IMF, UAE, other countries meet on anti-money laundering, counter terrorism financing
ABU DHABI, UAE - International Monetary Fund (IMF), in collaboration with the UAE Executive Office of Anti-Money Laundering and Counter...
Geostrategy
Economy
Foreign Direct Investment into UAE reaches $20.7 billion in 2021
UAE received $20.7 billion in Foreign Direct Investment in 2021, recording a 3.9 percent growth over 2020. The country’s FDI...
- The country’s FDI balance now stands at AED 630 billion ($171.6 billion) by the end of 2021, a 13.7 percent growth over 2020.
- UAE's outward FDI flows reached nearly AED 82.6 billion ($22.5 billion) in 2021, with an annual growth of 19.1 percent.
Economy
UAE launches database to monitor energy, water consumption
Announced in July 2021, the national program aims to boost efficiency by 40 percent across the three most energy-consuming sectors...
- The database is part of the initiatives of the National Water and Energy Demand Management Program.
- It will help gauge energy and water consumption in government buildings and identify buildings with the highest consumption rates to develop rationalization programs.
Business
Saudi Arabia to ban import of trucks older than five years
Saudi Arabia has declared a ban on the import of trucks older than five years in order to raise the...
- Saudi Arabia's Public Transport Authority said the decision will take effect on May 5, 2022
- It applies to all heavy transport trucks designed for transporting goods and includes locomotives, trailers, and semi-trailers
Business
Aramco, Saudi varsity sign MoU
An Artificial Intelligence center will be set up at King Abdullah University.
- The center will support research, development and marketing of advanced artificial intelligence technologies.
- It will combine leading innovations of digital transformation adopted by Saudi Aramco and the globally accredited academic excellence at KAUST.
Economy
Abu Dhabi non-oil GDP grows by 4.1 percent in 2021: Statistics Centre
Abu Dhabi’s non-oil GDP at constant prices grew by 4.1 percent in 2021, according to Statistics Centre-Abu Dhabi. The emirate’s...
- In 2020, a significant decline in oil prices had caused the emirate’s real GDP to fall by 7.7 percent, oil-GDP by 3.9 percent and non-oil GDP by 11.5 percent.
- In 2021, agriculture, forestry, and fishing expanded by 23.1 percent while the manufacturing activity expanded by 21.7 percent,
Business
ECB, Binance spar over use of cryptos to evade Russia sanctions
The European Central Bank has voiced its concern that cryptos can be used to evade Russian sanctions. But, the co-founder...
- Binance CEO Changpeng Zhao said his firm complies with all government sanctions very strictly
- Founded in China in 2017, Binance doesn't have a global base yet but is pushing its presence in the Middle East
Business
A $40m fund set up in KSA
Al Moammar and Saudi Fransi Capital sets up a private fund.
- One of Al Moammar primary objectives is developing technology start-ups with the focus on disruptive and innovative technologies
- The company said it intends to establish a business incubator, accelerator, and innovation lab, either within the company or as a separate subsidiary
Geostrategy
Environmental issues major cause of health problems globally: WHO
Environment-related issues are among the major causes of health problems worldwide, the World Health Organization has said. In the Eastern...
- In the Eastern Mediterranean Region, environmental risks responsible for 23 percent of the total burden of disease and as much as 30 percent of the disease burden for kids.
- April 7 is being observed as the World Health Day 2022; it will be focusing on environmental threats and their effect on the health of the planet.
Economy
KSA elected member of International Anti-Corruption Academy
The selection followed the Kingdom's admission to the Academy’s membership as one of the founding members of the international organization.
- The selection followed the Kingdom's admission to the Academy’s membership as one of the founding members of the international organization
- The election represents a recognition of the Kingdom’s local and international efforts in protecting the integrity and fighting corruption
Business
Spending on quantum computing will surge to US$ 9.1 billion by 2030: report
Tractica LLC, a market intelligence firm, revealed that spending on quantum computing will surge from US$260 million in 2020, to...
- Tractica LLC, a market intelligence firm, revealed that spending on quantum computing will surge from US$260 million in 2020, to US$9.1 billion by 2030
- 90 percent of organisations will partner with consulting companies or full-stack providers to accelerate quantum computing innovation through 2023, according to Gartner
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
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Qatar’s excellence in organizing the World Cup refutes all allegations, says IPU head Duarte Pacheco
“Qatar has done everything in the best way, I don't understand some critics, because we didn't find these kind of...
Arts & Culture
Qatar calls for ‘civilized communication’ as FIFA World Cup opens with fervor; host nation loses first match
Fireworks, cultural performances add to the grand opening ceremony attended by regional leaders, heads of delegations and sports panels and...
Arts & Culture
Abu Dhabi launches smart manufacturing index
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) has launched the 'Abu Dhabi Smart Manufacturing Index',...
Economy
Most Read
Business
Sales of Al Rahmaniyah Commercial Lands begins
SHARJAH, UAE - ASAS Real Estate Company, the real estate arm of Sharjah Islamic Bank (SIB), announced the launch of...
- The project follows increasing demand for the company's latest real estate projects.
- The project benefits from close proximity to Emirates Road, Sharjah Airport and Sharjah University City.
Business
UAE sets 31 Dec. deadline for availing redetermination of tax penalties
Abu Dhabi, UAE---The Federal Tax Authority (FTA) has called on registered taxpayers to benefit from the decision to re-determine administrative...
- Taxpayers asked to ensure they meet the conditions set out in the Cabinet Decision on re-determining administrative penalties imposed on tax law violations in the UAE.
- Eligible taxpayers must complete all related procedures through the e-services portal on its official website before 31 December 2022 to be able to benefit from these facilities.
Arts & Culture
FIFA World Cup Qatar will be the best, says Infantino
Regarding the rights of workers, it is unfair that the world does not see the great progress and clear development...
- The International Federation and Qatar want to present an exceptional tournament, which will make the world feel proud of football, says FIFA President Gianni Infantino
- Regarding the rights of workers, it is unfair that the world does not see the great progress and clear development that the State of Qatar has achieved in this field, he adds