Iran receives US$6.7bn foreign investment in May 2023 EXPO, says official
TEHRAN, IRAN - Foreign companies and governments committed some US$6.7 billion worth of investments during an exhibition that was held...
Economy
Arts & Culture
Qatar is first MENA country to host POW! WOW! Festival
The POW! WOW! international mural festival is being hosted by Qatar Museums under the umbrella of the JEDARIART initiative.
- This weeklong event featuring 12 international and Qatari artists will be located right outside the Al Saad metro station
- In 2010, the first edition of POW! WOW! was held in Honolulu, Hawaii
Geostrategy
UAE announces $10 billion fund for investments in Turkey
Erdogan greeted Sheikh Mohammed on the ceremonial blue carpet at the presidential palace in Ankara on Wednesday before they went...
- The fund's aim was "to support the Turkish economy and boost bilateral cooperation between the two countries," the official Emirati news agency WAM said
- The main focus of the fund will be on "strategic investments", especially in sectors including energy, health and food, WAM reported
Arts & Culture
Saudi Film Commission to announce strategy on Sunday
The move is believed to be part of the Saudi Vision 2030 strategy, through which the country looks to diversify...
- The Saudi Film Commission will on Sunday announce its strategy to develop the film sector in the country
- It is also expected to support employees and actors in a country where public screening of films was banned for nearly 35 years
Business
EDB lends $190m to SMEs
The loans were given to industrial companies in five priority sectors.
- The Emirates Development Bank has disbursed AED700 million ($190 million) in loans to the UAE’s industrial sector since the beginning of 2021
- The money came from the financing package given by the country’s Ministry of Industry and Advanced Technology
Business
Egypt’s export of LNG touches 1m tons in Q3
Egypt has edged out its Arab neighbors in natural gas exports and exported one million tons of liquefied natural gas...
- The oil and gas sector contributed 24 percent to the country’s gross domestic product in 2019-2020 despite the pandemic
- A surplus, equivalent to about EGP9.5 billion ($604 million), in the petroleum balance of payments was reached during 2020-2021
Economy
Saudi employers can now issue residence, work permits on quarterly basis
Saudi Arabia has announced a new procedure that allows employers to renew residence permits, work permits and financial compensation for...
- The Ministry of Human Resources and Social Development and General Directorate of Passports have started the service.
- The General Directorate of Passports stated that this service can be availed through the Absher Business and Muqeem platforms.
Business
Schneider Electric says electricity use in Iraq rising annually by 10 percent
Consumption of electrical energy is increasing by 10 percent annually in Iraq, which necessitates a robust distribution network, said the...
- The increase in energy requires a robust distribution network and large stations.
- The company said it works in gas and oil in Basra, and there are projects to expand oil discovery.
Business
ESG of UAE buys 70% stake in WFC Holding
Emirates Stallions Group (ESG) has bought a 70 percent stake in WFC Holding as part of its plan to diversify...
- ESG said WFC Holding, which encompasses business process outsourcing and manpower outsourcing services, will complement its mainstream construction and real estate business
- “This acquisition will allow us to expand, manage and control our client’s manpower operations better"
Business
UAE energy ministry intensifies monitoring of liquefied natural gas shipments
The UAE's Ministry of Energy and Infrastructure said on Wednesday that it is intensifying inspections of liquefied natural gas (LNG)...
- LNG cargoes that fall short of the standards pose a threat to the community safety and impinge on the profitability of national companies, a ministry official said.
- The ministry is keen to enhance corporate awareness about the procedures adopted by the UAE to regulate the transportation of oil derivatives.
Economy
Saudi non-oil exports leap up 28% to $18.48bn in Q3
Saudi Arabia recorded a 28.4 percent rise in non-oil exports in the third quarter of 2021 to $18.48 billion thanks...
- The ratio of non-oil exports to imports increased to 48 percent in Q3 2021 from 44 percent in the year-ago period
- Overall, exports increased by 72 percent year-on-year to 276 billion riyals, mainly due to higher oil exports, which rose by 100 billion riyals, or nearly 94 percent
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Company News
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JODC posts increase in revenue
Business
Emaar to sell Namshi to Noon
Business
S&P says UAE non-oil economy posts growth in September
S&P Global's latest data reveals that the UAE has recorded a strong growth in business across the non-oil economy even...
Economy
Jordan king discusses trade, regional issues in talks with Oman sultan
The two leaders focused on maintaining coordination and consultation on various issues of mutual concern, especially food security and energy.
Geostrategy
Most Read
Economy
Saudi Arabia’s non-oil economy is growing: S&P
Although the PMI in August was 57.7, the kingdom has maintained steady growth for the 25th consecutive month.
- Although the PMI in August was 57.7, the kingdom has maintained steady growth for the 25th consecutive month
- Readings above 50 indicate expansion, while readings below 50 indicate contraction, according to S&P Global
Investigation
Exclusive: ‘Cheerleaders’ hired to clap during FIFA Cup
Young Arab boys and girls from countries such as Lebanon are being flown to Qatar and paid $800 to cheer...
- Young Arab boys and girls from countries such as Lebanon are being flown to Qatar and paid $800 to cheer during the upcoming World Cup, TRENDS Investigation reveals
- Whoever had a valid passport and got three doses of Covid-19 vaccination jumped on the ‘clapping’ bandwagon, one of the clappers flying to Qatar tells TRENDS
Business
Riyadh Chamber hosts Saudi-Russian business meeting
The Riyadh Chamber hosted a meeting in which 23 Russian companies and representatives of the Saudi Arabian business sector participated.
- The meeting stressed the importance of commercial relations between Saudi Arabia and Russia.
- Businesses can benefit from investment opportunities and partnerships in the two countries.