Mawani, SGP ink US$266m pact
The aim is to establish multiple logistics zones in the Kingdom.
Business
Saudi Metrology Organization, Enterprise Singapore ink MoU on standardization
RIYADH, SAUDI ARABIA – The Saudi Standards, Metrology and Quality Organization (SASO) and Enterprise Singapore signed an MoU here, focusing...
Business
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
Economy
Lebanon fuel distributors urge government to curb dollar rise
The Lebanese pound has lost more than 90 percent of its purchase power since end-2019, due to its devaluation against...
- Fuel distributors issued a statement urging ministers to shore up the value of the Lebanese pound against the dollar
- Their statement, read by representative Fadi Abu Shakra, stressed that ‘the schedule of fuel prices will be issued next Tuesday’
Economy
Oman on road to economic recovery, say government numbers
Given the current trends, the country’s GDP is expected to grow by 13.8 percent by the end of the current...
- As a percentage of the GDP, the deficit was down from 15.5 percent in 2020 to 3.8 percent this year
- All credit rating agencies amended Oman’s future outlook during this year to ‘stable’ and ‘positive’
Business
Tesla recalls 700,000 vehicles
Around 200,000 were recalled in China, after 500,000 in the US.
- The vehicles recalled are Model S and Model 3 cars, with Tesla promising to inspect the issue free of charge
- The defects affect the vehicles' backup cameras or cause the hoods to open suddenly while driving
Business
Saudi central bank to use Bloomberg for repo operations from January
Bloomberg's Auction System is a part of Bloomberg's enterprise solution for central banks and government financial agencies.
- The Saudi central bank has announced that it will use Bloomberg's Auction System from January
- It will use the system to conduct repo, reverse repo, and Open Market Operations with locally operating banks
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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
Mawani, SGP ink US$266m pact
The aim is to establish multiple logistics zones in the Kingdom.
Business
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Dubai to host 3 healthcare events next week
The United Arab Emirates is set to host three healthcare events next week in Dubai where over 4,000 healthcare professionals...
Economy
Aramco launches Taleed program to accelerate SMEs growth in Saudi
Riyadh, Saudi Arabia--Aramco said on Thursday it has launched Taleed program to accelerate the growth of Small and Medium Enterprises...
Business
High investments in H1 2022 for DEWA transmission substations
Dubai Electricity and Water Authority (DEWA) recorded substantial growth of 22 percent in investments allocated to transmission substations during the...
Business
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Business
DEWA shares drop 2.8%
The decline came amid reports of economic slowdown.
- There were over 6.5 million shares traded by 11:37 a.m. local time, with the average volume on the stock declining since it was listed
- The decline came in reaction to fears of an economic slowdown amid tighter monetary policy, causing global financial markets to see volatility
Arts & Culture
King Abdulaziz University best in Arab world in QS World Rankings
QS World University Rankings is an annual publication of university rankings by Quacquarelli Symonds.
- QS World University Rankings is an annual publication of university rankings by Quacquarelli Symonds
- The university recently ranked 101 in the world, according to Times World University Rankings 2023
Business
Saudi Center for Debt Management invites investors for bond repurchase
Riyadh, Saudi Arabia---Saudi Arabia’s National Center for Debt Management announced Wednesday that it has invited investors for the first partial...
- The Center said the process is part of the kingdom’s plan in the effective management of the debt portfolio.
- The size of the repurchase will be announced after the end of the period of receiving applications on October 24.