DHL to stop global shipments worth over $800 to US consumers
Washington, United States -- Global shipping giant DHL will "temporarily" suspend the shipping of parcels worth more than $800 from...
Business
Business
Qatar signs agreement with Saint Lucia for air service
Doha, Qatar-- Qatar and Saint Lucia have signed an air services agreement allowing the Gulf country's airline to expand its...
- The agreement was signed by Qatar's Minister of Transport Jassim bin Saif bin Ahmed Al Sulaiti and Saint Lucia's Minister for External Affairs Alva Romanus Baptiste
- The two ministers reviewed ways to strengthen and develop relations between the two countries in the field of civil aviation and various air transport activities
Economy
Global recession likely in 2023, say WEF chief economists
Almost two-thirds of chief economists believe a global recession is likely in 2023, with 18 percent of them considering it...
- In China, expectations of growth are polarized, with respondents almost evenly split between those who expect weak or strong growth.
- One positive signal is that supply chain disruptions are not expected to cause a significant drag on business activity in 2023.
Economy
DFSA releases 2023-24 plan to support Dubai’s growth as financial hub
DUBAI, UAE - The Chairman of the Dubai Financial Services Authority (DFSA), Fadel Al Ali Monday announced the publication of...
- The two-year plan outlines an ambitious roadmap to meet the DFSA’s statutory objectives for the Dubai International Financial Center.
- The DFSA will be pursuing several key projects that cut across multiple strategic themes.
Infographics
Small gain for gold in 2022 despite rate hike
Goldman Sachs has recently projected that the supply of Lithium will begin to outpace demand from 2023 onward.
- Gold posted a small gain in 2022, which reinforced the precious metal's stable and uncorrelated performance amid market turbulence.
- Gold Council said weak institutional demand was offset by retail investment - driven by inflation and geopolitics - and central banks had an exceptional year of net buying.
Economy
Countries which transform food system can meet net-zero goals, says WEF report
DAVOS, SWITZERLAND – A  report launched Monday at the World Economic Forum Annual Meeting 2023 shows how countries can accelerate...
- Food systems, when transformed, can help solve some of the world’s toughest problems, from climate change to resilient livelihoods.
- The report identifies models for businesses and policy-makers and a roadmap of priorities for countries to improve productivity and sustainability.
Economy
Qatar’s Consumer Price Index increased by 5.93% in Dec 2022
Doha, Qatar-- Qatar's Consumer Price Index (CPI) rose by 5.93 percent in December 2022 to reach 108.20 points, driven primarily...
- On monthly basis, the CPI increased by 1.24 percent when compared to CPI of November 2022.
- Prices decreased in Communication by 3.37 percent, Health by 2.31 percent, Clothing and Footwear by 0.38 percent and Miscellaneous Goods and Services by 0.08 percent.
Business
Dubai realty transactions cross half a trillion dirham mark in 2022
"The exceptional performance of the real estate sector reflects support the goal of the Dubai Economic Agenda D33 launched to...
- In 2022, a total of 80,216 investors made 115,183 new real estate investments worth AED264.15 billion, an annual growth of 59.5% in volume and 78.4% in volume.
- The real estate sector's growth coincides with the growth of the emirate's economy despite the challenging global economic situation.
Economy
RAKTDA simplifies procedure for getting permits for Rak Holiday Homes system
RAS AL KHAIMAH, UAE- Â Ras Al Khaimah Tourism Development Authority (RAKTDA) has announced updates to its holiday homes system. RAKTDA...
- The updates are part of the Emirate’s efforts to continue diversifying and strengthening its existing accommodation portfolio of four- and five-star hotels and resorts.
- These measures will help in driving a sustained tourism economy that benefits not only investors but also its communities.
Business
Mubadala acquires DCA
DCA is a US-based dental services organization with 390 allied practices,
- Mubadala and funds managed by Harvest Partners jointly control DCA and will work closely with the management team.
- Founded in 1991, DCA has approximately 5,400 employees, including over 885 dentists in 22 states and welcomes over 3.5 million patient visits per year.
China’s Tencent fires more than 100 for fraud, embezzlement
In a statement, the firm - which in November posted its second consecutive quarterly decline in revenue -said it had...
- The Hong Kong-listed company is the world's top video game maker and the owner of popular super-app WeChat
- Tencent has been hit hard by China's regulatory crackdown , which saw hundreds of firms pledged to scrub "politically harmful" content
Company News
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Fertiglobe Q3 revenue of $525m
Business
New investors throng Dubai Financial Market to open accounts
Dubai, UAE--Brokerage firms at the Dubai Financial Market (DFM) opened 57,054 new investor accounts in 2023, marking a significant increase...
Business
Najran extends MoU with Ayan for Commerce & Industry
Jeddah, Saudi Arabia - Saudi Arabia's Najran Cement Company has announced the extension of its non-binding memorandum of understanding (MoU)...
Economy
Maisarah leads Oman government’s successful sukuk issuance
MUSCAT, OMAN - Maisarah Islamic Banking Services, Islamic window of BankDhofar, acted as an Issue Manager for the Sovereign Sukuk...
Business
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Business
Albilad Capital to pay dividendÂ
The distribution ratio of the NAV stands at 0.10 percent.
- Albilad Capital confirmed that the dividends would be based on the unitholder register as of the end January 3, 2024.
- The total amount of distributed dividends has been declared at US$24,183, an indication of the fund's robust performance
Business
IsDBI begins building digital marketplace for Islamic finance
Jeddah, Saudi Arabia -- The Islamic Development Bank Institute (IsDBI) has kicked off the development of the Islamic Finance Knowledge...
- The Pavilion will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development.
- This project aligns with the IsDBI’s objective to provide fintech knowledge solutions to the Islamic finance industry to support sustainable development in member countries.
Business
Saudi insurance sector shows 14.6 percent growth in Q3 of 2023
RIYADH, SAUDI ARABIA- The Insurance Authority (IA) has issued its first report on the performance of the sector in the...
- The report has been issued to provide transparent and accurate information about the performance of the insurance sector.
- The report showed a 2.2 percent increase in the insurance sector’s penetration ratio to non-oil GDP in Q3 of 2023.