Saudi more than doubles tourism target by 2030, says minister
Riyadh, Saudi Arabia - Saudi Arabia drew 27 million foreign tourists in 2023 and has more than doubled its goal for...Business Tourism
QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.Company News Business
Digital payments help Middle East businesses recover
Widespread availability of cashless payment methods and universal access to affordable internet services are major facilitators of digital transformation in...Widespread availability of cashless payment methods and universal access to affordable internet services are major facilitators of digital transformation in the region
The use of virtual corporate credit cards in the MENA region increased 126 percent between the third quarter of 2021 and the third quarter of 2022, reports suggest
Abdullah bin Zayed meets Benjamin Netanyahu
UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan and Israeli Opposition Leader and former...With the signing of the Abraham Accords Peace Agreement in 2020, relations between Israel and the UAE have improved.
The UAE top diplomat met with the former Israeli premier as part of his current official visit to the Israel..
Union of Arab Banks appoints CS Events strategic partner
Dubai, UAE: Union of Arab Banks (UAB), the apex body of the $4 trillion banking industry in the Arab World,...As partner, CS Events will co-create, market and deliver UAB’s activities in the UAE and Saudi Arabia.
Though Arab world’s banking sector’s assets surpassed $4 trillion, more than 50 percent population in the Middle East and Africa remains unbanked.
South Korea to enhance ties with hi-tech firms in Middle East
South Korea wants to strengthen its relations with the Middle East with a focus on high-tech industries, according to Seoul’s...The focused hi-tech industries in the Middle East are energy, hydrogen, artificial intelligence and health.
The South Korean Foreign Minister said that they are trying to upgrade their ties with all the countries.
GCC-India ink MoU for consultations mechanism
India has signed a Memorandum of Understanding (MoU) with the Gulf Cooperation Council (GCC) Secretariat on the "mechanism of consultations"...The MoU was signed between India’s Minister for External Affairs Dr. S Jaishankar, and the GCC Secretary-General Dr. Nayef Falah Mubarak Al-Hajraf.
India’s Ministry of External Affairs said, "both sides reviewed bilateral relations and discussed ways to enhance them"
Dubai records weeklong realty transactions worth $2.49 billion
Dubai, UAE---A total of 2,317 real estate transactions worth AED8.9 billion ($2.49 billion) were conducted during the week ending 16...A total of 227 plots were sold for AED4.35 billion, and 1,560 apartments and villas were purchased for AED3.44 billion.
The top three transactions were plots of land in Madinat Al Mataar that sold for AED988 million, AED259.24 million in Al Yufrah 1 and AED988 million in Madinat.
Stocks mostly slide; pound hits 37-year dollar low
Stock markets mostly slumped Friday, while the British pound tanked to a 37-year dollar low as weak UK retail sales...Sales by volume dived 1.6 percent in UK last month, more than triple expectations.
Sterling has hit a series of 1985 lows in recent weeks, also as the US Federal Reserve implements aggressive hikes interest rate hikes.
UAE participates in G20 Finance Track’s Infrastructure meeting
UAE Ministry of Finance (MoF) participated in G20 Finance Track’s fourth and last Infrastructure Working Group (IWG) meeting for 2022...The members of the Infrastructure Working Group deliberated the progress made on scaling up sustainable infrastructure investments.
The IWG also discussed means of promoting private sector investment in sustainable infrastructure.
Salik ups number of IPO shares
The subscription period for the IPO remains unchanged.The Government of Dubai will continue to own 75.1 percent of Salik’s existing share capital.
Salik reported core earnings of $217.82 million in the first half of this year, compared with 637.41 million in the same period in 2021.
Germany seizes Rosneft’s subsidiaries
Berlin took control of the German operations of Russian oil firm Rosneft to secure energy supplies which have been disrupted...The seizures come as Germany is scrambling to wean itself off its dependence on Russian fossil fuels.
Move covers the companies Rosneft Deutschland GmbH and RN Refining & Marketing GmbH and their corresponding stakes in three refineries: PCK Schwedt, MiRo and Bayernoil.
