Ramadan influences consumer habits, retail strategy
The ongoing fasting month brings traditional practices and modern shopping habits together, impacting market trends significantly in the Gulf region.
Business
Business
Cubans ditch petrol cars, embrace electric versions
There is a new sight on the streets of Havana: increasing numbers of electric vehicles whizzing among the old American...
- The Cuban government has been promoting the use of electric cars, introducing them to state-owned companies to avoid use of fuel
- Fuel shortages have worsened since the US reinforced blockade of Cuba in 2019, preventing the arrival of fuel tankers from Venezuela
Business
QFB funding Qatari consortium to buy 11% stake in Ennismore Group
QFB will finance the purchasing consortiums investment vehicle by providing 20 million Euro.
- QFB will finance the purchasing consortiums investment vehicle by providing 20 million Euro
- The deal comes at a time when lifestyle segments are demonstrating a stronger performance than the overall market
Business
Qatar and Czech Republic sign deal to prevent tax evasion
Qatar has entered into an agreement with the Czech Republic to avoid double taxation on income tax and to prevent...
- The deal was signed by Minister of Finance Ali bin Ahmed Al Kuwari of Qatar and Minister of Finance Zbynek Stanjura of the Czech Republic
- The agreement comprises items related to the field of maritime and air transport and joint projects
Business
Facebook agrees to safeguards in ad discrimination case
Facebook has become a multi-billion dollar advertising juggernaut with its large amounts of user data that allow companies to more...
- Facebook has become a multi-billion dollar advertising juggernaut with its large amounts of user data that allow companies to more precisely target certain demographics
- Meta had already made changes to address housing ad discrimination concerns, and those will remain in effect, the proposed settlement stated
Business
Equities struggle to shake off recession fears
Equities struggled Wednesday after a brief respite from last week's painful rout across world markets, with recession fears continuing to...
- While Asia, Wall Street and Europe all enjoyed healthy gains on Tuesday, analysts warned the downbeat mood on trading floors means the selling is unlikely to end any time soon
- Most observers expect them to hike rates by three-quarters of a point several more times this year, having announced such a move in June -- the sharpest lift in almost 30 years
Business
Free of travel curbs, GCC residents fly away for a break
In spite of high inflation, residents of the GCC countries are seeking newer destinations in Europe and beyond to travel...
- The United Kingdom, the Maldives, and Europe are still the most popular destinations for the UAE and the GCC citizens
- Travel industry experts feel that the global inflationary pressures are yet to affect travel demand
Economy
UAE’s FRC forms council for financial reorganization
UAE's Financial Restructuring Committee has formed a Consultative Council to provide an open discussion forum between the FRC and experts...
- Consultative Council has been formed to provide an interactive relation between FRC and the community
- The Council will discuss and provide advice on financial reorganization and bankruptcy
Business
Oman Air to be a part of Oneworld alliance by 2024
Oman Air's joining will add new destinations to the Oneworld network including Duqm and Khasab in Oman and Chittagong (Bangladesh).
- Oman Air's entry into Oneworld will provide more flights and destinations to customers planning global travel across the alliance's members.
- It makes Oneworld the only global airline alliance with three members in the Middle East after Qatar Airways and Royal Jordanian.
Business
Crown Prince’s visit: Egyptian, Saudi firms sign deals worth $7.7 bn
The accords were related to "infrastructure, logistical services, port management, agri-foods, the pharmaceutical industry, fossil fuels and renewable energy, and...
- Trade between Egypt and the kingdom leapt more than 62 percent last year compared with 2020, reaching $9.1 billion, according to official Egyptian figures.
- Egyptians working in Saudi Arabia are an important source of foreign currency, with transfers worth more than $11 billion in the 2020-2021 financial year.
Business
Global personal luxury goods market hits US$300bn
The market benefited from an exuberant 2021 holiday shopping season across the regions, with a seven percent increase over the...
- Global personal luxury goods experienced a remarkable performance in the first quarter 2022
- Luxury brands enjoyed growth from a strong holiday shopping season, maintain momentum in the US
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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Presight, Samruk-Kazyna to form JV
Samruk-Kazyna is Kazakhstan's $70bn asset sovereign wealth fund.
Business
World’s biggest sustainable farm in Saudi enters Guinness Records
Riyadh, Saudi Arabia – A farm in Saudi Arabia has entered the Guinness World Records as the world's largest sustainable...
Business
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Business
UAE sourced 30% of its gems and jewelry imports from India
Dubai, UAE - The gem and jewelry trade between India and the United Arab Emirates (UAE) has seen substantial growth,...
- The UAE's jewelry imports from India amount to $3.12 billion out of the total $10.48 billion from various parts of the world
- The revelation was made during his address at the third edition of the International Gem and Jewelry Show in Dubai
Business
Delta posts Q3 profits of $1.1b
The company’s revenues rose 11 percent to $15.5 billion.
- Delta and other US carriers have pointed to pent-up travel demand as a driver of strong results in recent quarters.
- The company described overall demand as "strong," domestic demand as "steady" and international strength as "extending through fall."
Business
Red Sea Global launches Saudi’s first seaplane company
TABUK, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations -...
- Fly Red Sea aims to transport guests to various resorts scattered among the islands of Red Sea Destination.
- These resorts include St. Regis Red Sea Resort and Nujuma, Ritz Carlton Reserve, which would be inaugurated later in 2023