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...
Geostrategy
Business
Egypt to launch project for capturing and storing carbon di oxide
There will be a total of three projects on which Egypt and the Italian company Eni will work together.
- Egypt's Minister of Petroleum & Mineral Resources Tarek El Molla announced that investment cost of project is $25 million.
- The first project focuses on the extraction of 350,000 tons of algae oil annually to be used in biofuel production .
Business
Qatar records real estate transactions worth $57m from Apr 17-21
Qatar recorded real estate transactions worth 207.8 million riyals ($57 million) during the third week of April, a decrease of...
- The deals in the third week include 32 vacant land deals worth 66.7 million riyals, accounting for 32 percent of the total value of the weekly transactions.
- The highest average price for residential properties was recorded in Doha Municipality, which witnessed the execution of six deals worth 36.05 million riyals.
Economy
Expat remittances from Saudi rise 5 percent to $3.91 bn in March
Personal remittances of expatriates in Saudi Arabia jumped 5 percent year-on-year (YoY) to SR14.7 billion ($3.91 billion) in March. Saudi...
- Saudi Arabia was the third largest source of remittances globally in 2020, just behind the UAE and the US, according to the World Bank.
- The US was the biggest source country, sending $68 billion abroad last year, while foreign workers in the UAE sent home $43 billion.
Business
Increase in Japan’s imports of UAE crude oil in March
This puts the UAE on the top of crude oil providers and at crucial importance for the Japanese energy needs.
- This puts the UAE on the top of crude oil providers and at crucial importance for the Japanese energy needs
- Japan's total oil imports in March amounted to 89.15 million barrels, compared to 78.51 million barrels in February
Business
VARA of Dubai to make entry into Metaverse through ‘Sandbox’
Dubai’s Virtual Assets Regulatory Authority (VARA) will enter into the Metaverse with the establishment of its Metaverse HQ in the...
- VARA is the world’s first regulator to make its debut in the Metaverse and seeks to ensure that the regulator is accessible to its industry
- It was established to provide a secure and progressive operating framework for the virtual asset (VA) sector to be able to scale
Arts & Culture
25 children’s authors from five continents to attend Sharjah festival
A group of 25 international children’s authors from five continents will be leading a cultural program at the 13th edition...
- Organized by Sharjah Book Authority (SBA), the annual festival for children and youth runs for 12 days this year and is themed ‘Create Creativity’.
- It will see the participation of 139 publishers from 12 nations. A host of popular artists and experts will lead 750 workshops and 130 art shows and performances.
Arts & Culture
Jeddah Season 2022 kicks off in Saudi Arabia
This year's Jeddah Season is expected to feature international events and artistic and theatrical performances, Arab and international art concerts,...
- Jeddah Season 2022 is expected to make Jeddah a permanent destination for tourism, entertainment, and events in the region
- The 60-day event will reportedly see 2,800 activities in nine main zones in the presence of Jeddah residents and visitors
Geostrategy
KSA not to be blamed for high US energy prices: Turki Al-Faisal
A former Saudi intelligence head has insisted that the kingdom should not be held responsible for the rising energy costs...
- Following the invasion of Ukraine, oil prices have dramatically surged in the market
- Amid the price hike, the Biden administration has been urging Saudi Arabia to increase its oil output, and it has placed a strain on the relationship between the two countries
Infographics
What are the GCC’s top stock exchange constituents?
What are the top constituents of stock exchanges spread across the GCC countries? Here’s our infographic.
- Some constituents — publicly traded companies — of the MSCI World Index would be heavier than others
- And countries within the Gulf Cooperation Council have some of the biggest public companies in the world
Business
Kuwait rebuilding five commercial license centers across country
Kuwait’s Ministry of Public Works has announced it will be re-building five commercial centers across the country. Local media reports,...
- Hawally Center, Khaitan Center, Mansouriya Center, Al-Dhahr Center and Al Ayoun Center are spread across different governorates.
- Each building consists of a basement, a ground floor, first and second floors, and the roof.
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
UAE, China eye $200bn bilateral trade by 2030
Infographics
Latest News
Dubai plans to set up country-specific councils to boost non-oil foreign trade
Dubai, UAE---Dubai Chambers unveils plans to establish new country-specific business councils operating in the emirate and expand their roles to...
Business
Saudi Minister inaugurates Aquatic Animal Diseases Network
RIYADH, SAUDI ARABIA - Saudi Minister of Environment, Water and Agriculture, Engineer Abdul Rahman bin Abdul Mohsen Al-Fadhli inaugurated Sunday...
Economy
SCCI, Moscow Chamber discuss trade, cooperation
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) discussed business and investment opportunities in the UAE and...
Business
Most Read
Economy
Abu Dhabi’s GDP expands by 11.2 percent in first half of 2022
The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022 which hit...
- The real GDP value (at constant prices) exceeded AED543 bn ($147 bn) and the value of the non-oil sectors' GDP increased AED28.4 bn compared to H1 to reach AED273 bn in total.
- According to data released by SCAD, the mining and quarrying activities (including crude oil and natural gas) contributed 49.7 percent to the real GDP.
Economy
Jordan looks to partner with private sector to prop up economy
Amman, Jordan— The Kingdom of Jordan intends to foster a "robust partnership" with the private sector of the country that...
- He said the economic modernization scheme set a roadmap for the next stage to stimulate and advance the national economy
- Shamali said the department has a reform scheme to provide facilities to importers and exporters at border crossings
Qatar records ‘impressive’ 94% attendance in World Cup first round
Doha, Qatar— After the first round of FIFA World Cup group stage matches were completed, official figures show that the...
- The highest match attendance of the tournament was the game at Lusail Stadium on 24 November, with 88,103 there to see Brazil beat Serbia 2-0
- For all other matches, a minimum 40,000-seater capacity is required, with the demountable Stadium 974 being the most compact of all Qatar 2022 venues (44,089)