Trump Tower agreement announced in Jeddah following luxury hotel deal in Oman
A Trump Tower is coming to Saudi Arabia, a regional developer announced on Monday, Al Monitor reported.Dar Global and the...
Business
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...
Economy
Arts & Culture
Saudi Arabia launches drive to embed role of culture in development
Riyadh, Saudi Arabia— Saudi Arabia has unveiled the "Culture & Green Future" initiative, aiming to enhance the role of culture...
- Prince Badr bin Abdullah bin Farhan, Minister of Culture and Chairman of the National Committee for Education, Culture and Science, launched the drive
- The initiative will include five themes, including culture and sustainable development to create the green future, climate change and local cultural policies
Economy
First shipment of UAEGD-compliant gold exported to Indian International Stock Exchange
The UAEGD is a standard that provides a framework for the gold sector, in line with international best practices.
- The deal consists of exporting about 100 kilograms of gold worth $4 million from the Emirates Gold Refinery to the IIBX
- The UAEGD is a standard that provides a framework for the gold sector, in line with international best practices
Business
IATA expects airline losses in 2022 to slide down to US$9.7bn
Geneva, Switzerland— The International Air Transport Association (IATA) has upgraded its outlook for the airline industry’s 2022 financial performance as...
- It expects Industry losses to reduce to -$9.7 billion (improved from the October 2021 forecast for an $11.6 billion loss) for a net loss margin of -1.2%
- Despite economic challenges, it expects cargo volumes to set a record high of 68.4 million tonnes in 2022
Geostrategy
Xi visit marks 34 deals between Saudi, Chinese firms ahead of China-Arab meeting and China-GCC summit
The Chinese president's visit to Saudi Arabia aims at 'qualitative leap' in bilateral ties and the 'largest-scale diplomatic activity between...
- The Chinese president's visit to Saudi Arabia aims to enhance bilateral relations in several fields, including energy, security, transportation, infrastructure and investment
- The trip -- only Xi's third overseas since the coronavirus pandemic began -- comes after US President Joe Biden's visit in July, when he pleaded for higher oil production
Economy
UAE’s non-oil foreign trade at the end of third quarter $445 billion
Abu Dhabi, UAE----UAE's non-oil foreign trade increased by 19 percent by the end of the third quarter, compared to the...
- The value of exports at the end of the third quarter amounted to AED275 billion, a growth of nine percent, and re-exports recorded a growth of 22 percent.
- Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said country's policies, legislations and economic relations and agreements have "begun to bear fruit".
Business
Saudi EXIM Bank, Korean Commercial Insurance Company sign MoU
Riyadh, Saudi Arabia---The Saudi Export-Import Bank signed an MoU with the Korean Commercial Insurance Company (K-SURE), which is Korea’s export...
- They will enhance import and export activities between the two countries, including export of environmentally friendly energy sources produced in Saudi Arabia.
- Under the terms of the memorandum of understanding, the two parties will share experiences and knowledge, cooperate to provide financing solutions.
Geostrategy
Chinese flags flutter in Saudi capital as Xi visits kingdom for first time since 2016
Riyadh, Saudi Arabia---The Saudi capital was bedecked with Chinese flags ahead of President Xi Jinping's visit on Wednesday that is...
- The red-and-gold Chinese emblem alternated with the green flag of Saudi Arabia along major roads in Riyadh, while Xi was pictured on the front pages of newspapers.
- China, the world's second-biggest economy, is the top customer for oil from Saudi Arabia, the leading exporter of crude, and both sides appear keen to expand their relationship.
Business
AD Ports Group, Africa Finance Corporation sign collaboration agreement
Abu Dhabi, WAM---AD Ports Group has signed a collaboration agreement with the Africa Finance Corporation (AFC), an infrastructure solutions provider...
- They will collaborate on identifying, financing, developing and investing in much-needed ports, warehouses, maritime and logistics infrastructure projects across Africa.
- Both parties will bring their technical expertise and financial capacity and networks to a range of development initiatives, focusing on brownfield and greenfield opportunities.
Economy
CBUAE imposes financial sanction on UAE exchange house
The financial sanction, amounting to AED1,925,000 ($524,166) followed the findings of an examination conducted by the CBUAE.
- The financial sanction, amounting to AED1,925,000 ($524,166) followed the findings of an examination conducted by the CBUAE
- The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws
Economy
Debt-service payments from IDA’s countries to top $62bn in 2022: World Bank
The report highlights rising debt-related risks for all developing economies - low as well as middle-income economies.
- The report highlights rising debt-related risks for all developing economies - low as well as middle-income economies
- Rising interest rates and slowing global growth risk is tipping a large number of countries into debt crises
Trump Tower agreement announced in Jeddah following luxury hotel deal in Oman
A Trump Tower is coming to Saudi Arabia, a regional developer announced on Monday, Al Monitor reported.Dar Global and the...
Business
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Tabreed 9M profit at $218m
Business
136 UN employees killed in Gaza War, says UN chief
NEW YORK, US - UN Secretary-General Antonio Guterres said on Sunday that 136 United Nations employees in Gaza Strip had...
Geostrategy
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
Business
UAE best performing economy in Arab region, says Arab Monetary Fund
Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a...
Economy
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Geostrategy
UN adopts Qatar-sponsored resolution on human rights training center
New York, USA - The UN General Assembly (UNGA) adopted a resolution by 185 votes on 'The UN Human Rights...
- Qatar sponsored and facilitated negotiations every two years since its establishment in 2008, with its headquarters in Doha
- In its resolution, the General Assembly reaffirms the role of regional cooperation in promoting and protecting human rights
Arts & Culture
Sharjah’s ‘Mleiha’ and ‘Al Dhaid’ added to Islamic World Heritage
Sharjah, UAE - The Islamic World Heritage Committee of the Islamic World Educational, Scientific and Cultural Organization (ISESCO) added the...
- The Sharjah Archaeology Authority (SAA) has completed the nomination dossier of the Mleiha archaeological site titled "Mleiha: The Pre-Islamic Period in Southeast Arabia"
- The nomination highlights the historical and archaeological value of Mleiha and its archaeological and architectural elements that were unearthed during continuous excavations
Business
Bayanat, Yahsat to merge
It will benefit from revenue synergies, economies of scale.
- The merger will create an AI-powered space technology champion in the MENA region with an implied market capitalization of over US$4 billion.
- The combined entity will be vertically integrated and optimally positioned to capture regional, global opportunities in geospatial and mobility solutions.