Bosch to cut 3,500 jobs
The company is reducing costs to safeguard competitiveness,
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
Business
Business
A Saudi study sees tourism a provider of thousands of jobs
A study undertaken by the Saudi Ministry of Tourism sees the sector providing thousands of jobs for the young people...
- The study showed that 75 percent of the study participants were positive about the job opportunities available in the sector
- Some 80 percent of the study participants expressed that there are many opportunities for career learning and professional development in these areas
Business
IMF praises UAE for the handling of economy during pandemic
The UAE government has been praised by no less than the International Monetary Fund for the handling of its economy...
- The IMF said that the economic recovery is gaining momentum due to the UAE's accelerated efforts and health responses and continued supportive macroeconomic policies
- Overall gross domestic product growth is projected at 2.2 percent in 2021, driven by non-oil growth of 3.2 percent
Business
UN estimates global trade to slow down in 2022
A year after it posted sharp growth, global trade in goods and services is expected to slow down, according to...
- The value of global trade reached a record level of $28.5 trillion in 2021, a 25 percent increase compared to the previous year and 13 percent higher compared to 2019
- Trade in services rose by $50 billion to reach $1.6 trillion, just above pre-pandemic levels in the same period
Economy
Digital banks help Kuwait keep pace with global trends: CBK official
Executive Director of the Supervision Sector at the Central Bank of Kuwait, Waleed Al-Awadhi said that the digital banks will...
- Executive Director of the Supervision Sector at the Central Bank of Kuwait, Waleed Al-Awadhi said that the digital banks will have no branches
- This tech-based model saves cost and time, he clarified, adding that these banks do not have the paperwork complications of the traditional counterparts
Business
Morocco fish production reaches 1.4 million tons in 2021
This remarkable performance was recorded in the three segments of fisheries: artisanal fishing, coastal fishing and deep-sea fishing.
- This remarkable performance was recorded in the three segments of fisheries: artisanal fishing, coastal fishing and deep-sea fishing
- Artisanal fishing has benefited from the increase in the turnover of octopus due in particular to the rise in its average price by 53 percent
Economy
New UAE decree boosts safety of construction workers
The decree details the responsibilities of both employees and employers to ensure work stability and increase productivity in the workplace.
- Establishments with 50 or more workers, where the individual wage is less than AED1,500 per month, need to provide labor accommodation
- Construction and industrial workers are not permitted to work outdoors or under the sun from 12:30 pm to 3 pm from June 15 to September 15
Analysis
GCC eyes floating hotels, eateries to buoy tourism
Floating restaurants and hotels could be a significant supporting player as the GCC region aspires to increase its footprint as...
- The UAE is well known for its floating restaurants and five-star floating hotels
- Qatar aims to construct 16 floating hotels for 2022 FIFA World Cup visitors
Business
Europe’s Investment in Palestinian economy touches $1.61bn
Around 60% of $1.61 billion were committed only in the last two years showing remarkable growth in mobilization of finance...
- A high-level policy meeting on Friday in Ramallah revealed this data of European Investments in Palestine
- A big bulk of investments is for boosting access to finance for SMEs, the backbone of the Palestinian economy
Business
Venture capital invests $548m in Saudi start-ups
The investment spans several sectors including e-commerce, financial technology, education and transportation
- This was up from SR236 million ($63 million) in 2018, according to a Saudi Venture Capital (SVC) Impact Report
- The number of investors in Saudi startups rose by 192 percent, reaching 76 in 2021, up from 26 three years earlier
Business
UAE and India sign ‘milestone’ pact to boost economies
Abu Dhabi Crown Prince Mohammed bin Zayed Al-Nahyan, and India's Prime Minister Narendra Modi held a virtual summit to witness...
- India-UAE trade is valued at $59 billion, making the oil-rich Gulf country India's third largest trading partner for the year 2019-20.
- The UAE is India's third largest export destination with nearly $16 billion clocked in 2020-21, it added.
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
Bosch to cut 3,500 jobs
The company is reducing costs to safeguard competitiveness,
Company News
Latest News
Emirates NBD invests in Komgo
The equity investment was made by Emirates NBD's Innovation Fund.
Business
UAE creates federal authority for gaming, casino giants flock to country
Dubai, UAE - The United Arab Emirates (UAE) has established a federal entity responsible for regulating gaming activities within the...
Business
Tesla, Chinese EV brands jostle for limelight at German fair
Chancellor Olaf Scholz will officially inaugurate the IAA mobility show, held in Germany every two years, on Tuesday. But Monday's...
Business
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Geostrategy
GCC Secretary General praises DCO role in digital transformation of Saudi economy
RIYADH, SAUDI ARABIA – Secretary General of the Gulf Cooperation Council (GCC)Jassem Mohamed Albudaiwi visited the Digital Cooperation Organization (DCO)...
- DCO plays an important role in e-development and helps in enabling countries to keep pace with the rapid growth of the digital economy.
- The GCC Secretary General stressed on the importance of digital cooperation between the regional organization and the DCO.
Business
Global space economy is worth billions, say experts
ABU DHABI, UAE - The global space economy has great potential in terms of economic prospects, with the sector going...
- Several studies by specialised global institutions indicate that the global space sector will be worth over US$1 trillion in the next few years.
- The space economy grew 8 percent in 2022, with its value totalling US$546 billion, and is projected to grow by 41 percent in the next five years.
Business
Iran’s oil output capacity up 40 percent in two years: Oil Minister
Tehran, UAE -- Iran’s oil production capacity has increased 40 percent in two years with the rise in investment in...
- Javad Owji said the daily crude oil output volume reached from the previous 2.2 million barrels of oil per day (bpd) to over 3.1 million bpd.
- The gas production has increased by 40 million cubic meters in the first five months of the current Iranian calendar year (March to August 2023).