Middle East emerges as a major player in global CEO appointments: report
Dubai, UAE - The Middle East has emerged as a prominent player in global CEO appointments, securing 68 out of a...
Business
Geostrategy
Saudi, Kuwait to develop gas field despite Iran complaint
Saudi Arabia and Kuwait will develop a disputed gas field despite Iranian objections, while urging Tehran to engage in negotiations,...
- The two countries also issued a new invitation for Iran to negotiate over the boundary of the gas field
- Tehran had earlier said that the deal contravened "previously held negotiations", adding that it "reserves its right to exploit" the field
Business
Covid, digital transformation push GCC cloud growth
Businesses in the region are increasingly adopting cloud to protect their data, apps and infrastructure from fraudulent activities while supporting...
- Cloud computing can generate $202 billion from various sectors in Saudi Arabia by 2030
- Rapid cloud adoption can generate up to $600 bn in recurring value in the MENA region
Business
Jordan and Turkey’s Solvest company sign MoU to mine copper
Jordan and Turkey will jointly mine copper in Abu Khashaba Canyon and Ghor Fifa in Southern Jordan. Jordan’s Ministry of...
- The mining project will be implemented on a 20-km² plot of land after studies had shown large and concentrated quantities of copper ore.
- During the MoU's one-year period, the company will conduct several mining and exploration studies to evaluate copper underground repositories.
Business
Dubai Next expects increase in ‘fund seekers’
Dubai Next, the digital crowdfunding platform that has attracted many young innovators and start-up ideas, is anticipating an increase in...
- This follows the country approving a federal system for such platforms recently
- Between the first three months and now, the campaigns have increased by 50 percent
Expo 2020 DUBAI
Expo 2020 was a ‘truly remarkable World Expo’: Dimitri S Kerkentzes
Terming the hosting of Expo 2020 Dubai as a 'truly remarkable World Expo, Dimitri S Kerkentzes, Secretary-General of the Bureau...
- Secretary-General said "Expo 2020 Dubai became a beacon of unity and hope, one that reminded us of the importance of human solidarity and international cooperation"
- He added: "It has shown that by connecting the world, we can explore the realm of infinite possibilities for the benefit of humanity"
Business
KSA and Kuwait call on Iran to hold talks on divided gas field
Saudi Arabia and Kuwait have appealed to Iran to hold negotiations on demarcating the eastern boundary of the submerged Dorra...
- Both countries have previously invited Iran for negotiations, but there was no response from Iran
- The field is expected to produce 1 billion cubic feet of natural gas per day with 84,000 barrels of condensate daily
Business
ADQ invests in Egypt
The Abu Dhabi-based firm has an office in Cairo.
- These transactions are part of ADQ's commitment to investing in the country’s economic growth through its $20 billion joint strategic investment platform.
- The transactions include stakes in Commercial International Bank (CIB), one of Egypt’s largest banks.
Business
Iran sees windfall in Qatar World Cup
Iran is hoping to host visitors flocking to nearby Qatar for the 2022 World Cup finals, with officials boosting flights...
- "The Qataris are very interested in using Iran's infrastructure in the 2022 World Cup," Transport Minister Rostam Ghassemi told reporters on Tuesday
- Visitors could apply for free single or multi-entry passes for 20 days during those two months
Business
Sumou, Al Shabab sign contract
The Saudi real estate firm will develop club's land in Riyadh.
- The contract is for the purpose of leasing and investing the club’s land located on King Fahd Road and Olaya Road
- Sumou will pay an annual rental fee of SR19.3 million
Business
UAE Central Bank, Bank of Korea renew bilateral currency swap pact
The agreement will allow the exchange of local currencies between the two central banks of up to AED20 billion and...
- The agreement will allow the exchange of local currencies between the two central banks of up to AED20 billion and up to KRW6.1 trillion for five years
- "The agreement with the Bank of Korea contributes significantly to the development of financial markets in both countries,” Mohamed Balama said
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Middle East emerges as a major player in global CEO appointments: report
Dubai, UAE - The Middle East has emerged as a prominent player in global CEO appointments, securing 68 out of a...
Business
Company News
TCS Q1 profit at US$1.35bn
Business
Latest News
Qatar records real estate sales contracts worth $60 million
Doha, Qatar -- The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
Business
Qatar Central Bank issues treasury bills worth $137 million for a week
Doha, Qatar -- Qatar Central Bank (QCB) issued treasury bills worth QR 500 million ($137 million) for a one-week term,...
Business
UAE, Armenia ink 4 MoUs at joint business forum
YEREVAN, ARMENIA - Chairman of the Federation of UAE Chambers of Commerce and Industry (FCCI) Abdullah Mohamed Al Mazrouei and...
Business
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Business
Saudi Arabia seeks Chinese investment in mining, industry
Beijing, China - Saudi Arabia is seeking Chinese investment in mining and industrial sectors. The Saudi Minister of Industry and...
- The Saudi side highlighted the goals of the National Strategy for Industry and the opportunities provided in various industrial sectors
- The meeting examined the measures, initiatives and incentives provided by the ministry to remove obstacles for investors
Economy
Saudi Arabia’s economy joins trillion-dollar club
The Kingdom now ranks 17th in global economic rankings and 17th out of 64 countries for global economic competitiveness.
- The milestone was achieved ahead of the state's 2025 targets, accompanied by a remarkable growth rate of 8.7%, the highest among G20 nations
- Saudi Arabia now ranks 17th in global economic rankings and 17th out of 64 countries for global economic competitiveness
Business
UAE-Saudi non-oil trade reaches US$159bn in 2018-22
ABU DHABI, UAE - The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by...
- The volume of trade between the UAE and the Kingdom of Saudi Arabia grew by 28 percent in 2022.
- The year 2021 saw growth, reaching $33.9 billion (AED 124.65 billion), compared to $28 billion (AED 103.91 billion) in 2020.