Social media platform X to shutter local operations in Brazil
Social media platform X, formerly Twitter, will shutter its local operations in Brazil following a bitter legal tussle over the...Business
Saudi Arabia submits official bid to host FIFA World Cup 2034 after successful Qatar event in 2022
The next steps include official visits by FIFA and a comprehensive evaluation of the bid.Arts & Culture Business Culture & Society Sports
Egypt to sign agreement on curbing methane emissions
Abu Dhabi, UAE--Egyptian Petroleum Minister Tarek el Molla announced an agreement on laying down a detailed road map for cutting...The agreement as per media reports will be signed by the the United States Trade and Development Agency (USTDA) within the framework of the COP28
The minister said that Egypt supported green hydrogen projects in order to promote North African country's drive to become a green hydrogen regional center
Saudi Arabia offers 30-year tax cut to businesses shifting hqrs to kingdom
Riyadh, Saudi Arabia - Saudi Arabia has rolled out a 30-year tax relief program aiming to lure multinational corporations to...Under the Regional Headquarters (RHQ) Program, participating companies will benefit from substantial tax incentives, including a zero percent rate on corporate income tax
The RHQ Program, launched initially in 2021, has already licensed over 200 companies to operate their regional headquarters from Saudi Arabia
Masdar eyes Europe for growth
It wants to build a supply chain between UAE and Amsterdam.It signed an agreement to explore the development of a green hydrogen supply chain between Abu Dhabi and Amsterdam to support Dutch and European markets
The green fuel is generated with green electricity from renewables like wind or solar, in a process that separates water into oxygen and hydrogen via electrolysis
Air cargo demand up 3.8% in October
Geneva, Switzerland - Global air cargo demand increased by 3.8% compared to October 2022, the International Air Transport Association (IATA)...Capacity was up 13.1% compared to October 2022 and 11.1% for international operations
International belly capacity, for example, rose 30.5% year-on-year on the strength of passenger markets
GCC equity markets record first gain in four months
The GCC equity market index rebounded notably in November 2023, with the MSCI GCC index rising 5.2%, led by Qatar...The GCC equity market index rebounded notably in November 2023, with the MSCI GCC index rising 5.2%, led by Qatar and closely followed by Saudi Arabia and Dubai.
This resurgence is a positive sign for the region's markets, which are showing robust growth and diversification efforts, particularly in sectors like Pharma & Biotech.
Volkswagen to reduce workforce
Volkswagen has some 675,800 employees worldwide."Over the coming years, we will need to reduce our workforce in a socially responsible way," the group's human resources chief Gunnar Kilian said
The focus would be on "partial retirement and early retirement schemes to the maximum extent possible," he added
BAT takes shock $32bn hit
The impairment charge sent BAT shares sinking 7.6 percent.Companies like BAT face plunging demand for cigarettes in Western markets, where high taxes, smoking bans and health fears persuade many consumers to give up smoking
The London-listed company added that its overall revenue growth for the current year was set to be at the "low end" of its previous guidance of between 3 and 5 percent
Airlines expected to carry 4.7 billion passengers in 2024: IATA
"Some 4.7 billion people are expected to travel in 2024, an historic high that exceeds the pre-pandemic level of 4.5...Some 4.7 billion people are expected to travel in 2024, an historic high that exceeds the pre-pandemic level of 4.5 billion recorded in 2019," IATA said
IATA also raised its profit outlook, expecting airlines to post $23.3 billion in net earnings in 2023, more than double the $9.8 billion it forecast in June
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE --Â Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...The white paper calls for a dialogue between the industry and community groups and NGOs to define common standards for a people-positive energy transition.
It also urges governments to not only focus on the lowest price but also the wider societal value creation in their transition plans.
KSA offers 30-year tax holiday for global corporations as regional HQ program fuels investment boom
The approaching 1 Jan deadline has seen investments on headquarters hit $242m in the first nine months of 2023 alone,...In 2023, 46.7 percent of newly established headquarters operate in the Software & IT services sector.
The Regional Headquarters (RHQ) Program is an initiative jointly developed by the Ministry of Investment (MISA) and the Royal Commission for Riyadh City.
