Record number of patent applications filed globally in 2022, says WIPO
GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an...
Business
Business
Fitch upgrades Saudi Electricity Company’s rating after improved record
Fitch Solutions has upgraded the Saudi Electricity Company's credit rating from A- to A with a stable outlook, an upgrade...
- The international agency emphasized that the new classification was driven by the result of the improvement of the company's independent credit record.
- The agency said that the company's independent credit rating reflects its large revenues and strong market status in the electricity generation.
Business
Saudi finance minister calls for GCC cooperation
Saudi Arabia's finance minister, Mohammed bin Abdullah Al-Jadaan, has stressed the need for the promotion of the joint Gulf action,...
- During the meeting, the ministers reviewed the progress made on issues related to strengthening the financial and economic cooperation among the GCC states
- The meeting was chaired by the Minister of Finance, Chairman of the current session, Mohammed bin Abdullah Al-Jadaan
Economy
Iran’s trade transactions with neighbors tripled over past months: Official
With rise in trade transactions, the Iranian economic activity also grew notably
- National Security and Foreign Policy Commission members stress that optimum economic management was important for a better future.
- Spokesman of the Commisison Abbaszadeh-Meshkini said that the economic policies should be arranged in a way to make sure that the low-income people will not be harmed.
Economy
Dubai’s energy demand up by 10 percent in 2021, T&D losses down
DEWA achieved a new world record in electricity Customer Minutes Lost (CML) per year, recording 1.66 minutes in Dubai
- Energy demand in 2021 reached 50,202 gigawatt-hours compared to 45,712 gigawatt-hours in 2020.
- In 2020, DEWA reduced losses in electricity transmission and distribution networks to 3.3 percent, which is less compared to that in Europe and the US.
Business
Dubai Land Department and three firms team up to provide real estate data
Dubai Land Department (DLD) has signed memoranda of understanding (MoUs) with three companies that specialize in providing smart and advanced...
- The department sigs MoUs with Bayut, DXBinteract.com, and Property Finder.
- Data will be provided according to real estate construction, including the regional buying and selling prices.
Business
Arada secures $41m in finance
The money will fund Aljada mixed-use project in Sharjah.
- While AED37m will finance a villa complex within the Aljada community, AED115m will fund the construction of the final phase of the SABIS International School.
- Founded in 2017, Arada has since launched three communities in Sharjah. Its first project, Nasma Residences, became Sharjah’s fastest-selling community.
Business
FTA appeals to tax registrants to benefit from extension
The Federal Tax Authority (FTA) has called on tax registrants to benefit from the Cabinet Decision to extend the grace...
- The FTA reaffirmed that the Cabinet Decision provided an opportunity for the business sector to benefit from the reduction of the administrative penalties
- It said it continues to review and audit the records of tax registrants who have fulfilled the requirements prescribed in the law
Business
Financial scam websites victimize 137,000 Arabs daily
Five different types of financial frauds are prevalent in the Arab world, with 24 criminal methods being used to reach...
- According to a review of 503 fake adverts, the number of daily visits from potential victims of these fraudulent sites reaches 137,000 per day
- The study stated that five different types of financial frauds are prevalent in the Arab world, with 24 criminal methods used to reach the victims
Business
Aldar and EWEC sign clean energy deal
EWEC will supply clean energy to all Aldar owned and managed assets.
- Aldar has increased its ESG ratings within two major global benchmarks, the Dow Jones Sustainability Index and Sustainalytics.
- EWEC is one of the key parties enabling the implementation of Abu Dhabi’s Clean Energy Certificate scheme.
Business
Sharjah Chamber and Syria look to boost mutual trade
Sharjah and Syria are looking at ways to increase economic relations and enhance partnership between businessmen and traders.
- In this regard The Sharjah Chamber of Commerce and Industry (SCCI) received a Syrian delegation led by Kinan Zahreddine, Syrian Consul-General in Dubai
- The meeting also reviewed potential investment opportunities to support economic cooperation and enhance the partnership between businessmen
Company News
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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...
Geostrategy
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...
Business
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,...
Economy
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Business
Foreign firms can now get approval for dual listing on Tadawul
Riyadh, Saudi Arabia— Foreign companies will be able to obtain approval for dual listing on the Saudi market, according to...
- Mohammed Al-Rumaih told media that companies need finance to expand in particular industries, noting that the capital market aims to be the first partner to provide finance
- Tadawul Group witnessed its 39th listing of the year on Oct. 25, with 18 listing requests approved by the CMA through 2022
Business
Arab Broadcasting Festival set to begin in Riyadh, in November
Riyadh, Saudi Arabia—The stage is set for the Arab Broadcasting Festival to begin next month in Riyadh as preparations have...
- President of the Arab States Broadcasting Union (ASBU) and CEO of Saudi Broadcasting Authority, Mohammad bin Fahd Al-Harithi, announced the completion of the ongoing preparations
- Al-Harthi explained that the hosting comes from the authority’s role in the Kingdom’s Vision 2030, which aims to develop the production industry
Geostrategy
COP27: Time to move from negotiations and planning to implementation of promises and pledges
At COP26 countries agreed to deliver stronger commitments this year, including updated national plans with more ambitious targets. However, only...
- At COP27, the participant countries are expected to show how they are planning to implement the Glasgow pact call and review their climate plans
- The COP27 Presidency also expects nations to capture and assess their progress toward enhancing resilience and helping the most vulnerable communities