Qatar’s IPI declines by 1.5 percent in November 2023
DOHA, QATAR – The Industrial Production index (IPI) of Qatar in November 2023 reached 91.7 points which is a fall...Business Economy
Future uncertain for Germany refinery fed on Russian oil
The PCK refinery in Germany has been processing crude oil from Russia since before reunification, but a looming ban on...The PCK refinery is located in the town of Schwedt in former East Germany near the Poland border
It employs 1,200 people, and many local businesses depend on the custom it brings to the area
Musk not joining Twitter board: CEO
Parag Agarwal announced on Tuesday that Musk was joining the board.Elon Musk, who became the largest shareholder after buying 73.5 million shares in Twitter, has decided not to join its board
A day earlier, Musk called out users who were followed by millions and billions of people on Twitter but rarely posted on it
UAE tycoon slams bogus listicles
Forbes recently published Top 10 Richest Arab billionaires list and was criticized for ignoring many nationalities and known wealthy businessmen.Forbes recently published “Top 10 Richest Arab billionaires” list and was criticized for ignoring many nationalities and known wealthy businessmen
Egyptian billionaire businessman Nassif Sawiris with $7.7 billion topped the Forbes list, followed by Algerian Yassaad Rabab and family at $5.1 billion
AI plays crucial role in GCC’s economic progress
Artificial Intelligence, wired into the economic plans of many GCC countries, is likely to contribute 12.4 percent to Saudi GDP...The Middle East is expected to accrue US$320 billion of the total global benefits of AI in 2030
AI is expected to contribute over US$135.2 billion in 2030 to the Saudi economy
Dubai issues 24,662 new business licenses in Q1 2022
Dubai has issued 24,662 new business licenses in Q1 2022, a report by the Department of Economy and Tourism (DET)...A DET Business Registration and Licensing report said 57 percent of the new business licenses issued during Q1 2022 were professional and 43 percent commercial.
A total of 136,034 business registration and licensing transactions were completed during Q1 2022, a growth of 36 percent compared to Q1 2021.
India’s Taj Group eyes Gulf expansion, to build hotel in Makkah
The luxury hotel chain is planning 15 new hotels in the next 10 years, which include at least 5 new...The luxury hotel chain has planned 15 new hotels in the next 10 years
This includes at least 5 new properties in Dubai and a new hotel in Makkah
President of Jordan Chambers praises reforms to boost business
President of the Jordan and Amman Chambers of Industry Fathi Jaghbir said Saturday that the National trade window to facilitate...Trade facilitation window had helped to reduce the time for clearance and boost the competitiveness of sectors, he said
Single window for trade carries out the logistical measures of the Customs Department and other entities on clearance and export
Real estate trade volume in Amman $1.6 billion by March end
The total real estate trading volume in Jordan by the end of March reached JD 1.414 billion ($1.6 billion). The...Iraqi investors ranked first with a total of 202 real estate sales and Saudi second with a total of 194 sales among non-Jordanian investors.
Real estate sales in Amman were distributed over 6,077 apartments and 8,265,000 plots of land.
Almarai posts $112m profit in Q1
The Saudi dairy company recorded 9% jump in net profit.The Saudi dairy giant posted the jump in profit for the first quarter of 2022 on the back of higher revenue
Results were attributed to a hike in revenue of 23.6 percent and gross profit of 7.8 percent, even as selling and administration expenses went up
Abu Dhabi grants Binance approval to operate in emirate
Abu Dhabi has allowed Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, to operate as a broker-dealer in virtual...The company has received approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM)
Upon the successful completion of its ADGM FSRA application, Binance will then be able to offer its services regarding virtual asset offerings to customers across the MENA region
