UPS says will cut 12,000 jobs
The move comes as UPS seeks to "align" its resources.Company News Business Global
Mineral resources key to supporting Saudi economy: Investment Minister
Saudi Arabia’s Minister of Investment Khalid bin Abdulaziz Al-Falih said that the mineral resources sector is among the most important...General program for Geological Survey results in issuing 75 new exploration licenses after the launch of the new Mining Investment Bylaw in January 2021.
Estimations put the value of mineral resources in the Kingdom of Saudi Arabia at $ 1.3 trillion.
Oman and UK sign agreement to bolster trade relations, investments
Oman and the United Kingdom have agreed to bolster relations and high-value investment volume, Omani media reports said. To this...The trade volume between the two countries reached GBP 1 billion ($1.37 billion) annually.
Direct British investments comprise 50 percent of the foreign investments volume in Oman over the past years.
Saudi Central Bank issues controls for electronic issuance of banking documents
The Saudi Central Bank (SAMA) has issued controls the banks need to consider while issuing banking documents, Saudi media reports...The controls oblige banks to provide e-verification services of banking documents issued electronically or on paper.
These controls included the minimum limit of banking documents necessary for being electronically issued.
Aramco expands global downstream presence with key European investment
The Saudi Arabian oil company Aramco, the world’s largest integrated energy and chemicals company, is expanding its global downstream presence...The investments will widen Aramco’s presence in the European downstream sector and further expand its crude imports into Poland
Another MoU was signed by Aramco and PKN Orlen which focuses on exploring potential opportunities for research and development
Qatar Tourism eases process to issue holiday home licenses
Qatar Tourism has invited residential property owners to invest in hospitality while generating extra income from their unused units by...Qatar Tourism has introduced a helpline and a simplified process to get licenses issued within a week
Property owners renting to vacationers without licenses would be jailed for two years or/and fined QAR200,000
Panel to enhance performance of Federation of GCC Chambers
The meeting was held via video conference technology, with spread of the Omicron variant of Covid-19 having stopped almost all...Qatar Chamber Chairman Sheikh Khalifa bin Jassim Al-Thani presided over the meeting
It reportedly discussed the estimated budget of the federation for the current year
Gulf watch: Sectors that will grow most in 2022
The business environment in the region will experience a transformation that will have a far-reaching impact on economic trends and...The GCC’s non-oil sectors will continue to dominate the economy, creating future opportunities
The region’s economy may benefit greatly from ecommerce, logistics, and delivery services
Metaverse fuels virtual creation of real-life products
The coronavirus pandemic has helped shrink the distance between virtual and real by pushing many designers to create in three...The clamor over virtual goods comes amid feverish predictions that the metaverse will eventually replace the web of today
A growing number of brands have been trying to establish a presence on buzzed-about platforms, anticipating a major tech and societal shift
Free Trade Agreement with UAE nearing conclusion, says Indian minister
India’s Minister of Commerce and Industry, Piyush Goyal, on Wednesday told the heads of top business and industry associations in...Piyush Goyal urged industry leaders to be proactive in giving inputs to the government on matters like FTA negotiations
He expressed confidence of growth in services exports, in spite of travel and tourism restrictions caused by the pandemic
UAE, European Union discuss ways to boost cooperation
The meeting was hosted at the UAE Ministry of Finance’s headquarters in Abu Dhabi.The Minister of State for Financial Affairs Mohamed Hadi Al Hussaini met on Tuesday with Johannes Hahn, European Commissioner for Budget and Administration
This discussion is a part of the UAE’s Finance Ministry efforts to strengthen its relations with various countries and regional and international financial institutions.
