Dubai welcomes record 9.31m international overnight visitors in H1
Dubai, UAE -- Dubai welcomed 9.31 million international overnight visitors from January to June 2024, a 9 percent increase over...
Business
Trump Tower agreement announced in Jeddah following luxury hotel deal in Oman
A Trump Tower is coming to Saudi Arabia, a regional developer announced on Monday, Al Monitor reported.Dar Global and the...
Business
Geostrategy
China grants Approved Destination Status to Saudi Arabia
RIYADH, SAUDI ARABIA – China on Tuesday granted Approved Destination Status (ADS) to the Gulf Kingdom.The bilateral agreement, signed on...
- The bilateral pact allows Chinese citizens to travel to Saudi Arabia in group tours in addition to facilitating greater ease of access.
- ADS will drive greater connectivity between Saudi Arabia and China and unlock new opportunities across the tourism ecosystem.
Business
Central Bank of Bahrain treasury bills oversubscribed by 149 percent
MANAMA, BAHRAIN - This week’s BD 70 million (US$186 issue of Government Treasury Bills has been oversubscribed by 149 percent.The...
- The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain.
- The issue date of these bills is September 27 2023 and the maturity date is December 27 2023.
Business
IsDBI, BIBF join hands to enhance global Islamic finance expertise
MANAMA, BAHRAIN - The Bahrain Institute of Banking and Finance (BIBF) and the Islamic Development Bank Institute (IsDBI) have decided...
- The programs cater to professionals from financial institutions, regulatory bodies, supervisory authorities and legal experts.
- This partnership between IsDBI, BIBF focuses on elevating the industry, forging international connections, and nurturing talent on a global scale.
Business
Arab countries account for 60 percent of global Islamic financial industry, says AMF
ABU DHABI, UAE – Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman...
- Setting accounting standards for Islamic finance institutions helps support the growth of the industry.
- Maintaining the Islamic financial industry's achievements requires focusing on capacity building.
Business
Qatar launches ‘Istamer’ platform to employ retirees in private sector
DOHA, QATAR - The Ministry of Labor (MoL) launched the "Istamer" digital platform, which deals with employing Qatari retirees wishing...
- The platform’s purpose is to aid retired persons keen on re-entering the workforce find jobs in private institutions aligned with their expertize.
- The platform streamlines the entire recruitment process, from application submission to interviews and final job offers, which is all conducted online.
Business
ADNOC, TAQA complete financial closing on sustainable water supply project
ABU DHABI, UAE - ADNOC and Abu Dhabi National Energy Company (TAQA) have completed the financial closing of their $2.2...
- A consortium comprising Orascom Construction and Metito (the Consortium) will construct a centralized world-class seawater treatment facility.
- ADNOC and TAQA own a joint 51 percent majority stake (25.5 percent each), the Consortium owning the remaining 49 percent stake in the project company.
Geostrategy
UAE minister calls for climate action by promoting nature-based solutions
NEW YORK, US – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri called upon the global...
- The minister made the comments during high-level meetings on the sidelines of the 78th United Nations General Assembly in New York.
- Mariam Almheiri, who is also the COP28 Food Systems Lead, highlighted the prominence placed by the UAE on food and agriculture in COP28 agenda.
Science
World must understand AI, curb its risk, says UK Deputy PM
NEW YORK, US - The United Kingdom will be holding a summit on artificial intelligence (AI) so that nations can...
- UK Deputy PM said that a summit, set for November, will aim to preempt the risks posed by frontier AI and explore how it can be used for public good.
- One of the concerns highlighted by the Deputy Prime Minister is the unprecedented speed at which AI is evolving having far-reaching implications.
Business
UAE-Saudi non-oil trade reaches US$159bn in 2018-22
ABU DHABI, UAE - The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by...
- The volume of trade between the UAE and the Kingdom of Saudi Arabia grew by 28 percent in 2022.
- The year 2021 saw growth, reaching $33.9 billion (AED 124.65 billion), compared to $28 billion (AED 103.91 billion) in 2020.
Geostrategy
Russian defense minister says Moscow-Tehran ties improving despite sanctions
MOSCOW, RUSSIA – The cooperation between Moscow and Tehran is reaching new highs, Russian Defense Minister Sergey Shoigu said on...
- The Russian defense minister announced readiness to take joint steps to strengthen stability and security in the Middle East.
- The Russian minister said that cooperation and dialogue between Moscow and Tehran has enhanced recently.
Dubai welcomes record 9.31m international overnight visitors in H1
Dubai, UAE -- Dubai welcomed 9.31 million international overnight visitors from January to June 2024, a 9 percent increase over...
Business
Company News
Vodafone Qatar 2023 profit up
Business
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Roadmap out for environmental education, sustainable development at WEEC2024
ABU DHABI, UAE - The Abu Dhabi Roadmap, a high-level plan outlining global recommendations to bolster Environmental Education (EE) and...
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Business
Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.
- The company in its financial results said that the airline's turnover for 2023 reached US$1.6 billion
- Air Arabia’s Board of Directors proposed a dividend distribution of 20 percent of share capital,
Business
solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.
- The pact follows and builds upon the acquisition by solutions of a 40 percent stake in Devoteam Middle East.
- The collaboration also aims to combine the experience and resources of the parties for mutual benefit.
Business
GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
- The circular included limiting the procedure of deduction from the pension or end-of-service gratuity for the benefit of GPSSA's debt.
- In cases of unlawful disbursement, GPSSA has the right to deduct from other beneficiaries' shares, proportional to their entitlements.