Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Business
TikTok lets creators charge monthly subscriptions
TikTok on Monday said it will start letting some popular accounts at the video-snippet streaming star charge subscriptions for live...
- "LIVE Subscription is an extension of our efforts to build diversified creator monetization opportunities that suit a range of creator needs," TikTok said in a blog post
- TikTok said the subscription feature being introduced this week will only be available to creators by invitation for now
Business
‘Digitization transforming Islamic banking in GCC’
The use of CX capabilities, digital media, predictive analytics can help banks develop personalized Shariah-compliant services, says Dubai Islamic Bank...
- The use of CX capabilities, digital media, and predictive insights and analytics can help banks develop personalized Shariah-compliant services, says Group CEO Dubai Islamic Bank
- Islamic banks partnering across the digital economy through open banking can widen choice by creating new and incredibly exciting financial and non-financial services, he adds
Economy
Algeria president sacks central bank chief
Algerian President Abdelmadjid Tebboune on Monday sacked central bank chief Rostom Fadli, in office for less than two years, the...
- Fadli had taken office in June 2020 as interim head of the central bank of Africa's fourth-biggest economy, later being confirmed in the role
- Algeria is a rentier economy dependent on oil exports for 90 percent of its foreign income, and therefore vulnerable to price movements
Economy
‘Central bank digital currencies can transform financial system’
More countries are experimenting with CBDCs and some are beginning to bring them to market, potentially offering lessons for the...
- More countries are experimenting with CBDCs and some are beginning to bring them to market, potentially offering lessons for the rest of the world
- Some of the questions that were debated included the macroeconomic and geopolitical implications surrounding the roll-out of CBDCs
Business
Dubai Chamber of Commerce reports 55% membership growth in April 2022
The new member companies joining Dubai Chamber of Commerce in April 2022 reached 3,056, bringing the Chamber's total membership to...
- The new member companies joining Dubai Chamber of Commerce in April 2022 reached 3,056, bringing the Chamber's total membership to 300,000 companies
- The value of members' exports and re-exports in April 2022 amounted to AED20.2 billion, growing by 16.7 percent from the AED17.3 billion posted in April 2021
Business
Iran signs multiple trade deals with Oman during president’s visit
A delegation of 50 Iranian businessmen travelled to Oman last week, with Iran's minister for roads and urban development announcing...
- Both the countries signed 12 memoranda of understanding including in the fields of oil and gas.
- Oman is seeking to import gas from Iran by building an offshore pipeline between the two countries.
Business
Alpha Dhabi to invest in Borouge IPO
The conglomerate will invest $99 million as corner investor.
- Alpha Dhabi's investment comes as the company continues to scale its highly diversified portfolio, it said.
- The company said petrochemical vertical remains a key target sector for it.
Business
Multiply to invest in Borouge IPO
The company to make this investment at the final offer price set by Borouge.
- Borouge has adopted a comprehensive sustainability agenda with a strong focus on promoting a zero-waste plastics circular economy
- It aims to reduce its Scope 1 emissions by 25 percent, its energy intensity by 30 percent and continuous flaring by 100 percent by 2030
Business
Aramco, Etisalat top list of GCC’s valuable firms
Although the last several months have been hard for listed businesses in the Middle East, yet many have defied the...
- The banking and financial services sector has seen its worth grow much more than other sectors
- Still, individual companies like Aramco of Saudi Arabia and Etisalat of UAE are by far the most valuable companies in the region
Business
Trial of two Europeans for Iraq antiquity theft adjourned
An Iraqi court on Sunday adjourned for two weeks the trial of a Briton and a German man accused of...
- James Fitton, 66, a retired British geologist, and Volker Waldmann, 60, a Berlin psychologist, have been in custody since they were arrested on March 20 at Baghdad airport
- The trial was adjourned until June 6 to allow time for further investigations, at the request of Waldmann's defense lawyer, Furat Kuba
Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
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Modon inks 2 MoUs with Saudi Exports, Local Content Authority
RIYADH, SAUDI ARABIA - The Saudi Authority for Industrial Cities and Technology Zones (Modon) has signed two memorandums of understanding...
Business
Gaza conflict: Fitch places Israel’s IDR on rating watch negative
London, United Kingdom -- Fitch Ratings has placed Israel's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'A+' on...
Business
Saudi e-visa facility extended to Turkiye, five other countries
Riyadh, Saudi Arabia-- Saudi Arabia announced Tuesday that it will grant e-visa to visitors from six new countries -- Turkiye,...
Business
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Business
Archer to launch its all-electric air taxi service across UAE
ABU DHABI, UAE - Archer Aviation on Tuesday announced that it has entered into an agreement with Abu Dhabi Investment...
- ADIO plans to support Archer in establishing its first international headquarters and manufacturing facilities in the SAVI Cluster in Abu Dhabi.
- Archer’s Center of Excellence will focus on developing and implementing next-generation aviation technologies.
Business
Manufacturers struggle to meet AI-related goals, says new white paper
DUBAI, UAE -- Despite many manufacturers integrating AI into their operations, a significant number of them face challenges in meeting...
- A global Boston Consulting Group study from 2023 revealed that AI technologies could enhance productivity by over 20 percent.
- While 90 percent of companies across various industries aim to incorporate AI, only one in six have met their AI-related objectives.
Business
UAE and Saudi Arabia lead MENA venture capital fundraising
Dubai, UAE -- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32...
- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32 percent increase compared to Q2 of 2023.
- Saudi Arabia and the UAE led the region in capital raised, with the Kingdom reporting a 172 percent QoQ increase.