UAE announces monthly allowance of 50% of basic salary for imams, muezzins
Abu Dhabi, UAE - United Arab Emirates has announced a provision of a monthly financial allowance equivalent to 50 percent...
Business
BHP posts 40% jump in profit
The gains were due to high demand for coal and copper.
- The company recorded US$23.8 billion in underlying attributable profit after a busy year in which it completed a merger with petroleum giant Woodside
- BHP chief executive Mike Henry said that the strong results were achieved due to safe and reliable operations, project delivery and capital discipline
Business
Saudi Helicopter Co to buy six Airbus choppers for its fleet
The new ACH160 is one of the world’s most technologically advanced helicopters with a new rotor blade design that results...
- The new helicopter comes in line with the firm’s aims to deliver an improved environmental footprint and lower fuel consumption
- The PIF had established THC as part of its strategy to activate new sectors in Saudi Arabia and generate long-term commercial returns
Geostrategy
Russian President pitches ‘combat-tested’ weapons to allies
While the Ukraine war rages on, Russian President Vladimir Putin has pitched weapons to allies around the world, lauding them...
- The President boasted weapons are valued by military professionals for their "reliability, quality and most importantly -- high efficiency"
- According to the Stockholm International Peace Research Institute (SPIRI), Russia is the second largest arms exporter in the world after the United States
Economy
Dar Al Ber spends over $57m on charitable projects in UAE, worldwide
The number of projects inside the UAE and in several regions around the world has reached 22,517.
- The number of projects inside the UAE and in several regions around the world has reached 22,517
- Dar Al Ber also implemented seasonal projects in 37 countries in Asia, Africa and Europe
Economy
Saudi agriculture sector grows 7.8% to value at $19.23bn
The agriculture output in 2017 was estimated at $17.41 billion, around $17.48 billion in 2018, and $17.65 billion in 2019,...
- The positive growth in the sector has been attributed to the strategies implemented by the kingdom's government corresponding with Vision 2030
- The sector’s contribution to the gross domestic product in general amounted to 2.3 percent last year, while the contribution of agricultural output to non-oil GDP was 3.6 percent
Economy
Bahrain posts a budget surplus of $88m for first half of 2022
Bahrain has posted a budget surplus of $88 million in the first half of 2022, from a deficit of $1.38...
- Actual revenues collected increased by 52 percent compared to the same period in 2021.The kingdom had reported a deficit of $1.38 billion a year earlier.
- Actual expenses amounted to $4.4 billion, an increase at a rate of only 2 percent compared to the same period in 2021.
Geostrategy
Bahrain, Saudi to cooperate in job localization, labor market regulation
Bahrain and Saudi Arabia have discussed ways to enhance technical cooperation in the areas of job localization programs and labor...
- They reviewed their plans in the field of training citizens and applied professional standards.
- Saudi minister praises Bahrain’s position and leadership in regulating the labor market, noting its experience in enhancing social protection for workers through the unemployment.
Business
Agthia 2021 acquisitions worth $630m
The Group is planning a new acquisition in Egypt.
- Agthia aims to expand geographically in markets such as Egypt and Pakistan, noting its 60 percent acquisition of Abu Auf Group in Egypt.
- The group's products are currently available in more than 45 markets in North America, Europe, Asia, North Africa and the Middle East.
Economy
Saudi Arabia’s inflation surges to 2.7 percent in July: GASTAT
Saudi Arabia’s inflation rose to 2.7 percent in July 2022 compared to June, according to the General Authority for Statistics...
- Cost-of-living index for July rose to 107.20 points, according to base year 2018, compared to 104.41 points in July.
- The Increase in consumer price index (CPI) was driven by a 3.9 percent year-on-year rise in the food and beverage prices.
Economy
‘Jordan committed to combating terror financing’
Governor of the Central Bank of Jordan (CBJ) Adel Sharkas said that terror financing is a threat to national economies,...
- Governor of the Central Bank of Jordan said that terror financing is a threat to national economies
- The CBJ Governor said the Kingdom is committed to combating money laundering and terror financing
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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Saudi merchandize exports down 14.6% in Q1 as oil exports fall
Riyadh, Saudi Arabia -- Saudi Arabia's merchandize exports decreased by 14.6 percent in Q1 2023, compared to Q1 2022, a...
Economy
DIFC forum to focus on optimizing treasury operations
Dubai, UAE - Standard Chartered will partner with the Dubai International Financial Centre (DIFC) in hosting the DIFC Treasury Leadership...
Business
UAE energy ministry announces Global EV Market transformational project
DUBAI, UAE - UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei on Tuesday announced the launch of...
Business
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Business
Sharjah group to discuss trade boost with India in five-day trip
SHARJAH, UAE- The Sharjah Chamber of Commerce and Industry (SCCI) will embark on a trade mission to India on Monday...
- The delegation will visit Mumbai and New Delhi, setting up business forums and arranging meetings with Indian business communities.
- The delegation will highlight the benefits and opportunities of investing in Sharjah, detailing the incentives and facilities available.
Business
RAKEZ highlights Ras Al Khaimah’s potential to Chinese business owners
RAS AL KHAIMAH, UAE - A top-level delegation from Ras Al Khaimah Economic Zone (RAKEZ) recently concluded its trip to...
- The RAKEZ delegation interacted with prominent Chinese business owners from a range of sectors.
- The team traveled through Shanghai, Suzhou, Qingdao, Tianjin, Guangzhou, Foshan, and Zhuhai.
Business
PIF sets up firm Badael to curb tobacco use in Saudi Arabia
RIYADH, SAUDI ARABIA- The Public Investment Fund (PIF) announced the establishment of Badael Company, which aims to develop, manufacture and...
- Badael aims to address the negative impact that smoking has on the well-being of the Saudi population.
- The company’s products are expected to help nearly one million people give up smoking by 2032.