Saudi Arabia weighs handing state airline Saudia over to PIF
Riyadh, Saudi Arabia - Saudi Arabia is considering transferring ownership of its national carrier, Saudia, to the sovereign wealth fund,...
Business
Qatar looks to boost tourism sector by streamlining regulations
Doha, Qatar-- Qatar is looking to develop "plans and strategies" to streamline procedures and regulations in order to solve solve...
Business
Business
Iran exports non-oil products worth $2.9bn to Iraq in four months
Tehran, Iran -- Iran exported $2.9 billion worth of non-oil products to Iraq in the first four months of the...
- Director General of the TPOIÂ for West Asian Affairs Farzad Piltan said Iran exported $541 million worth of products to Iraq in 2022.
- It is predicted that Iran’s export of non-oil products to Iraq will reach $10.5 billion by the end of the current year (March 20, 2024).
Business
RAKEZ witnesses 35 percent growth in holding company registrations
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) reported a remarkable surge in the registration of holding...
- Holding companies can benefit from the UAE's favorable tax environment, a key factor boosting global investors' appeal.
- This structure offers enhanced protection against potential risks and legal claims, an essential feature in today's complex business landscape.
Business
DGCX waives fees for Shari’ah compliant Spot Gold Contract
Dubai, UAE -- The Dubai Gold & Commodities Exchange (DGCX) Tuesday said it is waiving trading, clearing and delivery fees...
- DGCX will waive the fee until 31 December 2023. This fee waiver excludes the SCA fee of $0.03.
- The Exchange is also seeking approval from SCA to waive fees for its Gold Futures contract.
Business
Among the airlines, SAUDIA Airlines had the fewest complaints in July
Riyadh, Saudi Arabia – A total of 1,873 complaints were filed by travelers against air carriers in Saudi Arabia last...
- The GACA has released its monthly classification index for air transport service providers, based on the number of complaints filed by travelers to GACA during July 2023
- Flynas followed with 29 complaints per 100,000 travelers and a resolution rate of 98 percent, while Flyadeal had 167 complaints per 100,000 travelers
Economy
Passenger traffic at Dubai airport jumps 50% to 41.6m in H1
Surpassing pre-pandemic levels, more than 40 million passenger visits were recorded at Dubai international airport in the first half of...
- The airport operator said it expected demand to soar during the winter season, setting a new record
- Dubai airport in 2020 received only 25.9 million passengers, down from the 86 million the previous year.
Business
Qatar partners with African Civil Aviation Commission to boost cooperation
Nairobi, Kenya--African Civil Aviation Commission (AFCAC) and Qatar have signed a partnership agreement to strengthen cooperation in the aviation field.This...
- Mohamed Faleh Al Hajri, in charge of Civil Aviation Authority, represented Qatar at the 8th Africa and Indian Ocean (AFI) Aviation Week, holding bilateral meetings
- He highlighted Qatar Airways' role in connecting Africa with the world, saying that the national carrier operates more than 185 flights per week, linking Africa with Qatar
Business
Sustainable finance helps achieve net-zero emissions
"Together, we are working under the direct supervision of the Central Bank of the UAE to further advance sustainable finance...
- Six major UAE banks have dedicated over US$51.8 billion in green financing for renewable energy, waste-to-energy, and green technology projects
- UBF members will play a critical role in integrating environmental values into business and industrial progress during the upcoming COP28, says its chief
Business
UAE stocks generate strong cash flows as IHC stands out
Abu Dhabi, UAE--UAE stocks generated strong cash flows on Monday as the International Holding Company (IHC) maintained robust performance and...
- Hit by the low performance of the banking and financial service index, which fell 0.152%, Abu Dhabi's Index FADGI closed 0.248% down at 9,776.340 points
- Among the best performers were the Union Properties Company, closing 6.960% higher at AED0.415, followed by the Emirates Reem Investments, closing at AED4.280
Business
SRMG Ventures invests $5m in Anghami, MENA’s music streaming platform
Riyadh, Saudi Arabia - SRMG Ventures, the venture capital arm of the largest integrated media group in the MENA region,...
- The music and audio sector in the MENA region is projected to reach $700 million by 2026
- Anghami boasts 120 million registered users, up from its 75 million users in 2021
Economy
CBUAE foreign assets inch up to US$161.22bn in June
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has revealed that its total foreign assets increased to...
- According to the apex bank, foreign securities were down to $45 billion from $46.56 billion at the end of June,, with other foreign assets up to $17.27 billion
- The monetary base, according to the CBUAE, grew by 0.1%, climbing from $169.20 billion at the end of May 2023 to $169.42 billion at the end of June 2023
Saudi Arabia weighs handing state airline Saudia over to PIF
Riyadh, Saudi Arabia - Saudi Arabia is considering transferring ownership of its national carrier, Saudia, to the sovereign wealth fund,...
Business
Company News
ADQ appoints new ADX chairman
Business
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Airbus and Tata to build helicopter assembly line in India
Paris, France - Airbus will build a helicopter assembly line in India with Indian conglomerate Tata, the European aircraft manufacturer said Friday.The...
Business
Telegraph boss quits as UK investigates UAE-backed takeover
London, United Kingdom - The head of Britain's Telegraph Media Group has stepped down, the company announced on Friday, as the...
Business
Paris stocks hit record thanks to luxury
Europe's main stock markets shot higher, with Paris closing at a record high as shares in LVMH surged on record...
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Economy
US Federal Reserve’s favored inflation gauge rises before rate decision
The US Federal Reserve's favored measure of inflation ticked higher last month, according to government data published. The latest announcement...
- The closely watched "core inflation" measure, which strips out volatile food and energy costs, continued to ease.
- This will likely reassure the Fed that trends are moving in the right direction, despite the latest uptick in headline prices.
Business
Shurooq real estate sales exceed $48 million at ACRES 2024
Sharjah, UAE -- Sharjah Investment and Development Authority (Shurooq) contributed over AED 177 million to the total sales of AED...
- Shurooq said it has been continuously boosting Sharjah’s global investment appeal with revolutionary projects like Sharjah Sustainable City.
- At ACRES 2024 Shurooq showcased phase 4 of this net zero mixed-use development, selling and reserving 42 units that are valued at AED 102.5 million.
Business
Cisco identifies major AI trends for 2024
DUBAI, UAE – Developments in Artificial intelligence (AI) have been impacting businesses, governments and economies across the world. Advancements in...
- The Cisco index focuses on what organizations can do to adopt AI in 2024.
- It also says how innovators can leverage that technology to remain competitive.