Saudi Arabia’s oil exports fall by $13 billion in fourth quarter of 2023
In December, oil exports fell by SAR 13.5 billion or 15.8% to SAR 72 billion ($19 billion) from SAR 85.5...
Business
‘Israeli army tortures and rapes Palestinian girls’
The experts have expressed concern that an unknown number of Palestinian women and children, including girls, have reportedly gone missing...
Geostrategy
Geostrategy
ISESCO and WHO discuss ways to enhance bilateral cooperation
A delegation from the Islamic World Educational, Scientific and Cultural Organization (ISESCO) discussed with the Director-General of the World Health...
- A delegation of from ISESCO met Director-General of the World Health Organization, Dr. Tedros Adhanom Ghebreyesus, in Geneva.
- They also agreed to enhance the implementation of the terms of the MoU signed between the two organizations.
Business
Saudi construction contracts jump to $12.3 billion in Q1
Saudi Arabia has seen a staggering increase in the award of construction contracts to the tune of $12.3 billion in...
- According to a US Saudi Business Council index which tracks spending in the sector, the kingdom has bounced back strongly after the sharp drop of 2020
- The leading sector in awarded contracts yet again was oil and gas, totaling SR15.1 billion worth of contracts in the first quarter of this year
Business
Commercial Bank International launches virtual location in Metaverse
CBI is the first-ever bank in the UAE and the Middle East region to have a location in the Metaverse.
- CBI is the first-ever bank in the UAE and the Middle East region to have a location in the Metaverse
- Metaverse is a virtual world, where people can interact, explore, and access services as digital avatars of themselves
Business
Saudi Arabia unveils plan to automate 4,000 factories
Saudi Arabia will automate some 4,000 factories in order to enhance competitiveness, efficiency and quality of industry.
- Saudi Ministry of Industry and Mineral Resources has launched a program aiming to move factories away from relying on low-skilled workers to instead automating their manufacturing
- It has also announced the adoption of the Smart Industry Readiness Index methodology to assess the operational readiness of factories
Economy
Abu Dhabi records $6.13bn of real estate transactions in H1 2022
Abu Dhabi's real estate market sustained growth driven by investor optimism, recording 7,474 property transactions amounting to over US$6.13 billion...
- Abu Dhabi's real estate market recorded 7,474 property transactions worth over US$6.13bn in H1 2022
- Department of Municipalities and Transport half-yearly report says all kinds of land, buildings and real estate were purchased, sold and mortgaged
Geostrategy
‘Bilateral ties strengthened with UAE President’s France visit’
The French Ambassador to the UAE, Xavier Chatel, described the first official visit to France of UAE President Sheikh Mohamed...
- The French Ambassador to the UAE described the first official visit to France of UAE President as successful
- Sheikh Mohamed bin Zayed Al Nahyan's visit underscores deep-rooted friendship between the two countries
Economy
Allotted industrial & commercial land rules in Dubai amended
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister has issued a decree regulating the grant of title...
- Sheikh Mohammed bin Rashid issued Decree No. (25) of 2022 amending some of the articles of Decree No. (4) of 2010
- Article (1) outlines the definitions in the decree, while Article (2) covers the ownership of granted land
Economy
UAE Federal Tax Authority carries out 9,500 inspections in H1 2022
The Federal Tax Authority expanded its efforts in collaboration with various government departments, ministries and authorities to protect consumers from...
- During the first half of this year, the FTA carried out 9,948 inspection visits in local markets across the country
- Inspections conducted H1 of 2022 increased by 104 percent compared to 4,878 inspections conducted H1 of 2021.
Geostrategy
Arab League Cairo ministerial session discusses Greater Arab Free Trade Area
The meeting is a preparatory session preceding the regular 31st session of the Arab League Summit, which will be hosted...
- The meeting is a preparatory session preceding the regular 31st session of the Arab League Summit, which will be hosted by Algeria in November
- The UAE launched a range of pioneering programmes to train qualified Arab cadres to lead the space sector and support Arab cooperation in space sciences
Business
Arada H1 property sales up
The developer sold homes valued at $405m in Sharjah.
- The first half results saw completion of the company's first public financing deal, a $350 million sukuk issuance.
- The results come against Sharjah's booming property market, which saw a 65 percent increase in the total value of property sold in 2021.
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Saudi Arabia’s oil exports fall by $13 billion in fourth quarter of 2023
In December, oil exports fell by SAR 13.5 billion or 15.8% to SAR 72 billion ($19 billion) from SAR 85.5...
Business
Company News
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DEWA cleans beach, plants mangrove as part of 26th National Environment Day
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) participated in a campaign to clean the beach and plant mangroves...
Science
Dubai Customs, Dubai Chambers discuss support for private sector
DUBAI, UAE - Dubai Customs and Dubai Chambers discussed supporting businesses and the private sector and enhance the emirate’s competitiveness...
Economy
UAE, France, India to join hands in energy, climate change sector
The United Arab Emirates, France and India have issued a joint statement announcing the establishment of a trilateral cooperation initiative...
Geostrategy
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Business
Arada finalizes first set of homes worth $6.53bn in third phase of Sharjah project
SHARJAH, UAE -- Arada announced on Tuesday that it has completed the first set of homes in East Village as...
- Under the project, which features 2,000 units, , a total of 1,621 apartments have been finished across 14 buildings
- Each apartment block has communal areas, with additional space set aside for local facilities, including small shops and cafes
Business
‘Saudi to invest US$266bn in cleaner energy’
Saudi Arabia plans to invest more than US$266 billion to produce cleaner electricity and expand its power grid, the kingdom's...
- Despite its goal of achieving net zero carbon emissions by 2060, Saudi Arabia remains hugely dependent on crude oil exports.
- The Saudi minister said the Kingdom is determined to be the leading exporter of clean hydrogen.
Business
UAE launches ‘Tax Support’ program to promote compliance with laws
Dubai, UAE - UAE's Federal Tax Authority (FTA) started the ‘Tax Support’ initiative to raise tax awareness among UAE’s business...
- The step is likely to help the businesses in enhancing compliance with tax laws and regulations.
- As a result, the first workshop for 2023 under the initiative was held on 24th and 25th January in Oud Metha, Dubai.