Saudi Arabia, Belarus ink MoU to boost trade, investment
RIYADH, SAUDI ARABIA - The Federation of Saudi Chambers and the National Center for Marketing and Price Study at the...
Geostrategy
Ahli Islamic signs agreement with AAOIFI to support Islamic banking
MUSCAT, OMAN - As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic signed a Memorandum...
Business
Arab News turns 47, renews resolve to provide ‘quality content’
Arab News, the leading multilingual pan-Arab daily, celebrated its 47th anniversary with a commitment to continue to be the platform...
- Since its establishment in 1975, the Riyadh-based newspaper has sought to be an international voice for Saudi Arabia and the Arab world
- In 2020, despite the challenges of the pandemic, Arab News launched its digital French edition
Business
Emirates Global Aluminum agrees credit facility tied to Term SOFR
Emirates Global Aluminum today announced the company has agreed a revolving credit facility tied to the Term Secured Overnight Funding...
- SOFR is the emerging replacement to the US dollar London Interbank Offering Rate (LIBOR), which has been the global lending benchmark for decades.
- SOFR provides a benchmark interest rate based on data from observable transactions, while LIBOR relied on disclosures from a panel of selected banks.
Economy
New housing package worth $1.71 billion approved for UAE citizens in Dubai
Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum has approved a new housing package worth AED 6.3 billion ($1.71 billion)...
- The package includes housing and land allotments for 4,610 Emiratis in the city, on the occasion of Eid al-Fitr and as part of the Housing Program for Dubai Citizens.
- Al Maktoum also approved the development of a new housing complex in Al Khawaneej area 2, which will include 1,100 residential villas.
Geostrategy
Arab, world leaders welcome Macron’s win
World leaders rushed to congratulate France's centrist President Emmanuel Macron on his re-election and defeat of far-right leader Marine Le...
- Saudi Arabia’s King Salman bin Abdulaziz Al Saud sent a cable to congratulate Emmanuel Macron on being re-elected for a second term as French president
- The UAE President Sheikh Khalifa bin Zayed Al Nahyan wished the French President continued success in achieving more progress and prosperity for the people of France
Geostrategy
Abu Dhabi Crown Prince, Egyptian President, Jordan king meet in Cairo, discuss regional issues
The three leaders discussed the developments taking place in Jerusalem and Al-Aqsa Mosque, stressing the need to stop any practices...
- The three leaders discussed the developments taking place in Jerusalem and Al-Aqsa Mosque, stressing the need to stop any practices that violate the sanctity of the holy mosque
- They called for avoiding escalation and calming the situation, stressing that the region is in need for peace, stability and cooperation to achieve progress and prosperity
Geostrategy
Israeli forces arrest 12 in West Bank as UN chief discusses peace efforts
Israeli forces on Sunday said they had arrested 12 people across the occupied West Bank over the weekend in connection...
- A total of 14 people have been killed in four attacks in Israel since March 22, including another shooting spree in Bnei Brak, an Orthodox Jewish city near Tel Aviv.
- Over the same period, 24 Palestinians have been killed across the West Bank, including assailants, as Israel has stepped up operations in response to attacks.
UNRWA may end services to refugees due to funding crunch
United Nations Relief and Works Agency for Palestine Refugees (UNRWA) is facing a financial implosion for the last 10 years,...
- The Commissioner-General of UNRWA, Philippe Lazzarini said this in a message to Palestinian refugees
- He explained that the annual shortfalls to the core program budget have regularly neared $100 million
Economy
Saudi non-oil exports jump 31 percent
The exports were driven mainly by chemical products which jumped 80 percent year-on-year with a share contribution to total non-oil...
- In February Saudi Arabia exported SR8.7 billion worth of chemical products — SR3.9 billion more than in the same month of 2021.
- The ratio of non-oil exports to imports increased to 50.6 percent in February 2022, up from 45.7 percent a year earlier.
Business
Bahrain announces ban on single-use plastic bags from Sept. 19
Bahrain has announced a ban, effective from September 19, on selling, manufacturing, circulating and importing single-use plastic bags, which are...
- The ministry said the ban would apply on selling, manufacturing, circulating and importing single-use plastic bags, which are less than 35 microns in thickness.
- Industry minister Al Zayani said that the ministry held stakeholder engagement sessions especially with the private sector through the Bahrain Chamber of Commerce and Industry.
Videos
Relative debt of GCC countries
Here’s a look at which countries in the Gulf Cooperation Council (GCC) have how much debt, and how they compare...
- Global organizations like the World Bank could lend them money to improve their economy and infrastructure
- Nations have also been known to take loans from their own population, like in times of war, to raise money
Saudi Arabia, Belarus ink MoU to boost trade, investment
RIYADH, SAUDI ARABIA - The Federation of Saudi Chambers and the National Center for Marketing and Price Study at the...
Geostrategy
Company News
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Mohammed bin Rashid approves Dubai rural area development master plan
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai has approved the...
Economy
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
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Business
DEWA commissions two new transmission substations
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned a new 132/11kV substations in Al Awir First with...
- DEWA inaugurated a new transmission 400/132kV substation in Jebel Ali First.
- DEWA inaugurated an overhead cables with a conversion transmission of 2,000 MVA, at a total cost of US$92 million.
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