UAE best performing economy in Arab region, says Arab Monetary Fund
Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a...
Economy
BCI’s subsidiary secures US$100m loan from SIDF
RIYADH, SAUDI ARABIA - Basic Chemical Industries Co.'s (BCI) subsidiary Chemical Marketing and Distribution Co. Ltd. secured a loan from the Saudi...
Business
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
Arts & Culture
Meta celebrates the spirit of Ramadan through #MonthofGood campaign
Throughout #MonthofGood, Meta will be sharing the stories of Muslim communities making positive impact.
- Throughout #MonthofGood, Meta will be sharing the stories of Muslim communities making positive impact
- The company is also introducing new Ramadan AR effects and weaving Muslim culture into the foundation for the metaverse
Business
e& to pay AED0.4 dividend
The total annual dividend for 2021 is now Dh0.8 per share.
- The Group reported a net profit of AED 9.3 billion, an increase of 3.2 percent year on year
- It also saw a 3.0 percent increase in its aggregated subscriber base, rising to 159 million
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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
UAE best performing economy in Arab region, says Arab Monetary Fund
Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a...
Economy
Company News
Latest News
UAE approves law to link up renewable energy units with electrical grid
Abu Dhabi, UAE— The UAE's Ministry of Energy and Infrastructure has announced the approval of the federal law regulating the...
Business
OPEC+ isn’t discussing output increase: Saudi minister
The "categorical denial" has come after the Wall Street Journal reported on Monday that Saudi Arabia, which co-leads the OPEC+...
Business
Global economic woes take toll on GCC contracts
High inflation and the West's sanctions on Russia for its Ukraine invasion besides the supply chain disruptions caused by China's...
Infographics
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Business
Dubai Aerospace acquires Sky Fund Irish I
Sky Fund I leases aircraft to 14 airline customers.
- Next-generation technology aircraft represent more than 90 percent of the acquired portfolio.
- DAE's owned portfolio will now comprise nearly 50 percent of fuel-efficient, next-generation aircraft.
Business
ADNOC Drilling to buy 3 rigs
The company bought four rigs between May and Aug. this year.
- The three brand new high-specification offshore jack-up drilling units (rigs) will be purchased for AED1.17 billion ($320 million).
- Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 95 to 108 owned rigs, as of 30th September.
Geostrategy
Blinken to arrive in Qatar for strategic dialogue, World Cup
Washington, US— US Secretary of State Antony Blinken is going to arrive in Doha on Monday to support Team USA...
- Blinken will be in Qatar between 21 and 22 November, where he is scheduled to meet senior Qatari officials
- The Qatar-US Strategic Dialogue, which will be held on Tuesday, is expected to address security cooperation, trade and investment, humanitarian assistance and human rights