Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues...
Business
Oil prices spike as Hamas attack on Israel fuels supply fears
The attack and Israel's declaration of war in response to it have raised concerns that a potential broadening of the...
Economy
Economy
Dubai government approves budget for 2022-24
Sheikh Mohammed bin Rashid Al Maktoum said the budget supports the Dubai Strategic Plan 2030 and places Dubai at the...
- The budget features an expenditure of AED181 billion, with around AED60 billion expenditures and AED57.55 billion in expected revenues for 2022.
- Economy, transportation and infrastructure account for 42 percent of the expected expenditure, followed by social development (30 percent).
Geostrategy
Grave violations surge against children in conflict: Unicef
Unicef Director Henrietta Fore said “parties to conflict” have continued to “demonstrate a dreadful disregard for the rights and wellbeing...
- In October, Unicef said around 10,000 children had been killed or maimed in Yemen since fighting escalated in March 2015
- Meanwhile, the Middle East and North Africa, in the first 6 months of 2021, saw the highest number of verified attacks on schools and hospitals
Business
Emaar Development CEO resigns
Bader Hareb resigned with effect from December 30 for ‘personal reasons.’
- The resignation was announced in a letter addressed to DFM Chief Executive Officer Hamed Ahmed Ali
- The letter did not give any detail of a successor to Hareb, or an interim appointment till one was named
Business
Expatriate remittances to Morocco exceeded $9.32bn till Nov 2021
Expenses stood at 9.8 billion dirhams at the end of November 2021, against 9.58 billion dirhams a year earlier and...
- Exports improved by 9.1% to reach 127.5 billion dirhams at the end of November 2021, and imports increased by 12% to 67.55 billion dirhams
- Travel revenues stood at 31.96 billion dirhams at the end of November 2021, against 31.72 billion dirhams at the end of November 2020
Russia, Iran eye trade and economic collaboration
Russian President Vladimir Putin has invited Iran’s President Ebrahim Raisi in Moscow for discussion over expanding strategic cooperation.
- A treaty on mutual relations and principles of cooperation between Iran and Russia turned 20 on March 12, 2021
- The diplomatic apparatus of Russia and Iran described the treaty as a turning point in both countries’ relationship
Economy
Tunisia central bank calls to avoid monetary financing of budget deficit
The Banque Centrale du Tunisie (BCT) board has urged for continued coordination between financial and monetary policies.
- The central bank reaffirmed its intention to closely monitor all economic, monetary, and financial developments
- It also said it would use mechanisms at its disposal to support the country’s economic recovery while containing inflation
Arts & Culture
Ras Al Khaimah New Year’s celebrations create 2 Guinness World Records
The records were for the Highest Altitude Multirotor/Drone Fireworks Display and the Most Remote Operated Multirotors/Drones Launching Fireworks Simultaneously.
- RAKNYE 2020 fireworks display was conducted in a six-act sequence starting just before midnight as it welcomed the New Year with a spectacular tower of lights
- The fireworks arose from the Arabian Gulf and displayed unique drone performances with over 15,000 effects, spanning an area of around 3 miles, continuing for 12 mins
Geostrategy
US pledges $99 million to cash-strapped UNRWA
Last week, a top UNRWA official said long-running budget shortfalls had forced the agency to introduce austerity measures.
- The UN agency is suffering an unprecedented financial shortfall
- It has already called on donors for long-term funding to continue working
Jordan approves draft of personal data protection law
The draft law aims to create a legal framework that strikes a balance between individuals’ rights to protect their personal...
- The draft law aims to create a legal framework that strikes a balance between individuals’ rights to protect their personal data, and allowing data to be processed
- The draft also seeks to build an enabling environment to ensure the safety of cyberspace, and to define obligations on the person responsible for personal data
Geostrategy
UAE sets several records as world ushers in 2022
Hope remains for a better new year amidst scaled-back celebrations due to new restrictions aimed at slowing soaring Covid cases.
- Sheikh Zayed Festival in Al Wathba has set three Guinness World Records with a dazzling fireworks display that lasted for 40 minutes to welcome 2022
- From Seoul to San Francisco, celebrations were again cancelled or curtailed in the face of the surge in infections
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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
Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues...
Business
Company News
Jahez posts profit of US$14.2m
Business
Latest News
Gulf Navigation repays loan
Business
Video: Transparency is hallmark of TOP CEO Awards as GCC winners get honored
From among a small pool of short-listed CEOs of listed firms, each winner was picked on the basis of growth,...
Business
Aramex acquires eCommerce enabler MyUS
The acquisition integrates MyUS into Aramex’s business.
Business
Most Read
Economy
UAE to provide Ukraine with $100m in humanitarian aid
Minister of State for International Cooperation Reem bint Ebrahim Al Hashimy said the UAE's continued efforts to mitigate the humanitarian...
- Minister of State for International Cooperation Reem bint Ebrahim Al Hashimy said the UAE's continued efforts to mitigate the humanitarian impact of the Ukraine crisis
- Al Hashimy added that the UAE has provided similar aid in recent months to Ukrainian refugees in Poland and Moldova
Geostrategy
Abu Dhabi, Bangladesh to enhance trade, economic ties
The Abu Dhabi Department of Economic Development (ADDED), and Bangladesh Embassy in Abu Dhabi, have organized the Economic Cooperation Forum...
- Abu Dhabi and Bangladesh bilateral trade and mutual investments are on the rise.
- The Emirate and Bangladesh have organized the Economic Cooperation Forum to enhance mutual investment opportunities.
Business
Aldar, Abu Dhabi Residents Office to enhance Golden Visa services, offerings
Abu Dhabi, UAE-- The Abu Dhabi Residents Office, part of Abu Dhabi Department of Economic Development (ADDED), has signed a...
- They are working on developing a joint strategy to promote Abu Dhabi and its real estate projects besides identifying opportunities to support investors and talent.
- The Office will support clients of Aldar when applying for a Golden Visa upon purchasing a property valued at more than AED 2 million ($544, 506) from Aldar’s projects.