Gold hovers near a month high on slowing US inflation
ABU DHABI, UAE- Gold prices hovered near a month high on Friday after data suggested easing US price pressures, while...
Business
WTO ministers struggle to forge deals as talks go into overtime
ABU DHABI, UAE – World trade ministers were locked in disagreement Thursday on fisheries subsidies, agriculture and digital customs duties as...
Geostrategy
Business
Emirates Development Bank to facilitate $8.16 bn in lending by 2025
Emirates Development Bank (EDB) has said it will facilitate direct and indirect lending totaling AED30 billion ($8.16 billion) by 2025,...
- At its first Board meeting of 2022, the bank said it made AED1.91 billion contribution to the UAE’s GDP growth.
- The bank launched a new Credit Guarantee platform, which was able to mobilize more than AED332 million of capital to SMEs.
Business
Suez Canal posts 20% jump in revenue in Q1 of 2022
Suez Canal posted twenty percent increase in revenue in the first quarter of 2022 despite the Russian-Ukraine war disturbing the...
- The Suez Canal Authority recorded $1.7 billion revenue in the first quarter up from $1.4 billion a year earlier
- The number of ships transiting the canal from January to March this year increased by 15.8 percent, to reach 5,303 ships, up from 4,581 ships during the same period last year
Business
Petra records highest number of visitors since Covid pandemic
The ancient city of Petra in Jordan has registered the highest number of visitors since the start of the coronavirus...
- The city's visitors in March were: 43,533 of foreign nationalities, 3,859 from Arab countries and 6,504 Jordanians.
- Only 4,656 visitors of all nationalities, most of whom were Jordanians and Arabs, made it to Jordan's main tourism attraction during the month of March 2021.
Business
Tadawul bars three firms from trading in shares
Tadawul, the Saudi stock exchange, has barred three companies from trading in shares over their failure to issue financial statements...
- The exchange suspended Saudi Cable Co. shares from the main market
- It also suspended Obeikan Glass Co. and Advance International Company for Communication and Information Technology from the Nomu parallel market
Business
War casts its gloom on Swiss watch industry
Diamonds shine brightly at this year's Geneva watch fair but the sanctions slapped on Russia could soon force the Swiss...
- Luxury watchmakers exhibiting at Watches and Wonders depends on their reserves, as the major supplier of diamonds, gold, and other precious metals Russia faces worldwide sanctions
- Switzerland is the chief importer of Russian gold, ahead of precious metals such as platinum followed by diamonds
Geostrategy
UAE, Israel cooperate to advance maritime transport sector
The MoU is said to be in the field of maritime transport, exchange of experiences, and strengthening strategic partnership.
- The MoU aims to enhance cooperation between the two countries in the field of transport, especially maritime
- It is also expected to help exchange experience and knowledge to serve the future directives for the next 50 years
Economy
Bahrain authorities allay fears over tomato price rise
Bahrain’s Ministry of Industry, Commerce, and Tourism has announced that big shipments of tomatoes would arrive within the next few...
- Bahrain’s Ministry of Industry, Commerce, and Tourism has said it is closely monitoring the availability of products in the central markets
- The ministry is looking to ensure that there are multiple options for basic food products, such as fruits and vegetables, at the usual prices
Economy
People flee Lebanon to Iran in search of employment
Lebanon is grappling with an unprecedented financial crisis that the World Bank says is of a scale usually associated with...
- Lebanon’s crisis, driven by years of endemic corruption, has seen its currency lose more than 90 percent of its value against the dollar
- The monthly minimum wage now fetches around $30 on the black market, with 80 percent of the population now living in poverty
Business
Tesla delivered 1m EVs last year
That is 67 percent higher than deliveries in the year-ago period.
- The company delivered 1.06 million cars from April 2021 to March 2022
- This included more than 310,000 cars in the first quarter of this year alone
Economy
Gulf countries warm up to waste-to-fuel plans
Here’s a broader look at how the region has prioritized solid-waste recycling and the production of alternative fuels to deal...
- Solid waste management is one of the most critical challenges facing all GCC countries
- Construction waste accounts for 53% of the total solid waste generated in the Gulf countries
Most Read
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
Gold hovers near a month high on slowing US inflation
ABU DHABI, UAE- Gold prices hovered near a month high on Friday after data suggested easing US price pressures, while...
Business
Company News
Latest News
Ant Group to buyback shares
Business
Global ambitions fuel Qatar’s investment momentum
Qatar Investment Authority, with a diversified $450 billion portfolio across 60 countries, is adeptly poised to tackle global economic hurdles...
Business
Google’s AI chatbot goes personal tapping into Gmail, YouTube
Google has for years discreetly developed AI powers but was caught off guard when OpenAI late last year released ChatGPT...
Business
Stocks diverge as oil hits 10-month high of above $95 per barrel
Brent North Sea crude oil traded above $95 per barrel Tuesday for the first time since November last year, supported...
Economy
Most Read
Business
ZATCA, Korea Customs Service sign MoU to recognize AEO
Riyadh, Saudi Arabia -- Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) and Korea Customs Service have signed a memorandum...
- The move will accelerate the clearance of goods at customs points, enhance trade, and support their economies, SPA reported.
- ZATCA also showcased the “Clearance within Two Hours” initiative, which aims to unify the efforts of customs clearance authorities.
Business
Musk says X could charge all users ‘small monthly payment’
The tech tycoon has made multiple changes since taking over the site for $44 billion in October last year, when...
- During a talk with Musk on Monday, Israeli PM raised the question of online anti-Semitism, and how X could prevent the use of bots
- Musk replied that the company was moving to having a small monthly payment for use of the X system and it's the only way to combat vast armies of bots
Business
AD ports’ digital customs transactions increase by 37% in H1
Clearance of goods transactions increased by 35.8%.
- AD Customs reported a 20 percent growth in customs clearance request in free zones areas.
- It also recorded a growth of 6 percent in customs declaration during the first six months of 2023.