Business
UAE-Saudi non-oil trade reaches US$159bn in 2018-22
ABU DHABI, UAE - The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by...
- The volume of trade between the UAE and the Kingdom of Saudi Arabia grew by 28 percent in 2022.
- The year 2021 saw growth, reaching $33.9 billion (AED 124.65 billion), compared to $28 billion (AED 103.91 billion) in 2020.
Geostrategy
Russian defense minister says Moscow-Tehran ties improving despite sanctions
MOSCOW, RUSSIA – The cooperation between Moscow and Tehran is reaching new highs, Russian Defense Minister Sergey Shoigu said on...
- The Russian defense minister announced readiness to take joint steps to strengthen stability and security in the Middle East.
- The Russian minister said that cooperation and dialogue between Moscow and Tehran has enhanced recently.
Business
Real estate transactions in Ajman totaled US$408m in August
AJMAN, UAE – Real estate transactions in August achieved a growth of 61.5 percent compared to the same period in...
- The performance of the market and the exceptional figures recorded underscore the attractiveness of real estate investments in Ajman
- This is basically due to the growing demand for properties of all categories, price ranges and a comfortable lifestyle.
Geostrategy
$15m paid in compensation to passengers in 2021-22 in Saudi Arabia, says GACA
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) said that national airlines in the Kingdom have issued...
- These compensations were given primarily to deal with issues such as delays, loss of luggage, flight cancellations.
- GACA aims to ensure that passengers are well-informed about their rights and can easily obtain refunds as per the regulations.
Geostrategy
Israel accounts for 46 percent of global Jewish population
TEL AVIV, ISRAEL – The total global Jewish population rose to 15.7 million over the last year, while the number...
- Data showed that the global Jewish population grew by some 100,000 over the past year.
- The US has the second-largest Jewish population in the world, after Israel, - at 6.3 million.
Geostrategy
UAE, China’s Hainan Province ink multiple deals to boost trade, economic ties
DUBAI, UAE - The UAE and China's Hainan Province have signed four major private-sector agreements aimed at boosting the rapidly...
- UAE Minister of State for Foreign Trade promoted the country’s unrivalled access to global markets, which have been enhanced by CEPA program.
- He highlighted the growing relationship between Hainan and the UAE, which resulted in bilateral non-oil trade doubling in 2022 to reach $900 million.
Business
Saudi business delegation visits ZSBVC steel factory in Vietnam
HANOI, VIETNAM - A delegation of 80 Saudi businessmen, representing over 50 companies, and representatives from national specialized bodies and...
- The visit aims to explore investment opportunities, enhance trade, investment and industrial cooperation between Saudi Arabia and Vietnam.
- The visiting delegation was briefed on the production lines at Zamil Steel Building Vietnam Co and witnessed the skill of the workers.
Geostrategy
Transfer of Iran’s unfrozen foreign assets to Qatari banks soon
TEHRAN, IRAN – The foreign minister of Qatar said the procedures for the transfer of Iran’s unfrozen foreign assets to...
- Qatar has been a mediator in talks that led to a prisoner exchange deal between Iran and the United States.
- The deal involves the release of five prisoners from each side and the unfreezing of some US$6 billion worth of Iranian funds.
Business
Emirates NBD Group invests in sustainability startup Erguvan
Dubai, UAE - Emirates NBD made an investment in Erguvan, a climate and financial technology venture aimed at providing financial...
- The investment was made via Deniz Ventures, an investment fund launched by DenizBank A.S., Türkiye, under the umbrella of Emirates NBD Innovation Fund
- The Group-wide fund was created to enable investments in FinTech, SustainTech and Tech companies and start-ups across Emirates NBD’s key markets
Geostrategy
Diverse business models needed for trade with China, say Union of Arab Chambers
BEIRUT, LEBANON – The secretary general of the Union of Arab Chambers has called for diversified business models to facilitate...
- The secretary general of the Union of Arab Chambers said there was a rise in the variety of goods traded between China and the Arab world in recent years.
- Arab nations and China cannot simply rely on the traditional pattern of cooperation that emphasizes on imports and exports of products.
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Company News
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Business
Killer heat wave sweeps the globe, hundreds perish
A punishing heat dome continues to intensify over the northeastern United States, scores of record-high temperatures were matched or broken...
Economy
Chinese electric car company Nio to enter UAE this year
Chinese electric car company Nio plans to expand to the Middle East this year, CEO William Li said on an...
Business
Saudi Arabia launches ‘National Semiconductor Hub’
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...
Economy
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Economy
The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
- The region saw a remarkable YoY growth of 33.6% in 2023 with 855 million real-time payment transactions
- Transaction value in the Middle East is projected to rise from US$230 billion in 2023 to US$903 billion by 2028
Arts & Culture
Saudi Arabia inaugurates its second “House of Culture”
As part of the “Quality of Life” program, these houses aim to upgrade cultural infrastructure and boost Saudi engagement in...
- Each “House of Culture” in the Kingdom has a strategic plan for sustainability and activation
- These cultural houses feature various sections, including learning areas, a kids’ theater, a main stage, and reading spaces
Geostrategy
Geopolitical unrest generates an onslaught of DDoS attacks
NETSCOUT SYSTEMS, INC. released findings from its 2H2023 DDoS Threat Intelligence Report that dissects trends and attack methodologies adversaries use...
- Hacktivist Groups increase activity globally
- Over 7 million DDoS attacks in H2 2023