OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
Business
Business
Qatar hopes to make US$17bn in profit from World Cup
The 2022 World Cup may prove to be a big windfall for Qatar as it hopes to make some $17...
- The CEO said that between 3 and 4 billion people around the world will watch the Qatar World Cup 2022
- He said that Qatar is expecting nearly one million people, including 12,000 from the media, during the World Cup
Economy
IsDB, Jordan sign two pacts to support food security, tourism sector
Jordanian Prime Minister Bisher Al-Khasawneh commended the continuous support of IsDB for economic projects in Jordan including help in the...
- Jordanian Prime Minister Bisher Al-Khasawneh commended the continuous support of IsDB for economic projects in Jordan including help in the modernization of the public sector
- President of the IsDB Group, Dr. Mohammad Sulaiman Al-Jasser affirmed the IsDB's interest in continuing to support and implement development and service projects in Jordan
Economy
Saudi Arabia, China explore trade, investments opportunities
The two sides reviewed the growth of bilateral trade, and the volume of the commercial partnership.
- The two sides reviewed the growth of bilateral trade, and the volume of the commercial partnership
- Saudi Arabia's exports to China, in the second quarter of 2022, amounted to about $16.8 billion
Business
Salik begins trading on DFM, after large investor interest
Dubai, UAE— Salik, Dubai toll operator, has listed on Dubai Financial Market under the name of "SALIK", after the offering...
- It is the third public offering and listing on the DFM in 2022 as part of the plan to develop financial markets in the country
- The strong demand toward the issuance prompted the company to raise the offered shares to 1,867,500,000 shares representing 24.9 percent of its share capital
Economy
UAE tops Arab countries in WIPO’s Global Innovation Index 2022
The UAE also ranked 18th globally on the GII's Innovation Input Sub-Index, five ranks higher than 2021.
- The country also ranked 18th globally on the GII's Innovation Input Sub-Index, five ranks higher than 2021
- It ranked 6th globally in the Institutions indicator, as compared to 24th last year, 7th in the Infrastructure indicator, as compared to 14th in 2021
Business
Specialized sessions on Metaverse opportunities held in Dubai
As many as seven side sessions were held on the first of the two-day specialized sessions on Metaverse.
- The first day's sessions discussed methods of an economically viable, inclusive and safe metaverse, focusing on governance, and economic and social value creation.
- The first day of the Dubai Metaverse Assembly also included live demonstrations in web 3.0 and the metaverse introduced by SIAPartners.
Geostrategy
‘Agri-tech, innovation key in improving farmers’ livelihoods’
UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri participated in the Agriculture Ministers’ Meeting in Bali...
- Innovation and agri-tech has helped UAE to support smallholder farmers and enhance their contribution to food security.
- innovative agricultural methods are the building blocks of sustainable food systems, says UAE minister.
Business
Four new Saudi fintech firms to work under legislative pilot environment
Riyadh, Saudi Arabia---The Central Bank of Saudi Arabia has authorized four new financial technology companies to work under the umbrella...
- Saudi Central Bank's approval for these firms brings the total number of such authorized companies to 42.
- This step will achieve the objectives of enhancing and diversifying the innovations presented in the financial sector, promoting savings, payments and investment activities.
Geostrategy
UAE, Tanzania sign pact to avoid double taxation
UAE and Tanzania have signed an agreement for avoiding double taxation and preventing tax evasion.
- The pact was signed as part of the UAE's endeavors to strengthen cooperation frameworks in tax matters.
- The agreement is in line with both countries’ efforts to boost cooperation in tax fields, increase investment opportunities, encourage trade exchange.
Business
First international shipment arrives at Mugharraq Port
Abu Dhabi, UAE--- AD Ports Group Thursday announced the arrival of the first international shipment at Mugharraq Port, one of...
- This is the first shipment since Mugharraq Port was recognised as an international port facility.
- International recognition was achieved after a series of major upgrades at the port.
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Saudi Arabia’s Tabuk region produces over 28m roses annually
TABUK, SAUDI ARABIA - The Tabuk region's agricultural sector is making steady progress towards achieving the goals of Saudi Arabia's...
Business
Aramco’s Luberef resumes bitumen exports after 20 years
RIYADH, SAUDI ARABIA - King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa onboard bulk...
Business
Tadawul’s sukuk, bonds market sees $3.4bn negotiated deals in first 9 months of 2023
RIYADH, SAUDI ARABIA – The Saudi Exchange's (Tadawul) sukuk and bonds market witnessed 74 negotiated deals worth nearly SAR 12.77...
Market Report
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Business
DEWA commissions 200MW second unit in Al Maktoum Solar Park
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned the 200MW second unit of the parabolic basin complex in...
- It is set to provide clean energy for approximately 320,000 residences and reduce carbon emissions by 1.6 million tons annually.
- This phase uses the Independent Power Producer (IPP) model with investments of up to AED 15.78 billion ($4.30bn).
Geostrategy
Saudi Arabia, Pakistan ink pact on digital transformation, innovation
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia signed a memorandum of understanding (MoU) with Pakistan here on Sunday...
- Under the terms of the MoU, Saudi Arabia and Pakistan will strengthen their SME and start-up ecosystems.
- They will cooperate on policies, regulations and legislation in the digitization and electronic manufacturing sectors.
Business
ROSHN group opens sale for SEDRA phase 3 units in Riyadh
RIYADH, SAUDI ARABIA - ROSHN Group, one of the Public Investment Fund (PIF) subsidiaries, announced on Sunday the opening of...
- SEDRA phase three will add 3,438 more houses to ROSHN’s first integrated development; 1,904 units are for sale in this initial sales tranche.
- SEDRA 3 offers prospective residents eight options of floor plans and eleven facades, in single- or multi-family configurations,