the recent accident has been initiated, with Maliki informing the Saudi Press Agency (SPA)...
- The incident occurred at King Abdulaziz Air Base in Dhahran, where the aircraft, belonging to the kingdom's fleet of F-15SAs, was engaged in its training maneuvers
- The event follows a similar occurrence five months prior when another F-15SA crashed in the training area of an air base in Khamis Mushait city, resulting in the loss of two lives
Business
Dubai Municipality, DEWA ink pact to generate electricity from landfill biogas
DUBAI, UAE - Dubai Municipality and Dubai Electricity and Water Authority (DEWA) have signed an agreement on the sides of...
- The signing supports Dubai’s leading sustainability practices and the realition of the UAE Net Zero Strategy 2050.
- Dubai Municipality is building align with its aspiration to build a more sustainable, pioneering and liveable city.
Business
99 percent of world live in areas with air pollution levels above WHO guideline limits
DUBAI, UAE - According to World Health Organization data, 99 percent of the world’s population lives in places where air...
- Leading businesses recognize that they have an important role in reducing air pollution alongside greenhouse gas emissions.
- Business activity contributes significantly to air pollution globally but air pollution is not prioritized nor integrated into climate action.
Saudi Arabia announces e-visa feature for FIFA Club World Cup fans
Riyadh, Saudi Arabia - The Saudi Ministry of Foreign Affairs, in collaboration with the Ministry of Sports, has rolled out...
- Exclusively tailored for FIFA Club World Cup Saudi Arabia 2023 ticket holders, this electronic visa offering enables seamless entry into the Kingdom expressly for the event
- The feature supplements existing options available to citizens of diverse nations, allowing them to visit Saudi Arabia through electronic visit visas or upon arrival
Geostrategy
UK defence minister to visit Middle East to discuss ways to boost Gaza aid
Shapps will also visit Kibbutz Kfar Aza in southern Israel which was attacked by Hamas on October 7 which killed...
- Shapps will also discuss how the UK can support the Palestinian Authority, the recovery of hostages, as well as efforts to prevent further escalation in the Middle East
- Earlier this week Shapps said Britain was considering sending military support vessel RFA Lyme Bay to provide medical and humanitarian aid in the Middle East
Economy
Saudi Arabia offers 30-year tax cut to businesses shifting hqrs to kingdom
Riyadh, Saudi Arabia - Saudi Arabia has rolled out a 30-year tax relief program aiming to lure multinational corporations to...
- Under the Regional Headquarters (RHQ) Program, participating companies will benefit from substantial tax incentives, including a zero percent rate on corporate income tax
- The RHQ Program, launched initially in 2021, has already licensed over 200 companies to operate their regional headquarters from Saudi Arabia
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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
Oil prices jump on report of Israel prepping Iran strike
Both main crude contracts jumped around one percent after CNN reported multiple US officials as saying the government had received...
Geostrategy
Company News
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Standard & Poor’s affirms Saudi Arabia’s ‘A/A-1’ credit rating
Riyadh, Saudi Arabia – Standard & Poor's (S&P) affirmed the Kingdom's credit rating in local and foreign currency at "A/A-1"...
Economy
AI adoption in GCC surges as governments and the private sector embrace technology
With 93% of Saudi workers considering generative AI essential, alongside 95% in the Middle East and 79% globally, the region's...
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
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Economy
Crypto crime drops 19.6% as digital ecosystem matures
Advanced blockchain analysis tools, such as those provided by Chainalysis, are empowering law enforcement agencies and enterprises to counter the...
- Research by Chainalysis found that flow of crypto funds to legitimate services has reached their highest levels since 2021
- Aggregate illicit activity over the same period fell by an impressive 19.6 percent
Business
Dubai real estate sales hit record $13.6bn in July, growth eases
Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of...
- Apartment sales, which accounted for nearly 45% of all transactions, surged by 62% year-on-year, with approximately 70% of these being off-plan sales
- The villa segment also saw a shift towards the off-plan market in the past two months, resulting in a 9.9% year-on-year growth overall
Economy
Disparities in climate action risk worsening global economic inequality, warns new report
Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to...
- The WEF’s research reveals that disparities in access to green financing pose the greatest risk to economic equity across various sectors
- The findings underline the need for a fair distribution of the costs and benefits of climate action among workers, consumers, and businesses