Abu Dhabi residential sector achieves record growth in 2023, says report
ABU DHABI, UAE - Abu Dhabi’s residential sector has witnessed one of the best years on record, where a total...
Business
Singapore’s Petrozo Energy setting up Sharjah base to target Middle East
Sharjah, UAE – Petrozo Energy, a leading Singapore-based oil and gas company, has announced a plan to establish a new...
Business
Economy
Qatar, France look to enhance cooperation in labor
The deal was signed on Sunday, March 27, in cooperation with the International Labor Organization.
- The memorandum comes within the framework of the cooperation strategy implemented by Qatar with various governments and global organizations
- It reportedly aims to enhance cooperation between the Ministry of Labor and the French government in cooperation with the ILO in the fields of labor
Business
Poultry available in quantity during Ramadan, assures Jordan minister
The announcement came after the minister met members of the Jordanian Poultry Producers Association on Sunday.
- Jordan’s Minister of Agriculture Khaled Hneifat has said his ministry is keen on providing poultry to meet citizens' needs throughout the holy month
- For their part, the Jordanian Poultry Producers Association’s representatives said they would continue to cooperate with the ministry to provide poultry
Business
Social Development Bank extends $2.93bn support to Saudi entrepreneurs
The bank announced this while participating in the Global Entrepreneurship Congress (GEC) in Riyadh.
- The pledge is said to be part of the bank’s efforts to empower Saudi youth and promote comprehensive national development
- The SDB is also said to have signed, on the sidelines of the GEC, several agreements with various strategic bodies
Videos
Where does fisheries stand in UAE economy?
The fisheries sector in the UAE has changed quite a bit over the past two decades, with a pointed move...
- The UAE has been striving to achieve food security through several of its initiatives
- It has also been looking to achieve a degree of sustainability in the fisheries sector
Opinion
How can UAE firms adapt to corporate tax?
Now entities that typically have strong brand equity, control over distribution, and very few competitors, have a competitive edge that...
- Generally, businesses react negatively to any tax announcement, like the UAE’s corporate tax
- However, companies within the UAE might themselves benefit the most from such a tax
Economy
Metaverse set to transform banking in GCC
Regional players eye big share as Metaverse is expected to become a US$800 billion market. Some analysts believe it will...
- Metaverse is expected to become a US$800 billion market -although some analysts think it will reach $30 trillion
- The use of Metaverse in banking may lead to the emergence of fully digital bank branches, reducing or even eliminating the need for physical ones
Business
AD Ports, Kuwait GAC sign MoU
The port operator will develop a virtual trade corridor between the two countries.
- AD Ports Group’s digital arm, Maqta Gateway, will develop the new virtual trade corridor based upon its Advanced Trade & Logistics Platform.
- The MoU will also provide for accelerated procedures for expediting shipments of perishable goods, reducing dwell time at borders.
Business
Saudi Arabia shows interest to develop nuclear reactors
Saudi Arabia has evinced interest to develop small modular nuclear reactors in order to generate electricity for remote areas of...
- The kingdom's Minister of Energy, Prince Abdulaziz bin Salman, said that Saudi Arabia isn’t looking for funding from any country to help it with its energy transition plan
- “The future of the world and society lies not in us waiting for someone else to build the things we should use, but for us to build them ourselves,” he added
Business
Saudi Arabia supports SMEs with $80bn cash injection
In order to protect SMEs from economic recession, Saudi Arabia provided more than $80 billion in support to the businesses,...
- Saleh Al-Rahseed, speaking at GEC 2022 in Riyadh, said the Kingdom gave confidence to entrepreneurs and innovative companies not only by giving them cash but all kind of support
- “It wasn’t just cash injection that helped Saudi SME’s during the pandemic” he said
Business
How Ukraine war left China’s ‘Nickel King’ on hook for billions
The nickel market is dominated by a handful of players, including Tsingshan, founded by Xiang Guangda.
- The silver-white metal's price hit a record $100,000 per ton as western sanctions were imposed on Russia for invading Ukraine
- Official data has revealed that China holds around 100,000 tons of nickel in state reserves
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
Abu Dhabi residential sector achieves record growth in 2023, says report
ABU DHABI, UAE - Abu Dhabi’s residential sector has witnessed one of the best years on record, where a total...
Business
Company News
Latest News
Realty sector’s success hinges on GDP growth
The kingdom’s Minister of Housing, Majid Al-Hogail recently said that Gulf country's residential real estate finance is expected to exceed...
Videos
Jordan’s interconnection projects to serve as hub for energy exchange
AMMAN, JORDAN -The Kingdom’s Ministry of Energy and Mineral Resources has emphasized the significance of current and upcoming electrical interconnection...
Geostrategy
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Business
AI ‘no substitute’ for fashion designers’ creativity
Fashion innovator Calvin Wong, who has developed the world's first designer-led AI system, says 'we must treasure the designer's original...
- The Interactive Design Assistant for Fashion (AiDA) uses image-recognition technology to speed up the time it takes for a design to go from a first sketch to the catwalk.
- Wong said AiDA's particular strength was its ability to present "all the possible combinations" for a designer to consider, something he said was impossible currently.
Business
Iran steel production to rise by 22% in two years to 55MT annually
Tehran, Iran -- Iran’s annual steel production capacity is expected to increase by more than 22 percent within the next...
- A senior official said that Iran’s steel output capacity had increased by more than six times in 20 years to reach a current figure of 45 million mt per year.
- Iran is seeking greater access to export target markets as the domestic demand for steel is expected to stay at a present level of 20 million mt per year in the coming years.
Business
Gulf banks show resilient growth despite US Fed hikes
Major banks in the UAE and Saudi Arabia, including the Commercial Bank of Dubai and First Abu Dhabi Bank, reported...
- Major banks in the UAE and Saudi Arabia, including the Commercial Bank of Dubai and First Abu Dhabi Bank, reported record profits in the first half of 2023, says a report
- In H1 2023, Saudi Arabia exhibited outstanding credit facility performance as Al Rajhi Bank reported a net income of US$2.2m, while Riyad Bank achieved US$1bn after zakat