Several nations eager to join Charter of Cooperation, says OPEC Secretary-General
ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in...Business Energy Geostrategy Global
Riyadh Season opens registration for SEVEN Concours 2024 global car auction
Riyadh, Saudi Arabia - The Riyadh Season has announced the commencement of registration for the SEVEN Concours 2024 exhibition, the...Business
Saudi connectivity takes off with five times faster Wi-Fi-6e
The Communications and Information Technology Commission (CITC), Saudi Arabia’s digital regulator, has announced the launch of WiFi-6e as part of...The latest generation of Wi-Fi technology offers data transfer speeds more than five times faster than the current standard
It provides more capacity for high-bandwidth activities such as 8k gaming, video conferencing and virtual reality applications
South Africa tax authority uncovers $1.8 bn gold scam: report
South Africa's tax authority has uncovered a 1.8-billion-dollar gold scam, in which coins and jewelry were illegally smelted into gold...Coins and jewelry were illegally smelted into gold bars for sale overseas, the amaBhungane Centre for Investigative Journalism said.
Sale of gold within South Africa carries a tax, but gold exports do not. So the companies created fake invoices to claim that they had paid tax.
Shell reports huge profit
Net profit stood at $20.1bn in 2021 after a loss of $21.7bn in 2020.As lockdowns spread in 2020, oil prices dropped off a cliff, even briefly turning negative
Prices have since rebounded sharply, with the Brent crude trading at almost $90 per barrel
Europe clubs lost €7bn due to Covid-19 pandemic: UEFA
The latest UEFA study includes the consolidated results of these same 711 clubs for the year 2020, as well as...Gate receipts were decimated, sponsorship was down, and television rights receipts were hit
Clubs are believed to have suffered a €4-billion hit in 2019-2020, and €3 billion in 2020-2021
Jordan trade chamber, Egyptian envoy talk economic cooperation
The two countries discussed reducing obstacles facing the two-way flow of imports into the countries and enhancing trade and economic...The two countries discussed reducing obstacles facing the two-way flow of imports into the countries and enhancing trade and economic relations
Tawfiq, the president of the Amman Chamber, reiterated that Jordan-Egypt were a model of good relations between Arab states
Morocco closes ramshackle cinemas as pandemic hits hard
Only 27 theatres in Morocco remain open, relying heavily on state funding for renovations and digitizing films.Cinemas in Morocco struggle to emerge from the crisis despite $960,000 of funding for the Moroccan Centre for Cinematography
Enthusiasts called for better protection for theater buildings, architectural treasures that bear witness to the kingdom's past
Saudi Arabia sees $6.4bn tech investment at LEAP
The fresh investments are said to be in line with Vision 2030, which aims to diversify the economy of Saudi...Investment deals totaling more than $6.4 billion were announced at LEAP 2022 in Riyadh
Saudi Aramco Ventures launched a $1-billion investment fund called Prosperity 7 to help revolutionary startups
UAE, Japan bilateral trade hit $30.5 bn in 2021
More than 340 Japanese companies have their bases in the UAE working in various sectors including infrastructure, industry, and energy,...More than 340 Japanese companies have their bases in the UAE working in various sectors including infrastructure, industry, and energy, a UAE official said
A memorandum of understanding was also signed between the Department of Municipalities and Transport (DMT) and Sumitomo Corporation
OPEC+ okays fresh modest oil output hike despite rising prices
The 23-nation OPEC+ group has said in a statement that it will increase production by 400,000 barrels per day in...OPEC+ is already struggling to meet its quotas, with some members unable to scale up their production
Other members, such as Saudi Arabia and the United Arab Emirates, are unwilling to increase output
Will corporate tax hit UAE businesses, consumers?
The new tax -- to be implemented in the UAE from 1 June 2023 -- comes at a time when...UAE is expected to generate approximately AED 25 bn ($6.8 bn) in revenue from the corporate tax.
Corporate tax rates in nations such as Germany and Japan exceed 30 percent. In Canada and China, companies pay 27 percent and 25 percent, respectively.
