ADNOC signs deal with PETRONAS
Under the agreement, ADNOC will supply 1m tons of LNG per year.
Business
Riyadh tripartite meet pledges to implement Beijing Agreement
Riyadh, Saudi Arabia -- The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement...
Geostrategy
Economy
Dollar droops before Powell testimony; euro weathers France uncertainty
 The U.S. dollar hung near a multi-week low versus major peers on Tuesday, still smarting from Friday's unexpectedly soft jobs...
- The U.S. dollar index was flat at 104.99
- Traders currently set about 76% odds for a rate cut at the September FED meeting
Economy
Top Middle East sovereign wealth funds invested $38.2 billion in 58 deals
Investments in H1 2024 led by the top Middle East sovereign wealth funds reached$38.2 billion in 58 different deals, according...
- The amount invested by the ‘Oil Five is more than double what the ‘Maple Eight’deployed
- Mubadala re-opened its Beijing office in 2023 to manage its $10 billion JV with SAFE and CDB
Geostrategy
Remittance flows to low-middle-income countries $656bn
World Bank’s latest Migration and Development Brief said the modest 0.7 percent growth rate reflects large variances in regional growth,...
- Remittances to LMICs are expected to grow at a faster rate of 2.3 percent in 2024, although this growth will be uneven across regions.
- Remittances to the Middle East and North Africa fell by 15 percent to $55 billion While those to South Asia grew by 5.2 percent in 2023.
Arts & Culture
Qatar to witness GCC’s highest growth in hospitality industry revenue until 2028
Hospitality industry revenue in Qatar is expected to witness the highest growth rate in GCC until 2028, Alpen Capital has...
- Qatar’s hospitality sector projected to rise 11% annually from $0.9bn in 2023 to $1.5bn in 2028
- In 2024 alone, Qatar is slated to host over 80 events scheduled throughout the year
Business
Global FDI falls by 2 percent to $1.3 trillion in 2023: UNCTAD
Geneva, Switzerland -- Global foreign direct investment (FDI) fell by 2 percent to $1.3 trillion in 2023 amid an economic...
- But the UNCTAD report highlights that the decline exceeds 10 percent when excluding the large swings in investment flows in a few European conduit economies.
- FDI flows to developing countries fell by 7 percent to $867 billion last year, reflecting an 8 percent decrease in developing Asia.
Economy
UAE, Qatar Central banks keep interest rates unchanged towing the line with US Fed
The Central Bank of the UAE (CBUAE) and Qatar Central Bank (QCB) have decided to keep interest rates unchanged, following...
- The US Fed funds rate was maintained at the 5.25% - 5.50% range
- The US Consumer Price Index (CPI) showed no increase in May
Arts & Culture
Oman aviation sector sees 16.4% passenger growth in first 4 months of 2024 Â
Oman witnesses a 16.4% growth in passenger traffic in early 2024 The Sultanate of Oman’s aviation sector has experienced remarkable...
- Oman's four airports collectively handled over 4.9 million passengers
- Country planning to build six new airports and increase their number in Oman to 13 by 2028-29
Business
The Red Sea opens its third resort Nujuma, a Ritz Carlton Reserve
Riyadh, Saudi Arabia -- The Red Sea has announced the opening of its third resort, Nujuma, a Ritz Carlton Reserve....
- Inspired by the word Nujum, meaning "stars" in Arabic, Nujuma invites travelers to one of the world's most secluded and protected archipelagos.
- Accessed by chartered boat or seaplane, Nujuma features 63 overwater and beach villas, offering one-to-three-bedroom accommodation.
Economy
The U.S. playing the waiting game with inflation
Federal Reserve official Neel Kashkari has reiterated the Fed’s wait-and-see approach about possible rate cuts.  In a recent interview on CNBC, Kashkari, who serves...
- The labor market remains strong in the U.S.
- The consensus is that the first rate cut won’t arrive before September
Business
UAE tax authority issues corporate tax guide for free-zone persons
Abu Dhabi, UAE -- The Federal Tax Authority (FTA) has issued a guide outlining the application of Corporate Tax to...
- It is in line with the Free Zone Corporate Tax regime, which enables Qualifying Free Zone Persons to benefit from a zero percent Corporate Tax rate on Qualifying Income.
- The guide includes many examples to assist Businesses with understanding how the key elements of the Corporate Tax Law apply to Free Zone Persons.
ADNOC signs deal with PETRONAS
Under the agreement, ADNOC will supply 1m tons of LNG per year.
Business
Company News
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MGX participation confirmed in OpenAI’s US$6.6bn in new funding, valuing it at US$157bn
OpenAI has finalized a deal to receive US$6.6 billion in new funding from investors who valued the company at US$157...
Business
Waldorf Astoria to open in Madinah by 2028
With more than 300 luxury rooms, three dining concepts, and various facilities, the hotel will merge global luxury with Madinah’s...
Business
Abu Dhabi non-oil GDP up 6.6% in second quarter: SCAD
Abu Dhabi, UAE -- Abu Dhabi's GDP increased by 4.1 percent during the second quarter of 2024, compared to the...
Economy
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Business
Saudi leisure tourism surges by 656% in 2024: Tourism Ministry
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector, particularly the leisure and holiday segments, witnessed substantial growth in 2024.In a...
- The Kingdom welcomed 17.5 million international tourists between January and July 2024, a 10 percent increase over the same period in 2023
- The Kingdom had set the goal of 100 million tourists by 2030, but achieved this milestone in 2023, seven years ahead of schedule.
Business
UAE captures 30% of Middle East cinema market share in 8 months
Abu Dhabi, UAE -- The UAE cinema sector achieved revenues of AED 517 million during the first eight months of...
- UAE cinemas attracted about 11 million visits to cinemas, the Emirates Media Council revealed.
- The country's cinema sector includes 702 screens spread across 72 locations and caters to more than 200 nationalities.
Business
Saudi non-oil exports increase by 19 percent in July: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports, including re-exports, during July 2024 amounted to SAR25.4 billion ($6.76 billion), compared...
- The value of merchandise exports increased during July 2024, reaching SAR94.5 billion, compared to SAR92.6 billion during July 2023, an increase of SAR1.9 billion, or 2.1 percent.
- The value of oil exports during July 2024 amounted to SAR69.1 billion, compared to SAR71.3 billion during July 2023, a decrease of SAR2.2 billion, or 3.1 percent.