Over 6,000 F&B companies join Dubai Chamber of Commerce in 2023
DUBAI, UAE – President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah has revealed that 6,478 new Food and...
Business
Business
Saudi Arabia lifts ban on entry of foreigners
Saudi Arabia has lifted the ban on the entry of foreigners from 20 countries, six months after the kingdom declared...
- The Ministry of Foreign Affairs’ agency for consular affairs said the decision only applied to expats who were fully vaccinated in Saudi Arabia before they departed for their home
- Expats wanting to return to the Kingdom should undergo all health measures to ensure they were free from infection, the agency added
Business
IFC pours $10.4bn in private sector in MENA
During the current financial year, the International Finance Corporation (IFC), a member of the World Bank group, provided financing worth...
- IFC's financing included $2.9 billion in short-term finance and $4.2 billion in mobilization
- The funds helped small businesses access finance, connect people and businesses to reliable digital infrastructure, trade and services
Business
Chabahar port becomes permanent member of World FZO
The World FZO is a non-governmental, non-profit entity based in Dubai in the United Arab Emirates.
- Chabahar is Iran's only oceanic port on the Gulf of Oman
- It can from now on participate in the decisions and events of the World FZO
Business
ADNOC L&S acquires line boats
Boats used for marine services at Abu Dhabi petroleum ports.
- All six vessels contracted from Sharjah-based Albwardy Damen.
- ADNOC L&S says it is in the midst of strategic expansion program.
TikTok to offer in-app shopping with Shopify
The social media app will expand into e-commerce in partnership with Shopify
- The social media app will expand into e-commerce in partnership with Shopify
- The news comes amid rising interest in "social commerce" that is expected to be worth some $36 billion in the US this year
Samsung announces $205 billion investment plan
The tech giant is South Korea's largest conglomerate and its overall turnover is equivalent to a fifth of the national...
- The tech giant is South Korea's largest conglomerate and its overall turnover is equivalent to a fifth of the national gross domestic product
- Samsung Electronics, the flagship subsidiary of the Samsung Group, is the world's biggest smartphone maker
Business
High cost of non-stop flying shakes up aviation
The global aviation industry has been booming for the last few decades now. But the unprecedented growth in jets flying...
- The aviation sector generates 2-3% of global carbon emissions
- Industry leaders pledged to halve net CO2 emissions to 2005 levels by 2050
Business
Bahrain’s rich own half of its total wealth
Nearly half of Bahrain’s wealth, of $69 billion, is possessed by its super-rich citizens, according to Boston Consulting Group (BCG).
- Ultra high-net-worth individuals (UHNWIs), who are valued at $100m or more are expected to own 44pc of overall financial wealth in the kingdom by 2025
- the upper high-net-worth ($20m to $100m) and lower high-net-worth ($1m to $20m) individuals are expected to own 9pc and 15pc of financial wealth in the kingdom respectively by 2025
Business
Kuwait looks to regulate local used-car trade market
The regulation will look to limit the maximum number of cars non-Kuwaiti residents in the country can own.
- Local authorities were recently alerted to people in the country with up to 50 vehicles in their names
- These people were apparently trading in used cars without a proper license
Business
Abu Dhabi Judicial Department pulls up banks over loan guarantees
Failing to take guarantees is a violation of the requirements and controls regulating the granting of loans, said the department.
- In many cases already filed, courts found the guarantee provided by a borrower not proportional to the value of the loan
- In some other cases, banks apparently disbursed money against the borrower’s guarantee or his identification papers only
Over 6,000 F&B companies join Dubai Chamber of Commerce in 2023
DUBAI, UAE – President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah has revealed that 6,478 new Food and...
Business
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Fawry to expand into Saudi Arabia
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Business
Saudi Arabia at 16 position in Lloyd’s List 2023 rankings
RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia was ranked 16 in annual container throughput by the 2023 edition...
- As per the industry report, container volumes across the Kingdom’s ports during 2022 were estimated at 10,439,620 TEUs.
- The Kingdom’s groundbreaking strides in the global logistics landscape boils down to a host of critical catalysts,
Economy
Kuwait posts fiscal surplus after almost a decade, says finance ministry
Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry...
- More than 92 percent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine.
- Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.
Economy
Kuwait records its first fiscal surplus in nine years on oil prices surge
The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry...
- Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.
- The average price of a barrel of oil over the fiscal year stood at $97.1, an increase of 21.4 percent compared to the previous year. Output was 2.7 million barrels per day.