Saudi bid to host 2034 World Cup positions Kingdom as global center for top sports events
Saudi Crown Prince Mohammed bin Salman announced the Kingdom’s bid to host the 2034 FIFA World Cup. He said this...
UK’s Labor Party wins enough seats to form majority government
The Labor Party has officially won enough seats in the UK’s 2024 general election to have a majority in parliament,...
Economy
UAE’s top banks post 10% profit jump in H1 of 2022
Signalling a broader economy recovery in the country, four largest banks of the UAE have posted a big surge in...
- The financial performance comes amid an improving environment in the UAE despite global macro-headwinds
- The recovery reflected improving consumer confidence particularly given loosening pandemic restrictions, a strong vaccination roll-out, recovering oil prices
Jada to promote startups
It will collaborate with Invest Seoul Agency for the venture.
- The partnership seeks to exchange information on entrepreneurial policies and best practices and support startups aspiring to enter the Saudi or Korean markets
- Invest Seoul Agency is a foreign investment promotion agency established by the Seoul Metropolitan Government
Business
Qatar Airways, British Airways expand partnership, form largest airline
The airlines have added 42 new countries to their shared network, including Italy, the Maldives, Norway, Singapore, and Sweden.
- The airlines have added 42 new countries to their shared network, including Italy, the Maldives, Norway, Singapore, and Sweden
- Customers will now benefit from even greater choices in prices and schedules with options for direct flights as well as connections via hubs in London and Doha
Economy
UAE to relax COVID-19 restrictions from Sept. 28
The UAE will be relaxing COVID-19 restrictions nationwide which will come into effect starting September 28. Dr. Saif Al Dhaheri,...
- Official websites of the Ministry of Health and Prevention, the Federal Competitiveness and Statistics Centre and NCEMA will continue to issue updated data.
- COVID-19 daily cases announcement will be discontinued.
Business
UAE-Oman non-oil trade $98.56 billion in past decade
The volume of trade exchange between the two countries during the first half of this year amounted to AED24.2 billion.
- Trade between the two recorded a growth of 98.9 percent to reach AED46.5 billion by 2021 end, compared to AED23.4 by 2012 end.
- It said non-oil exports accounted for 33 percent of the total non-oil trade during the past ten years, recording a value of AED120 billion.
Business
Masdar, REW sign collaboration pact
The two firms will explore developing offshore wind projects.
- Masdar and RWE are shareholders in the London Array project, which has been operational since 2012.
- The wind farm has an operating capacity of 630 megawatts, powering more than half a million homes, while displacing almost 1 million tons of carbon dioxide emissions every year.
Geostrategy
UAE takes part in financial group meeting in Indonesia
The UAE recently participated in the fifth International Financial Architecture (IFA) Working Group meeting within the G20 Finance Track for...
- The meeting discussed issues related to global financial development and stability.
- UAE stressed on the need to work on a comprehensive regulatory framework for central digital currencies.
Infographics
UAE’s mobile internet fastest in Arab world
According to the Digital Quality of Life Index by VPN provider Surfshark, Denmark has the best digital quality of life...
- Denmark achieved 0.83 index points in 2021 (1 is the highest score). South Korea and Finland follow in a joint second place at 0.76 points.
- The index considers factors such as internet connection quality, internet affordability and e-security.
Business
SAFEEN Feeders, Invictus sign deal
They will launch a new international dry bulk shipping service.
- Under the terms of the agreement, the two companies will purchase ships through Special Purpose Vehicles, owned 85 percent by SAFEEN Feeders and 15 percent by Invictus Investment.
- The two companies are expected to initially commit approximately AED463 million (US$126 million) for the investment in the vessels.
Economy
‘Firms in UAE resist employee demands for hike in salary’
Several firms in the UAE have received requests from employees to adjust compensation packages in line with the inflation in...
- Firms plan pay rises of 5 percent in 2023 as over 66 percent of companies receive requests for higher salaries.
- Over 200 global and local companies from all sectors were surveyed.
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Saudi bid to host 2034 World Cup positions Kingdom as global center for top sports events
Saudi Crown Prince Mohammed bin Salman announced the Kingdom’s bid to host the 2034 FIFA World Cup. He said this...
Company News
ICIEC inks deal with SNB
Business
Fertiglobe Q1 net profit $135m
Business
Latest News
Real estate transactions in Ajman totaled US$408m in August
AJMAN, UAE – Real estate transactions in August achieved a growth of 61.5 percent compared to the same period in...
Business
$15m paid in compensation to passengers in 2021-22 in Saudi Arabia, says GACA
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) said that national airlines in the Kingdom have issued...
Geostrategy
Israel accounts for 46 percent of global Jewish population
TEL AVIV, ISRAEL – The total global Jewish population rose to 15.7 million over the last year, while the number...
Geostrategy
Most Read
Business
Saudi business delegation visits ZSBVC steel factory in Vietnam
HANOI, VIETNAM - A delegation of 80 Saudi businessmen, representing over 50 companies, and representatives from national specialized bodies and...
- The visit aims to explore investment opportunities, enhance trade, investment and industrial cooperation between Saudi Arabia and Vietnam.
- The visiting delegation was briefed on the production lines at Zamil Steel Building Vietnam Co and witnessed the skill of the workers.
Geostrategy
Transfer of Iran’s unfrozen foreign assets to Qatari banks soon
TEHRAN, IRAN – The foreign minister of Qatar said the procedures for the transfer of Iran’s unfrozen foreign assets to...
- Qatar has been a mediator in talks that led to a prisoner exchange deal between Iran and the United States.
- The deal involves the release of five prisoners from each side and the unfreezing of some US$6 billion worth of Iranian funds.
Business
Emirates NBD Group invests in sustainability startup Erguvan
Dubai, UAE - Emirates NBD made an investment in Erguvan, a climate and financial technology venture aimed at providing financial...
- The investment was made via Deniz Ventures, an investment fund launched by DenizBank A.S., Türkiye, under the umbrella of Emirates NBD Innovation Fund
- The Group-wide fund was created to enable investments in FinTech, SustainTech and Tech companies and start-ups across Emirates NBD’s key markets