UAE announces US$2,722 penalty for late corporate tax registration
ABU DHABI, UAE – The Ministry of Finance on Tuesday announced the issuance of Cabinet Decision No. 10 of 2024...Business Economy Geostrategy
Middle East and Africa smartphone shipments surge 30% YoY in Q4 2023
Dubai, Riyadh - Smartphone shipments in the Middle East and Africa (MEA) region witnessed a remarkable surge, growing by 30%...Business
After SVB fall, US regulators shut down crypto-focused Signature Bank
Signature Bank was reeling from a bet on crypto banking that foundered after the sector imploded and banking regulators cracked...Signature Bank's collapse is the third in under a week after Silvergate Bank's voluntary liquidation and Silicon Valley Bank's shutdown
The closure of the bank comes months after Signature said it would be reducing its exposure to the crypto sector
UAE, Ukraine keen on parliamentary, economic ties
MANAMA, BAHRAIN - Speaker of the UAE Federal National Council Saqr Ghobash discussed ways to enhance cooperation with First Deputy...UAE, Ukraine discuss parliamentary cooperation through exchanging visits and enhancing coordination.
The two sides deliberated on improving trade and economic ties between the two countries.
VW to cut e-car prices
The price drop is seen as a direct response to cuts by Tesla.Volkswagen will start selling its ID.3 electric car model from March end for less than $42,000.
That is a 3,000-euro markdown from the current ID.3 price tag, putting it on par with US rival Tesla's popular Model Y.
Real estate, e-commerce to push UAE growth
Global economic challenges have led the UAE to review priorities and investment trends, with a focus on five key sectors:...The UAE economy recorded its fastest growth rate in over a decade despite the global economic slowdown.
The IMF expects the UAE’s non-oil economy to grow by about 4 percent in 2023 and accelerate over the medium-term.
Saudi to create new airline in pursuit of 100 destinations goal by 2030
The Gulf kingdom is pursuing ambitious aviation goals as part of Crown Prince Mohammed bin Salman's wide-ranging "Vision 2030" reform...Creation of Riyadh Air is part of a plan to turn Riyadh into a global aviation hub rivalling regional leaders like Dubai and Doha.
Last November officials announced plans for a new airport in Riyadh spanning 22 square miles, that is set to accommodate 120 million travelers by 2030.
Tech sector fallout feared as SVB collapse freezes billions of startup dollars
New York, United States -- Silicon Valley Bank's stunning collapse has led to the freezing of tens of billions of dollars...The company, whose website says it is "the financial partner of the innovation economy," taken over by the US Federal Deposit Insurance Corporation to prevent further damages.
For banks that are FDIC-insured, only $250,000 per account is guaranteed. But according to SVB's annual report, 96 percent of its total $173 billion in deposits was uninsured.
Saudi Enterprises Bank sets aside $2.79 billion to finance SMEs
Riyadh, Saudi Arabia -- The Small and Medium Enterprises Bank of Saudi Arabia's National Development Fund said Sunday it has...The Bank's direct and indirect lending programs, financing guarantee programs and investment programs will be financed over the next three years.
These programs support the kingdom's Vision 2030 and to raise the contribution of SMEs to the GDP to 35 percent.
Egypt’s exports to China increase by nearly 21 percent in 2022
Cairo, Egypt -- Egyptian exports to China rose by 20.8 percent to $1.7 billion in the first 11 months of...The trade exchange between Egypt and China increased by 2.6 percent during the first 11 months of 2022, reaching $14.9 billion.
Fuel, mineral oils and distillate products, cotton, and fruits made up the top 10 categories of goods that Egypt shipped to China.
Aramco reports bumper profits
It posted $161bn profits last year on high oil prices.The world's second most valuable company behind Apple, said in a filing with the Saudi stock market that net income for 2022 was $161.07 billion, up from $110 billion in 2021
Energy prices are expected to stay elevated in 2023, in part because of production cuts approved last October by the OPEC+ cartel that Riyadh co-leads with Moscow
SVB failure unnerves USDC, other cryptocurrencies
The FDIC on Friday took over SVB, a major lender to the tech world, in the second-largest bank failure in...It is widely believed that the process of liquidating the bank's assets can drag on for a long time, with no certainty of just how much will be recovered
As per the California Department of Financial Protection and Innovation withdrawal orders from SVB reached a breathtaking $42 billion
