NDMC arranges $2.5bn credit facility
The Shariah-compliant facility spans a tenure of three years.
Business
Videos
Saudi growth in 2022 to outpace Asian giants
The kingdom recovered quickly from Covid-induced recession and is reaping the rewards of high global energy prices and increased energy...
- The kingdom is set to be the fastest growing of the world’s largest economies in 2022, outpacing the Asian giants of China, India, Indonesia, South Korea and Taiwan.
- It is expected to grow much faster than the struggling major economies in Western Europe and North America.
Business
Sharjah Chamber organizes forum, briefs Russian delegation
The Sharjah Chamber of Commerce and Industry (SCCI) has organized a forum to discuss ways to boost economic ties and...
- The forum witnessed bilateral meetings between business owners from Sharjah and Russia.
- The chamber briefed the Russian trade mission on Sharjah’s business advantages and facilities.
Business
Mawani, Tabadul to develop port community management systems
Riyadh, Saudi Arabia---Saudi Ports Authority (Mawani) and the Saudi Information Exchange Company (Tabadul) signed an MoU to develop new port...
- The MoU aims to achieve the expansion of services provided in Saudi ports and doubling their number from 46 to 150 besides.
- It also aims at enabling modern and emerging technologies in accordance with international best practices.
Geostrategy
UAE-China ties successful model of international relations: Al Dhaheri
Beijing, China---Ali Obaid Al Dhaheri, UAE Ambassador to China, has said the UAE and China maintain close strategic relations, which...
- As one of the first countries to join the Belt and Road Initiative, UAE has become the main logistical centre in the MENA, said Ali Obaid Al Dhaheri.
- It re-exports more than 60 percent of Chinese exports to the region, where the value of trade exchange between the two countries has exceeded $70 billion.
Geostrategy
Arab Parliament reelects Al-Asoumi as speaker for two years
During the session, Jordanian MP Khalil Attia was elected as second deputy speaker of the parliament, Iraqi MP Shaalan Abdul-Jabbar...
- Al-Asoumi collected 51 votes at a special session attended by 66 members and designed to choose the speaker of the parliament and four deputies
- It also announced the election of a member of the Saudi Shoura Council, Hazza Bin Bakr Al-Qahtani, as First Deputy Speaker for a period of two years
Geostrategy
UAE and China relations a model to follow: Suhail Al Mazrouei
The Energy Minister said the UAE encourages joint investments with China in every sector, most notably in digital economy, green...
- Al Mazrouei stressed that cooperation with Chinese companies is continuing, as more than 4,000 operate in the Emirati market and employ some 400,000 people
- The minister said the UAE was among the first countries to join the Belt and Road Initiative and is one of the founding members of the Asian Infrastructure Investment Bank (AIIB)
Economy
Dubai Metaverse Assembly takes delegates to Mars
Participants were taken on an immersive space journey to a detailed metaverse city on the Red Planet.
- Participants were taken on an immersive space journey to a detailed metaverse city on the Red Planet
- Senior executives from major corporations also discussed topics such as the relationship between the metaverse and gaming, retail, banking, and venture capital
Economy
Jordan government reduces fuel prices for October
The price of 90-octane gasoline and 95-octane gasoline will decrease by 60 fils in October.
- The price of 90-octane gasoline and 95-octane gasoline will decrease by 60 fils in October
- The price of one litre of diesel and kerosene will sell at JD0.825 in October, instead of JD0.790
Economy
Saudi Arabia hopes to post budget surplus of US$24bn
Saudi Arabia is expecting to record an increase in its budget surplus in 2022 to S24 billion, according to the...
- According to the ministry of finance, Saudi total revenues are expected to reach about $299 billion in 2023, while reaching about $323 billion in 2025
- The minister said the objectives of the general budget for the fiscal year 2023 come as a continuation of the process of work to strengthen the financial position of the kingdom
Business
Saudi to make US$32bn in income from recycling by 2035
Saudi Arabia is expected to generate an annual income of $32 billion from recycling waste by 2035, according to the...
- Mansour Al-Mushaiti said the forecast is based on estimates made by the National Center for Waste Management
- He also flagged up the move to zero carbon neutrality by 2060, as well as seeing 94 percent of waste recycled by 2035 instead of being taken to landfills
Most Read
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
Company News
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Real estate trading volume in Qatar exceeds US$88m in week
DOHA, QATAR - The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
Business
Red Sea International Film Festival to showcase 14 short films
Jeddah, Saudi Arabia - The Red Sea International Film Festival (RSIFF) unveiled Monday the lineup of international short films participating...
Arts & Culture
Most Read
Economy
Oil prices spike as Hamas attack on Israel fuels supply fears
The attack and Israel's declaration of war in response to it have raised concerns that a potential broadening of the...
- The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high
- It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices
Business
Dubai at top global ranking for attracting Greenfield FDI projects in H1 2023
DUBAI, UAE - Dubai remains the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate...
- During the first half of 2023, Dubai’s global share in the attraction of Greenfield FDI projects stood at 6.58 percent.
- The results align the Dubai Economic Agenda D33, which aims to double the size of the emirate’s economy over the next decade.
Geostrategy
Saudi Arabia, India ink MoU on electrical interconnectivity, green hydrogen
RIYADH, SAUDI ARABIA - India and Saudi Arabia signed a Memorandum of Understanding (MoU) here in electrical interconnection, green/clean hydrogen,...
- The signing took place during the Middle East and North Africa Climate Week 2023 in Riyadh, Saudi Arabia.
- The MoU was signed by Saudi Arabia’s Minister of Energy and India’s Minister of Power and New and Renewable Energy.