Oman, China bilateral trade grows by 8% to $15bn till May
 The volume of bilateral trade between the Sultanate of Oman and the People’s Republic of China has increased 8% in...Business
Riyadh’s “Global Sports Tower” designs approved
Led by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the initiative's purpose is to elevate the...Business
QatarEnergy, Excelerate sign agreement
Under the 15-year deal, they will supply LNG to Bangladesh.Excelerate will purchase 0.85 MTPA of LNG in 2026 and 2027, and one MTPA from 2028 to 2040.
Qatar is the largest LNG supplier to Bangladesh and aspires to continue being the LNG supplier of choice for partners in the South Asia LNG markets.
Philips to halt sales of sleep machines in US
It posted losses to the tune of US$502m during the year 2023.The company said it had arrived at a "consent decree" deal with US authorities that consists of a "roadmap" of targets to allow Philips to conform with regulatory requirements
In November last year the US Food and Drug Administration warned that Philips new "DreamStation 2" machine that helps patients sleep risked overheating.
Iran and Turkey to set up free trade zone at border in Khoy city
Tehran, Iran--Iran and Turkey will join hands to set up a free trade zone at the border crossing in Khoy...The talks to establish the free trade zone were held between Iranian president Ebrahim Raisi and Turkish president Recep Tayyip Erdogan
An Iranian official said the large-scale investments of the two nations in this free trade zone can rebound the economy at a wider level
SAIF Zone signs MoU with Tokai Optical
The Japanese firm will lease a warehouse in the free zone.The leasing of the warehouse marks the first phase of Tokai Optical's expansion in SAIF Zone, representing an investment of around $2.17m
The firm figures among the top 5 lens manufacturers worldwide and is positioned among the top 3 companies in research and development
CBDCs, DeFi and AI boost FinTech innovation in GCC
The GCC's FinTech sector is booming with CBDCs revolutionizing cross-border transactions and a surge in innovations boosting financial inclusivity, efficiency,...The GCC's FinTech sector is booming with CBDCs revolutionizing cross-border transactions and a surge in innovations boosting financial inclusivity, efficiency, and accessibility.
In the Middle East, unique dynamics in decentralized finance and cryptocurrencies, coupled with a projected 25% annual growth in open banking, are driving financial innovation.
Dubai RTA awards US$95m contract to upgrade ticketing system  Â
DUBAI, UAE - Dubai’s Roads and Transport Authority (RTA) has awarded a contract to upgrade the existing nol (card-based ticketing...The aim is upgrade the existing card-based ticketing system to an account based ticketing system, aligning with the top global practices.
It seeks to develop a flexible and 100 percent scalable digital infrastructure, ensuring 100 percent fintech integration in mobility solutions.
KACST, ACWA Power sign pact
The aim is to develop technologies for clean energy.The center will conduct studies, scientific research, and work to attain technical development in clean energy and water sector.
It will also work in developing solar energy technologies, energy storage technologies to support future energy networks.
Saudi Arabia launches global tourism campaign featuring Messi
Riyadh, Saudi Arabia -- Saudi Arabia's national tourism brand, "Saudi Welcome To Arabia," has launched a new global marketing campaign...The campaign, called "Go Beyond What You Think," aims to address misconceptions about Saudi Arabia and encourage people to experience the country's cultural transformation.
The campaign launch coincides with Messi's upcoming return to Saudi Arabia, where he will play two matches with his club, Inter Miami, against Al Nassr and Al Hilal.
Dubai launches initiative to accelerate global expansion of SMEs
Dubai, UAE -- Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Sunday launched the ‘Dubai International Growth...The AED500 million initiative was launched by the Government of Dubai in partnership with Emirates National Bank of Dubai (Emirates NBD).
Emirates NBD will provide financing to eligible companies at competitive rates, charging the Emirates’ Interbank Offered Rate (EIBOR) with no additional margin.
Arab Bank Group net profit $829.6m
The Group posted a 52% increase in net income compared to 2022.Total Assets grew by 6 percent to reach $68.3 billion and loans grew by 5 percent to reach $37.1 billion.
The Board has recommended to the shareholders the distribution of 30 percent cash dividends for the financial year 2023.