WHO countries strike landmark agreement on tackling future pandemics
Geneva, Switzerland -- Years of negotiations culminated early Wednesday with countries agreeing the text of a landmark accord on how...
Geostrategy
Qatar’s Producer Price Index for Feb down 0.33 percent year-on-year
Doha, Qatar -- Qatar's general Producer Price Index (PPI) for the industrial sector for February recorded 114.01 points, showing stability...
Business
Business
Yalla Group 2023 revenue $318m
The company's fourth quarter revenue soared to $80.9 million.
- In the last quarter of 2023, Yalla's net margin was 36.6 percent alongside an impressive non-GAAP net margin of 41.3 percent.
- Yalla reported a 13.3 percent year-over-year increase in average monthly active users (MAUs), reaching 36.2 million in the final quarter of 2023
Business
Dubai hotel occupancy up 3.4% to reach 90.8 percent in Feb
Dubai, UAE -- Dubai hotels achieved a 3.4 percent year-on-year growth in occupancy levels, reaching 90.8 percent, according to preliminary...
- Other key metrics also showed positive growth, with the average daily rate (ADR) increasing by 9.3 percent to AED 887.06 ($241).
- The revenue per available room (RevPAR) rising by 13.1 percent to AED 805.21, according to CoStar, a provider of global real estate information.
Economy
Saudi foreign reserve assets decrease by 2% to $431bn in Feb
Riyadh, Saudi Arabia -- Saudi Arabia's international reserve assets decreased by SAR 26.98 billion, or 2 percent, to SAR 1.619...
- On a yearly basis, the Kingdom’s foreign reserve assets plunged 5 percent, or SAR 78.2 billion, Argaam reported, citing Saudi Central Bank (SAMA) data.
- Foreign currency reserves, representing about 94 percent of total assets, fell by nearly 5 percent year-on-year (YoY) in February to SAR 1.526 trillion.
Business
Madinah first Arab city to gain Gold Level in UN’s SDG Cities Initiative
Madinah, Saudi Arabia -- The United Nations Human Settlements Programme (UN-Habitat) has recognized Madinah for attaining Gold Level in the...
- Madinah became the first Saudi and Arab city, and the third internationally, to receive this recognition of achievement.
- Last month, UNESCO announced that Madinah was one of the three Saudi cities --the others being King Abdullah Economic City and Al-Ahsa -- that joined the UNESCO Global Network.
Business
AI in Saudi Arabia: Most companies have a plan, few are ready
While 93 percent of companies in the kingdom have an AI strategy, only 8 percent feel fully prepared, according to...
- The Index assesses AI readiness across 6 pillars: strategy, infrastructure, data, talent, governance, and culture, surveying respondents from companies with 500 or more employees.
- Only 12 percent of organizations have networks equipped for AI workloads, and 70 percent lack sufficient cybersecurity for AI models.
Business
SAR and Maersk to transport more containers between 2 Saudi ports
Riyadh, Saudi Arabia -- Saudi Arabia Railways (SAR) has signed a contract with the sea shipping company Maersk to increase...
- The contract will also help increase operational efficiency, decrease the number of trucks between Dammam and Riyadh cities, reduce emissions, and maintain road infrastructure.
- It will contribute to elevating Dammam Port to a regional station for global trade routes from the east to the local markets and countries in the region, said CEO SAR.
Business
Saudi Arabia’s IPI falls 8.8% in Jan on decrease in mining activity
Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) continued to decline for the 13th month in a row,...
- Compared to Dec 2023, IPI increased by 0.3 percent supported by mining and quarrying activity, manufacturing activity and water supply, sewerage, waste management and remediation.
- On the other hand, the sub-index for mining and quarrying activity increased by 0.1 percent compared to December 2023.
Business
India, European EFTA bloc sign $100 billion free trade deal
The deal will see the European Free Trade Association (EFTA) -- made up of non-European Union nations, including Iceland and...
- EFTA was established in 1960 to promote free trade and economic integration between its members. In 2021, it was the 10th largest trader in the world in terms of merchandise.
- In recent years, India has signed trade agreements with Australia and the United Arab Emirates. A long-talked-about trade deal with Britain is also said to be in the final stages.
Business
Sharjah real estate transactions hit $844 million in February: Report
Sharjah, UAE -- Sharjah witnessed real estate deals worth AED 3.1 billion ($844 million) in February 2023, according to the...
- The total number of transactions carried out during February had reached 4,458 transactions.
- The sales transactions reached 1,048 representing 23.5 percent of the total number of transactions.
Business
Foreign banks in Dubai to pay 20% annual tax under new law
The law issued by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum exempts the foreign banks licensed to operate in...
- It stipulates that the 9% tax that went into effect last year will be deduced from the 20% annual tax if the foreign bank pays the tax under the country's corporate tax law.
- Violators will be fined up to AED500,000 ($136,150) and AED1 million in case of repeat violations within two years.
WHO countries strike landmark agreement on tackling future pandemics
Geneva, Switzerland -- Years of negotiations culminated early Wednesday with countries agreeing the text of a landmark accord on how...
Geostrategy
Company News
DAE 9M net profit $310m
Business
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PIF sets up sarcc company
Business
AD Ports Group secures $2.125 billion refinancing deal
The move aims to optimize financing costs.
Business
Hackers stole US$2.2bn in crypto through 2024, Chainalysis Research
Crypto hackers stole US$2.2bn worth of crypto. This amount was a 21 percent yoy increase, the fourth consecutive year they...
Coal use at record high in 2024, the world’s hottest year: IEA
Paris, France -- World coal use is set to reach an all-time high in 2024, the International Energy Agency said Wednesday,...
Geostrategy
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Business
World’s rarest coffees to be auctioned for first time in Dubai
Dubai, UAE -- Coffee aficionados and industry leaders will converge in Dubai this February at World of Coffee (WOC) Dubai...
- Some of the rarest coffees in the world include Black Ivory from Thailand, which sells for approximately $1,500 per kg.
- The coffee industry has experienced a significant rise in value and demand, with coffee prices reaching a 47-year high.
Business
Ras Al Khaimah tourism sector contributes 5 percent to GDP: Official
Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras...
- The tourism sector's contribution toward GDP is expected to rise to one third by 2030, says CEO RAK Tourism Development Authority Raki Phillips.
- Ras Al Khaimah includes over 38,000 companies across more than 50 sectors, with businesses from over 100 countries.
Business
Vegetable oil pushes global food prices to seven-month high in Nov
Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023,...
- Global palm oil prices climbed further amid concerns about lower-than-expected output due to excessive rainfall in Southeast Asia.
- The Sugar Price Index decreased 2.4 percent, influenced by harvest activities in India and Thailand and improved sugarcane crop prospects in Brazil following recent rains.