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
Economy
Egypt remittances drop 14.7% to US$2.38 billion in July
The drop comes as the exchange rate of the Egyptian pound is seeing a decline in light of the pressures...
- Remittances from Egyptians working abroad are one of the most important sources of foreign exchange for the country, along with tourism, the Suez Canal, and exports
- Expatriate remittances have increased since Egypt liberalized its currency exchange rate in November 2016 as part of economic reforms
Geostrategy
UAE FM meets Israeli Finance Minister, discusses economic cooperation
Sheikh Abdullah said that the UAE and Israel, since the signing of the Abraham Accords Peace Agreement, have established a...
- Sheikh Abdullah said that the UAE and Israel, since the signing of the Abraham Accords Peace Agreement, have established a model for constructive cooperation
- Lieberman welcomed the visit of Sheikh Abdullah and his accompanying delegation, stressing the importance of this visit in strengthening bilateral relations
Business
Lazard hires Citi Saudi CEO
Al-Khatib will support the firm’s operations in MENA.
- Citigroup confirmed Al-Khatib's resignation and said that Carmen Haddad will be taking over as acting CEO
- The Saudi national was a leading figure in Saudi Aramco's initial public offering in 2019, the biggest ever share sale that raised almost $30 billion
Geostrategy
Abdullah bin Zayed meets Benjamin Netanyahu
UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan and Israeli Opposition Leader and former...
- With the signing of the Abraham Accords Peace Agreement in 2020, relations between Israel and the UAE have improved.
- The UAE top diplomat met with the former Israeli premier as part of his current official visit to the Israel..
Business
Union of Arab Banks appoints CS Events strategic partner
Dubai, UAE: Union of Arab Banks (UAB), the apex body of the $4 trillion banking industry in the Arab World,...
- As partner, CS Events will co-create, market and deliver UAB’s activities in the UAE and Saudi Arabia.
- Though Arab world’s banking sector’s assets surpassed $4 trillion, more than 50 percent population in the Middle East and Africa remains unbanked.
Geostrategy
South Korea to enhance ties with hi-tech firms in Middle East
South Korea wants to strengthen its relations with the Middle East with a focus on high-tech industries, according to Seoul’s...
- The focused hi-tech industries in the Middle East are energy, hydrogen, artificial intelligence and health.
- The South Korean Foreign Minister said that they are trying to upgrade their ties with all the countries.
Geostrategy
GCC-India ink MoU for consultations mechanism
India has signed a Memorandum of Understanding (MoU) with the Gulf Cooperation Council (GCC) Secretariat on the "mechanism of consultations"...
- The MoU was signed between India’s Minister for External Affairs Dr. S Jaishankar, and the GCC Secretary-General Dr. Nayef Falah Mubarak Al-Hajraf.
- India’s Ministry of External Affairs said, "both sides reviewed bilateral relations and discussed ways to enhance them"
Business
Dubai records weeklong realty transactions worth $2.49 billion
Dubai, UAE---A total of 2,317 real estate transactions worth AED8.9 billion ($2.49 billion) were conducted during the week ending 16...
- A total of 227 plots were sold for AED4.35 billion, and 1,560 apartments and villas were purchased for AED3.44 billion.
- The top three transactions were plots of land in Madinat Al Mataar that sold for AED988 million, AED259.24 million in Al Yufrah 1 and AED988 million in Madinat.
Geostrategy
UAE participates in G20 Finance Track’s Infrastructure meeting
UAE Ministry of Finance (MoF) participated in G20 Finance Track’s fourth and last Infrastructure Working Group (IWG) meeting for 2022...
- The members of the Infrastructure Working Group deliberated the progress made on scaling up sustainable infrastructure investments.
- The IWG also discussed means of promoting private sector investment in sustainable infrastructure.
Business
DEWA smart meters’ number up 73% in four years
Dubai, UAE---Dubai Electricity and Water Authority (DEWA) recorded a growth in the number of smart water meters by 73.6 percent...
- DEWA has more than two million smart electricity and water metres in Dubai.
- Automating metre readings helps customers receive instant information on their consumption patterns and effectively manage, monitor and control their consumption.
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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
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
Latest News
Dana Gas proposes dividend
Business
Kuwait Airport expects 13% rise in passenger numbers, says DGCA
KUWAIT CITY, KUWAIT - Kuwait's Director General of Civil Aviation (DGCA) expected that the total passenger traffic to and from...
Business
Iran says European countries willing to buy our drones
TEHRAN, IRAN - A number of European countries have asked to purchase Iran’s unmanned aerial vehicles, the spokesperson for the...
Geostrategy
Most Read
Geostrategy
Algerian, South African ministers discuss ways to boost economic cooperation
JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to...
- The two ministers discussed the available opportunities to enhance trade exchange between Algeria and South Africa.
- The aim of trade exchange and joint investment is achieving sustainable development in the region.
Economy
Currencies in Middle East resilient from Covid period till date
RIYADH, SAUDI ARABIA - As the world grapples with the economic aftermath of the COVID-19 pandemic, Middle Eastern countries, particularly...
- Saudi Arabian Riyal and UAE Dirham maintain stability against US Dollar from 2020 to 2023.
- Both the countries witness GDP growth of 45 percent and 43 percent respectively during the period.
Business
RAKEZ witnesses 35 percent growth in holding company registrations
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) reported a remarkable surge in the registration of holding...
- Holding companies can benefit from the UAE's favorable tax environment, a key factor boosting global investors' appeal.
- This structure offers enhanced protection against potential risks and legal claims, an essential feature in today's complex business landscape.