Saudi Arabia, China ink MoU in accounting and auditing
RIYADH, SAUDI ARABIA – The Kingdom and the People’s Republic of China signed on Monday in Beijing a memorandum of...Business Geostrategy
Five killed in clashes near Lebanon border
JERUSALEM - Three fighters who crossed into Israel from Lebanon and two Israelis were killed in clashes and a strike...Business
Russia threatens Ukraine ‘statehood’ as sanctions tighten
Since Russia's invasion 10 days ago, the economic and humanitarian toll of the war has spiraled, sending more than one...Russia has threatened a wider war if a no-fly zone is set up by any Western power
Ukraine has received weapons, ammunition and funds from its Western allies
Iran seeks barter trade with Pakistan to strengthen ties
The option of barter trade was available to cement the mutual relationship between Iran and Pakistan, an Iranian envoy has...The Consul General of the Iran has stressed the need for his country to sign a barter agreement with Pakistan
Hamid Reza Ghomi said he was eying such a deal between the Pakistan Chambers of Commerce and Iranian provinces
Umm Al Qura inks $800m deal
The project will see an investment of SAR3 billion ($800 million).The development of Masar destination has reportedly been planned according to a modern concept
It is based on complementary and interrelated foundations, including environmental and urban aspects
Visa, Master card suspend operation in Russia
The cards would continue to work on Russian territory because all payments in Russia are made through a national system...Mastercard decided to suspend its network services in Russia while Visa will cease all Russians transactions over the coming days
Russia's central bank has warned Russians traveling abroad that they should carry alternate means of payment
New UAE law boosts family business growth
Haoula considers it extremely important to sustain family businesses as a recognition for their efforts historically, and for the advantages...Corporate tax in the UAE is expected to be among the most competitive in the world, due to the 9% introductory rate and no tax for profits up to $102k
Personal income that does not come from a licensed business or commercial activity in the UAE will not be subject to corporate tax
Moody’s says Ukraine war endangers global economic recovery
The Russia-Ukraine conflict and subsequent sanctions have increased risks to the global economic outlook, with effects that will depend on the...Europe's recovery would be at risk if the military conflict escalates, according to VP-Senior Credit Officer at Moody's, Kelvin Dalrymple
Rising prices for commodities from the region, such as oil, grains and metals, are increasing inflationary pressures, Moody's said
High oil prices lift up Saudi and UAE indices
Thanks to a spike in crude oil prices pushed beyond $100 by the Russian-Ukraine conflict, the stock markets of Saudi...The Saudi index "TASI" rose by 2.6 percent and the Dubai index rose by 4.7 percent. The Abu Dhabi index achieved the highest increase by 7 percent monthly
On February 28 the Abu Dhabi index experienced its highest one-session rise since December 6, climbing 2.2 percent
Malaa Technologies to set up a bank in KSA
Malaa Technologies will launch its banking operations in Saudi Arabia after it obtained an approval from the kingdom’s central bank.Malaa has concluded its integration efforts with the Arab National Bank’s systems to become the first lender whose customers can link their accounts directly through open banking
It seeks to contribute to the National Savings Strategy and plans to work with the financial sector development program partners to achieve these goals
Saudi Arabia and Jordan to boost trade ties to more than $1bn
The Makkah Chamber of Commerce and Industry and Jordan have signed an agreement to boost economic ties between the two...The deal holds considerable significance as trade exchange between Saudi Arabia and Jordan was still “below expectation” despite common interests
Saudi Arabia is the second-largest commercial partner for Jordan
UAE adopts Ramadan working hours for federal authorities
The UAE Government on Friday announced the official working hours during the holy month of Ramadan for ministries and federal...The decision also allows federal authorities to implement flexible working and remote work systems on Fridays during the month
The rules for working from home stipulate that both employees and their work should meet related requirements
