India’s L&T secures EPC contract for Saudi Arabia’s Amaala project
New Delhi, India - Larsen & Toubro (L&T) secured a major Engineering, Procurement, and Construction (EPC) contract for the Amaala...Business
IPOs, investments help GCC markets prosper in 2023
Regional markets are reflecting a transition from oil dependency to diversified economies with six IPOs raising $419 million in in...Business Markets
Facebook to offer business loans in India
Facebook has announced that it will join hands with an online Indian lending firm to help provide loans to small...The social media giant is joining hands with Indifi to help provide loans ranging from 500,000 rupees to 5,000,000 rupees ($6,719-$67,191) at annual interest rates of up to 20%
Facebook said it would pay off to bolster the small business economy in India as these companies will use its apps including Instagram and WhatsApp to boost their growth
Emirates to increase salaries of employees
Emirates has announced that from October 1 it will undo all changes to employee pay structure that it undertook to...The new changes will take effect from October 1
""We will better recognize our internal talent by increasing the salary increment opportunity on promotion for core grades"
Saudi Arabia to improve labor quality
Saudi Arabia will start giving out professional licenses from next year in order to improve the quality of its domestic...The Ministry of Municipal and Rural Affairs and Housing for regulating city operators will start the first phase of issuing professional licenses for 16 professions
The major professions for which the ministry is seeking to introduce mandatory professional license in a phased manner consist of technicians, construction workers
Saudi Arabia takes offense at EU duties
Saudi Arabia has filed a World Trade Organization complaint over EU anti-dumping duties on imports of a chemical compound used...In the complaint, dated Aug. 17 but circulated to WTO members on Thursday, Saudi Arabia charges that the EU unfairly imposed provisional anti-dumping duties
The chemical compound is used in a variety of industrial processes, including to produce polyester fibers and components for manufacturing plastic bottles
Abu Dhabi updates Covid-19 travel list of ‘green’ countries
Travelers from these countries need not quarantine on arrival in Abu Dhabi.Travelers from these countries need not quarantine on arrival in Abu Dhabi.
The list is effective from 12am (UAE time) Friday and subject to change based on global Covid-19 developments.
EGA obtains $5.5 billion loan to refinance debt
The term loan facility reduces by $1 billion the size of EGA’s existing seven-year $6.5 billion loan facility signed in...Middle East’s largest aluminum maker expects loan to enable optimal dividend policy for shareholders.
The company could be listed if shareholders wish, says CFO.
19,000 kg banned drugs among Saudi customs H1 seizures
The customs authority has foiled more than 1,000 attempts to smuggle prohibited items into Saudi Arabia.Zakat, Tax and Customs Authority processes $80 bn worth of inbound and $34 bn outgoing goods.
About153,000 inspections carried out in the kingdom detect more than 20,000 zakat and tax violations.
Saudi Arabia to accept IATA Travel Pass from Sept 30
Saudi Arabia’s General Authority of Civil Aviation has accepted the pass as a valid way of confirming Covid-19 test.Eventually this acceptance will be expanded to vaccine certification
Travelers to and from Saudi Arabia will soon have the choice of using either the Pass or the national health app
Dubai real estate rally: transactions worth $192 million recorded on Aug18
A recent report by real estate firm Chestertons said value of residential transactions increased by nearly 50 percent during the...Mortgage deals worth AED104.87 million and 12 gift transactions amounting to AED22.86 million also recorded.
Completed property sales accounted for 71 percent of total transaction value and 59 percent of volume in Q2.
UAE, Saudi Arabia realty growth trumps Covid-19
Timely preventive measures such as vaccination of frontline construction workers, embracing new technologies , financial stimulus packages, loan relaxation and...HSBC Bank expects the rally in Dubai’s real estate sector to last several years.
Dubai’s prime properties snapped up fast owing to low prices.
