Situation in Red Sea has a limited impact on food exports so far, says FAO
ROME, ITALY – The situation in the Red Sea has not yet been reflected in the pace of prices for...
Economy
Saudi Tourism Authority, Trip.com Group sign global agreement
BERLIN, GERMANY – Saudi Tourism Authority (STA) and Trip.com Group have announced a significant global partnership, which will drive greater...
Business
Geostrategy
GCC members call for peace in Gaza, condemn Israel
The Secretary-General of the Gulf Cooperation Council (GCC) Naif Falah Mubarak Al-Hajraf condemned aggression of Israeli forces on the Gaza...
- UAE expressed concern over escalation and called for restraint to prevent Gaza from violence and instability while Saudi Arabia condemned the attack on Gaza Strip
- The Secretary-General of the Gulf Cooperation Council condemned Israeli forces for the attack on Gaza Strip, which resulted in multiple deaths
Economy
Over 7mn international visitors in Dubai in H1 2022
Dubai attracted 7.12 million international overnight visitors between January and June 2022, recording over 183 growth compared to the 2.52...
- The number of tourists recorded in H1 2022 was close to the numbers achieved in the first six months of 2019
- Western Europe accounted for a significant share of tourist arrivals, comprising 22 percent of total international visitors in H1 2022
Economy
Qatar’s central bank’s foreign currency reserves hit $58bn in July
Qatar Central Bank’s (QCB) foreign currency reserves and liquidity increased 2.79 percent to reach QR 211.32 billion ($58bn) in July...
- The rise in reserves driven by an increase in the central balances of bonds and foreign treasury bills.
- The reserves consist of four categories: foreign securities, balances with foreign banks, gold, and Special Drawing Rights (SDR).
Business
Jordan’s online payment system records transactions worth $13.4bn
Online bill payments through National Electronic Payment System in Jordan surged 27 percent in 2021 to JD 9.5 billion ($13.4bn)....
- Mobile phone payments increased 107 percent in volume with 25 million transactions.
- Payment and electronic money transfer firms issued around 148,000 credit and prepaid cards.
Business
Gender gap narrows in account ownership
This expansion created new economic opportunities, narrowing the gender gap in account ownership, and building resilience at the household level...
- Two-thirds of adults worldwide now make or receive a digital payment, with the share in developing economies grew from 35% in 2014 to 57% in 2021
- The gender gap in account ownership has narrowed, helping women have more privacy, security, and control over their money, latest surveys highlight
Economy
Total assets of UAE national banks at $816b in Jan to May 2022
Total assets of the 22 national banks rose to US$816.8 billion (AED 3.023 trillion) in the first five months of...
- Total assets of the 22 national banks rose to US$816.8b (AED 3.023 trillion) in the first five months of 2022, up four percent
- Assets of national banks accounted for 87.8 percent of gross banking sector's assets of US$937 billion (AED 3.442 trillion)
Videos
UAE ahead of US, UK as millionaire destination
The Ukraine conflict has triggered the biggest immigration of high-net-worth Russians, many of whom are likely to move to the...
- Destinations such as Australia, Singapore, Israel, Switzerland, the United States, Portugal, Greece, Canada and New Zealand are behind UAE as preferred millionaire destinations.
- Henley Global Citizens Report estimates that 15,000 High Net Worth Individuals could leave Russia by the end of this year.
Economy
Amman Chamber members’ exports rise by 57 percent in 7 months
Exports by member firms of the Amman Chamber of Industry (ACI) increased by 57 percent during the past seven months,...
- Media reports said exports spiked to JD4.159 billion ($5.86 billion) during the past seven months of the year, compared to JD2.656 billion in the same period of 2021.
- Jordanian industries can access more than 142 markets around the world through the export of 1,400 commodities.
Business
Sulaiman Group’s profit soars
The hospital operator's profit jumps to $210m in H1 of 2022
- The company's revenue posted 16 percent jump to $1.06 billion for the six months period ended 30th June 2022
- The hospital operator's board recommended distributing $80 million in dividends at SR0.86 per share during the second quarter of 2022
Videos
Ways of digital banking in Middle East
The establishment of over 40 financial free zones in the UAE has encouraged innovation in digital banking. The fintech market...
- Banking that is done through the digital platform without any paperwork is referred to as digital banking.
- Increased efficiency, cost reduction and increased accuracy are some of the advantages of digital banking.
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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
Situation in Red Sea has a limited impact on food exports so far, says FAO
ROME, ITALY – The situation in the Red Sea has not yet been reflected in the pace of prices for...
Economy
Company News
VOX Cinemas unveils debut slate of original Arabic films
Arts & Culture
Latest News
Flight carrying humanitarian aid from Red Cross lands in Sudan
KHARTOUM, SUDAN - A first Red Cross plane laden with humanitarian aid on Sunday landed in Sudan, where deadly clashes between...
Geostrategy
AI key to global opportunities, practical solutions
"Projections indicate that AI solutions are set to contribute an estimated $13 trillion to the global GDP by 2030, optimizing...
DET to highlight Dubai’s tourism in Arabian Travel Market
DUBAI, UAE - Dubai’s Department of Economy and Tourism (DET) is likely to display the diversity of the Emirate's destination,...
Business
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Business
ADDED ink deal with Wio Bank to aid SMEs growth
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would...
- In less than 48 hours, Wio will help set up corporate accounts for SMEs licensed by ADDED and provide an up-to-date view of their financials.
- Wio will work with Abu Dhabi Residents Office, Abu Dhabi SME Hub, and TAMM, Abu Dhabi Government Services, to extend banking and business services.
Economy
Up to $1.7 trillion investment needed for green aviation goals
To meet the estimated energy demand from hydrogen and electric aircraft in 2050 would require the amount of energy produced...
- Carbon-free propulsion options, such as battery and hydrogen-powered aircraft, are some of the options the aviation industry is pursuing.
- Airports, airlines and others will need to make heavy infrastructure investment to deliver the green hydrogen and electricity the aircraft will need.
Business
UAE energy ministry awards DEWA for research, innovation
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has been awarded first place in UAE Ministry of Energy and...
- DEWA was honored for its innovative grid-integrated system which regulates photovoltaic inverters for autonomous voltage.
- The approach to innovation, research and development in renewable and clean energy is in line with government strategies, DEWA CEO said.