AstraZeneca to buy Fusion
The $2.4bn deal is its latest expansion into cancer treatments.
Nvidia unveils ‘superchips’
The company also announced other AI developments.
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.
AstraZeneca to buy Fusion
The $2.4bn deal is its latest expansion into cancer treatments.
Company News
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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...
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...
Business
Saudi ministry inks economic pact with Alfaisal University
RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic...
Economy
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Business
Sharjah Social Security Fund offers service period purchase option
SHARJAH, UAE - The Sharjah Social Security Fund (SSSF) has allowed the possibility of acquiring the service period for insured...
- This move aligns with the fund's strategies aimed at enhancing the well-being of employees and providing them with opportunities to boost their pensions.
- The fund said it is allowed to procure the service period for insured employees after they have completed a minimum of 20 years of actual service.
Business
Saudi-China Entrepreneurs Association and HKTDC sign MoU
Hong Kong - The Saudi Arabia-China Entrepreneurs Association (SCEA) has signed a Memorandum of Understanding (MoU) with the Hong Kong...
- The MoU between SCEA and HKTDC aims to fortify commercial ties, particularly aiding startups and service providers eyeing global expansion.
- The agreement was signed during the eighth Belt and Road Summit, a two-day event themed "Ten Years of Cooperation for Mutual Benefit".
Business
Aramco expands into South American retail market with Esmax buyout
Riyadh, Saudi Arabia - Aramco, one of the world’s leading integrated energy and chemicals companies, has announced its agreement to...
- The development aligns with Aramco's broader strategy of bolstering its presence in the downstream sector worldwide
- The acquisition comes on the heels of Aramco's earlier purchase of Valvoline Inc.'s global products business in February 2023