Iran becomes world’s ninth biggest steel producer, says WSA
TEHRAN, IRAN – The Middle Eastern country has improved its global standing in steel production, becoming the ninth largest producer...
Economy
Business
45 types of dates on auction at Buraidah Dates Festival in Saudi
More than 45 types of dates have been placed at the auction grounds at the Buraidah Dates Festival, which began...
- The auction yards also witnessed the arrival of more than 3000 thousand cars and 950 tons of dates within three days.
- Agriculture is still the cornerstone of the economy in Buraidah. Thousands of farmers and young people depend on the income generated from date farming.
Business
Ajman posts 16 percent growth in new licenses in first half of 2022
The Department of Economic Development in Ajman (Ajman DED) has said the number of new economic licenses grew by 16...
- The number of industrial licenses increased by 51 percent to 83, compared to 55 licenses in H1 2021.
- While Ajman accounted for 91 percent of licenses, Masfout area accounted for 5 percent and Manama 2 percent.
Ooredoo to pay 3% interest
Group EBITDA for the period was QR4.5 billion.
- The company will pay the accrued interest of 3.25 percent to the bondholders amounting to $1 billion and due on Feb. 21, 2023
- Ooredoo revenue for the half year ended 30 June 2022 stood at QR11 billion, an increase of 4 percent compared to the same period last year
Business
stc profit jumps to $1.6bn in H1
The Saudi Telecom Co. will pay $532m in quarterly dividend.
- According to Olayan Alwetaid, the CEO of the company, DARE 2.0, a company specialized in cloud computing, was established with SR894 million capital
- The telecom giant’s profit jump from SR5.77 billion in the same period a year ago came on the back of a 7 percent surge in sales
Economy
Metaverse Strategy set to position emirate as global Web3 hub
Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector.
- Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector
- The DMS aims to support more than 40,000 virtual jobs and add $4 billion to Dubai’s economy
Economy
UAE’s Ministry of Climate Change and EDB partner to help SMEs
The Ministry of Climate Change and Environment (MoCCAE) and Emirates Development Bank (EDB) have joined hands to set up a...
- The partnership will contribute to the UAE’s sustainable economic development and food security
- The MoU aligns with ministry's endeavors to scale up local agricultural production to increase the sector’s role in strengthening the country’s food security
Business
Suez Canal revenue hits a record $704 million
Canal Authority Chairman Osama Rabea said that the Canal reached its highest monthly transit rate of 2,103 ships, as well...
- Canal Authority Chairman Osama Rabea said that the Canal reached its highest monthly transit rate of 2,103 ships, as well as monthly net tonnage of 125.1 million tonnes
- Rabie attributed the big leap in the revenues to the rise in the number and tonnage of ships transiting the canal during 2021-2022
Economy
UAE climate change ministry, EDB to finance agro ventures
UAE Ministry of Climate Change and Environment and Emirates Development Bank sign a Memorandum of Understanding to finance agricultural SMEs...
- UAE Ministry of Climate Change and Environment and Emirates Development Bank ink pact to finance agricultural SMEs
- This move will help to contribute to the UAE’s sustainable economic development and food security
Business
Three-day Liwa Ajman Dates and Honey Festival to begin Friday
The 7th edition of Liwa Ajman Dates and Honey Festival begins Friday at the Emirates Hospitality Centre in Ajman. Showcasing...
- Organized by Ajman Department of Tourism Development, the festival targets more than 400 participants.
- The festival also includes events that aim to revive the old Emirati customs and traditions.
Economy
UAE maintains reputation as top tourist destination
The UAE continues to maintain its regional and international leadership as a distinguished travel destination and a preferred country for...
- The UAE has strengthened its position on the world tourism map, becoming a leading international tourism destination.
- UAE is in the top 10 country in several international competitiveness indexes related to the tourism, travel and hotels sectors in 2021
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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Prominent firms in DIFC to tap into wealth across region
DUBAI, UAE - Over 300 prominent wealth and asset management (WAM) firms have established themselves in Dubai International Financial Center...
Business
Abu Dhabi sees 40 percent drop in labor dispute cases
ABU DHABI, UAE - Labor disputes in Abu Dhabi plunged by 40 percent in 2022 compared to the same period...
Business
DMCC posts record Q1 growth as 708 firms register
A total of 3049 new companies joined DMCC in 2022.
Business
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Science
Dubai Chamber reviews software development, Artificial Intelligence sector
DUBAI, UAE - Dubai Chamber of Digital Economy highlighted software development and artificial intelligence (AI) industry in its 10th session...
- Various executives, business leaders and experts of the digital industry discussed at length the challenges and opportunities present in the sector
- Dubai aims to become a top destination for global digital investment and tech talent and is attracting software development professionals,
Economy
Miami to host next edition of Global Priority Summit in 2024
According to FII CEO Richard Attias, the report on the Global Priority Summit will be ready by October 2023, and...
- The summit emphasized the significance of motivation and collaborative efforts as crucial factors for the achievement of Saudi Arabia's Vision 2030
- The FII CEO Richard Attias noted that what made the global conversation at the Miami Summit remarkable was that all speakers mentioned Saudi Arabia as a standard model
Science
WTO 2023 to put spotlight on trade role in sustainable future
GENEVA, SWITZERLAND - The WTO’s annual Public Forum 2023 will focus this year on how trade can contribute to a...
- The Forum will examine in particular how the services sector, digitalization and inclusive trade policies can support global environmental goals.
- Sessions at the Public Forum are organized by representatives from civil society, academia, business, government and international organizations.