Yen plunges to 34-year low, mixed results for equity markets
Hong Kong, China - The yen plunged Wednesday to a 34-year low against the dollar after a top Bank of Japan...
Business
SeaWorld Yas Island, Abu Dhabi wins Guinness World Records
ABU DHABI, UAE – SeaWorld Yas Island - the region’s first Marine Life Theme Park here -, has won a...
Arts & Culture
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
Yen plunges to 34-year low, mixed results for equity markets
Hong Kong, China - The yen plunged Wednesday to a 34-year low against the dollar after a top Bank of Japan...
Business
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US to auction three new oil and gas leases in the Gulf of Mexico
WASHINGTON, US - President Joe Biden's administration on Friday announced it would auction three new oil and gas leases in the...
Geostrategy
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Business
Europe should move faster on energy transition, say IEA, ECB
PARIS, FRANCE - Europe must invest more quickly and massively in its energy transition if it wants to remain a global...
- Europe must invest more quickly in its energy transition if it wants to remain a global industrial power, top policymakers said.
- Private sector investment faces barriers including policy uncertainty, bureaucratic red tape and higher energy costs, they said.
Business
Saudi Central Bank’s assets drop $6.39 billion in August
Riyadh, Saudi Arabia -- Assets held by the Saudi Central Bank (SAMA) declined by SAR 24 billion ($6.39 billion) month-on-month...
- When compared to August 2022, SAMA’s assets fell by around SAR 229.2 billion, according to data released by SAMA, Argaam reported.
- SAMA’s investments in foreign securities, which represent nearly 56 percent of its total assets, shrank by 12 percent year-on-year (YoY) to around SAR 986.2 billion last month.
Geostrategy
GCC, Pakistan ink preliminary free trade agreement
RIYADH, SAUDI ARABIA - Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed AlBudaiwi said that preliminary free trade agreement...
- The agreement was signed by GCC Secretary-General Jasem Mohamed AlBudaiwi and Pakistani Commerce Minister Dr. Gohar Ejaz.
- The Secretary-General stressed that the GCC countries are proceeding with free-trade negotiations with other countries.