Davos25: Kyrgyzstan beckons with lax tax regime, says CEO of country’s tech hub
Davos, Switzerland -- Aziz Abakirov, the CEO of the High Technology Park of the Kyrgyz Republic, represents a unique initiative...
World Economic Forum
Economy
Saudi banks’ assets surpass UAE peers first time since 2007
Based on June data of Saudi and UAE central banks, the aggregate assets of Saudi banks (3.529.1 trillion) exceeded those...
- The Saudi banks’ assets broke the SAR 3 trillion-mark for the first time at the end of Feb 2021, the SAR 2 trillion-mark in Mar 2014 and the SAR 1 trillion-mark in Oct 2007.
- Saudi banks’ assets in June made up almost 135 of real gross domestic product (GDP) of SAR 2.614.7 trillion – their highest level ever.
Business
Sweden to provide guarantees worth ‘billions’ to energy firms
Faced with a winter without the energy supplies from Russia, Sweden has turned to Nordic and Baltic energy companies promising...
- Andersson while talking to reporters said the guarantees were aimed at giving energy groups "the breathing room that is needed"
- The guarantees were expected to be in place on Monday before the stock market closing and would cover all Nordic and Baltic actors within the next two weeks
Business
ADX partners with FTSE Russell
The two have co-developed the FTSE ADX Growth Market Index.
- The launch of FADGMI is a result of ADX’s successful partnership with FTSE Russell and closely follows the launch in March of the FTSE ADX 15 Index (FADX15)
- The ADX Growth Market, the new brand of the Second Market, is an emerging equity segment on the exchange that connects investors and privately owned businesses
Economy
Bahrain launches multi-entry e-visa for training purposes
Bahrain has launched a multi-entry e-visa for training purposes, allowing a holder to stay in the kingdom for six months.
- The Nationality, Passports and Residence Affairs (NPRA) said the visa is part of the 24 initiatives to enhance the NPRA services and the economic recovery plan
- The visa could be applied for on www.evisa.gov.bh for a fee of BD60
Business
Saudi import of plastic products climbs 18% to 456,000 tons
The import of plastic products into Saudi Arabia has shot up 18 percent to 456,000 tons in the second quarter...
- According to the General Authority for Statistics, the increase in imports was fueled by a 45 percent yearly rise in imports from China
- The total plastic and rubber imports grew 19 percent to $1.89 billion in the second quarter of 2022
Business
Gen Z changes rules of the game for realty sector
Property developers are imitating their peers in retail and hospitality and catering to the tech savvy Gen Z tenants and...
- Property developers are imitating their peers in retail and hospitality and catering to the tech savvy Gen Z tenants and homeowners with more personalized products and services
- Realty players need to concentrate more on lifestyle factors such as customer first, lifestyle led, data driven products, moving on from a focus on transactions to relationships
Economy
Broad money supply in Qatar reaches US$185.4bn in July
Social Security statements reached QR 78 million in July 2022, for 14,495 beneficiaries, recording a monthly decrease of 0.2% for...
- General index of the Qatar Stock Exchange increased in July 2022 at a monthly rate of 9.7% compared to June 2022.
- Cash equivalents; including Commercial Bank Deposits, attained for approx. QR 965 billion ($265bn) during July 2022.
Economy
Clean energy is key for Indonesian economy, says IEA
Indonesia has a viable path to reaching its target of net zero emissions by 2060, bringing major benefits to its...
- Key policy reforms and international support will be crucial to the success of the clean energy transition in the world’s fourth most populous country.
- The clean energy transition offers huge opportunities for the next chapter of Indonesia’s development as it seeks to become an advanced economy by 2045.
Geostrategy
‘Turkey can mediate Ukraine nuclear plant standoff’
Turkey can mediate in a standoff over Ukraine's Zaporizhzhia nuclear power station, occupied by Moscow's troops, President Recep Tayyip Erdogan...
- Erdogan had warned of the danger of a nuclear disaster when he visited Lviv last month for talks with his Ukrainian counterpart Volodymyr Zelensky.
- There has been growing alarm over the safety of Europe's largest nuclear plant, Zaporizhzhia
Geostrategy
UAE keen to work with global partners to address energy issues
A senior UAE official at the Ministry of Energy and Infrastructure said that his country is committed to collaborating with...
- The UAE is at the forefront in efforts of energy diversification and adoption of sustainability-driven technology to achieve climate neutrality.
- During the G20 Energy Transitions Ministerial Meeting, G20 Energy Ministers and major international energy organizations discussed key issues facing the sector.
Company News
Chimera launches Lunate
Business
Latest News
Alibaba shares dive more than 7% after cloud service called off
Alibaba is a key player in China's expansive digital economy and the operator of a major online shopping platform. The...
Focus shifts to societal impact and ethical use of AI
AI and data stakeholders will gather at Global Data Dialogue 2023 -- to be hosted in Dubai next week by...
Business
UAE defense ministry orders 100 REACH-S unmanned aircraft from EDGE
DUBAI, UAE - EDGE, one of the world's leading advanced technology and defense groups, announced its first major order from...
Business
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Business
Tabreed 9M profit at $218m
This is due to the steady growth in its consumption volumes.
- Tabreed delivers strong growth, with revenue soaring 10 percent to US$490 million in January-September 2023.
- This is a 10 percent increase in revenue year-on-year, compared to US$460 million in January-September 2022.
Business
Siemens posts record profit
Its shares rose over 6 percent on the Frankfurt Stock Exchange.
- The company, whose businesses range from making trains to automating production processes, earned a net profit of $8.62 billion in 2022-2023.
- Sales, at $84.6 billion, rose 11 percent on the previous year while for 2024, the group expects revenue to grow in a range of between 4 and 8 percent.
Geostrategy
Saudi Arabia, CARICOM countries hold first summit for strategic partnership
RIYADH, SAUDI ARABIA - Since its foundation, the Kingdom has been keen to build bridges of communication with all the...
- The convening of the summit will contribute to mutual support for various global nominations of the Kingdom and CARICOM, including Saudi Arabia's bid to host Expo 2030.
- It will enhance coordination on regional and international issues of common interest, boosting tourism cooperation, and highlighting Saudi Arabia's tourist attractions.