Saudi Arabia to imprison, fine people for helping, employing illegal immigrants
RIYADH, SAUDI ARABIA – The Directorate of Public Security stressed that anyone who facilitates the entry, transfer or employment of...
Geostrategy
e& pledges $6 billion to advance connectivity in 16 countries
Barcelona, Spain -- e& Friday pledged to invest $6 billion between 2024 and 2026 in technological advancement, infrastructure development, and...
Business
Jordan’s Tourism income up 242% in H1 2022
The number of tourists visiting the kingdom rose by 1.4 million to 1.9 million.
- The number of tourists visiting the kingdom rose by 1.4 million to 1.9 million
- Data showed a rise in Jordanians' expenditure on travel last June by 61.8 percent
Arts & Culture
France and UAE explore ways to enhance cultural cooperation
Noura bint Mohammed Al Kaabi, UAE’s Minister of Culture and Youth, discussed cultural cooperation with Rima Abdul Malak, Minister of...
- They also tackled the future of cultural ties and the significance of creative and cultural cooperation.
- The two sides reviewed various areas of cooperation, especially the cultural and innovative industries.
Business
Global medical and recovery tourism worth $100bn annually: Official
The revenues of the medical and recovery tourism, globally, is around $100 billion annually, said Bandar Al Fihaid, President of the...
- Bandar Al Fihaid, President of the Arab Tourism Organization (ATO) said this in a report.
- The ATO president also said that Arab tourists expenditure amounts to nearly $30 billion.
Business
ADIB H1 net profit $381m
Net profit increased by 30 percent YOY to $381 million.
- The rise in net profit was attributed to top-line growth, continued optimization of the cost base and lower impairments.
- The bank revenue for the first half of the current year improved seven percent to AED 2,838 million compared to AED 2,644 million last year.
Business
Dubai Chamber members’ exports and re-exports $35bn in H1
The Dubai Chamber members' exports and re-exports surged to AED129.4 billion ($35 billion) during H1 2022, marking a 17.8 percent...
- The figure marks a 17.8 percent increase compared to the same period last year.
- The number of certificates of origin issued also rose 8.9 percent year-on-year to exceed 357,000.
Business
Expansion of Qatar’s NFE gas project well timed: Experts
Having revealed the list of companies chosen for expanding the North Field East (NFE) gas field, Qatar implements the first...
- Qatar's revenues are expected to rise by $40 billion after the first phase of expansion is completed by 2025.
- TotalEnergies, ExxonMobil, ConocoPhillips, Eni, and Shell had won earlier this year contracts to develop NFE, whose investment costs stand at about $28.75 billion.
Business
$399 million hospitality investment fund coming up in Saudi Arabia
A SAR 1.5 billion ($399 million) hospitality investment fund that will advance lifestyle hotels in Saudi Arabia will be set...
- Media reports said the lifestyle hotels will enhance promising sector-leading opportunities in various tourist destinations within the kingdom.
- The projects are expected to provide around 2,000 hotel rooms and training opportunities for Saudi nationals.
Economy
Moody’s says Saudi economy to post 3.9% growth rate
Moody’s has projected the economy of Saudi Arabia to post growth rate of around 3.9 percent from 2022 to 2026.
- The credit rating agency has issued a report elaborating on Saudi Arabia’s credit profile in terms of economic strength, institutional and governance strength and fiscal strength,
- The report emphasized that Saudi Arabia’s credit strengths are derived from its robust government balance sheet, underpinned by moderate debt levels and substantial fiscal reserve
Business
Saudi VC investments post 244% jump to $584m in H1
Venture capital investments in Saudi Arabia have posted a staggering 244 percent increase to $584 million in the first half...
- MAGNiTT, a venture data platform, said that the Kingdom saw 79 deals in H1 2022, an increase of 36 percent compared to H1 2021
- Fintech had the highest number of transactions with 17 deals, followed by logistics which had 12 deals, and e-commerce with eight deals, in H1 2022
Business
Souq Al Jubail draws over two million visitors in H1 2022
The sales volume in the fish section of the soup during the six month period reached 2,086 tonnes, while volume...
- The sales volume in the fish section of the soup during the six month period reached 2,086 tonnes, while volume of sales of fruits and vegetables was 2,711 tonnes
- The market comprises 260 shops divided into three parts: the vegetables and fruits, meat and fresh fish section
Saudi Arabia to imprison, fine people for helping, employing illegal immigrants
RIYADH, SAUDI ARABIA – The Directorate of Public Security stressed that anyone who facilitates the entry, transfer or employment of...
Geostrategy
Company News
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Khalifa Fund announces winner of CEO Program
ABU DHABI, UAE - Khalifa Fund for Enterprise Development, in partnership with the Abu Dhabi Department of Economic Development (ADDED)...
Economy
RAKEZ supports F&B industry investors to set up, expand in UAE
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) is participating in the Gulfood exhibition to showcase its...
Business
Amwaj merges with Shaqab, Atyab
Qatar-based Gulf International Service has successfully accomplished the merger.
Business
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Business
CBUAE unveils FIT program to promote digital transactions
Dubai, UAE---The Central Bank of UAE Sunday launched Financial Infrastructure Transformation Program (FIT program) to accelerate the digital transformation in...
- In a statement, the bank said the FIT is a step towards enabling the CBUAE to be among the top central banks globally.
- As part of the FIT Program, the CBUAE will strengthen its digital leadership by adopting advanced supervisory technologies and data management solutions.
Business
International Defense Conference 2023 to begin in Abu Dhabi
Abu Dhabi, UAE - The International Defense Conference 2023 will be held on 19th February at the ADNOC Business Centre...
- The event will shed light on the rapid development of artificial intelligence and advanced technologies.
- The previous edition of IDC was held in 2021, brought together 24 international experts, over 400 on-ground participants.
Geostrategy
UAE and Japan to boost collaboration in skill development
The two sides reaffirmed their keenness to advance bilateral cooperation in the fields of human resources and skill development.
- The two sides reaffirmed their keenness to advance bilateral cooperation in the fields of human resources.
- The meeting also reviewed the legislation and procedures regulating the UAE labor market.