Saudi to host joint Arab-Islamic summit on Gaza crisis
Riyadh, Saudi Arabia - Saudi Foreign Ministry said on Saturday that the Kingdom will hold a joint Arab Islamic extraordinary...
Geostrategy
Business
Ecommerce prospers in GCC amidst Covid-19 woes
An improved regulatory support, government promotional initiatives, and heightened interest from business leaders in the private sector benefits the sector...
- Together with Egypt, Saudi Arabia and the UAE now account for more than 80% of the region’s overall e-commerce market.
- Spurred on by a highly digitized population and a lockdown-induced spike in consumer demand, e-commerce valuation hits $22bn
Arts & Culture
Jusoor Foundation launches four development projects in Oman
The project includes the establishment of a park gate, mosque, security booth, toilets and parking lot.
- The projects are worth RO 345,000 ($0.9 million) and were funded jointly by OQ and Sohar Aluminium
- The first project is the development of the 28,000-square meter Al Qurm Natural Park in the Wilayat of Shinas
Business
Aramco stock rises 4%
Recently, a 4% stake of the oil giant had been transferred to PIF in an $80bn deal.
- The share price hit SR39.3 ($10.5) yielding a market cap of $2.09 trillion
- Earlier in the session, the shares hit an all-time high of SR40 ($11)
Business
Aramco head calls for sustained investment in oil sector
Saudi Aramco President and CEO Amin H Nasser urged companies and governments to continue investing in the oil sector to...
- Nasser revealed that Aramco continued investing in 2020 even during the COVID-19 pandemic
- Aramco increased the spare capacity from 12 million barrels per day to 13 million bpd in 2020
Business
Bahrain-based GFH Financial Group launches GCC $100m Sukuk Fund
GFH Financial Group (GFH), a Bahrain-based Islamic investment bank, has announced that is has launched and seeded a $100 million...
- The bank signed an agreement with Credit Suisse to provide financing and fund administration services.
- GFH said it aims to generate returns to the fund through active asset allocation, credit selection, optimal leverage and duration management.
Geostrategy
Using alternative sources of energy saved UAE $191 bn: Suhail Al-Mazroui
UAE has saved $191 billion by using alternative sources of energy, according to Suhail Al-Mazroui, UAE energy minister. Speaking at...
- Energy minister Suhail Al-Mazroui said his country is working on 40 international projects helping other countries implement solar and wind projects.
- UAE has plans to capture 25 percent of the global hydrogen market share, Al-Mazroui told IPTC 2022 Riyadh.
Business
Net foreign investment on Abu Dhabi Exchange the highest ever in 2021
ADX’s market liquidity jumps five-fold in 2021 amid IPO boom, as traded values on the exchange increased 407 percent from...
- Traded values on the exchange increased 407 percent from AED 145 billion ($39.47 billion) in 2020 to AED 739 billion in 2021.
- Local investors accounted for 70 percent of the exchange’s traded value, while foreign institutional investors accounted for 30 percent.
Business
Jordan records 17% spike in export of agricultural products
Jordan has recorded a seventeen percent increase in the export of agricultural products to JD734 million in 2021, compared with...
- Khaled Hneifat, Minister of Agriculture, said that agricultural exports comprised 17.1 percent of the Kingdom's total exports in third quarter of 2021
- Hneifat noted about 61,000 tons of imported agricultural produce were either resent to origin or destroyed after failing to meet Jordanian standards
Geostrategy
Qatar, Algeria sign agreement, executive program, two MoUs
MoUs were about legal and judicial cooperation in criminal matters and the establishment of political consultations and coordination between the...
- MoUs were about legal and judicial cooperation in criminal matters and the establishment of political consultations and coordination between the two countries
- The two countries also signed the executive program in the field of higher education, scientific and technological research
Business
Bahrain lays foundation stone for United States Trade Zone
The ceremony among others was attended by the Minister of Industry, Commerce and Tourism Zayed bin Rashid Al Zayani and...
- The ceremony among others was attended by the Minister of Industry, Commerce and Tourism Zayed bin Rashid Al Zayani and US Ambassador to the Kingdom of Bahrain Steven C. Bondy
- The USTZ project follows the visit of the UAE's Crown Prince and Prime Minister Salman bin Hamad Al Khalifa to the USA in November 2019
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
ACWA’s investments surge
Business
Latest News
Suez Canal Authority to invest US$550m in current fiscal
Cairo, Egypt— Suez Canal Authority will make an investment of $550 million in the current fiscal year, according to Minister...
Business
UAE to unveil its Net Zero by 2050 roadmap at COP27: Almheiri
‘The UAE is also working on a comprehensive assessment of the status and movement of sustainable financing solutions, including green...
Economy
UAE’s climate initiatives to benefit private sector
The Gulf country will reveal the mechanisms for implementing its strategic initiative to achieve climate neutrality 2050, as part of...
Geostrategy
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Geostrategy
UAE, EU can jointly tackle challenges like climate change: Borrell
Abu Dhabi, UAE - UAE and European Union discussed ways to enhance cooperation relations in multiple issues of mutual concern...
- Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs, met with Josep Borrell, Vice-President of the EU Commission.
- The two also reviewed the latest developments on the regional and international arenas, including the Ukranian crisis.
Videos
Middle East’s sports path to boosting tourism
The Arabian Gulf countries have hosted some of the biggest sporting events during the past decade. The World Cup is...
- Doha and Riyadh have been selected to host the upcoming editions of the Asian Games---Doha in 2030 and Riyadh in 2034.
- The mountain resort of Trojene, which is being developed in Saudi Arabia's futuristic Neom city, will host the 2029 Asian Winter Games.
Geostrategy
SCC approves proposals on Council’s establishment law
SHARJAH, UAE - The Sharjah Consultative Council (SCC) approved several proposals submitted by the council's members on the Consultative Council...
- The session was chaired by Ali Mehd Al Suwaidi, Chairman of the Council
- The members discussed the proposed amendments in terms of the council's legislative and oversight role.