BCCI yet to hear officially about Saudi interest for stakes in IPL
NEW DELHI, INDIA - Recent reports of Saudi Arabia expressing an interest in buying a stake in the Indian Premier League...
Business
Geostrategy
US condemns missile attack on the UAE
The United States has condemned the Houthi missile attack on the UAE. On Monday morning, the UAE air defense forces...
- The Ministry of Defense said in a statement that "there were no casualties resulting from the attack, and the fragments of the ballistic missile fell outside of populated areas"
- "We condemn the latest Houthi missile attack on Abu Dhabi," tweeted Edward Price, the Spokesperson for the US Department of State
Business
Abu Dhabi Chamber and Mauritius EDB sign trade agreement
The Abu Dhabi Chamber of Commerce and Industry has signed a cooperation agreement with the Economic Development Board of Mauritius...
- The agreement will establish a framework for developing stronger business relations between the parties.
- The two sides will organize prospective business missions, study trips, commercial events, trade fairs, exhibitions and seminars.
Economy
IACE President warns Tunisia as a state can collapse
The President of the Arab Institute of Business Leaders (IACE) Taieb Bayahi has warned that Tunisia as a state could...
- He added that it is necessary to save the remaining urgently, stressing that "the current economic situation does not allow us to waste any more time
- In a report published this month, the forum ranked Tunisia among the five countries threatened by the spectre of the collapse of the state
Geostrategy
Bahrain first to receive newest Lockheed Martin F-16 simulators
Bahrain will receive F-16 simulators produced by Lockheed Martin to train pilots for national defense missions under a new agreement,...
- Bahrain was the first country in the Gulf region to acquire the F-16 and the first in the world to procure the advanced F-16 Block 70.
- To date, more than 4,500 F-16s have been produced, with approximately 3,000 F-16s operating today in 25 countries.
Business
dnata of Dubai to invest $233m in Amsterdam Airport
dnata, the global air and travel services provider, will invest more than $223.22 million in a fully automated cargo center...
- dnata Cargo City Amsterdam will significantly enhance cargo capacity in The Netherlands and create new, direct jobs with dnata
- It will enable dnata and its customers to substantially expand operations and business, stimulating local economy and trade
Arts & Culture
‘Arabic’ coffee renamed ‘Saudi’ coffee in the kingdom
The renaming is seen as the assertion of a cultural element that expresses the Saudi identity and reflects the people's...
- The decision is part of the initiatives being taken under the "Year of Saudi Coffee" program.
- The Ministry of Culture has already named 2022 as the “Year of Saudi Coffee” under the support of the Quality of Life Program.
Economy
UAE to levy 9% tax on business profits from next year
The UAE’s Ministry of Finance will start levying a 9 percent tax on business profits from June 1, 2023 thereby...
- The ministry has confirmed that it will impose no tax on profits of up to AED375, 000
- The tax will be levied on all corporations and commercial activities in the country, except for the "extraction of natural resources"
Business
Arabian Centers to set up $14.65m microfinance company
FAS Labs Limited Co., a unit owned by Saudi retail firm Arabian Centers, will set up a digital consumer microfinance...
- According to a bourse filing, FAS Labs Limited Co. has obtained preliminary approval from the central bank
- The move comes as Arabian Centres aims diversify its income sources and enhance profitability
Business
Jordan signs Japan deal for AI-enabled support software
The two sides agreed on the project's overall framework, in addition to a draft accord detailing initial implementation phases.
- Jordan’s Ministry of Digital Economy and Entrepreneurship and Japan International Cooperation Agency (JICA) have signed an agreement
- The agreement lays out the main technical axes of a project to develop Jordan's artificial intelligence (AI)-enabled support system
Business
Qatar Financial Center’s systems benefit aircraft leasing firms: CEO
The Center’s proximity to the most important leading airlines in the world and its wide network of destinations make it...
- Yousuf Mohammed Al Jaida said the Center's proximity to leading airlines makes it ideal for aircraft leasing companies.
- Nearly 30 of the largest aircraft lessors in the world are looking forward to concluding deals with leading airlines that utilize their assets efficiently.
Company News
Latest News
Yahsat to pay $53.5m H1 dividend
Business
Wizz to set up fleet in KSA
Business
Emirates Steel Arkan Q3 net profit $28m
The net profit for the first nine months of 2022 was $104m.
Business
Saudi Aramco, IBM partner to establish Innovation Hub in Kingdom
The partnership will support tech-driven economic growth in the Kingdom by promoting cutting-edge emerging technologies.
Business
Most Read
Business
Egypt’s Sovereign Fund accumulates assets worth $621m
Riyadh, Saudi Arabia— Egypt's Sovereign Fund has accumulated assets worth $621-660 million as it seeks to double it by the...
- The CEO of the fund said that the issued capital of the fund has been fully covered at $5 billion
- The army-owned companies Safi and Wataniya would not be seeking stock exchange listings this year, according to the CEO
Economy
WB expects UAE’s real GDP to grow by 5.9% in 2022
The global financial institution said higher oil receipts supplemented with a gradual non-oil recovery in the Emirates will bolster fiscal...
- The global financial institution said higher oil receipts supplemented with a gradual non-oil recovery in the Emirates will bolster fiscal revenue
- The bank expects the real GDP to moderate to 4.1 percent in 2023 as slower global demand may dampen growth due to tightening financial conditions
Infographics
UAE, China eye $200bn bilateral trade by 2030
The UAE is China’s most important trade partner in the Arab world and responsible for 28 per cent of total...
- It re-exports more than 60 percent of Chinese exports to the region, where the value of trade exchange between the two countries has exceeded $70 billion.
- Ali Obaid Al Dhaheri, UAE Ambassador to China, said early this month that UAE and China ties were a "successful model" for international bilateral relations.