Expat remittances in Saudi Arabia fall to $2.6bn in September
RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9...
Economy
Global energy meet discusses way forward to net-zero emissions
VIENNA, AUSTRIA – High-level representatives from the member states of the United Nations Industrial Development Organization (UNIDO), international organizations, experts...
Science
Geostrategy
Kuwait Red Crescent Society, ICRC to support relief program for Rohingyas
Kuwait Red Crescent Society and International Committee of the Red Cross will support and implement a relief medical program for...
- The agreement with ICRC supports the health, water and sanitation sectors, said Dr. Hilal Al-Sayer, chairman Kuwait Red Crescent Society.
- Through these joint efforts, thousands of people will receive vital humanitarian assistance, including health care.
Economy
UAE launches ‘NAFIS’ to foster positive competition among its youth
The UAE has introduced a "NAFIS" program to foster positive competition among UAE nationals, and enable them to take job...
- The program will be steered by Emirati Talent Competitiveness Council (ETCC) in cooperation with the Federal Youth Authority.
- The program targets Emirati talents and connects them with private sector firms which are searching for qualified Emirati professionals to fill the job vacancies.
Geostrategy
US values the role Kuwait plays as advancer of peace: Antony Blinken
US Secretary of State Antony Blinken affirmed that his country places "tremendous value" on the role that Kuwait plays as...
- Kuwait has been an indispensable bridge to try to resolve challenges in the region and even beyond, Blinken said.
- He said Kuwait has developed relationships with both Lebanon and Iraq, which is something US places tremendous value in.
Economy
UAE industrial exports in 2021 $33bn amid surge in new production
The significant increase in the UAE’s industrial exports coincided with 220 new facilities commencing production in 2021, said Minister of...
- With the help of National In-Country Value (ICV) Programme, UAE pushed $11 billion back into the local market, the minister said.
- UAE rose five places in the Competitive Industrial Performance Index issued annually by the United Nations Industrial Development Organization.
Business
Abraaj Group founder faces $135.5m DFSA penalty
The DFSA alleges that the group founder Arif Naqvi was knowingly involved in misleading investors over the misuse of their...
- The DFSA alleges that the group founder Arif Naqvi was knowingly involved in misleading investors over the misuse of their funds by Abraaj Investment Ltd
- The authority says that the fine reflects the seriousness of Naqvi's alleged misdoings and is based on his earnings from the Abraaj Group
Business
Emirates Islamic 2021 net profit $224m on higher non-funded income
Emirates Islamic’s net profit jumped to AED 823 million ($224 million) for 2021 on higher non-funded income and a significant...
- The total income rose by 15 percent due to higher non-funded income.
- Emirates Islamic's major achievements was the successful issuance of a $500 million 5-year Sukuk, the bank said.
Geostrategy
Saudi Arabia to begin housing and population census on 9 May
Saudi Arabia will begin housing and population census on 9 May 2022, according to Minister of Economy and Planning Faisal...
- The census is conducted by General Authority for Statistics every 10 years.
- This will be the first census to make use of satellite imagery to ensure more comprehensive coverage of the country’s regions.
Geostrategy
Jordan PM Al-Khasawneh meets the CEO of NEOM
Al-Khasawneh stressed the establishment of investments and joint projects in a way that contributes to addressing and responding to the...
- Al-Khasawneh stressed the establishment of investments and joint projects in a way that contributes to addressing and responding to the challenges of climate change
- The CEO of the Saudi "NEOM" company stressed pursuit of serious and real cooperation with Jordan to move forward with the implementation of economically feasible projects
Business
FAB’s 2021 profit hits AED12.5bn
This marks a 19 percent increase year-on-year.
- Asset quality metrics remained healthy, underpinned by prudent risk management and the relief measures under the UAE Central Bank TESS programme
- Zayed Al Nahyan, chairman of the FAB, added that FAB's Board of Directors recommends a dividend per share of 70 fils equivalent for the full year ended 31st December 2021
Business
Federation of Saudi Chambers calls for better Arab-Russia trade relations
Chairman of the Federation of Saudi Chambers (FSC) Ajlan Al-Ajlan has called for preparing a roadmap to enhance economic relations...
- Chairman of the Federation of Saudi Chambers Ajlan Al-Ajlan recommends establishment of joint companies and an e-platform to promote Russian and Arab products.
- Al-Ajlan also stressed the importance of overcoming financial and banking obstacles and stimulating Russian banks to open branches in Saudi Arabia.
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Expat remittances in Saudi Arabia fall to $2.6bn in September
RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9...
Economy
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IHC acquires stake in Burjeel
Business
Upcoming climate events to boost UAE-Egypt ties
The bilateral relations between the two countries are based on mutual respect and appreciation. The significant advancement in the bilateral...
Geostrategy
QLM profits fall by 33 percent in first nine months of 2022
The company had reported a net profit of $12.27mn for H1.
Business
Sheikh Khaled bin Mohamed bin Zayed meets CEOs of INPEX, BP
Energy security, enhancing partnerships were discussed.
Business
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Geostrategy
Investment to tackle climate change falls in 2022, says UNCTAD
Cross-border investment in climate change mitigation and adaptation is projected to decline in 2022 against the backdrop of a global...
- Mitigation projects accounted for 94 percent of international climate investments, whereas adaptation ones continued to lag far behind.
- Developed economies made up two thirds of international project finance deals and greenfield investments in renewables.
Business
Ma’aden, Barrick Gold alliance get license to explore mining site in Saudi Arabia
Saudi Arabia's Ministry of Industry and Mineral Resources announced that Saudi Arabian Mining Company Ma'aden and Barrick Gold Ltd alliance...
- The site attracted the interest of more than 20 local and international mining companies for an exploration license.
- Ma'aden and Baric alliance have committed on spending over US$12 million to accelerate exploration at the Umm Al-Damar site.
Economy
Indonesia needs 17 million technologically literate workers: Minister
Jakarta, Indonesia--- Indonesia would need 17 million technologically literate workers, or workers who are able to use and manage technology,...
- State-Owned Enterprises (SOEs) Minister Erick Thohir said Indonesia's digital economy will grow to Rp4,500 trillion by 2030.
- The SOEs are committed to supporting the development of the digital ecosystem, he said.