45 percent of Saudi employees work over 40 hours per week
Riyadh, Saudi Arabia -- Nearly 45.8 percent of employees in Saudi Arabia work more than 40 hours per week and...
Business
Makkah, Morocco’s Beni Mellal-Khenifra Chambers of Commerce ink pact
MAKKAH, SAUDI ARABIA - The Makkah Chamber of Commerce and Industry and the Chamber of Commerce, Industry, and Services of...
Business
Economy
UAE, UK hold technical workshops on illicit finance threats and risks
UAE and UK authorities met for a series of technical workshops in March 2022 in both Abu Dhabi and London...
- The workshops were held under the UAE-UK Partnership to Tackle Illicit Financial Flows.
- The experts discussed a range of key topics, including understanding money laundering threats and vulnerabilities in the UAE and UK.
Business
Weekly real estate transactions worth $1.44 bn recorded in Dubai
A total 2,012 real estate transactions worth 5.3 billion ($1.44 billion) were conducted in Dubai during the week ending April...
- A total of 236 plots were sold for AED 1.07 billion, while 1,415 apartments and villas were sold for AED 2.96 billion.
- A total of 53 properties were granted between first-degree relatives worth AED 269 million.
Business
Saudi Arabia to penalize owners for not fencing their ‘vacant land’
The Ministry of Municipal, Rural Affairs and Housing of Saudi Arabia has asked owners of vacant plots of land to...
- The ministry intends to beautify the urban landscape, protect property from encroachments, reduce visual distortions, encourage citizens to become environmentally friendly
- The ministry said that Riyadh, Dammam, Makkah, Al-Madinah and Jeddah are the target cities in the first phase where the decision will take effect
Business
DIFC launches ‘Studio Launchpad’ focused on ubiquitous finance
Dubai International Financial Centre (DIFC) has announced the launch of Studio Launchpad, saying it is the world’s first venture studio...
- The Launchpad is supported by an international group of venture building experts, digital asset pioneers and emerging technology strategists.
- Studio Launchpad is designed to attract and engage a consortium of leading start-up and corporate venture studios.
Business
SAMA directs banks to stop opening online accounts
SAMA, the Saudi Central Bank, has directed banks in the kingdom to put a stop to the opening of online...
- As per the new measures that will take effect starting April 10, accounts are to be opened through branches only
- Other measures include limits on daily electronic transfers and holding the international transfers for 24 hours
Economy
Economic licenses issued in Abu Dhabi saw 21.5 percent growth in 2021
Abu Dhabi issued 25,427 new economic licenses in 2021, an increase of 21.5 percent compared to the 2020 figure of...
- The report said that renewed economic licenses increased to 83,484, growing by 15.8 percent, from 72,070 in 2020.
- Of the 25,427 economic licenses issued, commercial sector licenses made up 24,077, up 21.4 percent from 19,839 in 2020.
Business
Saudi Re endorses capital hike
The hike to SR1.336bn will be used to fund expansion plans.
- The hike from SR891 million ($237.5 million) to SR1.336 billion through a rights issue would support its future expansion activities
- Pending approval of the Saudi Central Bank, the Capital Market Authority, and other regulatory authorities, this move will strengthen Saudi Re’s capital base
Business
Ma’aden extends MoU with Emirates Global Aluminium
The MoU will enable the two companies to deepen the focus on R&D, aiming at both conventional and green technologies.
- The MoU will enable the two companies to deepen the focus on R&D, aiming at both conventional and green technologies
- Ma’aden’s operates the largest vertically integrated aluminium complex in the world in Ras Al Khair on Saudi Arabia’s east coast
Business
Air travel recovery gathering steam as Covid restrictions eased: IATA
The accelerated growth recorded in February 2022 compared to a year ago, is helping passenger demand catch up to 2019...
- The traffic of Middle Eastern airlines rose 215.3 percent in February compared to February 2021
- This was well up compared to the 145.0 percent rise in January 2022, versus the same month in 2021
Economy
‘Islam forbids infringement on intellectual property rights’
The Committee for Ifta pointed out that ideas have value according to the regulations issued in this regard, and therefore...
- The Committee for Ifta pointed out that ideas have value according to the regulations issued in this regard, and therefore an infringement on them is not permissible
- The Committee warned against taking possession of the intellectual rights of others, benefiting from them, or taking compensation for them except with the permission of their owner
45 percent of Saudi employees work over 40 hours per week
Riyadh, Saudi Arabia -- Nearly 45.8 percent of employees in Saudi Arabia work more than 40 hours per week and...
Business
Company News
Latest News
Global intellectual property filings reached new records in 2021: WIPO
The latest data shows “continued and sustained growth” in intellectual property filings, “driven largely by increases from Asia.
Business
Jordan and US renew commitment to enhance strategic ties
Amman, Jordan—Jordan and the US have reviewed their strategic partnership in a meeting between King Abdullah of Jordan and Mark...
Geostrategy
Masdar to develop 100 megawatt solar plant in Turkmenistan
Abu Dhabi, UAE—Masdar will develop a 100 megawatt solar plant in Turkmenistan, the company's first such project in the country....
Business
Most Read
Business
Saudi Aramco signs 59 procurement agreements under Iktva
Dhahran, Saudi Arabia-- Saudi Aramco Tuesday signed 59 corporate procurement agreements (CPAs) valued at $11 billion with 51 local and...
- Valued at $11 bn, the agreements were signed with 51 local and global manufacturers, with potential to create 5,000 new jobs in the kingdom over the next decade.
- They cover multiple strategic commodities, such as drilling chemicals, wellheads, switchgears, vibration monitoring systems, pipes and compressors.
Economy
UAE economy expected to grow more than 6 percent in 2022: IMF
The country's inflation has risen with global trends and is expected to average just over 5 percent this year, while...
- The IMF statement came following discussions with UAE authorities from November 2 to 17, 2022. Ali Al-Eyd, who led the IMF staff team, the UAE has seen robust growth this year.
- The outlook is, however, subject to significant external uncertainties, including the impacts of global economic and financial headwinds and geopolitical developments.
Business
ADIB Securities 9M trades $5.98bn
ADIB Securities is a Shari'a-compliant brokerage firm in the UAE.
- The Abu Dhabi-based brokerage reported a 149 percent increase in its Digital Trading platform utilization compared to the same period last year.
- The growth was largely driven by a strong increase in the number of transactions routed through the company's digital channels.