UAE tourism generates $12.24bn in hotel revenues in 2024: Minister
Abu Dhabi, UAE -- Hotel revenues in the UAE reached approximately AED 45 billion ( $12.24 billion) in 2024, reflecting...
Business
Geostrategy
Human Rights Monitor submits documents on Gaza executions to UN
GENEVA, SWITZERLAND - The Euro-Mediterranean Human Rights Monitor documented, in a preliminary file submitted to UN special rapporteurs and the...
- The monitor called for immediate investigation to hold the perpetrators accountable and provide justice to the victims.
- It demanded the announcement of the formation of an international legal team to reach Gaza and investigate the incidents.
Business
Makkah, Morocco’s Beni Mellal-Khenifra Chambers of Commerce ink pact
MAKKAH, SAUDI ARABIA - The Makkah Chamber of Commerce and Industry and the Chamber of Commerce, Industry, and Services of...
- Beni Mellal Chamber of Commerce, Industry and Services delegation head said that Saudi Arabia is Morocco's largest trading partner.
- In 2022, the volume of Saudi Arabian exports reached US$4.6 billion, while the value of imports was US$87 million.
Geostrategy
UN General Assembly approves US$3.59bn budget for 2024
NEW YORK, US - The United Nations General Assembly (UNGA) approved a US$3.59 billion budget for 2024, including establishing a...
- The UNGA approved around US$50 million as an additional funding for UN Human Rights Council.
- UNGA revealed that it established a multiannual private account for peacemaking and it is used for funding UNPBF.
Economy
ADDED, Siemens Energy to support sustainable industrial development in Emirate
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy...
- The collaboration supports Abu Dhabi Industrial Strategy's vision to establish the Emirate as the most competitive industrial hub in the region.
- Siemens Energy will support IDB to localize the manufacturing capabilities in Abu Dhabi and provide technological solutions.
Geostrategy
FTA issues guide to determine natural persons subject to corporate tax
ABU DHABI, UAE - The Federal Tax Authority (FTA) has issued a new guide outlining the criteria to determine natural...
- The guide provides a comprehensive and simplified explanation and instructions for natural persons earning in the UAE.
- The FTA emphasized the importance of understanding the comprehensive content and definitions outlined in the guide.
Geostrategy
136 UN employees killed in Gaza War, says UN chief
NEW YORK, US - UN Secretary-General Antonio Guterres said on Sunday that 136 United Nations employees in Gaza Strip had...
- The UN chief said that the Israeli military offensive was creating 'massive obstacles' to the distribution of humanitarian aid inside Gaza.
- The United Nations Security Council had adopted a resolution calling for boosting humanitarian assistance for Gaza Strip.
Business
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
- The government aims to raise renewable energy-based hydrogen production to at least one million metric tonnes (mt)/year by 2030.
- Local state-owned enterprise Hydrogen Oman (Hydrom) signed six investment agreements, worth over US$38 billion, with partners in 2023.
Economy
UAE best performing economy in Arab region, says Arab Monetary Fund
Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a...
- The report noted the UAE secured the top position in the government financial sector index, ranking first in the deficit/surplus to GDP ratio and second in the tax burden index
- The UAE also topped the infrastructure sector index, leading in mobile phone subscriptions and the percentage of the population with access to electricity
Business
TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
- The S4 RO project is primarily funded 71 percent through debt financing from both local and international banks.
- The financial closing comes after TAQA and GS Inima signed the water purchase agreement with EWEC in August 2023.
Geostrategy
UN adopts Qatar-sponsored resolution on human rights training center
New York, USA - The UN General Assembly (UNGA) adopted a resolution by 185 votes on 'The UN Human Rights...
- Qatar sponsored and facilitated negotiations every two years since its establishment in 2008, with its headquarters in Doha
- In its resolution, the General Assembly reaffirms the role of regional cooperation in promoting and protecting human rights
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RAKBANK, DP World sign pact
Business
Dubai welcomes record 9.31m international overnight visitors in H1
Dubai, UAE -- Dubai welcomed 9.31 million international overnight visitors from January to June 2024, a 9 percent increase over...
Business
Record high Gold prices amidst expected September FED rate cut
Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates...
Economy
GCC tourism’s contribution to GDP expected to surge by 2030: Fitch
GCC tourism's GDP contribution will rise from $130 billion in 2023 to over $340 billion by 2030, driven by aviation...
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Economy
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,...
- 61-year-old Keir Starmer led Labor to victory over Rishi Sunak’s Conservative Party in Thursday’s election
- With more than half of all 650 seats counted, Labor looks set to secure one of its biggest-ever majorities in the House of Commons
Business
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 the...
- Former US President Trump reportedly spoke with Saudi Crown Prince Mohammed bin Salman last April
- The Trump Organization and Dar Global unveiled Trump International Oman, a luxury hotel and golf course at AIDA
Economy
Killer heat wave sweeps the globe, hundreds perish
A punishing heat dome continues to intensify over the northeastern United States, scores of record-high temperatures were matched or broken...
- About 75 million Americans live in a location under an excessive heat warning or advisory
- Latest reports say some 900 people died in Saudi Arabia, where temperatures reached 51°C