Over 8,000 Palestinian fatalities, including 2,062 women, says UN report
UNITED NATIONS – More than 8,000 Palestinian fatalities were reported as of October 29, 2023, including 2,062 women, 3,324 children,...
Geostrategy
Economy
Abu Dhabi passes new family business ownership law
The new law, issued by the ruler of Abu Dhabi, President Sheikh Khalifa bin Zayed Al Nahyan, aims to further...
- The new family business ownership governance law empowers owners of family business to: prevent selling of shares or dividends to individuals or companies outside the family
- The current law is not applicable to family-owned businesses where non-family members own more than 40 per cent of shares
Business
Ras Al Khaimah to allow ‘gaming’ at upcoming resort in Marjan
The emirate of Ras al-Khaimah on Tuesday announced a multibillion-dollar deal with casino giant Wynn Resorts and said it will...
- The emirate announced a multibillion-dollar deal with casino giant Wynn Resorts, but did not elaborate on 'gaming', a euphemism for gambling in the US.
- Ras Al Khaimah Tourism Development Authority said a new gaming division would require “compliance with all applicable laws and regulations".
Business
Saudi Arabia to build $79m tourism facility in Taif region
Saudi Arabia’s Tourism Development Fund (TDF) today announced a strategic partnership with Al-Ameen Real Estate, part of Al Nahla Group,...
- ‘Taif Front’ would be a 100,000 sqm project featuring upscale accommodation with more than 150 keys.
- The Tourism Development Fund has enabled projects with an investment value of around $1.6 billion.
Expo 2020 DUBAI
Expo 2020 records close to 11m visits so far
Expo 2020 Dubai has recorded 10,836,389 visits as of 24th January, while the virtual visitation reached 72.5 million.
- Global Goals Week, which ran from 15th to 22nd January at Expo 2020 Dubai associated with the United Nations, proved similarly popular
- Expo 2020 Dubai’s mass virtual visitation is driven by the range of entertainment and extensive live coverage of the Global Goals Week sessions
Business
Volkswagen and Bosch join forces to rev up automated driving
Car giant Volkswagen and parts supplier Bosch have embarked on an "extensive partnership" to bring automated driving to the mass...
- The functions the companies want to make available include so-called "hands-free" systems for urban and motorway driving.
- The project is expected to require the skills of around 1,000 employees and the two companies have already started recruiting new experts to work in the alliance.
Business
e-Trader licenses issued by Dubai’s BRL up 6 percent in 2021
The Business Registration and Licensing (BRL) unit of Dubai’s Department of Economy and Tourism (DET) has issued 16,409 e-Trader licenses...
- 79 percent of the e-Trader licenses issued in 2021 were professional, and 21 percent were commercial.
- A licensee cannot open a shop/store but can avail of three visas if the ownership is 100 percent Emirati and legal liability falls under the license holder.
Economy
Iraq exported oil worth $7 billion in December
The additional revenues of $143 million were achieved from selling quantities of shipments of exported crude oil at a price...
- The additional revenues of $143 million were achieved from selling quantities of shipments of exported crude oil at a price premium
- The exported quantities were loaded by 29 international companies from ports of Basra, Khor al-Amiyah, mono-buoys on the Gulf, and the Turkish port of Ceyhan
Business
US lawsuit could turn global headache for Google
If the search giant loses this lawsuit, it could have to pay back a significant portion of the revenue it...
- Google stands accused of misleading people into believing that changing device and account settings protects people’s personal data
- District of Columbia Attorney-General Karl A Racine said Google has since 2014 ‘systematically surveilled’ users no matter the settings
Business
QIIB 2021 profit at $276m
This was an increase of 7 percent in net profit year on year.
- QIIB said in its statement that the Earnings per share (EPS) amounted to QR0.59 (around $0.16) as of December 31, 2021
- This was against an EPS of QR0.55 (around $0.15) for the same period in 2020marking a rise of around 7.27 percent
Arts & Culture
Cirque du Soleil Entertainment Group to bring its top shows to Saudi Arabia
The agreement with Saudi Ministry of Culture will also see the two parties develop a plan to establish a regional...
- The entertainment group will bring its touring shows like The Illusionist, Now You See Me, Paw Patrol Live – Race to Rescue, Trolls Live, and Blue Man Group World Tour
- In addition to this, Saudi Arabia may soon play host to a brand new Cirque du Soleil resident show unique to the Kingdom
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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
Over 8,000 Palestinian fatalities, including 2,062 women, says UN report
UNITED NATIONS – More than 8,000 Palestinian fatalities were reported as of October 29, 2023, including 2,062 women, 3,324 children,...
Geostrategy
Company News
Latest News
Reviewed: Strategies to promote wellbeing in the UAE
She was attending the Government Network Meeting of Happiness and Well-being CEOs, which seeks to align the efforts, initiatives and...
Economy
DFSA signs agreement with Bangladesh SEC
DUBAI, UAE - The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the Bangladesh Securities...
Business
GCC’s two biggest trade allies are Asians
As the US is apparently pulling away from the Middle East, the cooperation between the Gulf and Asian regions is...
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Business
Amanat Holdings buys 60% stake in HDC for US$58m
HDC provides special education and care services in S Arabia.
- HDC has a presence across six provinces of Saudi Arabia and caters to over 3,000 beneficiaries.
- It has a network of nine schools, 22 daycare centers and specialized rehabilitation medical clinics.
Arts & Culture
Saudi culture ministry provides training in UNESCO program
Under its recently announced Experts Program, the Saudi Ministry of Culture has provided an intensive leadership training course for Man...
- MAB is an intergovernmental scientific program that seeks to enhance the relationship between people and their environments through natural and social sciences.
- Delivered in partnership with the UNESCO Regional Bureau for Science in the Arab States, the course brought together 17 local and international participants.
Business
Borouge Q3 profit $308m, paid $325m dividend in October
The company reported a 13.5% increase in revenue to $5.13 billion for 9M.
- Overall production capacity grew by 7.9 percent year-on-year as the ramp-up of the PP5 plant was completed.
- Adjusted EBITDA for the nine months declined by 3.6 percent to $2.10 billion due to globally elevated logistics and material costs, Borouge said.