Oman year-on-year growth rate touches 15.4 percent
Muscat, Oman - Oman's achieved a 15.4% year-on-year sector growth, as reported by the National Center for Statistics and Information...Business Economy
ACME ammonia plant in Oman
The plant will cost of $3.5 billion and be built in three years.The plant will be an integrated facility using 3 GWp of solar and 0.5 GWp of wind energy
This will be used to produce 2,400 TPD of green ammonia with an annual production of 0.9 million tons
GCC hotel industry readies for a comeback
The Gulf hotel sector's investments, according to reports, have reached $27 billion. New hotel projects worth $3.5 billion in the...Hotel licenses in Saudi Arabia can now be obtained in just 10 days.
Until March 2021, UAE had 1096 hotels with 181.3 thousand rooms.
Visa signs MoU with AMF
They will explore ways to boost cross-border payments.Visa and AMF’s regional payment platform will design optimal solutions to unlock sustainable opportunities in payment industry.
Visa said the MoU reinforces its commitment to support the evolution of the Arab region and the vital role digital payments plays in this sphere.
Emirates allows Beirut travelers 10kg extra baggage
Emirates said it had last year set up a humanitarian airbridge with Lebanon, dedicating flights to deliver much needed emergency...Increase in allowance to help people carry medical and other goods to Lebanon.
Shortage of supplies has hit Lebanon, which is undergoing one of the worst economic crises in history.
Iran to sell more electricity to Pakistan
Iran at the moment has electricity exchange with Armenia, Azerbaijan, Iraq, Turkmenistan, and Afghanistan.Pakistan is all set to increase its electricity import from Iran to 70 MW
It will use this power at its under-development Gwadar port
UAE residents got $91.4 billion in personal loans
Gross credit, which includes which includes loans to residents and non-residents and non-banking financial institutions up by 0.9 percent compared...The country's banking sector’s assets reached AED 3.2 trillion in June 2021, up by 0.6 percent compared to a year earlier.
Total deposits also went up by 2.3 percent to AED 1.9 trillion during the same period.
Family firms call heirs to take command
Family-owned businesses in the Middle East, estimated to be worth more than $1 trillion, have been bogged down with issues...An estimated US$15 trillion assets are expected to be transferred to the heirs globally.
The GCC governments offer incentives to the family businesses to get enlisted in the bourses.
Oman Shell updates SME training
The new program will build the capabilities of entrepreneurs.Oman Shell has designed the program to ensure that it aligns with Shell’s social investment strategy and Oman Vision 2040
It takes into consideration the aspirations of its partners and entrepreneurs, while empowering entrepreneurs and Omani businesses
New Bond, Matrix footage thrill CinemaCon
The annual CinemaCon trade show sees Hollywood studios bring glitzy stars and never-before-seen footage to a Las Vegas casino to...The annual CinemaCon trade show sees Hollywood studios bring glitzy stars and never-before-seen footage to a Las Vegas casino to woo theater bosses
The plot of "No Time To Die" starring Daniel Craifg as 007 picks up after 2015's "Spectre," with the loyalty of a love interest now seemingly called into question
UAE banks flush with profit again with improved Q2 performance
The top ten lenders of the United Arab Emirates have shown a health rebound in profitability, with the country’s banking...Return on Equity (RoE) was back at Q4 2019-levels and loans and advances (L&A) showed improvement, according to a report from Alvarez & Marsal (A&M)
Aggregate RoE improved from 9.8 percent in Q1 2021 to 10.9 percent in Q2021, for the first time in the last five quarters, as net income increased 11.5 percent
