RCU inks pact with Artefact, Dassault Systèmes for AI, digital solutions
ALULA, SAUDI ARABIA – The Royal Commission for AlUla (RCU) has reinforced its commitment to technology innovation and cutting-edge digital...
Business
Total of 52 MoUs signed in Saudi-Korean Investment Forum
RIYADH, SAUDI ARABIA – A total of 52 memorandums of understanding (MoUs) were signed at the Saudi-Korean Investment Forum here....
Business
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
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
RCU inks pact with Artefact, Dassault Systèmes for AI, digital solutions
ALULA, SAUDI ARABIA – The Royal Commission for AlUla (RCU) has reinforced its commitment to technology innovation and cutting-edge digital...
Business
Company News
Mubadala Petroleum rebranded
Business
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Tabby launches in Egypt
Business
UAE-UK Business Council to promote trade, investment
The UAE-UK Business Council hosted its 20th Plenary Meeting in Abu Dhabi, co-chaired by Ahmed Al Sayegh, Minister of State,...
Business
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Business
EasyLease net profit $8.91m
The total revenue in Q3 ended Sept reached AED156.11 million
- The company will reach 30,000 motorbikes by the end of 2022, doubling the size of its fleet from a year earlier.
- Easy Lease said it will open local offices in Saudi Arabia and Bahrain before the end of this year, targeting a 10 percent share by the end of 2023 of the Saudi Arabian market.
Business
DXB to welcome 2.1m passengers over 10-day school holiday break
October 30 is expected to be the busiest day with daily traffic exceeding 259,000 passengers.
- October 30 is expected to be the busiest day with daily traffic exceeding 259,000 passengers
- Passenger numbers are rising rapidly towards 2019 levels on the back of strong recovery throughout 2022
Business
Nokia Q3 profit at $419m
The Finnish company reports net sales of $6billion.
- Finn company Nokia reported a 22-percent rise in profit to $419 million
- Nokia CEO Pekka Lundmark said the quarter demonstrated that he was delivering on the ambition to accelerate growth.