Kuwait Airport expects 13% rise in passenger numbers, says DGCA
KUWAIT CITY, KUWAIT - Kuwait's Director General of Civil Aviation (DGCA) expected that the total passenger traffic to and from...
Business
Currencies in Middle East resilient from Covid period till date
RIYADH, SAUDI ARABIA - As the world grapples with the economic aftermath of the COVID-19 pandemic, Middle Eastern countries, particularly...
Economy
Economy
Turkish lira touches all-time low of 9.85 after Erdogan seeks expulsions
On Saturday, Erdogan announced that he had ordered his foreign ministry to expel the envoys for seeking the release of...
- The lira subsequently rebounded, last fetching 9.7150 and was quoted at 9.7200-9.7600 at 0441 GMT
- Last week, the Turkish currency plunged to record lows after the Turkish central bank cut its policy rate by 200 basis points
Economy
Saudi non-oil exports leap up 26.8% to SR23bn in August
Non-oil exports of Saudi Arabia vaulted 26.8 percent to SR23 billion in August, compared to SR18.1 billion in the same...
- Growth was driven mainly by higher exports of plastics and chemicals, which surged by 56.6 percent and 66.2 percent year-on-year
- Non-oil exports including re-exports increased from 18.9 billion riyals in July 2021 by 1.9 billion riyals or 8.9 percent
Economy
Bahrain says will achieve net-zero emissions by 2060
The announcement came on Sunday, October 24, a day after Saudi Arabia announced the exact same goal.
- According to a report from the official news agency BNA, Bahrain has already reduced emissions while growing the national economy
- It is said to have done this by placing clean, green, and sustainable growth at the heart of Bahrain Economic Vision 2030
Geostrategy
UAE, Israel to recognize each other’s vaccine certificates
The competent authorities in the two countries will be able to develop specific procedures ensuring the unrestricted movement of vaccinated...
- The UAE and Israel have signed an MoU to recognize each other’s vaccination certificates
- The MoU is said to be part of the efforts of the two nations to emerge stronger from the Covid-19 pandemic
Economy
UAE banking industry in recovery mode: UBF Chief
Al Ghurair said that the strong Q2 financial results of the UAE banks was an indication that the banking industry...
- UBF chief said that the federation will take on an enhanced role in facilitating skill development and employment opportunities for UAE nationals
- He also praised the UAE’s new visa guidelines, observing that "the decision to liberalise residency guidelines is a landmark step.”
Business
India’s SGL opens plant in HFZA
The plant involves an initial investment of AED 50mn.
- Automotive, industrial and construction lubricants and special greases for electric vehicles will be produced at the plant.
- Named Trinity Lubes & Greases FZC, the facility has a production capacity of 48,000 liters annually in the initial stage.
Business
QLM’s net profit in Q3 $20.4 million
Gross written premium as of Sept. 30 was QAR 750 million.
- The gap in gross written premium continues to narrow down as compared to previous quarters, the company said.
- The net investment income by September was QAR 29.2 million, compared with QAR 30.3 million for the same period in 2020.
Business
560 foreign firms operate in Al Wusta governorate of Oman: Official
As many as 560 foreign companies are operating in the Omani governorate of Al Wusta and their capital investments by...
- By the end of Sept. 2021, the capital investment of these firms reached $3.37 billion.
- The number of industrial licenses registered in Al Wusta during the first nine months of 2021 was 177.
Science
Saudi minister: More investment in science and technology way to net-zero goal
Saudi Arabia's Minister of Communications and Information Technology Abdullah bin Amer Al-Swaha has said that the best way to achieve...
- Al-Swaha says pursuing current policies and technologies will lead to a gap of 30-40 percent in the zero-emission goal.
- Saudi Arabia is taking the lead in building a center for climate technologies in the MENA region, he said.
Videos
The largest Arab container ports in the world
There are about 186 major maritime container ports worldwide. Do you know the names of the biggest container ports in...
- Trade between nations has always made a significant contribution in terms of increasing wealth among the world population.
- Today, more than 80 percent of all trade is seaborne and maritime ports are playing significant for commercial and navigational purposes
Kuwait Airport expects 13% rise in passenger numbers, says DGCA
KUWAIT CITY, KUWAIT - Kuwait's Director General of Civil Aviation (DGCA) expected that the total passenger traffic to and from...
Business
Company News
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Yahsat H1 revenue $206m
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GHD, Fraunhofer–Gesellschaft to help develop UAE hydrogen policy
The Ministry of Energy and Infrastructure (MoEI) of UAE announced that it had signed an agreement with GHD Group, in...
Business
Freed Moroccan prisoner of war speaks of Ukraine struggle
A Moroccan prisoner of war released as part of an exchange between Moscow and Kyiv said he wanted to draw...
Geostrategy
UAE to provide Germany gas, diesel under ‘energy security’ deal
As part of the deal, the UAE will provide "an LNG cargo for delivery in late 2022, to be used...
Geostrategy
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Business
AlBabtain launches IPO
The company has set a price range of $18 to $21 per share.
- The Riyadh-based firm will conduct a three-day offering period beginning Sunday, Sept. 25, and concluding on Wednesday, Sept. 28
- The company is offering 544,000 ordinary shares, 16 percent of its capital, for subscription as it seeks to join the kingdom’s parallel Nomu market
Business
Bayt survey says 71% of professionals may quit jobs in 2023
When asked why professionals may change their careers entirely, “to find their real passion” ranked first (37%) followed by opportunities...
- More than half (51%) of the respondents deem it necessary to work in the same field as their educational background but 49% are open to working in different fields
- 16% of respondents believe that they should stay in their current role for at least a year before they switch to another one
Business
WETEX and Dubai Solar Show hosts 1,750 global companies
DEWA CEO said that the exhibition will introduce the world to the UAE’s achievements in the renewable and clean energy...
- Dubai Electricity and Water Authority (DEWA) will organize the exhibition from September 27 to 29 at the Dubai World Trade Center
- The summit will bring together officials and decision-makers from around the world