China steps up green transition drive to meet carbon-emission goals
Beijing, China--China is moving away from traditionally energy-intensive industrial sectors toward green development across key sectors, in efforts to fulfill...
Economy
Economy
Qatar’s GTA extends deadline for filing of income tax returns
Doha, Qatar--Qatar's General Tax Authority (GTA) has extended the deadline for submitting the tax return for 2022 for all entities...
- The GTA however has excluded companies operating in petroleum operations and petrochemical industries, besides taxpayers who have accounting periods different from the tax year
- The authority maintained that it has always emphasized the principle of tax compliance, stressing the importance of the commitment of all firms to submitting tax returns on time
Business
Qatar cruise tourism receives boost as MSC World Europa docks in Doha
Doha, Qatar--Doha port received on Thursday the cruise ship MSC World Europa carrying 5,613 tourists and a crew of 2,121....
- Qatar's tourism sector has recorded growth in recent years thanks to growing popularity in cruise tourism, making the country a favorite destination
- Equipped with latest technology, MSC World Europa is one of the most innovative and eco-friendly equipment in the company's fleet
Business
Aramco signs MoU with Samsung
The deal is designed to enhance Saudi digital transformation.
- Both will make a push for the kingdom's digital transformation in sectors like energy, petrochemical, and manufacturing
- Saudi Arabia, according to a UN report in March, is ranked fourth globally in its level of preparedness in digital systems
Economy
Egypt and World Bank agree US$7bn, five-year partnership
Cairo, Egypt--The World Bank has approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on...
- According to the World Bank statement, the program will help create a level playing field for the private sector and to encourage investment and improve resilience to shocks
- Over the past year, Egypt's economy has been under severe pressure, after the fallout from Russia's invasion of Ukraine exposed underlying problems.
Business
Qatar real-estate transactions vault to US$660 million in February
Doha, Qatar-- Qatar has recorded $660 million worth real estate trading in sale contracts during the month of February.The data...
- The real estate index shot up by 70 percent in February as against January 2023, while the value of real estate trading index vaulted by 79 percent
- The value of Doha Municipality's transactions amounted to $260 million in the real estate market index for the month of February
Economy
Vertical farming project launched in Abu Dhabi
Abu Dhabi, UAE--ADQ has launched a vertical farming project in partnership with ZERO, a technology company based in Italy.Dubbed as...
- It is designed to enhance indoor farming locally and also to explore and push the boundaries of desert-climate farming in the UAE
- The joint project draws on the benefits of growing crops in vertical layers, which includes higher yield, shorter growing times and lower water usage
Economy
EIB pledges US$535mn for Syria-Turkey quake reconstruction
Brussels, Belgium--The European Investment Bank today pledged $535 million in earthquake reconstruction and recovery package for Turkey and Syria at...
- The reconstruction package is meant to restore basic living standards for more than 1.7 million refugees hit by the earthquake
- It will focus on Turkish regions devastated by the earthquake and is designed to enhance support for restoration of basic infrastructure
Business
SRC, Alrajhi sign refinance deal
SRC is looking to expand its refinancing portfolio.
- SRC said that the agreement is the latest in a series of similar deals to support mortgage financiers and originators
- It will provide liquidity, capital management, and balance sheet de-risking solutions to enhance real estate financiers’ capacity
Economy
Jordan’s ‘Tashgheel’ fetches 20,000 jobs for its citizens in private sector
Amman, Jordan--A government-sponsored program in Jordan has helped place 20,000 people into private sector jobs since its launch in April...
- The government program aims to provide 60,000 job opportunities in accordance with the private sector's demand
- More than 50,000 job seekers registered for the program, 26,258 of whom were female and 26,885 of whom were male
Business
SIRC buys 60% of Masab Plastic
The PIF-owned firm looks to deepen investment in recycling.
- According to Saudi Press Agency, the deal is intended to support the company's plan to establish partnership with the private sector
- The agreement between the two groups was signed on the sidelines of the Private Sector Forum, which was held from March 14 to March 15
Company News
New CEO appointed in SRC
Business
Multiply Group profit soars
Business
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Palms Sports posts Q3 profit
Business
ACWA Power signs deals
Business
Bahrain and EU hold discussions to ramp up ties in energy sector
Manama, Bahrain-- Bahrain and the European Union (EU) have held discussions to boost cooperation in various domains, including the energy...
Economy
Oil industry faces moment of truth as clean energy transitions advance: IEA
Paris, France--Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate...
Economy
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Economy
Dubai to host corporate governance experts at ICGN-Hawkamah Conference
Dubai, UAE--Dubai will host a gathering of international corporate governance experts at the upcoming ICGN-Hawkamah Conference, themed 'Capital, Companies, and...
- Experts will hold discussions on topics such as national visions towards sustainable economies in the MENA region, the role of corporate boards in the governance of sustainability
- Against the backdrop of COP28, the event aims to explore how corporations can align their strategies with climate goals while fulfilling their corporate governance responsibility
Business
Bahrain’s BIBF partners with UpGradelle to boost digital transformation
Manama, UAE--The Bahrain Institute of Banking and Finance (BIBF) has partnered with UpGradelle, a leading French-based consultancy firm, to develop...
- The BIBF intends to equip the country's financial and business sectors with skilled leaders that can "catalyse the change in business operations"
- CEO of the BIBF said the collaboration will strengthen their position as a leader in delivering state-of-the-art training and development solutions
Business
Masdar and Emirates Steel Arkan partner to build green project to cut emissions
Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) has signed an agreement with Emirates Steel Arkan to develop a pioneering...
- The project, the first of its kind in the MENA region, is under construction within the facilities of Emirates Steel Arkan in Abu Dhabi's industrial city
- It will generate green iron, a highly sought-after product by international steel companies striving to achieve net-zero emission target across the world