Trump Tower agreement announced in Jeddah following luxury hotel deal in Oman
A Trump Tower is coming to Saudi Arabia, a regional developer announced on Monday, Al Monitor reported. Dar Global and...
Business
The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
Economy
Geostrategy
Blinken welcomes appointment of new UN envoy to Libya
US Secretary of State Antony Blinken has welcomed the appointment by UN Secretary-General Antonio Guterres of Abdoulaye Bathily as Special...
- Blinken took to Twiiter to say that US supported efforts to mediate an agreement in order to establish a constitutional framework and timeline for elections in Libya
- The Security Council on Friday approved former Senegalese minister and U.N. diplomat Abdoulaye Bathily as the new U.N. envoy to Libya, ending a nine-month vacancy
Business
ADX partners with FTSE Russell
The two have co-developed the FTSE ADX Growth Market Index.
- The launch of FADGMI is a result of ADX’s successful partnership with FTSE Russell and closely follows the launch in March of the FTSE ADX 15 Index (FADX15)
- The ADX Growth Market, the new brand of the Second Market, is an emerging equity segment on the exchange that connects investors and privately owned businesses
Economy
Bahrain launches multi-entry e-visa for training purposes
Bahrain has launched a multi-entry e-visa for training purposes, allowing a holder to stay in the kingdom for six months.
- The Nationality, Passports and Residence Affairs (NPRA) said the visa is part of the 24 initiatives to enhance the NPRA services and the economic recovery plan
- The visa could be applied for on www.evisa.gov.bh for a fee of BD60
Business
Saudi import of plastic products climbs 18% to 456,000 tons
The import of plastic products into Saudi Arabia has shot up 18 percent to 456,000 tons in the second quarter...
- According to the General Authority for Statistics, the increase in imports was fueled by a 45 percent yearly rise in imports from China
- The total plastic and rubber imports grew 19 percent to $1.89 billion in the second quarter of 2022
Geostrategy
Lebanon arrests five agents suspected of killing Syrian detainee
Shocked at the death of a Syrian detainee in custody of security officials, Lebanon has arrested five State Security agents...
- The State Security agents arrested Bashar Abdel Saud on August 31 and took him to an agency facility in Bint Jbeil in southern Lebanon for questioning with other detainees
- According to a source the agents wanted to extract a confession from the deceased suspect that he was a member of the Islamic State though he continued to deny the allegation
Economy
Broad money supply in Qatar reaches US$185.4bn in July
Social Security statements reached QR 78 million in July 2022, for 14,495 beneficiaries, recording a monthly decrease of 0.2% for...
- General index of the Qatar Stock Exchange increased in July 2022 at a monthly rate of 9.7% compared to June 2022.
- Cash equivalents; including Commercial Bank Deposits, attained for approx. QR 965 billion ($265bn) during July 2022.
Economy
Clean energy is key for Indonesian economy, says IEA
Indonesia has a viable path to reaching its target of net zero emissions by 2060, bringing major benefits to its...
- Key policy reforms and international support will be crucial to the success of the clean energy transition in the world’s fourth most populous country.
- The clean energy transition offers huge opportunities for the next chapter of Indonesia’s development as it seeks to become an advanced economy by 2045.
Geostrategy
UAE keen to work with global partners to address energy issues
A senior UAE official at the Ministry of Energy and Infrastructure said that his country is committed to collaborating with...
- The UAE is at the forefront in efforts of energy diversification and adoption of sustainability-driven technology to achieve climate neutrality.
- During the G20 Energy Transitions Ministerial Meeting, G20 Energy Ministers and major international energy organizations discussed key issues facing the sector.
Economy
Saudi Arabia eyes partnerships to accelerate growth of digital economy
Saudi IT Minister, Eng. Abdullah bin Amer Al-Swaha, held meetings with his counterparts from the other countries at the Indonesian...
- Saudi IT Minister, Eng. Abdullah bin Amer Al-Swaha, held meetings with his counterparts from the other countries at the Indonesian city of Bali
- The meetings also discussed enhancing cooperation in the areas of digital economy growth, emerging technologies and the digital government
Business
Ajman Bank and Mastercard collaborate to launch Touch Card
Ajman Bank and Mastercard have partnered to launch Touch Card, a payment card that will allow blind and partially sighted...
- The Touch Card has been designed to work with point-of-sale terminals and ATMs
- Moza Al Akraf Al Suwaidi, Undersecretary of the Ministry of Community Development, said it aligns with UAE’s social and community goals to promote an inclusive environment
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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
Trump Tower agreement announced in Jeddah following luxury hotel deal in Oman
A Trump Tower is coming to Saudi Arabia, a regional developer announced on Monday, Al Monitor reported. Dar Global and...
Business
Company News
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dnata begins building warehouse
Business
UAE urges collective action for sustainable development at G20 ministers meeting in India
DUBAI, UAE – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri highlighted the importance of collective...
Geostrategy
UAE finance ministry unveils new corporate taxation rules
ABU DHABI, UAE - The UAE Ministry of Finance (MoF) on Saturday announced administrative penalties for violations related to the...
Geostrategy
Saudi Arabia at 16 position in Lloyd’s List 2023 rankings
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition...
Business
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Business
Arab-Indian Chamber of Commerce to be unveiled soon
NEW DELHI, INDIA - A Joint Arab-Indian Chamber of Commerce is to be “activated” soon. This was announced in the...
- This was announced in the “Delhi Declaration” at the conclusion of the sixth India-Arab Partnership Conference in New Delhi
- Setting up of the Chamber was decided during an earlier session of the India-Arab Partnership Conference held in Muscat
Business
Saudi Arabia’s PIF sets up Sawani Company for camel dairy industry
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced the establishment of Sawani Company to enable the growth of...
- The company aims to be a leading producer of camel dairy products, supporting Saudi Arabia’s wider food and agriculture sector.
- Sawani will work in partnership with the private sector to boost the production capacity of the camel dairy industry.
Business
FAB H1 2023 net profit $2.2bn
It is highest ever profit achieved by FAB in a half-year.
- Return on Tangible Equity (ROTE) increased substantially to 18.6 percent as of June-end 2023.
- Strong capital accretion lifted group Common Equity Tier 1 to 13.6 percent as of June-end 2023.