Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...Business Economy
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...Business Economy Tourism
Air Arabia launches non-stop flights between UAE’s Sharjah, Egypt’s Giza
SHARJAH/ ABU DHABI, UAE - Air Arabia announced the launch of a new route operating between Sharjah and Giza city...The non-stop flights will connect Sharjah International Airport with Giza and will have a frequency of five weekly flights.
British Airways announced that it will launch daily flights from London to Abu Dhabi next year.
MAWANI and SGP sign $266m contract
They will establish a logistics zone in King AbdulazizThe zone will provide major logistics services, unique solutions, integrated services, and environmental systems, including warehouses and yards.
It will also include a warehouse and re-export area to provide sorting, regional distribution, and value-added operations.
Indian firm halts uniform sales to Israel police over Gaza war
Maryan Apparel in the southern state of Kerala said it had supplied around 100,000 uniforms to Israel's police force for...Statement of Maryan Apparel said that a strike on a hospital and the "loss of thousands of innocent lives" in the conflict had prompted the decision
According to the statement, the Indian firm will fulfil its existing commitments to Israel, which end in December, but will not take new orders
Saudi Arabia, Singapore sign MoU on mutual recognition of halal certificate
Riyadh, Saudi Arabia - The Saudi Food and Drug Authority (SFDA) signed Thursday a memorandum of understanding (MoU) with the...The MoU aims to develop procedures for conformity assessment, standard specifications, and technical regulations for issuing these certificates
It also ensures mutual recognition between the two sides for exported local products as well as the exchange of expertise and knowledge
Stocks slide as investors worry over Middle East crisis
London, United Kingdom - European and US stock markets fell Thursday as investors worried over rising US Treasury yields and the...Wall Street opened higher after falling the previous day, but slid into loss during morning trading, while Europe's main stock markets extended losses
Risk aversion among traders was increased by concerns the Federal Reserve would hike interest rates again, or at least keep them elevated for an extended period
EU okays takeover of Seagen
Pfizer announced in March its deal with Seagen.The European Commission, the bloc's powerful anti-trust authority, said it had "unconditionally approved" the transaction after a market investigation
The firm came to major drugmakers' attention with its work on antibody-drug conjugates that are "designed to preferentially kill cancer cells"
PIF announces pricing of inaugural $3.5bn global sukuk issue
RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) on Thursday successfully priced its first dollar-denominated Shariah-compliant trust certificates (sukuk).The...The issuance will be listed on the London Stock Exchange’s International Securities Market (ISM).
The sukuk issuance was more than seven times oversubscribed, with orders exceeding $25 billion,
Renault shares fall as sales disappoint
The company's strategy is to sell fewer cars but at higher prices.Sales grew 7.6 percent to 10.5 billion euros ($11 billion) as a drop in volume was offset by price increases for its vehicle lineup
But investors were not impressed as company shares fell more than seven percent in morning trading in the Paris stock exchange
EU launches enquiry on Meta and TikTok over disinformation
The European Union has built a powerful armory to challenge the power of big tech with its landmark Digital Services Act...The European Commission said it had sent formal requests for information to Meta and TikTok in what is a first procedure launched under the EU's new law on digital content.
Meta and TikTok have until October 25 to respond, with a deadline of November 8 for less urgent aspects of the demand for information.
Kadi Pay okayed for BNPL solutions
The company was approved by the Saudi Central Bank.With Kadi Pay, six authorized companies are now offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56.
The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.
