Debt Settlement Fund waives default loans worth over US$107m in UAE
DUBAI, UAE - The Citizens Debts Settlement Fund announced the exemption of 1,244 citizens from their debts with a total...
Geostrategy
Jordan’s jewelry, pharmaceutical exports rise in January-September 2023
AMMAN, JORDAN – The Kingdom’s exports of jewelry increased by 71.5 percent during the January-September period of 2023 and pharmaceutical...
Economy
Business
Emirates Steel exports up 50 percent
The firm's capacity is enough to meet the domestic market's demand.
- The countries where Emirates Steel exports its products increased to 56 in 2021 in comparison to just 38 in 2019.
- Emirate Steel's expansion strategy is aligned with the National Strategy for Industry and Advanced Technology' Operation 300bn.
Business
Al Hamra to launch $270m project
The villa project is located within the Al Hamra Village residential community.
- This idyllic island community project offers views of the turquoise Arabian Gulf and the lagoon.
- Falcon Island is set to be completed within two years of its launch, which will be implemented in phases.
Arts & Culture
2022 edition of Art Dubai largest to date, achieves strong sales
Art Dubai closed its 15th edition on Sunday, with strong sales reported across all four sections of the fair: Modern,...
- The five-day event saw a record attendance of more than 30,000 visitors and more than 120 presentations by 104 galleries and platforms from 44 countries.
- The gallery program was complemented by newly commissioned works from leading international artists and an oversubscribed, innovative talks program,
Business
KSA is Austria’s main trading partner in Gulf: Official
The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to...
- The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to almost SAR 3.3 billion in 2020.
- An Austrian delegation of companies specialized in various economic, industrial, agricultural, tourist and other sectors visited the Asharqia Chamber.
Geostrategy
COVID cases increasing once again, especially in parts of Asia: WHO
After several weeks of declines, reported cases of COVID-19 are once again increasing globally, especially in parts of Asia, WHO...
- In the past week, the agency has seen an 8 per cent increase in detection of COVID-19 cases, with more than 11 million positive test results.
- In the last 30 days of more than 400,000 sequences sampled, 99.9 percent are Omicron, and 75 percent correspond to the BA.2 variant..
Geostrategy
KSA, Egypt ink draft pact for PIF investment in Egypt
The two sides stressed that this agreement based on the close historical ties that unite Saudi Arabia and the Arab...
- The two sides stressed that this agreement based on the close historical ties that unite Saudi Arabia and the Arab Republic of Egypt
- With this agreement, the two countries will have easy access to procedures for investing in Egypt through fund public investments
Economy
Saudi Central Bank hikes interest rates by 0.25 percentage points
The bank said the policy rate adjustments are consistent with its objectives of maintaining monetary stability.
- The repo rate is being changed by 0.25 percentage point from 1 percent to 1.25 percent
- The reverse repo rate is being raised by 0.25 percentage point from 0.5 percent to 0.75 percent
Business
Binance awarded specialist license by Dubai’s Virtual Asset Regulatory Authority
Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and...
- Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and services to pre-qualified investors
- The VARA issued Virtual Asset Exchange License ensures Binance will be able to operate its regional business from Dubai in the newly announced regulatory ecosystem
Economy
CBUAE raises base rate by 25 basis points on Fed cue
The new rates are said to be effective from Thursday, March 17.
- The base rate is anchored to the US Federal Reserve’s IORB
- It signals the general stance of the CBUAE’s monetary policy
Business
NDMC of Saudi Arabia closes $2.75bn worth March sukuk
Saudi Arabia’s National Debt Management Center has closed the March 2022 issuance of Saudi riyal-denominated sukuk, valued at SR10.3 billion...
- The issuance is divided into two tranches of SR3.5 billion and SR6.8 billion each
- The first issuance matures in 2030 while the second one will mature in 2034
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
Debt Settlement Fund waives default loans worth over US$107m in UAE
DUBAI, UAE - The Citizens Debts Settlement Fund announced the exemption of 1,244 citizens from their debts with a total...
Geostrategy
Company News
Latest News
ADNOC awards $980m contract
Business
UAE capital records real estate deals worth $5.72 billion in third quarter
Abu Dhabi, UAE--- Abu Dhabi's real estate market recorded a total of 4,441 transactions amounting to over AED 21.04 billion...
Business
Most Read
Economy
Etihad Credit Insurance issues $1.71 bn in trade guarantees in nine months
Dubai, UAE---Etihad Credit Insurance (ECI) has issued AED6.3 billion ($1.71 billion) in trade guarantees in the first nine months of...
- ECI's third meeting this year was told that with government's support, ECI has by far issued 7,936 revolving credit guarantees.
- These state-backed guarantees helped to protect and create 50,000 jobs by supporting companies, 72 percent of which were SMEs.
Business
TAQA posts 53% income rise
The income vaulted to $1.77bn in the first nine months of 2022.
- The company also reported group revenues of $10.61 billion, 14% higher than the prior-year period
- TAQA’s Board of Directors also declared an interim cash dividend of $184 million (0.60 fils per share)
Economy
Addressing climate change global responsibility
"Today's world is witnessing a scientific and technical boom, which is the fastest and most advanced through all the stages...
- Parliaments play a key role in enacting, legislating, or amending laws related to investment and the national transition to renewable energy sources
- Facing the phenomenon of climate change is no longer confined to one country over another, but is a duty and shared responsibility that the entire world