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
Thousands of international companies join Dubai Chamber of Commerce in 2023
Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of...
Business
Economy
CBJ asks local banks not to change interest rates on loans
The Central Bank of Jordan issues a circular asking local banks not to change interest rates on loans to individuals....
- The Central Bank of Jordan issues a circular asking local banks not to change interest rates on loans to individuals
- CBJ’s decision comes in light of the current changes to interest rates and to ease the burden of repaying loans for individuals
Business
WTO to lift Covid vaccine patents, but many doubt it will work
The World Trade Organization agreed Friday to temporarily lift patents on Covid-19 vaccines after two years of bruising negotiations, but...
- The unprecedented agreement, sealed by all 164 WTO members after late-night overtime talks, will grant developing countries the right to produce Covid vaccines for five years
- Under the terms of the new deal, WTO members have six months to decide on whether to extend the measures "to cover the production and supply of Covid-19 diagnostics and therapeutic
Business
TikTok says Oracle to keep US user data safe
TikTok on Friday said Oracle will store all the data from its US users, in a bid to allay fears...
- ByteDance employees have repeatedly accessed information about US TikTok users, according to a Buzzfeed news report
- TikTok has been adamant that it has never given US user data to Chinese officials and that it would refuse if asked to do so
Business
Gulf equities fall, imitating global stock markets
Equities in the Middle East imitated the global stock markets, falling as central banks raised interest rates to fight off...
- The UAE and Saudi central banks raised interest rates, hours after US Federal reserve increased its rate, the highest in nearly 30 years
- Financial and energy sector shares dipped sharply, dragging down the Saudi Stock Exchange's main index by 2.2 percent on Sunday
Economy
Halal tourism eyes recovery as COVID-19 norms ease
The recovery process of the sector remains fragile and could be disrupted by the ongoing war in Ukraine, fuel price...
- The recovery process of the sector may get disrupted by the ongoing Ukraine war, fuel price rise, and other potential health threats, say experts.
- The pre-pandemic projection of 230 million arrivals by 2026 will now be reached in 2028 with an estimated expenditure of USD$225 billion, they add.
Business
UAE industry leaders attend program on AI industry applications
The second edition of Industry 4.0 and AI for Industrial Leaders that saw the participation of industry leaders in the...
- The Industry 4.0 and AI for Industrial Leaders is collaboration between Ministry of Industry and Advanced Technology and Mohamed bin Zayed University of Artificial Intelligence.
- The program provides decision makers with the necessary technical knowledge to harness the power of AI in industry by determining optimum 4IR adoption strategies.
Economy
Venezuelan President calls on Qataris to invest in his country
President of Venezuela Nicolas Maduro, called on Qatari businessmen to invest in his country, to enjoy the benefits offered by...
- President of Venezuela Nicolas Maduro reviewed opportunities for tourism and investment cooperation
- Maduro said his government has developed plans to promote 18 vital sectors for the economy
Economy
UAE highly values intellectual property system, fosters innovation: Al Marri
The UAE attaches great importance to developing the intellectual property (IP) system and encouraging innovators and creators and the country...
- UAE Minister of Economy Abdullah bin Touq Al Marri stated this during meetings with World Intellectual Property Organisation, UNCTAD, WEF officials.
- The meetings were held on the sidelines of the UAE's participation in WTO's 12th Ministerial Conference (MC12) held recently in Geneva, Switzerland.
Business
Staff shortages and strikes threaten pandemic recovery for airlines
Desperate to put the coronavirus pandemic behind them, airlines will hold talks on Sunday ahead of a potential summer of...
- In the past few weeks, delays and cancellations caused by a lack of staff at airports and strikes for better pay have wreaked havoc upon travellers.
- In terms of Revenue Passenger Kilometres (RPKs), a measure of total distance flown by paying passengers, activity in April reached 62.8 percent compared with the same month in 2019
Business
Abu Dhabi Ports, National Marine Dredging Company set up JV
The Abu Dhabi Ports Group inks deal with National Marine Dredging Company Group to set up a JV to conduct...
- AD Ports Group, NMDC Group to set up a JV to conduct offshore surveys and subsea services
- The JV firm will offer geophysical and geotechnical, trenching and dredging support services
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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
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
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Dubai emerges as global hotspot for startup innovation
The emirate has transformed into a hub of entrepreneurship and ingenuity over the years. Renowned for its ambitious vision and...
Business
ExxonMobil to acquire Pioneer
This is the company's biggest takeover since 1990 acquisition of Mobil.
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Business
Aramco looks to invest in Shangong Yulong Petrochemical
Dhahran, Saudi Arabia -- Aramco has signed an MoU that paves the way for Aramco's potential acquisition of a 10...
- Aramco signed an MoU with Nanshan Group, Shandong Energy Group, and Shandong Yulong Petrochemical to pave way for the acquisition.
- Shandong Yulong is presently in the final stages of constructing a significant refining and petrochemical complex with the capacity to process approximately 400,000 barrels per day
Business
MENA awards $101 billion construction projects in first half
Dubai, UAE -- Despite global economic uncertainties, the construction industry in the Middle East and North Africa (MENA) awarded a...
- The lion's share of these projects, approximately 67 percent, hailed from Saudi Arabia, contributing $44 billion, and the United Arab Emirates (UAE), accounting for $23 billion.
- The collective estimated value of the project pipeline in the MENA region surpassed $3 trillion, with Egypt, Saudi Arabia, and the UAE owning more than 60 percent of it.
Business
Silal acquires stake in SAFCO
SAFCO Group is a food and beverage distributor in the UAE.
- Last year, Silal, in collaboration with Hoogendoorn, one of the world’s innovators in horticulture, launched the Digital Agronomy Service.
- The Service saw deployment of IoT sensors in 100 farms over the course of 2022.