Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...
Economy
Economy
OECD lowers global, US economic growth forecasts
The forecast for China remained unchanged at 8.5 percent. The growth prospects of Argentina, Brazil, Mexico, South Africa, South Korea...
- The recovery remains very uneven, with strikingly different outcomes across countries, OECD said.
- Global gross domestic product has surpassed its pre-pandemic level following last year's Covid-induced recession.
Analysis
Investment in agritech key to UAE’s food security
Investing in agricultural technologies can take the UAE closer to its goal of being one of the top 10 countries...
- Over 100 entities use organic farming techniques in the UAE, including advanced farms that utilize modern agricultural technologies.
- The Abu Dhabi Investment Office is investing at least US$100m in agritech startups as part of their food security strategy.
Economy
Asian markets stabilize but Evergrande fears linger
The battle in Washington to raise the US debt limit was also fuelling concern that the government could miss payments...
- Dubai led declines among stock markets in the Gulf on Monday, as its main share index fell 1.2 percent.
- Hong Kong's Hang Seng Index, which plunged more than three percent Monday, edged up 0.2 percent.
Interview
Covid-19 drives e-learning in GCC
There has been a massive growth in content creation and learners' demand in last two years as the pandemic puts...
- There has been a massive growth in content creation and learners' demand in last two years
- E-learning is highly dependent on digital infrastructures, such as Internet usage and connection fees, which vary dramatically from one Arab country to another
Business
Dubai Chamber adds 16,000 new members this year
Some 16,000 new companies have joined Dubai Chamber this year, bringing the total membership to more than 275,000.
- The membership growth is also a result of the various business-friendly measures and incentives introduced by the government in recent years
- The number of ATA Carnets issued by the Chamber and received by the country, increased 5.1 percent over the same period, reaching 2,188 in the first eight months of 2021
Business
Foreigners in Kuwait on commercial visit to get work permit now
The move is aimed at meeting growing demand for manpower by companies in the country. After all, the number of...
- Thousands of expats left Kuwait this year and have been unable to return due to the pandemic
- This move is expected to offset that talent drain and attract more such talent into the country
Business
Evergrande’s crash crunch stumps investors and homeowners alike
The once-mighty Evergrande Group has long been the face of Chinese real estate, surfing a decades-long property boom to expand...
- The once-mighty Evergrande Group has long been the face of Chinese real estate, surfing a decades-long property boom to expand into more than 280 Chinese cities
- But it is now smothered by a $300 billion liabilities burden that has crushed its credit rating, share prices
Business
Kuwait starts 100,000 bpd oil-gathering center
Kuwait is one of five countries that negotiated a higher baseline for its quota in a July 18 OPEC+ meeting.
- A gathering center is a facility that collects oil from a field to be transferred usually by pipelines
- This gathering center is formally referred to as GC-31 and is located in in northern Kuwait
Business
Amazon to hire 1,500 people in UAE as it expands business
Amazon, the US e-commerce giant, has announced that it would add 1,500 jobs in the United Arab Emirates to cope...
- The jobs, according to the company, will be created as it expands its fulfillment center storage capacity by 60 percent
- This expansion is expected to create additional jobs through its sellers and delivery partners
Business
Oman tax authority to fine VAT non-filers
Those who have not filed VAT returns would see a fine of up to OMR5,000 (around $13,000) imposed on them.
- The standard rate of VAT in Oman is 5 percent
- It is among the lowest in the world
Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...
Economy
Company News
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DEWA Q1 profit $207.8m
Business
SABIC H1 net profit slumps 87%
The second quarter net profit fell 85 percent on weaker demand.
Business
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Economy
Global trade in goods, services worth US$31trn in 2022: WTO
Dubai, UAE--Trade in goods and services amounted to US$ 31 trillion in 2022, a 13% rise year-on-year. According to the...
- In 2022, China retained the top position as the top merchandise exporter, but its share fell to 14 percent from 15 percent
- Exports of fuel and mining products recorded a 19 percent increase per year between 2019 and 2022, touching US5,158 billion in 2022
X, the former Twitter, lets users hide once-vaunted blue check
Blue ticks, long free at Twitter, were intended to signal the identity of certain users -- such as journalists, celebrities...
- A coveted status symbol at Twitter before Musk;s takeover, the blue checks have been mocked by some as a sign that the user is willing to pay for special treatment
- Other paid-for features, such as posts longer 280 characters, may still allow other users to identify a Blue subscriber even if their blue tick has been hidden
Business
Agthia Group profit vaults 6.6%
The net profit rose to US$39.21m in H1 of 2023.
- The company's revenue jumped 10.3 percent to $600 million, reflecting a strong volume and value performance from dates
- EBITDA growth was ahead of revenue, up 18.3% year-on-year to $87m, reflecting strong growth in profitability across snacking and water